Determinantes da estrutura de capitais

: o caso do sector do calçado

Abstract

The capital structure has developed several theories and has been the subject of research since the early studies of Modigliani and Miller (1958). This thesis aims to analyze the determinants of capital structure based on various investigations developed on the subject of capital structure. It is intended to verify the factors influencing the level of indebtedness of Portuguese companies in the footwear sector, tried to frame the theories related to the choice of business financing. The analysis, using linear regression model, using data between 2006 and 2012, indicates the existence of a positive relationship between debt and the independent variables size and composition of the asset. The remaining independent variables were not influencing the level of indebtedness of the companies in the footwear industry. With the development of this work was noticeable that the theories are not readily observable in the reality of our country including that for the variable other tax benefits beyond the debt has no impact on debt sample, contrary to what was expected, going also against the theory of trade-off.

Date of Award	3 Jul 2015
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Paulo Alves (Supervisor) & Ricardo Cunha (Co-Supervisor)