Maturidade da dívida

: evidência empírica de Espanha e Portugal

Abstract

This study aims to examine empirically determinants of debt maturity structure of listed non-financial firms in Spain and Portugal, using a sample of 54 firms during the period of 2003 to 2011. In our analysis we use agency costs, signaling, liquidity risk, leverage, maturity matching, taxes, macroeconomic variables, financial system and legal system as factors that explain the behavior of debt maturity structure choice. We appeal to panel data methodology and estimate the regression by using Random Effects Model and Fixed Effects Model. The results suggest that agency theory has a significant impact on debt maturity structure. However, we do not find statistical evidence that firm’s quality, liquidity risk, maturity matching, macroeconomic variables and legal system affect maturity debt. The financial system does not influence the debt maturity structure choice. On the other hand, the theory that leverage level is higher (lower) when the firm is financed by long-term debt (short-term debt) is consistent. Finally, we found a little support that taxes influence debt maturity structure.

Date of Award	2014
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Luis Pacheco (Supervisor)