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Abstract(s)
Um dos temas de maior interesse e mais estudado a nível de finanças
empresariais é a estrutura de capitais. Este tema, foi abordado pela primeira vez
por Modigliani e Miller (1958) que publicaram o artigo “The Cost of Capital,
Corporation Finance and the Theory of Investment” e após esta publicação surgiram
novas teorias, particularmente a teoria Trade Off (Miller, 1977) e a teoria
Pecking Order (Myers, 1984). Este tema continua a ser um dos mais abordados,
uma vez que, os resultados e conclusões encontrados ainda não permitem
chegar a uma conclusão concreta e universal.
Este trabalho tem como objetivo investigar a estrutura de capital das micro e
pequenas empresas portuguesas idênticas. Constatou-se que as micro e
pequenas empresas portuguesas apresentam algumas especificidades e que a
maior parte das variáveis têm um comportamento como o previsto na
literatura.
A analise será baseada numa amostra de dados em painel, para o período
entre 2005 e 2012.
One of the most interesting and most studied topics in corporate of finances is capital structure. This theme was first approached by Modigliani e Miller (1958), who published the article “The Cost of Capital, Corporation Finance and the Theory of Investment”. After this study new theories have appeared, especially the theory Trade Off (Miller, 1977) and the theory Pecking Order (Myers, 1984). Capital Structure is still one of the most discussed themes due to the fact that the results and conclusions found have not yet readed a concrete and universal conclusion. This work has as goal the investigation of the capital structure of the micro and the small industrial Portuguese companies. It was verified that the micro and the small Portuguese companies show some specifics and most of the variables behave as the predicted in literature. The analysis will be based on a sample of panel data of Portuguese industrial firms, between 2005 and 2012.
One of the most interesting and most studied topics in corporate of finances is capital structure. This theme was first approached by Modigliani e Miller (1958), who published the article “The Cost of Capital, Corporation Finance and the Theory of Investment”. After this study new theories have appeared, especially the theory Trade Off (Miller, 1977) and the theory Pecking Order (Myers, 1984). Capital Structure is still one of the most discussed themes due to the fact that the results and conclusions found have not yet readed a concrete and universal conclusion. This work has as goal the investigation of the capital structure of the micro and the small industrial Portuguese companies. It was verified that the micro and the small Portuguese companies show some specifics and most of the variables behave as the predicted in literature. The analysis will be based on a sample of panel data of Portuguese industrial firms, between 2005 and 2012.
Description
Keywords
Estrutura de capitais Micro e pequenas empresas portuguesas Capital structure Micro and small portuguese companies