Tesis Doctoral leida en la Universidad Rey Juan Carlos de Madrid en 2016. Directores de la Tesis: Sandra Escamilla Solano, Irina Saur-Amaral y Maria Angeles Revilla Camacho
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This paper studies the determinants of capital structure of 2,329 Portuguese small firms, decomposing total liabilities in long and short-term debt. The results of 2007-2011 panel data suggest that information asymmetry and agency... more
This paper studies the determinants of capital structure of 2,329 Portuguese small firms, decomposing total liabilities in long and short-term debt. The results of 2007-2011 panel data suggest that information asymmetry and agency problems seem to be important for small firms in accessing long-term debt. Greater size and a higher level of collateral are quite important in accessing long-term debt. Liquidity is positively associated with long-term debt, although it is negatively related to short-term debt. Higher profitability is related to lower levels of debt. When internal finance is insufficient, these firms seem to be strongly dependent on short-term debt, due to the difficulties in accessing long-term. The main conclusion of the current study is that the predicitons of POT and TOT are followed by small firms in their capital structure, which is in accordance with the results of previous studies focusing on SMEs.
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This paper studies the determinants of capital structure of 1.488 small and medium size Portuguese firms belonging to the manufacturing sector. The analysis ...
Research Interests: Business, Management, Knowledge Management, Political Science, Human Resource Management, and 15 moreSMES IN DEVELOPING COUNTRIES, Capital Structure, Panel Data, Business Management, internationalization of SMEs, Debt, Administração e Gestão Educativa, Gestão Financeira, Dados em Painel, Gestao Financeira, Debt Ratio, Avaliação de investimentos, Estrutura de Capital, Pecking Order Theory, and Lean manufacturing in SMEs
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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... more
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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Dividends are considered one of the most important business financial decisions. Some theories like agency costs or asymmetric information and signalization have contributed with theoretical arguments or financial determinants to explain... more
Dividends are considered one of the most important business financial decisions. Some theories like agency costs or asymmetric information and signalization have contributed with theoretical arguments or financial determinants to explain the level of dividends distributed by firms. This study tests the impact of the life cycle of the firm, and phases that it goes through, on its dividend policy. It also tests some financial determinants that the above mentioned theories demonstrate to be significant: return on investment, dimension, risk, number of shareholders, annual growth rate of net income, investment opportunities, firm’s debt financing, growth rate of sales and dividend payout of the year before. The empirical study is based on a data of European firms from 6 countries: Germany, Denmark, Finland, United Kingdom, Italy and Sweden. The results don’t confirm the life cycle’s hypotheses, showing that firms don’t pay necessarily more dividends in their maturity phase. The results ...
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Os dividendos sao considerados uma das mais importantes decisoes fi nanceiras empresariais. Teorias como as da agencia ou da informacao assimetrica e dos sinais tem contribuido com argumentos teoricos e determinantes fi nanceiros para... more
Os dividendos sao considerados uma das mais importantes decisoes fi nanceiras empresariais. Teorias como as da agencia ou da informacao assimetrica e dos sinais tem contribuido com argumentos teoricos e determinantes fi nanceiros para explicar o nivel dos resultados distribuidos pelas empresas. Este estudo testa o efeito do ciclo de vida empresarial, e das fases por onde a empresa passa ao longo da vida, na sua politica de dividendos. Ao mesmo tempo, testam-se determinantes fi nanceiros apontados pelas teorias acima mencionadas como signifi cativos: a rendibilidade, a dimensao, o risco, o numero de investidores, o crescimento dos resultados do exercicio, o crescimento dos resultados no ano seguinte, o investimento, o endividamento, o crescimento das vendas ou os dividendos do ano anterior. O estudo empirico baseia-se numa amostra de empresas europeias de 6 paises (Alemanha, Dinamarca, Finlândia, Italia, Reino Unido e Suecia). Os resultados nao comprovam as hipoteses quanto a teoria ...
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Dissertacao de Mestrado, Ciencias Economicas e Empresariais, Instituto Superior de Economia e Gestao, Universidade do Algarve, 1996
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... MARIA LEONOR CRUZ REIS SALSA Doutorada em Gestão (ramo de Finanças e Contabilidade) Professora Adjunta da ESGHT/ Universidade do Algarve ... Conforme a hipótese 12, baseada em conclusões como as do estudo de Gul (1999), o investimento... more
... MARIA LEONOR CRUZ REIS SALSA Doutorada em Gestão (ramo de Finanças e Contabilidade) Professora Adjunta da ESGHT/ Universidade do Algarve ... Conforme a hipótese 12, baseada em conclusões como as do estudo de Gul (1999), o investimento mostrou ter uma ...
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This paper addresses capital structure determinants for Portuguese hotel firms between 2006 and 2014. Secondary data from 356 hotel units was analysed using the partial least squares (PLS) statistical technique, a variance-based... more
This paper addresses capital structure determinants for Portuguese hotel firms between 2006 and 2014. Secondary data from 356 hotel units was analysed using the partial least squares (PLS) statistical technique, a variance-based structural equation modelling (SEM). The results show that the explanatory variables proposed as capital structure determinants have an impact on the financing and debt decisions made by the firms in the sample. Of these, tangibility has the greater explanatory power. Overall, the results support the notion that trade-off theory and pecking-order theory are important in explaining the capital structure of the Portuguese hotel industry, particularly as regards the agency conflicts triggered by growth opportunities and the preference firms have for internal funding. The results also point to the importance of collateral in accessing credit and the lesser impact of asymmetric information pertaining to tangible asset value and firm size. The results suggest small firms find it difficult to contract loans, which can somewhat limit their growth and performance.
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Este trabalho investiga os determinantes da estrutura de capital de 1.488 PME portuguesas pertencentes à indústria transformadora. Os resultados da análise de dados em painel de 2004-2011 sugerem que as teorias do trade-off e da... more
Este trabalho investiga os determinantes da estrutura de capital de 1.488 PME portuguesas pertencentes à indústria transformadora. Os resultados da análise de dados em painel de 2004-2011 sugerem que as teorias do trade-off e da pecking-order não são mutuamente exclusivas na explicação das decisões de estrutura de capital.
Os resultados obtidos mostram que as PME de maior dimensão parecem utilizar mais dívida e as que dispõem de menos ativos colaterizáveis necessitam de contrair mais dívida de curto prazo. As empresas mais rendíveis tendem a utilizar menos dívida de longo prazo. Por sua vez, as PME têm dificuldade em financiar o seu crescimento com dívida de médio e longo prazo. Ao contrário do previsto, observou-se uma relação positiva entre a especificidade dos ativos, entendida como a estrutura tecnológica da produção, e o endividamento. As PME mais antigas tendem a apresentar estruturas de capital menos endividadas. A crise financeira parece ter tido impacto na forma de financiamento das PME.
Os resultados obtidos mostram que as PME de maior dimensão parecem utilizar mais dívida e as que dispõem de menos ativos colaterizáveis necessitam de contrair mais dívida de curto prazo. As empresas mais rendíveis tendem a utilizar menos dívida de longo prazo. Por sua vez, as PME têm dificuldade em financiar o seu crescimento com dívida de médio e longo prazo. Ao contrário do previsto, observou-se uma relação positiva entre a especificidade dos ativos, entendida como a estrutura tecnológica da produção, e o endividamento. As PME mais antigas tendem a apresentar estruturas de capital menos endividadas. A crise financeira parece ter tido impacto na forma de financiamento das PME.