A estrutura de capitais das empresas portuguesas

: pré e pós-crise 2008

Abstract

The capital structure of companies is a topic of considerable interest in finance, and has been the target of several studies in last decades. Begins to have greater prominence since the paper published by Modigliani & Miller in 1958, developing other studies and theories, highlighting the Trade&off and the Pecking/ Order, which were initially applied to large companies and subsequently SMEds. Given the specificity of each company and the different models applied, we cannot say that there is a leading capital structure theory, including, Myers (2001) even states that we do not necessarily need one. This study investigates the determinants of capital structure of Portuguese companies in the period of 2008 economic crisis, taking into account the theories of the determinants of capital structure. The analysis is based on unbalanced date panel, comprising the period between 2006 and 2012. The results indicate that the variables that affect the capital structure are in agreement with the theory, having a negative impact in the period of economic crisis.

Date of Award	2 Jul 2015
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Paulo Alves (Supervisor) & Ricardo Cunha (Co-Supervisor)