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Abstract(s)
A estrutura de capitais tem assumido nas últimas décadas um relevante interesse na literatura financeira. Prova disso, são os vários estudos que têm surgido desde a publicação do trabalho pioneiro de Modigliani & Miller (1958). Apesar de grande parte dos estudos incidirem sobre as grandes empresas, são já conhecidos, ainda que em pequena escala, alguns estudos que se focalizam no universo das micro, pequenas e médias empresas.
O presente trabalho tem como objetivo estudar os determinantes da estrutura de capitais das médias empresas industriais transformadoras portuguesas, confrontando os resultados obtidos das empresas exportadoras com os obtidos para as empresas não exportadoras.
Com base na literatura mais relevante testámos os seguintes determinantes do Endividamento Total: Rendibilidade, Dimensão, Crescimento, Idade, Composição do Ativo, Risco de Negócio e Outros Benefícios Fiscais para além da dívida.
Demonstrámos que as variáveis Rendibilidade e Idade afetam negativamente o Endividamento Total em ambos os grupos de empresas. Inversamente, os nossos resultados evidenciaram que a variável Dimensão afeta positivamente o Endividamento Total, também para ambas as amostras testadas. A variável Crescimento evidenciou uma relação positiva com o Endividamento Total para o grupo das empresas exportadoras.
The capital structure has been assumed in last decades a relevant interest in financial literature. Proof of this, are the various studies that have emerged since the publication of the Modigliani & Miller (1958) pioneering work. Although the most studies are related to large companies, are already known, on a small scale yet, some studies that focus on the micro, small and medium companies universe. The present work aims to study the capital structure determinants of manufacturing Portuguese medium size companies industry, comparing the results of exporting and non exporting companies. Based on the relevant literature, we have tested the Total Debt determinants: Profitability, Size, Growth, Age, Assets Composition, Business Risk and Other Tax Benefits beyond debt. We demonstrated that the Profitability and Age variables had affected negatively the Total Debt in both groups of companies. Inversely, our results showed that the Size variable has a positive effect in the Total Debt for both samples tested. The Growth variable showed a positive relationship with the Total Debt for the group of exporting companies.
The capital structure has been assumed in last decades a relevant interest in financial literature. Proof of this, are the various studies that have emerged since the publication of the Modigliani & Miller (1958) pioneering work. Although the most studies are related to large companies, are already known, on a small scale yet, some studies that focus on the micro, small and medium companies universe. The present work aims to study the capital structure determinants of manufacturing Portuguese medium size companies industry, comparing the results of exporting and non exporting companies. Based on the relevant literature, we have tested the Total Debt determinants: Profitability, Size, Growth, Age, Assets Composition, Business Risk and Other Tax Benefits beyond debt. We demonstrated that the Profitability and Age variables had affected negatively the Total Debt in both groups of companies. Inversely, our results showed that the Size variable has a positive effect in the Total Debt for both samples tested. The Growth variable showed a positive relationship with the Total Debt for the group of exporting companies.