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Abstract(s)
Ao longo dos últimos anos o número de estudos que têm por base a relação entre a crise financeira e a estrutura de capital das empresas tem vindo a crescer. Esses estudos deram origem a esta dissertação, que tem como objetivo verificar se a crise teve efetivamente influência nas decisões das empresas relativamente à determinação da forma de financiamento através de capitais alheios ou capitais próprios. Apesar da crise financeira dos últimos anos ter atravessado várias fases, desde a crise do subprime, passando pela crise da dívida soberana, até à fase do pedido de assistência financeira por Portugal em 2011, o especial foco deste trabalho concentra-se no intervalo entre os anos de 2010 e 2014, uma vez que foi um período de grandes alterações ao nível das condições macroeconómicas e das medidas a elas associadas. As principais variáveis macroeconómicas abordadas pelos especialistas e que levaram a que fossem testadas nesta dissertação, são a rendibilidade, a tangibilidade e a dimensão. O painel de empresas da amostra é constituído por 29120 entidades portuguesas e os resultados a ele associados revelam que a variável rendibilidade tem uma tendência sempre negativa, enquanto a tangibilidade e a dimensão apresentam coeficientes positivos. Estas conclusões corroboram com as previsões da teoria da Pecking Order. Simultaneamente, chegou-se à conclusão que as empresas menos endividadas não sofreram alterações de relevo relativamente ao objeto de estudo mas as empresas que tendem a usar mais o passivo registaram uma diminuição do endividamento entre 2010 e 2013 e um aumento em 2014. O nível de endividamento médio de toda a amostra demonstrou um comportamento semelhante ao verificado nas empresas mais endividadas.
Over the past few years the number of studies about the relationship between the financial crisis and the capital structure has been growing. These studies have led to this dissertation that aims to determine if the crisis had effectively influence in business decisions regarding the determination of the form of financing through borrowed capital or equity. Although the financial crisis of recent years has gone through several stages, from the subprime crisis, through the sovereign debt crisis, to the stage of the request for financial assistance from Portugal in 2011, the special focus of this paper is in the interval between 2010 and 2014, since it was a period of great changes in terms of macroeconomic conditions and measures attached to them. The main macroeconomic variables addressed by specialists, and which led to them being tested in this dissertation, were profitability, tangibility and size. The companies’ sample panel consists of 29120 portuguese entities and the results associated with it show that the variable profitability always follows a negative trend while the tangibility and size have positive coefficients. These findings corroborate with the predictions of the Pecking Order theory. At the same time, we came to the conclusion that the least indebted companies suffered no significant changes relative to the object of study, but the companies who tend to use more passive experienced a decline in debt between 2010 and 2013 and an increase in 2014. The average debt level of the whole sample showed a similar behavior to that seen in the most indebted companies.
Over the past few years the number of studies about the relationship between the financial crisis and the capital structure has been growing. These studies have led to this dissertation that aims to determine if the crisis had effectively influence in business decisions regarding the determination of the form of financing through borrowed capital or equity. Although the financial crisis of recent years has gone through several stages, from the subprime crisis, through the sovereign debt crisis, to the stage of the request for financial assistance from Portugal in 2011, the special focus of this paper is in the interval between 2010 and 2014, since it was a period of great changes in terms of macroeconomic conditions and measures attached to them. The main macroeconomic variables addressed by specialists, and which led to them being tested in this dissertation, were profitability, tangibility and size. The companies’ sample panel consists of 29120 portuguese entities and the results associated with it show that the variable profitability always follows a negative trend while the tangibility and size have positive coefficients. These findings corroborate with the predictions of the Pecking Order theory. At the same time, we came to the conclusion that the least indebted companies suffered no significant changes relative to the object of study, but the companies who tend to use more passive experienced a decline in debt between 2010 and 2013 and an increase in 2014. The average debt level of the whole sample showed a similar behavior to that seen in the most indebted companies.
Description
Mestrado em Contabilidade e Análise Financeira
Keywords
Crise financeira Políticas de financiamento Estrutura de capital Endividamento Financial crisis Financial crisis Financial crisis Debt