Estrutura de capitais da indústria transformadora portuguesa

Abstract

The capital structure has been assumed in last decades a relevant interest in financial literature. Proof of this, are the various studies that have emerged since the publication of the Modigliani & Miller (1958) pioneering work. Although the most studies are related to large companies, are already known, on a small scale yet, some studies that focus on the micro, small and medium companies universe. The present work aims to study the capital structure determinants of manufacturing Portuguese medium size companies industry, comparing the results of exporting and non exporting companies. Based on the relevant literature, we have tested the Total Debt determinants: Profitability, Size, Growth, Age, Assets Composition, Business Risk and Other Tax Benefits beyond debt. We demonstrated that the Profitability and Age variables had affected negatively the Total Debt in both groups of companies. Inversely, our results showed that the Size variable has a positive effect in the Total Debt for both samples tested. The Growth variable showed a positive relationship with the Total Debt for the group of exporting companies.

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