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Abstract(s)
Esta pesquisa investiga qual a relação da estrutura de capital na performance das PMEs
portuguesas. A amostra foi composta de 3.907 empresas portuguesas do sector de indústria
transformadora, correspondendo um painel balanceado que abrange o período de 2015 a
2018. Utilizando o modelo de regressão linear pelo método de mínimos quadrados em dois
estágios (2SLS), os resultados obtidos revelam que as variáveis, endividamento,
oportunidades de crescimento e a liquidez possuem uma relação negativa e estatisticamente
significativa com a performance, medida pelo retorno dos ativos operacionais (ROA). As
variáveis, volatilidade, a idade e a dimensão por sua vez evidenciam uma relação positiva e
estatisticamente significativa com performance. Os resultados obtidos permitem concluir que
para o perfil das PMEs portuguesas da indústria transformadora, as teorias que melhor
explicam a relação entre estrutura de capital e a performance é a teoria pecking order e a
teoria da agência.
This research investigates the relationship between the capital structure and the performance of Portuguese SMEs. The sample comprises 3,907 Portuguese companies operating in the manufacturing sector, corresponding to a balanced panel covering the period from 2015 to 2018. Employing the two-stage least squares, the results obtained show that the indebtedness, growth opportunities and liquidity variables have a negative and statistically significant relationship with performance, measured by the return on operating assets (ROA). The variables volatility, age and dimension, in turn, show a positive and statistically significant relationship with performance. The results obtained allow us to conclude that for the profile of Portuguese SMEs in the manufacturing industry, the theories that best explain the relationship between capital structure and performance are the pecking order theory and the agency theory.
This research investigates the relationship between the capital structure and the performance of Portuguese SMEs. The sample comprises 3,907 Portuguese companies operating in the manufacturing sector, corresponding to a balanced panel covering the period from 2015 to 2018. Employing the two-stage least squares, the results obtained show that the indebtedness, growth opportunities and liquidity variables have a negative and statistically significant relationship with performance, measured by the return on operating assets (ROA). The variables volatility, age and dimension, in turn, show a positive and statistically significant relationship with performance. The results obtained allow us to conclude that for the profile of Portuguese SMEs in the manufacturing industry, the theories that best explain the relationship between capital structure and performance are the pecking order theory and the agency theory.
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Keywords
Determinantes da Estrutura de Capital Estrutura de Capital Indústria Transformadora Performance Pmes