Estrutura de capitais das médias empresas do sector imobiliário português

Abstract

This study aims to analyze the capital structure of the medium Portuguese real estate companies between 2007 and 2012. In this regard, we examined the real estate sector according to its four subsectors involved: real estate development, construction, sale and purchase of real estate and leasing of real estate. Which we compared in two ways with another sector of significant importance in the Portuguese business, the industry. The first part comes from comparing the real estate sector as a whole and the industry; the second part arises from comparing the subsector of the construction and the industry. It was found that the existing, positive or negative correlations, gets some resemblance to each other, for periods of debt under consideration and to the different sectors studied. In the first part for the variables Size, Profitability and Age, there is a similar influence in correlation between the variables and the total and medium-long-term debt, in both sectors. In the total debt we cannot reject the hypothesis that the variable Age has the same impact in both sectors. In the medium and long term debt the same fact comes to the variable Size and Profitability. In the second part it was found that for Age, Profitability and Size, a similar correlation was found between the variables mentioned and the total debt and medium-long-term debt for both sectors. In total debt we cannot reject the hypothesis that the Profitability and the Age have the same impact in both sectors. In regard to the medium and long term debt, for the variables Size and Profitability we cannot also reject the same hypothesis.

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