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Abstract(s)
A estrutura de capitais é um tema estudado ao longo dos anos por diversos autores, dos quais se destacam as teorias de Modigliani e Miller (1958), a Teoria Trade-Off e a Teoria Pecking Order. No entanto, não existe um consenso entre os estudos deste tema devido à heterogeneidade das empresas e dos responsáveis pela tomada de decisão.
Em 2012, a Assembleia da República Portuguesa aprovou a lei 16/2012 que institui o Processo Especial de Revitalização (PER), que visa diminuir o número de empresas em insolvência devido à crise económica. Este processo permite que as empresas em insolvência eminente entrem num processo de revitalização, que lhes permite recuperar e cumprir os acordos com os seus credores.
Com a entrada em vigor deste processo surge a oportunidade de contribuir para o estudo relativo à estrutura de capitais das empresas portuguesas que se encontram neste processo de revitalização, através de uma análise da sua estrutura de capitais e posterior comparação com empresas com maior rentabilidade.
Os resultados dos modelos analisados indicam que a estrutura de capitais das empresas em PER é significativamente influenciado negativamente pelo Risco de Negócio e positivamente pelos seguintes determinantes: Idade, Crescimento, Outros Benefícios Fiscais e Dimensão. Comparando com os determinantes da estrutura de capitais das empresas com maior rentabilidade, obtemos os determinantes comuns: Idade, Crescimento e Dimensão.
The capital structure has been studied over the past years by several authors, and the theories that stand out are the theory from Modigliani & Miller, the Trade-off Theory and the Pecking Order Theory. However, there is no consensus among studies on this topic due to the heterogeneity of companies and decision makers. In 2012, the Assembly of the Portuguese Republic approved the Law 16/2012 establishing the Processo Especial de Revitalização (PER), which aims to reduce the number of companies in insolvency due to the economic crisis. This process allows pre-insolvency firms to enter into a revitalization process, which allows them to recover and comply with the agreements with their creditors. With the implementation of this process, the opportunity arises to contribute to the study on the capital structure of Portuguese companies that are in this process of revitalization, through an analysis of their capital structure and later comparison with companies with greater profitability. The results of the analyzed models indicate that the capital structure of companies in PER is significantly negatively influenced by Business Risk and positively by the following determinants: Age, Growth, Other Tax Benefits and Dimension. Comparing with the determinants of the capital structure of the companies with the highest profitability, we obtain the common determinants: Age, Growth and Dimension.
The capital structure has been studied over the past years by several authors, and the theories that stand out are the theory from Modigliani & Miller, the Trade-off Theory and the Pecking Order Theory. However, there is no consensus among studies on this topic due to the heterogeneity of companies and decision makers. In 2012, the Assembly of the Portuguese Republic approved the Law 16/2012 establishing the Processo Especial de Revitalização (PER), which aims to reduce the number of companies in insolvency due to the economic crisis. This process allows pre-insolvency firms to enter into a revitalization process, which allows them to recover and comply with the agreements with their creditors. With the implementation of this process, the opportunity arises to contribute to the study on the capital structure of Portuguese companies that are in this process of revitalization, through an analysis of their capital structure and later comparison with companies with greater profitability. The results of the analyzed models indicate that the capital structure of companies in PER is significantly negatively influenced by Business Risk and positively by the following determinants: Age, Growth, Other Tax Benefits and Dimension. Comparing with the determinants of the capital structure of the companies with the highest profitability, we obtain the common determinants: Age, Growth and Dimension.
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Keywords
Estrutura de capitais Insolvência Processo especial de revitalização Rentabilidade Capital structure Insolvency Profitability