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Abstract(s)
O principal objetivo deste trabalho consistiu em analisar as decisões ao nível da estrutura de capital das PMEs no setor da indústria transformadora e, verificar se houve alterações significativas nos níveis de endividamento total, de curto e médio/longo prazo nas PME’s em relação à década de 90 em Portugal. Foi utilizada uma amostra de 9079 PMEs portuguesas, retirada da base de dados Amadeus - Bureau van Dijk e usada a metodologia de análise de dados em painel, tratados com 4 modelos diferentes: o Pooled dos mínimos quadrados, o modelo dos efeitos fixos, o modelo dos efeitos aleatórios e o modelo dinâmico. Os resultados evidenciam que as PME’s neste setor não assumem nenhuma teoria em concreto, apenas a teoria do Pecking Order assume mais relevância para este setor.
The main objective of this study is to investigate the decisions of the SME capital structure in the manufacturing sector and check if there was significant changes in total debt levels, short and medium / long term in SMEs compared to the 90s in Portugal. A sample of 9079 Portuguese's SME was used, removed from Amadeus database - Bureau van Dijk and used panel data analysis methodology treated with 4 different models: Pooled least squares, the model of the fixed effects, model of the random effects and the dynamic model. The results show that SMEs in this sector do not take any concrete theory, only the Pecking Order theory assumes more importance for this sector.
The main objective of this study is to investigate the decisions of the SME capital structure in the manufacturing sector and check if there was significant changes in total debt levels, short and medium / long term in SMEs compared to the 90s in Portugal. A sample of 9079 Portuguese's SME was used, removed from Amadeus database - Bureau van Dijk and used panel data analysis methodology treated with 4 different models: Pooled least squares, the model of the fixed effects, model of the random effects and the dynamic model. The results show that SMEs in this sector do not take any concrete theory, only the Pecking Order theory assumes more importance for this sector.
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Keywords
Assimetria de Informação Endividamento Estrutura de Capital Pme Teoria da Agência Teoria dos Sinais