A estrutura de capitais das empresas portuguesas

: um estudo empírico

Abstract

This study analyses Portuguese firm’s capital structure. Using data representative of the Portuguese Firms, we analyze the main stylized facts of their financing choices. We also test empirically the main factors influencing the financing decisions, and whether firms have a target debt value to which they converge, as predicted by the Trade-Off theory of capital structure. All the analyses are performed considering three firm categories by size: “Big”, “Medium” and “Small and Micro” firms. The methods used are based in key empirical studies on firm capital structure, namely Shyam-Sunder & Myers (1994) e Rajan & Zingales (1995). In what concerns the determinant factors of capital structure, we show that firms Profitability and Age have a negative effect on leverage, while Tangibility of assets and Fiscal Effects of debt have a contrary influence. The Size effect is positive to Big and Medium companies and negative to Small and Micro ones. Most factors show statistical significance. We also conclude that there exist evidence of partial adjustment to a theoretical target debt value, defined using firm’s specific characteristics.

Date of Award	2009
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Ricardo Cunha (Supervisor)