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Abstract(s)
O objetivo deste trabalho final de mestrado é a análise dos fatores tidos em consideração pelas empresas tecnológicas portuguesas no que diz respeito a decisões de financiamento e na constituição da sua estrutura de capital e a comparação desta decisão entre empresas tecnológicas em crescimento, denominadas de empresas em crescimento e empresas tecnológicas com uma maior maturidade no mercado, denominadas de empresas maduras.
Para uma análise adequada a este tema, a revisão de literatura foi feita com base nas principais teorias de estrutura de capital, iniciadas por Durand (1952), seguidas de Modigliani e Miller (1958), Myers (1984) e Myers e Majluf (1984). Um especial enfoque será dado às teorias de Trade-Off( Myers, 1984) e de Pecking Order( Myers e Majluf, 1984). Como abordado durante esta dissertação, conclui-se que não há um conceito ótimo e universal de estrutura de capital para todas as empresas, o que leva a um constante estudo, melhorias e atualizações de estudos previamente efetuados.
Os determinantes estudados foram o risco, a tangibilidade, a rendibilidade, a dimensão e o crescimento e a relação entre estes e o endividamento, segundo as duas principais teorias de estrutura de capital: Trade Off e Pecking Order.
Através do estudo empírico, conclui-se que os dois tipos de empresa atribuem pesos diferentes aos determinantes estudados no que diz respeito ao nível de endividamento e à escolha do mesmo.
The main objective of this Master Final Assignment is to analyse the determinants of capital structure and the financing policy by the Portuguese technological companies and also the comparison between two types of companies: “growing” and “assets-in.place” companies. In order to make a deep and adequate analysis to this theme, the literature review was made based on the capital structure theory initiated in 1952 by Durand (1952), followed by Modigliani and Miller (1958), Myers (1984) and Myers and Majluf (1984). A special focus will be given to the theory of Trade Off (Myers, 1984) and Pecking Order (Myers and Majluf, 1984). These theories continue to be studied until today because capital structure is an unfinished theme that does not have a common concept accepted by everyone. This fact leads to a constant study, improvement and updates of previous studies. The determinants studied were: risk, tangibility, profitability, size and the growing opportunities and the relation they have with leverage, which is our dependent variable, according to the two main capital structure theories, the Trade Off Theory and The Pecking Order Theory. According to the results of our statistical model, the main conclusion was that for the two types of companies, the same determinant has a different significance when it comes to the choice of leverage and the capital structure of each of the companies.
The main objective of this Master Final Assignment is to analyse the determinants of capital structure and the financing policy by the Portuguese technological companies and also the comparison between two types of companies: “growing” and “assets-in.place” companies. In order to make a deep and adequate analysis to this theme, the literature review was made based on the capital structure theory initiated in 1952 by Durand (1952), followed by Modigliani and Miller (1958), Myers (1984) and Myers and Majluf (1984). A special focus will be given to the theory of Trade Off (Myers, 1984) and Pecking Order (Myers and Majluf, 1984). These theories continue to be studied until today because capital structure is an unfinished theme that does not have a common concept accepted by everyone. This fact leads to a constant study, improvement and updates of previous studies. The determinants studied were: risk, tangibility, profitability, size and the growing opportunities and the relation they have with leverage, which is our dependent variable, according to the two main capital structure theories, the Trade Off Theory and The Pecking Order Theory. According to the results of our statistical model, the main conclusion was that for the two types of companies, the same determinant has a different significance when it comes to the choice of leverage and the capital structure of each of the companies.
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Keywords
Trade off Pecking order Estrutura de capital Empresas tecnológicas Empresas portuguesas Capital structure Technology companies Portuguese companies