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Estrutura de capitais das empresas portuguesas : o impacto da gestão da liquidez e uma análise da recente crise
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A estrutura de capitais é um tema central na área financeira, amplamente debatido ao longo das últimas décadas. Inicialmente, foi abordada pela perspetiva tradicional de Durand (1952), ganhando maior relevância com as teorias fundamentais de Modigliani & Miller (1958). Estes estudos impulsionaram o desenvolvimento de diversas abordagens, como a Teoria Trade-Off e a Teoria Pecking Order, fundamentais para a evolução do tema. Neste enquadramento, esta investigação analisa os principais determinantes da estrutura de capitais das PME portuguesas e o impacto da crise Covid-19 e da guerra na Ucrânia no endividamento. Além disso, avalia se empresas que adotem melhores práticas de gestão de liquidez, aferidas através de certos rácios financeiros, conseguem que os seus níveis de endividamento reduzam, tornando as suas estruturas de capitais mais resilientes e menos dependentes de dívida. O modelo proposto foi estimado com base numa amostra de dados em painel, abrangendo o período de 2015 a 2023 e uma amostra de 45 467 PME. Os resultados evidenciam que as variáveis analisadas impactam o endividamento de acordo com as principais teorias explicativas, com especial destaque para as variáveis de liquidez e cash. Estes impactos reforçam a importância de boas práticas de gestão de liquidez para a sustentabilidade das empresas, visto que à medida que as empresas aumentam os seus rácios de liquidez, os níveis de endividamento tendem a reduzir. Por fim, a crise provocada pela pandemia da Covid-19 e a guerra na Ucrânia não teve um impacto significativo na tendência decrescente do endividamento das PME ao longo dos últimos anos.
Capital structure is a central topic in financial studies and has been widely debated over the past decades. Initially addressed through Durand’s (1952) traditional perspective, it gained greater relevance with the fundamental theories of Modigliani & Miller (1958). These studies led to the development of various approaches, such as the Trade-Off Theory and the Pecking Order Theory, which are essential for the evolution of this subject. In this context, this study analyses the determinants of the capital structure of Portuguese SMEs and the impact of the Covid-19 crisis and the War in Ukraine on their debt levels. Additionally, it assesses whether companies that adopt better liquidity management practices, measured through specific financial ratios, can reduce their debt levels, making their capital structures more resilient and less dependent on debt. The proposed model was estimated based on a panel data sample covering the period from 2015 to 2023, comprising 45 467 SMEs. The results indicate that the variables analysed impact the debt levels in accordance with the main explanatory theories, with particular emphasis on liquidity and cash variables. These impacts reinforce the importance of good liquidity management practices for the sustainability of companies, since as companies increase their liquidity ratios, debt levels tend to reduce. Finally, the crisis caused by the Covid-19 pandemic and the war in Ukraine did not significantly impact the declining trend of SMEs’ debt over the past few years.
Capital structure is a central topic in financial studies and has been widely debated over the past decades. Initially addressed through Durand’s (1952) traditional perspective, it gained greater relevance with the fundamental theories of Modigliani & Miller (1958). These studies led to the development of various approaches, such as the Trade-Off Theory and the Pecking Order Theory, which are essential for the evolution of this subject. In this context, this study analyses the determinants of the capital structure of Portuguese SMEs and the impact of the Covid-19 crisis and the War in Ukraine on their debt levels. Additionally, it assesses whether companies that adopt better liquidity management practices, measured through specific financial ratios, can reduce their debt levels, making their capital structures more resilient and less dependent on debt. The proposed model was estimated based on a panel data sample covering the period from 2015 to 2023, comprising 45 467 SMEs. The results indicate that the variables analysed impact the debt levels in accordance with the main explanatory theories, with particular emphasis on liquidity and cash variables. These impacts reinforce the importance of good liquidity management practices for the sustainability of companies, since as companies increase their liquidity ratios, debt levels tend to reduce. Finally, the crisis caused by the Covid-19 pandemic and the war in Ukraine did not significantly impact the declining trend of SMEs’ debt over the past few years.
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Estrutura de capitais PME Crise Gestão de liquidez Capital structure SME Crisis Liquidity management
Contexto Educativo
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Licença CC
Sem licença CC