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Authors
Abstract(s)
No presente estudo procedeu-se à análise do efeito dos factores específicos das empresas e
dos factores específicos dos países, na estrutura de capitais de empresas europeias e
americanas, num contexto nacional e num contexto do sistema financeiro, utilizando como
métodos de estimação os modelos estáticos de painel e estimadores dinâmicos, analisando
uma amostra de 659 empresas não financeiras cotadas de 7 países Europeus e dos Estados
Unidos da América, para o período de análise entre 1996 e 2007.
Os resultados obtidos num contexto nacional indicam que, os custos de agência entre os
credores e gestores / accionistas são menos severos para as empresas alemãs e espanholas e
mais severos para as empresas francesas, italianas, britânicas e americanas. Por sua vez, os
problemas de subinvestimento parecem ser mais severos para as empresas italianas e
britânicas. Além disso, as empresas europeias e americanas suportam diferentes custos de
transacção nas suas operações de financiamento, e os intermediários financeiros intervêm na
estrutura de capitais das empresas alemãs e italianas através de títulos representativos do
capital próprio e, pelo contrário, intervêm na estrutura de capitais das empresas britânicas
por intermédio de títulos representativos de capital alheio.
Os resultados obtidos num contexto do sistema financeiro indicam que, tanto os problemas de
subinvestimento como os custos de agência entre os credores e os gestores / accionistas, são
mais severos para as empresas de países com um sistema financeiro baseado no mercado de
capitais (SFMC), enquanto os custos de agência entre os credores e gestores / accionistas são
menos severos para as empresas de países com um sistema financeiro baseado no sector
bancário (SFSB). Os países com um SFMC proporcionam às empresas custos de transacção mais
baixos. Os intermediários financeiros intervêm, na estrutura de capitais das empresas de
países com um SFMC através da aquisição de título representativos de capital alheio e, pelo
contrário, intervêm na estrutura de capitais das empresas de países com um SFSB por
intermédio de títulos representativos do capital próprio.
In the present study we analyze the effect of firm-specific factors and country-specific factors in the capital structure of European and American companies, using as estimation methods the static panel models and dynamic estimators. The data was collected for a sample of 659 non-financial companies listed in 7 European countries and in United States of America, for the period between 1996 and 2007. The results indicate that in a national context, the agency costs between creditors and managers / shareholders are less severe for the German and Spanish companies, and more severe for French, Italian, British and American companies. In turn, the problems of underinvestment are more severe for the Italian and British companies. Furthermore, European and American companies support different transaction costs in the financing its operations and financial intermediaries get involved in the capital structure of German and Italian companies by equity and, instead, get involved in the capital structure of British companies through debt. The results obtained in the context of the financial system indicate that the problems of underinvestment and agency costs between creditors and managers / shareholders are more severe for firms in countries with a market-based financial system, while agency costs between creditors and managers / shareholders are less severe for firms in countries with a bank-based financial system. Companies in countries with a market-based financial system face lower transaction costs. The financial intermediaries intervene in the capital structure of companies in countries with a market-based financial system through debt. The financial intermediaries intervene in the capital structure of companies in countries with a bank-based financial through equity.
In the present study we analyze the effect of firm-specific factors and country-specific factors in the capital structure of European and American companies, using as estimation methods the static panel models and dynamic estimators. The data was collected for a sample of 659 non-financial companies listed in 7 European countries and in United States of America, for the period between 1996 and 2007. The results indicate that in a national context, the agency costs between creditors and managers / shareholders are less severe for the German and Spanish companies, and more severe for French, Italian, British and American companies. In turn, the problems of underinvestment are more severe for the Italian and British companies. Furthermore, European and American companies support different transaction costs in the financing its operations and financial intermediaries get involved in the capital structure of German and Italian companies by equity and, instead, get involved in the capital structure of British companies through debt. The results obtained in the context of the financial system indicate that the problems of underinvestment and agency costs between creditors and managers / shareholders are more severe for firms in countries with a market-based financial system, while agency costs between creditors and managers / shareholders are less severe for firms in countries with a bank-based financial system. Companies in countries with a market-based financial system face lower transaction costs. The financial intermediaries intervene in the capital structure of companies in countries with a market-based financial system through debt. The financial intermediaries intervene in the capital structure of companies in countries with a bank-based financial through equity.
Description
Keywords
Sistema financeiro Estrutura de capital Capital structure Financial system