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Abstract(s)
Desde o artigo de Modigliani e Miller (MM) (1958), a estrutura de capital tem sido um tema de enorme relevância em finanças empresariais. As diferentes conclusões e os resultados encontrados ainda não permitiram chegar a uma posição final e universalmente aceite. A presente dissertação tem como objetivo analisar e identificar os principais determinantes que influenciam a estrutura de capital do setor da fabricação do Calçado em Portugal e perceber quais as principais teorias sobre a estrutura de capital que explicam as decisões de financiamento no setor em análise, nomeadamente a teoria da pecking order e a teoria do trade-off. Posteriormente, procedeu-se à análise do desempenho operacional e das características das empresas do referido setor em termos de financiamento, tendo como referência empresas de outros setores de atividade com uma base industrial semelhante, como é o caso do Mobiliário e do Vestuário. O estudo baseou-se numa amostra de dados em painel de 371 empresas respeitantes ao setor da fabricação do Calçado, 502 empresas do setor da fabricação do Mobiliário e 745 empresas referentes ao setor da fabricação do Vestuário para o período compreendido entre 2006 e 2014. Os resultados empíricos sugerem que a estrutura de capital do setor da fabricação do Calçado se baseia na conjugação das teorias da pecking order e do trade-off. Este setor manifesta ainda um desempenho superior e uma maior capacidade de endividamento relativamente a setores como o Mobiliário e o Vestuário pois apresenta, em média, valores superiores para as variáveis como o crescimento, rotação do ativo, rendibilidade das vendas e vocação exportadora.
Since the article of Modigliani and Miller (MM) (1958), the capital structure has been a topic of great relevance in corporate finance. The different conclusions and the results still have not reached a final position and universally accepted. The purpose of this dissertation is to analyze and identify the main determinants that influence a capital structure of the Footwear sector in Portugal and to understand the main theories about a capital structure which explain the financing decisions followed by the sector in question, in particular the pecking order theory and the trade-off theory. Subsequently, it proceeded the analysis of the operational performance and characteristics of the companies from this sector in terms of financing, with reference companies from other sectors of activity with a similar industrial base as Furniture and Clothing. This study was based on a panel data sample of 371 companies in Footwear manufacturing sector, 502 companies in Furniture manufacturing sector and 745 companies in Clothing manufacturing sector for the period between 2006 to 2014. Empirical results suggest that the capital structure of the Footwear sector is based on the combination of pecking order and trade-off theories. That sector also shows a higher performance and a greater facility in indebtedness capacity comparing to sectors such as Furniture and Clothing, since it presents, on average, higher values for variables such as growth, asset turnover, profitability of sales and export vocation.
Since the article of Modigliani and Miller (MM) (1958), the capital structure has been a topic of great relevance in corporate finance. The different conclusions and the results still have not reached a final position and universally accepted. The purpose of this dissertation is to analyze and identify the main determinants that influence a capital structure of the Footwear sector in Portugal and to understand the main theories about a capital structure which explain the financing decisions followed by the sector in question, in particular the pecking order theory and the trade-off theory. Subsequently, it proceeded the analysis of the operational performance and characteristics of the companies from this sector in terms of financing, with reference companies from other sectors of activity with a similar industrial base as Furniture and Clothing. This study was based on a panel data sample of 371 companies in Footwear manufacturing sector, 502 companies in Furniture manufacturing sector and 745 companies in Clothing manufacturing sector for the period between 2006 to 2014. Empirical results suggest that the capital structure of the Footwear sector is based on the combination of pecking order and trade-off theories. That sector also shows a higher performance and a greater facility in indebtedness capacity comparing to sectors such as Furniture and Clothing, since it presents, on average, higher values for variables such as growth, asset turnover, profitability of sales and export vocation.
Description
Keywords
Estrutura de capital Teoria da pecking order Teoria do trade-off Determinantes Capital structure Theory of pecking order Theory of trade-off Determinants