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Abstract(s)
A estrutura de capitais das empresas e um tema de bastante interesse na area
financeira e, por isso, tem vindo a ser alvo de varias discussoes nas ultimas
decadas. Comeca por ter maior destaque a partir do artigo publicado por
Modigliani & Miller em 1958, desenvolvendo4se outros estudos e teorias, nas
quais se destaca a de Trade&off e a de Pecking/ Order, que inicialmente foram
aplicadas as grandes empresas e, posteriormente, as PME’s. Dada a
especificidade de cada empresa e os diferentes modelos de gestao aplicados,
nao se pode dizer que existe uma teoria otima. Myers (2001), por exemplo,
refere que a mesma nao e necessaria.
O presente trabalho pretende investigar a alteracao dos determinantes da
estrutura de capitais das empresas portuguesas no periodo da crise economica
de 2008, tendo em conta as teorias explicativas dos determinantes da estrutura
de capitais.
A analise e baseada numa amostra de dados em painel nao equilibrada, que
compreende o periodo de 2006 a 2012. Os resultados obtidos indicam que as
variaveis que afetam a estrutura de capitais estao de acordo com a teoria,
havendo um impacto negativo no periodo de crise economica.
The capital structure of companies is a topic of considerable interest in finance, and has been the target of several studies in last decades. Begins to have greater prominence since the paper published by Modigliani & Miller in 1958, developing other studies and theories, highlighting the Trade&off and the Pecking/ Order, which were initially applied to large companies and subsequently SMEds. Given the specificity of each company and the different models applied, we cannot say that there is a leading capital structure theory, including, Myers (2001) even states that we do not necessarily need one. This study investigates the determinants of capital structure of Portuguese companies in the period of 2008 economic crisis, taking into account the theories of the determinants of capital structure. The analysis is based on unbalanced date panel, comprising the period between 2006 and 2012. The results indicate that the variables that affect the capital structure are in agreement with the theory, having a negative impact in the period of economic crisis.
The capital structure of companies is a topic of considerable interest in finance, and has been the target of several studies in last decades. Begins to have greater prominence since the paper published by Modigliani & Miller in 1958, developing other studies and theories, highlighting the Trade&off and the Pecking/ Order, which were initially applied to large companies and subsequently SMEds. Given the specificity of each company and the different models applied, we cannot say that there is a leading capital structure theory, including, Myers (2001) even states that we do not necessarily need one. This study investigates the determinants of capital structure of Portuguese companies in the period of 2008 economic crisis, taking into account the theories of the determinants of capital structure. The analysis is based on unbalanced date panel, comprising the period between 2006 and 2012. The results indicate that the variables that affect the capital structure are in agreement with the theory, having a negative impact in the period of economic crisis.
Description
Keywords
Estrutura de capitais Endividamento Ciclos económicos Crise financeira de 2008 Dados Painel Capital structure Debt Economic cycles 2008 Financial crisis