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Estudo da estrutura de capital em empresas portuguesas no sector de serviços
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Advisor(s)
Abstract(s)
O trabalho explora as determinantes da estrutura de capital das empresas de serviços
portuguesas, com base no teste das hipóteses propostas pelas diferentes teorias de
explicação da estrutura de capitais. Os resultados obtidos através de modelos de
regressão linear indiciam que (i) no que diz respeito às microempresas, o endividamento
total e de médio e longo prazo reflecte o comportamento previsto pela teoria da Pecking
Order, mas o endividamento de curto prazo aparenta ser explicada pela Teoria da
Agência; (ii) no que diz respeito às pequenas e médias empresas, o endividamento total
aparenta se explicado pela teoria de Modigliani-Miller mas contudo, a médio e longo
prazo, os resultados indicam existir um melhor ajuste à Teoria de Agência e à Teoria
baseada em Custos de Insolvência, sendo que esta última também se ajusta às
determinantes do endividamento de curto prazo; (iii) no que diz respeito às grandes
empresas, os resultados mostram que o endividamento total e de médio e longo prazo é
explicado pela Teoria do Pecking Order, enquanto o endividamento de curto prazo
apresenta um melhor ajuste à Teoria dos Custos de Insolvência. Adicionalmente, com
base em testes de análise de variância, conclui-se que existe uma diferença significativa
na estrutura de capitais das microempresas e das pequenas e médias empresas, mas tal
diferença não existe entre micro e grandes empresas, nem entre pequenas e médias e
grandes empresas. Embora fosse expectável que existissem diferenças entre as grandes a
as restantes empresas, não se encontra um suporte adequado neste sector de serviços.
This thesis explores the determinants of capital structure of Portuguese companies of the service sector, by assessing the various hypotheses proposed by the existing theories that explain capital structure. The results from linear regression models indicate that (i) with regard to micro-companies, total and medium-long term debt reflects the behavior predicted by the theory of Pecking Order, but the short-term debt appears to be explained by the Agency theory; (ii) in small and medium-sized enterprises, the total debt appears to be explained by the Modigliani-Miller theory, however the medium and long term better fits the Agency Theory and Theory-based Insolvency Costs, with this latter also fitting the determinants of short-term debt; (iii) in large companies, the results show that the total and medium and long term debt is explained by the theory of Pecking Order, while the short-term debt has a better fit to the theory of Insolvency Costs. Additionally, an analysis of variance allows to conclude that there is a significant difference in the capital structure of micro and small and medium enterprises, but this difference does not exist between micro and large companies, or between small and large companies. Although it was expected that there were differences between large and other size companies, it finds no evidence in the data.
This thesis explores the determinants of capital structure of Portuguese companies of the service sector, by assessing the various hypotheses proposed by the existing theories that explain capital structure. The results from linear regression models indicate that (i) with regard to micro-companies, total and medium-long term debt reflects the behavior predicted by the theory of Pecking Order, but the short-term debt appears to be explained by the Agency theory; (ii) in small and medium-sized enterprises, the total debt appears to be explained by the Modigliani-Miller theory, however the medium and long term better fits the Agency Theory and Theory-based Insolvency Costs, with this latter also fitting the determinants of short-term debt; (iii) in large companies, the results show that the total and medium and long term debt is explained by the theory of Pecking Order, while the short-term debt has a better fit to the theory of Insolvency Costs. Additionally, an analysis of variance allows to conclude that there is a significant difference in the capital structure of micro and small and medium enterprises, but this difference does not exist between micro and large companies, or between small and large companies. Although it was expected that there were differences between large and other size companies, it finds no evidence in the data.
Description
Dissertação apresentada à Universidade Fernando Pessoa como parte dos requisitos para obtenção do grau de Mestre em Ciências Empresariais