As determinantes da estrutura de capital nas PME de Portugal na área de IT

Abstract

This dissertation aims to analyze the relationship between the determinants of capital structure and the level of indebtedness of small and medium-sized Portuguese companies in the information technology sector. The study reviews key theories related to capital structure, such as Durand's theory (1952), Modigliani and Miller's approaches (1958 and 1963), agency theory (Jensen & Meckling, 1976), trade-off theory (Myers, 1984), and pecking order theory (Myers & Majluf, 1984). The methodology involves the administration of a questionnaire to 100 IT companies in Portugal, followed by descriptive statistical analysis. The obtained results will provide valuable insights for managers and investors, highlighting the importance of factors such as company size, tangibility of assets, growth opportunities, business risk, profitability, age, and non-debt tax benefits. The conclusion emphasizes that the relationship between company size and level of indebtedness is complex and context-dependent, and that the pecking order theory influences financing decisions. Considering relevant financial metrics is crucial when evaluating the financial health of IT companies. The study fills a gap in the literature and contributes to the development of the information technology sector in Portugal.

Date of Award	15 Dec 2023
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	António Mendes Ferreira (Supervisor) & Paulo Pereira (Co-Supervisor)