Estrutura de capitais Norte vs. Sul da Europa

: o caso da indústria transformadora

Abstract

This paper analyzes the factors determining the capital structure of companies in the manufacturing sector of 15 European countries divided into two regions, North and South, for the period 2007 to 2011, and converting short term and long term debt. The results suggest that the two regions differ for debt ratios. In Northern Europe the following variables have statistical evidence: Size (+) for total debt and long term debt; Tangibility (-) for total debt and short term debt and (+) for long term debt; Profitability (+) for the long term debt; Non debt tax shield (+) for total debt and short term debt; Growth (+) for short term debt; Volatility (-) for short term debt and long term debt. In the Southern Europe, Size (-) for all maturities of debt; Tangibility (-) for all maturities of debt; Profitability (+) for long term debt; Non debt tax shield (-) for total debt and long term debt. The convergence of debt levels to an optimal target using the static tradeoff theory is also tested.

Date of Award	8 Mar 2013
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Manuel Ricardo Fontes da Cunha (Supervisor) & Paulo Alves (Co-Supervisor)