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Abstract(s)
O presente estudo tem como principal objetivo analisar as decisões da estrutura de capital das micro, pequenas e médias empresas (PME) do distrito de Castelo Branco, bem como verificar se o ciclo de vida é um fator relevante na explicação do comportamento de financiamento daquelas empresas. Para tal foi utilizada uma metodologia de modelos de dados em painel estáticos e uma análise de cluster, com base numa amostra de 1905 PME do distrito de Castelo Branco para um período de análise de 2005 a 2009. Com o intuito de analisar os fatores das decisões da estrutura de capital foram considerados como variáveis dependentes, o endividamento total, o endividamento de curto prazo e o endividamento de médio e longo prazo. Como variáveis independentes consideraram-se os seguintes determinantes da estrutura de capital: outros benefícios fiscais para além da dívida, oportunidades de crescimento, tangibilidade dos ativos, rendibilidade, dimensão, crescimento e idade.
Os resultados obtidos indicam que as decisões da estrutura de capital das PME do distrito de Castelo Branco seguem os princípios da teoria das preferências hierárquicas. Os resultados, sugerem ainda que todas as variáveis de investigação, à exceção do crescimento, são determinantes do endividamento total e do endividamento de curto prazo. Relativamente ao endividamento de médio e longo prazo, apenas as oportunidades de crescimento, tangibilidade dos ativos e dimensão são consideradas fatores determinantes. As evidências empíricas mostram ainda que o ciclo de vida contribui para a explicação da estrutura de capital das PME, sendo as PME mais jovens que se encontram mais endividadas, mas são também as que apresentam mais oportunidades de crescimento e maior rendibilidade. Quando as PME atingem a fase de maturidade do seu ciclo de vida, evidenciam um menor nível de endividamento, no entanto este continua a ter um peso importante na estrutura de capital das PME.
Pode assim concluir-se que a teoria das preferências hierárquicas e a teoria do ciclo de vida são importantes para compreender as decisões da estrutura de capital das PME.
The current t study has the main objective to analyze the decisions of the capital structure of micro, small and medium-sized enterprises (SMEs) of the district of Castelo Branco as well as to verify if the life cycle is an important factor in explaining the financing behavior of those enterprises. To achieve that objective we use static panel data models and cluster analysis based on a sample of 1905 SMEs in the district of Castelo Branco for a period of analysis from 2005 to 2009. With the purpose to analyze the factors of capital structure decisions were considered as dependent variables, the total debt, the short-term debt and medium and longterm debt. As independent variables we consider the following determinants of capital structure: non-debt tax shields, growth opportunities, tangibility of assets, profitability, size, growth and age. The results indicate that the decisions of the capital structure of SMEs in the district of Castelo Branco follow the principles of the pecking order theory. The results, also suggest that all research variables, except growth, are determinants of total debt and short-term debt. Regarding medium and long-term debt only growth opportunities, tangibility of assets and size are statistical significant determinants. Empirical evidence also show that the life cycle contribute to explain the capital structure of SMEs. Younger SMEs have higher level of debt, but they have also more growth opportunities and show a higher level of profitability. When SMEs reach the stage of maturity in its life cycle, show a lower level of debt, however it continues to have an important weight in the capital structure of SMEs. Thus, it can be concluded that the pecking order theory and life cycle theory are important to our understanding of the decisions of the capital structure of SMEs.
The current t study has the main objective to analyze the decisions of the capital structure of micro, small and medium-sized enterprises (SMEs) of the district of Castelo Branco as well as to verify if the life cycle is an important factor in explaining the financing behavior of those enterprises. To achieve that objective we use static panel data models and cluster analysis based on a sample of 1905 SMEs in the district of Castelo Branco for a period of analysis from 2005 to 2009. With the purpose to analyze the factors of capital structure decisions were considered as dependent variables, the total debt, the short-term debt and medium and longterm debt. As independent variables we consider the following determinants of capital structure: non-debt tax shields, growth opportunities, tangibility of assets, profitability, size, growth and age. The results indicate that the decisions of the capital structure of SMEs in the district of Castelo Branco follow the principles of the pecking order theory. The results, also suggest that all research variables, except growth, are determinants of total debt and short-term debt. Regarding medium and long-term debt only growth opportunities, tangibility of assets and size are statistical significant determinants. Empirical evidence also show that the life cycle contribute to explain the capital structure of SMEs. Younger SMEs have higher level of debt, but they have also more growth opportunities and show a higher level of profitability. When SMEs reach the stage of maturity in its life cycle, show a lower level of debt, however it continues to have an important weight in the capital structure of SMEs. Thus, it can be concluded that the pecking order theory and life cycle theory are important to our understanding of the decisions of the capital structure of SMEs.
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Keywords
Estrutura de capital Pequenas e médias empresas - Financiamento