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Authors
Abstract(s)
Utilizando uma amostra de 237 Pequenas e Médias Empresas (PMEs) Portuguesas para
o período entre 1999 e 2005, no presente estudo analisamos quais os principais
determinantes da estrutura de capitais das PMEs Portuguesas, indagando ainda se os
resultados obtidos são, ou não, dependentes do método de estimação utilizado. Os
resultados empíricos obtidos permitem-nos concluir que o método de estimação
utilizado tem influência sobre os resultados obtidos, no que concerne à relação entre
alguns dos determinantes e o endividamento das PMEs Portuguesas, sobretudo quando
se considera o endividamento total das PMEs Portuguesas. No que concerne à relação
entre determinantes e endividamento, as evidências empíricas permitem-nos concluir
que: 1) as PMEs Portuguesas mais rentáveis e de menor idade recorrem menos a endividamento total, enquanto que as de maior dimensão e crescimento recorrem mais a
endividamento total; 2) as PMEs Portuguesas mais rentáveis, com maior nível de
colaterais e de maior idade, recorrem menos a endividamento de curto prazo, enquanto
que as de maior dimensão e crescimento recorrem mais a endividamento de curto prazo;
e 3) as PMEs Portuguesas mais rentáveis recorrem menos a endividamento de longo
prazo, enquanto que as que apresentam um maior nível de colaterais recorrem mais a
endividamento de longo prazo. Na generalidade, a Teoria da Pecking Order e a Teoria da Agência revelam maior poder explicativo das decisões de estrutura de capitais das PMEs Portuguesas do que a teoria do Trade – Off.
Using a sample of 237 small and medium size Portuguese firms (SMEs) for a period between 1999 and 2005, in the present study we analyse the main features of the Portuguese SMEs structure of capital, wondering whether the practical results obtained are dependent or not on the method of the data use. The practical results obtained allow us to conclude that the method mentioned above has influence on the results obtained, in what concerns the relationship between some of the features and the debt of the Portuguese SMEs, mainly when we consider the total debt of the Portuguese SMEs. As far as the relationship between the features mentioned above and the debt is concerned, the practical clues let us come to the following conclusions: 1) the more lucrative and older Portuguese SMEs don´t have a total debt so often; 2) the more lucrative and older Portuguese SMEs which have more guarantees have less debt for a short period of time, while the bigger and more profitable firms have a debt for a short period of time more frequently; 3) the more profitable Portuguese SMEs have a less debt for a long period of time. In a general way, the Pecking Order Theory and the Agency Theory explain better the decisions of the structure of the capital than the Trade – Off.
Using a sample of 237 small and medium size Portuguese firms (SMEs) for a period between 1999 and 2005, in the present study we analyse the main features of the Portuguese SMEs structure of capital, wondering whether the practical results obtained are dependent or not on the method of the data use. The practical results obtained allow us to conclude that the method mentioned above has influence on the results obtained, in what concerns the relationship between some of the features and the debt of the Portuguese SMEs, mainly when we consider the total debt of the Portuguese SMEs. As far as the relationship between the features mentioned above and the debt is concerned, the practical clues let us come to the following conclusions: 1) the more lucrative and older Portuguese SMEs don´t have a total debt so often; 2) the more lucrative and older Portuguese SMEs which have more guarantees have less debt for a short period of time, while the bigger and more profitable firms have a debt for a short period of time more frequently; 3) the more profitable Portuguese SMEs have a less debt for a long period of time. In a general way, the Pecking Order Theory and the Agency Theory explain better the decisions of the structure of the capital than the Trade – Off.
Description
Keywords
Endividamento - PME Gestão de empresas - Portugal