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Abstract(s)
O estudo desenvolvido teve o principal objetivo de contribuir para a análise da estrutura de capitais nas micro e pequenas empresas comerciais portuguesas, e a sua comparação com as grandes empresas comerciais.
Para levar a cabo este estudo comparativo, testamos empiricamente alguns fatores determinantes do grau de endividamento: Risco; Crescimento; Outros beneficios fiscais; Dimensão; Tangibilidade; Rendibilidade; Idade; Cash Flow.
A metodologia utilizada tem por base estudos empíricos, nomeadamente o estudo de Rajan e Zingales (1995).
Os nossos resultados demonstram que nas micro e pequenas empresas comerciais, todos os fatores enunciados acima são determinantes do endividamento total. Tendo em conta o endividamento de médio e longo prazo, são determinantes os seguintes fatores: Risco; Crescimento; Dimensão; Tangibilidade; Rendibilidade; Idade e Cash Flow. Considerando a amostra das grandes empresas comerciais, são determinantes do endividamento total a Rendibilidade.
The developed study had as main target the analysis of the capital structure of micro and small Portuguese retail firms, and its comparition with the large retail firms. To carry out this comparative study we tested empirically some determinants of debt: risk, other benefits tax (OBF), dimension, tangibility, age and cash flow. The defined dependent variables were total debt and the medium and long term debt. The used methodology is based on previous empirical studies, in particular, Rajan and Zigales (1995). From the results, we demonstrate that in micro and small business enterprises, all tested factors are determinants of the total debt. On the other hand, taking account to medium and long term debt, the determinants are: risk, dimension, tangibility, profitability, age and cash flow. The sample of large commercial enterprises only profitability is determinant of total debt.
The developed study had as main target the analysis of the capital structure of micro and small Portuguese retail firms, and its comparition with the large retail firms. To carry out this comparative study we tested empirically some determinants of debt: risk, other benefits tax (OBF), dimension, tangibility, age and cash flow. The defined dependent variables were total debt and the medium and long term debt. The used methodology is based on previous empirical studies, in particular, Rajan and Zigales (1995). From the results, we demonstrate that in micro and small business enterprises, all tested factors are determinants of the total debt. On the other hand, taking account to medium and long term debt, the determinants are: risk, dimension, tangibility, profitability, age and cash flow. The sample of large commercial enterprises only profitability is determinant of total debt.
Description
Keywords
Endividamento Estrutura de capitais Fatores determinantes Micro e pequenas empresas Setor comércio Leverage Capital structure Determinants factors Micro and small enterprises Trade sector