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Abstract(s)
O principal objetivo deste trabalho consiste em analisar empiricamente os fatores que
potencialmente determinam a maturidade e composição (privada ou pública) da dívida
das empresas portuguesas cotadas. Para a análise utilizaram-se dados em painel de 46
empresas portuguesas cotadas não financeiras, referentes ao período de 2003 a 2010.
Considerou-se cinco modelos de regressão, onde os mesmos incluem um conjunto de
variáveis explicativas do rácio da maturidade e composição da dívida, sendo estas: a
dimensão da empresa, a tangibilidade dos ativos, as oportunidades de crescimento, a
taxa efetiva de imposto, a volatilidade dos resultados operacionais, a idade da empresa,
a maturidade dos ativos e a qualidade/rendibilidade da empresa.
Os resultados obtidos sugerem que a maturidade dos ativos, a qualidade/rendibilidade e
a dimensão da empresa mostram-se estatisticamente significativos para determinar a
maturidade da dívida. Quanto à composição da mesma, tem-se que a dimensão da
empresa, as oportunidades de crescimento, a taxa efetiva de imposto, a volatilidade dos
resultados operacionais a idade da empresa e a maturidade dos ativos, são fatores
determinantes para explicar a escolha de financiamento privado (empréstimos
bancários, contratos de leasing e papel comercial) das empresas. Para a escolha de
financiamento público (empréstimos obrigacionista), nota-se que tal como acontece no
financiamento privado, a maturidade dos ativos, a dimensão e a idade da empresa
revelam-se variáveis explicativas estatisticamente significativas.
The aim of this study is to analyze empirically the factors that potentially determine the debt maturity and debt composition (private or public) of Portuguese listed companies. For the analysis we used a sample of panel data from 46 non-financial Portuguese listed companies, for the period 2003 to 2010. We consider five regression models, where they include a set of explanatory variables in the ratio of debt composition and maturity, which are: firm size, asset tangibility, growth opportunities, the effective tax rate, the volatility or operating earnings, the age of the firm, the maturity of assets and the quality / profitability. The results suggest that the maturity of assets, quality / profitability and firm size appear to be statistically significant in determining the maturity of the debt. Regarding the debt composition, it is noted that, the growth opportunities, the effective tax rate, the volatility of operating profit, the age of firms and maturity of their assets, are important factors to explain the firm`s choice of private financing (bank loans, leasing agreements and commercial paper). For the choice of public financing (bond loans), it is noted that as in the private financing, the asset maturity, and the company size and age are statistically significant explanatory variables.
The aim of this study is to analyze empirically the factors that potentially determine the debt maturity and debt composition (private or public) of Portuguese listed companies. For the analysis we used a sample of panel data from 46 non-financial Portuguese listed companies, for the period 2003 to 2010. We consider five regression models, where they include a set of explanatory variables in the ratio of debt composition and maturity, which are: firm size, asset tangibility, growth opportunities, the effective tax rate, the volatility or operating earnings, the age of the firm, the maturity of assets and the quality / profitability. The results suggest that the maturity of assets, quality / profitability and firm size appear to be statistically significant in determining the maturity of the debt. Regarding the debt composition, it is noted that, the growth opportunities, the effective tax rate, the volatility of operating profit, the age of firms and maturity of their assets, are important factors to explain the firm`s choice of private financing (bank loans, leasing agreements and commercial paper). For the choice of public financing (bond loans), it is noted that as in the private financing, the asset maturity, and the company size and age are statistically significant explanatory variables.
Description
Mestrado em Contabilidade e análise financeira
Keywords
Política de financiamento Estrutura da dívida Maturidade da dívida Dívida privada Dívida pública Financing policy Debt structure Debt maturity Private debt Public debt