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Abstract(s)
Este trabalho foi realizado com o objetivo de compreender o impacto que a crise financeira que começou nos Estados Unidos e a crise da dívida soberana na Europa tiveram na estrutura de capitais das empresas cotadas de Portugal e da Irlanda. Esta análise foi realizada para uma amostra de 18 anos dividida em três períodos diferentes: período pré-crise, período da crise nos Estados Unidos e o período da crise europeia.
Baseada na revisão de literatura, foi feita uma análise a diferentes determinantes que influenciam estrutura de capitais, nomeadamente: a Rentabilidade, a Dimensão, a Tangibilidade, as Oportunidades de crescimento, Outros Benefícios Fiscais para além da Dívida, a Singularidade e a Taxa de Imposto. Esta análise permitiu perceber quais destes determinantes influenciaram a escolha de financiamento das empresas entre 2000 e 2017. Os resultados da regressão mostraram que a estrutura de capitais das empresas portuguesas e irlandesas não foram tão afetadas assim por estes determinantes como seria de esperar pela literatura. Foi demonstrado que a Dimensão das empresas teve impacto no período de pré-crise (2000 a 2007) nos dois países e teve impacto nas empresas irlandesas no período da crise europeia (2011 a 2017). As Oportunidades de Crescimento das empresas portuguesas influenciaram a escolha de financiamento durante o período de crise da dívida soberana europeia. Empresas portuguesas com mais oportunidades de crescer escolheram ter menos dívida. A Rentabilidade, Singularidade e a Taxa de Imposto não tiveram nenhum impacto na escolha de financiamento das empresas tanto portuguesas como irlandesas ao longo dos 18 anos da amostra.
This thesis was made with the main goal of finding what was the impact that the financial crisis in the United States and the European Sovereign Debt Crisis had on the capital structure of the Portuguese and Irish listed firms. This analysis was conducted for an 18 years’ time sample, divided in three different periods: pre-crisis period, US financial crisis period and the period of the European Sovereign Debt Crisis. After reviewing the literature, an analysis was made using different determinants that influence the capital structure: Profitability, Firm Size, Tangibility, Growth Opportunities, Non-debt Tax Shields, Uniqueness and Tax Rate. This analysis allowed to understand which of these variables would influence the financing decisions of Portuguese and Irish firms between 2000 and 2017. The results show that the impact of these determinants was not as expected. We can infer that Firm Size had impact on the financing decision during the pre-crisis period (2000 to 2007) in both countries’ firms, plus it has impact on the Irish firms during the period of crisis in Europe (2011 to 2017). The Growth Opportunities of Portuguese companies influenced the financing decisions during the European Sovereign Debt Crisis period. Portuguese companies with more growth opportunities choose to have less leverage. Profitability, Uniqueness and Tax Rate had no significant impact on the listed firms’ capital structure in either the three periods for neither the two countries in study.
This thesis was made with the main goal of finding what was the impact that the financial crisis in the United States and the European Sovereign Debt Crisis had on the capital structure of the Portuguese and Irish listed firms. This analysis was conducted for an 18 years’ time sample, divided in three different periods: pre-crisis period, US financial crisis period and the period of the European Sovereign Debt Crisis. After reviewing the literature, an analysis was made using different determinants that influence the capital structure: Profitability, Firm Size, Tangibility, Growth Opportunities, Non-debt Tax Shields, Uniqueness and Tax Rate. This analysis allowed to understand which of these variables would influence the financing decisions of Portuguese and Irish firms between 2000 and 2017. The results show that the impact of these determinants was not as expected. We can infer that Firm Size had impact on the financing decision during the pre-crisis period (2000 to 2007) in both countries’ firms, plus it has impact on the Irish firms during the period of crisis in Europe (2011 to 2017). The Growth Opportunities of Portuguese companies influenced the financing decisions during the European Sovereign Debt Crisis period. Portuguese companies with more growth opportunities choose to have less leverage. Profitability, Uniqueness and Tax Rate had no significant impact on the listed firms’ capital structure in either the three periods for neither the two countries in study.
Description
Keywords
Estrutura de capitais Crise financeira Crise da dívida soberana europeia Portugal Irlanda Capital structure US financial crisis European sovereign debt crisis Ireland