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A relação entre a estrutura de capital e o desempenho financeiro das empresas portuguesas cotadas na Euronext Lisbon
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| Projeto de graduação_2023111385 | 790.55 KB | Adobe PDF |
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A estrutura de capital constitui um dos temas mais relevantes no domínio das finanças empresariais, uma vez que as decisões relativas à combinação entre capitais próprios e capitais alheios podem influenciar o desempenho financeiro e a criação de valor das empresas. Ao longo das últimas décadas, diversos autores desenvolveram teorias que procuram explicar a forma como as empresas definem as suas políticas de financiamento, destacando-se a Teoria da Irrelevância da Estrutura de Capital de Modigliani e Miller, a Teoria do Trade-Off, a Teoria Pecking Order e a Teoria da Agência. Apesar da extensa literatura existente, continua a verificar-se falta de consenso quanto ao impacto do endividamento sobre a rentabilidade empresarial, sobretudo em diferentes contextos económicos e institucionais. O presente estudo teve como objetivo analisar a relação entre a estrutura de capital e o desempenho financeiro das empresas portuguesas cotadas na Euronext Lisbon. Para esse efeito, foi adotada uma metodologia quantitativa baseada na análise de uma amostra constituída por oito empresas portuguesas cotadas, utilizando informação financeira referente ao período compreendido entre 2021 e 2025, obtida através dos respetivos Relatórios e Contas anuais. A estrutura de capital foi medida através do rácio de endividamento, calculado com base na dívida financeira total em relação ao ativo total, enquanto o desempenho financeiro foi avaliado através dos indicadores Return on Assets (ROA) e Return on Equity (ROE). Os dados recolhidos foram tratados utilizando o Microsoft Excel, recorrendo-se à análise estatística descritiva, análise de correlação e regressão linear simples, permitindo avaliar a influência do endividamento sobre os indicadores de rentabilidade considerados. Os resultados obtidos evidenciam a existência de uma relação negativa e estatisticamente significativa entre o endividamento e o ROA, sugerindo que níveis mais elevados de dívida tendem a reduzir a rentabilidade dos ativos das empresas analisadas. Em contrapartida, não foi encontrada evidência estatisticamente significativa relativamente à relação entre o endividamento e o ROE, indicando que a rentabilidade dos capitais próprios poderá depender de outros fatores não considerados no modelo. Conclui-se que a estrutura de capital influencia o desempenho financeiro das empresas da amostra, embora esse impacto varie em função do indicador de rentabilidade utilizado. Os resultados obtidos contribuem para reforçar a evidência empírica sobre a relação entre endividamento e desempenho financeiro no contexto das empresas portuguesas cotadas, constituindo um contributo para a compreensão das decisões de financiamento empresarial.
Capital structure is one of the most important topics in corporate finance, as decisions regarding the combination of equity and debt financing may significantly influence firms' financial performance and value creation. Over the years, several theories have been developed to explain corporate financing decisions, namely the Modigliani and Miller Theory, the Trade-Off Theory, the Pecking Order Theory and the Agency Theory. Despite the extensive literature on the subject, there is still no consensus regarding the impact of indebtedness on corporate profitability, particularly across different economic and institutional contexts. The main objective of this study was to analyse the relationship between capital structure and the financial performance of Portuguese companies listed on Euronext Lisbon. To achieve this objective, a quantitative methodology was adopted based on the analysis of financial information from a sample of eight Portuguese listed companies, covering the period from 2021 to 2025. The data were collected from the companies' annual reports. Capital structure was measured through the debt ratio, calculated using total financial debt in relation to total assets, while financial performance was assessed using Return on Assets (ROA) and Return on Equity (ROE). The data were analysed using Microsoft Excel through descriptive statistics, correlation analysis and simple linear regression. The empirical results reveal a negative and statistically significant relationship between indebtedness and ROA, suggesting that higher debt levels are associated with lower asset profitability. However, no statistically significant relationship was found between indebtedness and ROE, indicating that shareholders' profitability may be influenced by additional factors not included in the model. It is concluded that capital structure has an impact on the financial performance of the companies analysed, although the effects differ according to the profitability indicator considered. The findings contribute to a better understanding of the relationship between indebtedness and financial performance in Portuguese listed companies and provide further empirical evidence regarding corporate financing decisions.
Capital structure is one of the most important topics in corporate finance, as decisions regarding the combination of equity and debt financing may significantly influence firms' financial performance and value creation. Over the years, several theories have been developed to explain corporate financing decisions, namely the Modigliani and Miller Theory, the Trade-Off Theory, the Pecking Order Theory and the Agency Theory. Despite the extensive literature on the subject, there is still no consensus regarding the impact of indebtedness on corporate profitability, particularly across different economic and institutional contexts. The main objective of this study was to analyse the relationship between capital structure and the financial performance of Portuguese companies listed on Euronext Lisbon. To achieve this objective, a quantitative methodology was adopted based on the analysis of financial information from a sample of eight Portuguese listed companies, covering the period from 2021 to 2025. The data were collected from the companies' annual reports. Capital structure was measured through the debt ratio, calculated using total financial debt in relation to total assets, while financial performance was assessed using Return on Assets (ROA) and Return on Equity (ROE). The data were analysed using Microsoft Excel through descriptive statistics, correlation analysis and simple linear regression. The empirical results reveal a negative and statistically significant relationship between indebtedness and ROA, suggesting that higher debt levels are associated with lower asset profitability. However, no statistically significant relationship was found between indebtedness and ROE, indicating that shareholders' profitability may be influenced by additional factors not included in the model. It is concluded that capital structure has an impact on the financial performance of the companies analysed, although the effects differ according to the profitability indicator considered. The findings contribute to a better understanding of the relationship between indebtedness and financial performance in Portuguese listed companies and provide further empirical evidence regarding corporate financing decisions.
Descrição
Projeto de Graduação apresentado à Universidade Fernando Pessoa como parte dos requisitos para obtenção do grau de Licenciado em Ciências Empresariais.
Palavras-chave
Estrutura de capital Endividamento Desempenho financeiro Rentabilidade Euronext Lisbon Capital structure Indebtedness Financial performance Profitability