Artigo Acesso aberto Revisado por pares

Estrutura do capital das PME da indústria transformadora portuguesa: uma análise com dados em painel

2015; University of the Algarve - ESGHT - CIEO; Volume: 11; Issue: 2 Linguagem: Inglês

10.18089/tms.2015.11215

ISSN

2182-8466

Autores

Fernanda Matias, Celísia Baptista, Leonor Salsa,

Tópico(s)

Firm Innovation and Growth

Resumo

This paper studies the determinants of capital structure of 1.488 small and medium size Portuguese firms belonging to the manufacturing sector. The analysis results of a 2004-2011 panel data suggest that trade-off and pecking order theories are not mutually exclusive in explaining capital structure decisions. The results obtained suggest that greater size firms employ more debt regardless of its maturity and those with less level of collateral use more short-term debt. More profitable firms tend to use less long-term debt. In turn, small and medium firms have difficulties in financing growth with long-term debt. Unlike what was expected, we observed a positive association between asset specificity, seen as technological structure of production, and debt. Older firms tend to have less leveraged capital structures. The financial crisis seems to have had impact on financing of small and medium Portuguese firms

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