Estrutura de capitais das empresas portuguesas

: o impacto da gestão da liquidez e uma análise da recente crise

Abstract

Capital structure is a central topic in financial studies and has been widely debated over the past decades. Initially addressed through Durand’s (1952) traditional perspective, it gained greater relevance with the fundamental theories of Modigliani & Miller (1958). These studies led to the development of various approaches, such as the Trade-Off Theory and the Pecking Order Theory, which are essential for the evolution of this subject. In this context, this study analyses the determinants of the capital structure of Portuguese SMEs and the impact of the Covid-19 crisis and the War in Ukraine on their debt levels. Additionally, it assesses whether companies that adopt better liquidity management practices, measured through specific financial ratios, can reduce their debt levels, making their capital structures more resilient and less dependent on debt. The proposed model was estimated based on a panel data sample covering the period from 2015 to 2023, comprising 45 467 SMEs. The results indicate that the variables analysed impact the debt levels in accordance with the main explanatory theories, with particular emphasis on liquidity and cash variables. These impacts reinforce the importance of good liquidity management practices for the sustainability of companies, since as companies increase their liquidity ratios, debt levels tend to reduce. Finally, the crisis caused by the Covid-19 pandemic and the war in Ukraine did not significantly impact the declining trend of SMEs’ debt over the past few years.

Date of Award	1 Jul 2025
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Ricardo Cunha (Supervisor)