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Abstract(s)
O tópico sobre a estrutura de capital das Pequenas e Médias Empresas (PME) tem ganho
um amplo interesse ao longo dos últimos anos. De acordo com a literatura, as PME detêm
um peso extremamente importante para o desenvolvimento da economia mundial. Não
obstante à sua grande relevância, estas empresas são diariamente confrontadas com
novas barreiras ao seu desenvolvimento, nomeadamente no que toca ao acesso ao
financiamento.
Apesar dos esforços consideráveis no desenvolvimento deste tema, ainda existem
algumas lacunas na literatura que envolve a estrutura de capital das PME que necessitam
resposta. Mais especificamente, é relevante estudar como se comporta a estrutura de
capital das PME exportadoras, visto que dentro do universo das PME, as exportadoras
destacam-se como uma das categorias de empresas com mais impacto para a economia,
tendo ganha nos últimos anos cada vez mais relevância.
Neste sentido, a presente investigação tem como objetivo principal analisar os
determinantes de estrutura de capital das PME exportadoras. Para além disso, para os
determinantes selecionados, foi realizada uma comparação entre uma subamostra de
PME exportadoras e uma subamostra de PME não exportadoras de modo a averiguar as
principais diferenças entre estas empresas no que toca às suas decisões de
financiamento. Para atingir estes objetivos, recolheram-se dados de 4059 PME
portuguesas através do recurso à base de dados SABI (Sistema de Análise de Balanços
Ibéricos), respeitantes ao período 2012-2020. Em relação à metodologia utilizada na
investigação, recorreu-se a modelos de dados em painel dinâmicos, tendo sido utilizado
o estimador dinâmico GMM-Sys.
Este estudo analisou a relação entre os determinantes dimensão, idade, rendibilidade,
tangibilidade, taxa efetiva de imposto sobre os lucros, risco, poupança fiscal não
associada à divida e oportunidades de crescimento, com o endividamento (variável
dependente) das PME exportadoras.
Posteriormente, concluiu-se que as variáveis dimensão, tangibilidade, taxa efetiva de
imposto sobre os lucros, risco e oportunidades de crescimento, apresentam um impacto
positivo e estatisticamente significativo no endividamento das PME exportadoras. As
variáveis idade e rendibilidade, apresentam um impacto negativo e estatisticamente
significativo no endividamento das PME exportadoras.
The topic of the capital structure of Small and Medium Enterprises (SMEs) has gained wide interest over the past few years. According to the literature, SMEs are extremely important for the development of the world economy. Despite their great importance, these companies are daily confronted with new barriers to their development, namely in terms of access to financing. Despite considerable efforts in the development of this topic, there are still some gaps in the literature surrounding the capital structure of SMEs that need to be addressed. More specifically, it is relevant to study how the capital structure of exporting SMEs behaves, since within the universe of SMEs, exporters stand out as one of the categories of companies with the greatest impact on the economy, having gained in recent years more relevance. In this sense, this research has as main objective to analyze the determinants of capital structure of exporting SMEs. Furthermore, for the selected determinants, a comparison was made between a subsample of exporting SMEs and a subsample of non-exporting SMEs in order to find out the main differences between these firms regarding their financing decisions. To achieve these objectives, we collected data from 4059 Portuguese SMEs using the SABI (Sistema de Análise de Balanços Ibéricos) database for the period 2012-2020. Regarding the methodology used in the research, we resorted to dynamic panel data models, using the dynamic GMM-Sys estimator. This study analyzed the relationship between the determinants size, age, profitability, tangibility, effective tax rate on profits, risk, non-debt tax shields and growth opportunities, with the debt (dependent variable) of exporting SMEs. Subsequently, we conclude that the variables size, tangibility, effective tax rate on profits, risk and growth opportunities, have a positive and statistically significant impact with the indebtedness of exporting SMEs. The variables age and profitability, present a negative and statistically significant impact with the indebtedness of exporting SMEs.
The topic of the capital structure of Small and Medium Enterprises (SMEs) has gained wide interest over the past few years. According to the literature, SMEs are extremely important for the development of the world economy. Despite their great importance, these companies are daily confronted with new barriers to their development, namely in terms of access to financing. Despite considerable efforts in the development of this topic, there are still some gaps in the literature surrounding the capital structure of SMEs that need to be addressed. More specifically, it is relevant to study how the capital structure of exporting SMEs behaves, since within the universe of SMEs, exporters stand out as one of the categories of companies with the greatest impact on the economy, having gained in recent years more relevance. In this sense, this research has as main objective to analyze the determinants of capital structure of exporting SMEs. Furthermore, for the selected determinants, a comparison was made between a subsample of exporting SMEs and a subsample of non-exporting SMEs in order to find out the main differences between these firms regarding their financing decisions. To achieve these objectives, we collected data from 4059 Portuguese SMEs using the SABI (Sistema de Análise de Balanços Ibéricos) database for the period 2012-2020. Regarding the methodology used in the research, we resorted to dynamic panel data models, using the dynamic GMM-Sys estimator. This study analyzed the relationship between the determinants size, age, profitability, tangibility, effective tax rate on profits, risk, non-debt tax shields and growth opportunities, with the debt (dependent variable) of exporting SMEs. Subsequently, we conclude that the variables size, tangibility, effective tax rate on profits, risk and growth opportunities, have a positive and statistically significant impact with the indebtedness of exporting SMEs. The variables age and profitability, present a negative and statistically significant impact with the indebtedness of exporting SMEs.
Description
Keywords
Endividamento Estrutura de Capital Exportadoras Gmm System Pequenas e Médias Empresas