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O presente trabalho tem como objetivo explorar quais as determinantes da
estrutura de capitais das empresas do setor da cortiça. Através da base de dados
SABI, foram extraídos os dados para as empresas incluídas nos CAE 16293, 16294
e 16295 para o horizonte temporal 2011 a 2017.
Com base em vários artigos foi elaborada a revisão de literatura, tendo sido
destacadas as teorias do trade-off e da pecking order para possibilitar a análise de
qual destas as empresas demonstram tendência a seguir nas suas tomadas de
decisão de financiamento. Através da revisão de literatura foram selecionadas
como variáveis explicativas do endividamento para construção das hipóteses de
investigação a tangibilidade dos ativos, a dimensão, a rendibilidade, as
oportunidades de crescimento, o risco de negócio, a taxa efetiva de imposto, os
benefícios fiscais extra dívida e a idade. A principal variável dependente é o
endividamento total, tendo como referência Rajan & Zingales (1995).
O método adotado foi o de múltiplas regressões OLS à semelhança do aplicado
por Frank & Goyal (2007), utilizando as 1996 observações válidas.
A principal conclusão do trabalho é que a teoria da pecking order sustenta o
relacionamento do endividamento com as variáveis explicativas., o que não
acontece para o caso da teoria do trade-off. O trabalho demonstra, portanto, que
as empresas do setor da cortiça tendem apresentar uma estrutura de capitais
proveniente de tomadas de decisão de financiamento de acordo com a
hierarquização sugerida na teoria pecking order.
The main goal of this work is to point the determinants of the capital structure of the companies present in the cork setor. By using the database SABI, was obtained data to the firms with a CAE 16293, 16294 and 16295 between 2011 to 2017. While doing the literature revision, there were pointed out two theories, tradeoff and pecking order, so it would be possible to analyze which one the companies tend to follow in their decision making. Also during the literature revision, were selected as explanatory variables of debt the assets tangibility, size, profitability, growth opportunities, business risk, the income tax rate, the extra debt benefits and the age. The main explained variable is the ratio of total level of debt to assets, based on Rajan & Zingales (1995). The method adopted was that of multiple simple linear regressions similar to the one applied by Frank & Goyal (2007), using the 1996 valid observations. The main conclusion of the study is that the results found are supported by the pecking order theory, which is not the case with the trade-off theory. The work shows, therefore, that cork companies tend to present a capital structure derived from financing decision making according to the hierarchy suggested in the pecking order theory.
The main goal of this work is to point the determinants of the capital structure of the companies present in the cork setor. By using the database SABI, was obtained data to the firms with a CAE 16293, 16294 and 16295 between 2011 to 2017. While doing the literature revision, there were pointed out two theories, tradeoff and pecking order, so it would be possible to analyze which one the companies tend to follow in their decision making. Also during the literature revision, were selected as explanatory variables of debt the assets tangibility, size, profitability, growth opportunities, business risk, the income tax rate, the extra debt benefits and the age. The main explained variable is the ratio of total level of debt to assets, based on Rajan & Zingales (1995). The method adopted was that of multiple simple linear regressions similar to the one applied by Frank & Goyal (2007), using the 1996 valid observations. The main conclusion of the study is that the results found are supported by the pecking order theory, which is not the case with the trade-off theory. The work shows, therefore, that cork companies tend to present a capital structure derived from financing decision making according to the hierarchy suggested in the pecking order theory.
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Estrutura de capitais Setor da cortiça Determinantes Teoria do trade-off Teoria da pecking order Capital structure Cork sector Determinants Trade-off theory Pecking order theory