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Abstract(s)
O objetivo deste estudo é analisar as decisões de estrutura de capitais das pequenas e
médias empresas (PME), dando enfase à sua atividade exportadora. Para respondermos
ao objetivo, recorremos a modelos estáticos de dados em painel, para tratamento dos
dados obtidos para uma amostra constituída por 9340 PME portuguesas exportadoras,
para o período de análise 2017-2021, o correspondente a um total de 43421 observações.
Os resultados mostram que os determinantes tangibilidade e dimensão relacionam-se
positivamente, e com significância estatística, com o endividamento total (ENDTOT), o
endividamento de médio e longo prazo (ENDLP) e o endividamento de curto prazo
(ENDCP). Por sua vez, os determinantes intensidade exportadora, rendibilidade e idade
têm um relacionamento negativo e estatisticamente significativo com o ENDTOT, o
ENDLP e o ENDCP. A variável covid-19 relaciona-se positivamente e com significância
estatística com o ENDTOT e o ENDLP. Porém, este determinante tem um efeito negativo,
mas estatisticamente não significativo sobre o endividamento curto prazo.
The aim of this study is to analyze the capital structure decisions of small and mediumsized enterprises (SMEs), emphasizing their export activity. To respond to the objective, static panel data models were used to process the data obtained from a sample of 9340 Portuguese exporting SMEs, for the period 2017-2021, corresponding to a total of 43421 observations. The results show that the determinants tangibility and size are positively and statistically related to total debt, long-term debt and short-term debt. In turn, the determinants export intensity, profitability and age have a negative and statistically significant relationship with total debt, long-term debt and short-term debt. The variable covid-19 has a positive and statistically significant effect on total debt and long-term debt. However, covid-19 has a negative but a statistically non-significant effect on short-term debt.
The aim of this study is to analyze the capital structure decisions of small and mediumsized enterprises (SMEs), emphasizing their export activity. To respond to the objective, static panel data models were used to process the data obtained from a sample of 9340 Portuguese exporting SMEs, for the period 2017-2021, corresponding to a total of 43421 observations. The results show that the determinants tangibility and size are positively and statistically related to total debt, long-term debt and short-term debt. In turn, the determinants export intensity, profitability and age have a negative and statistically significant relationship with total debt, long-term debt and short-term debt. The variable covid-19 has a positive and statistically significant effect on total debt and long-term debt. However, covid-19 has a negative but a statistically non-significant effect on short-term debt.
Description
Keywords
Pme Estrutura de Capitais Intensidade Exportadora Portugal