Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal

Detalhes bibliográficos
Autor(a) principal: Lourenço, António José dos Santos Morão
Data de Publicação: 2017
Outros Autores: Oliveira, Eduardo do Carmo
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.15/1722
Resumo: In recent decades, the theme of the capital structure and its determinants has caused some controversy and aroused great interest in the financial domain. Several theories and studies have emerged applying to this domain. This study aims to test the explanatory power of the determinants of debt which have the greatest support in the financial literature, size, growth, business risk, profitability, tangibility and non-debt tax shields and its validity in accordance with the theories of capital structure, on firms in Santarém's district. The sample contains financial data of 6184 firms for the period 2008–2012. The results indicate that firms in Santarém's district in Portugal have a high level of debt, using mainly short-term debt. The growth and profitability have proved to be determinants of debt, confirming the Pecking Order Theory.
id RCAP_0a441c7240142d8f0c7285a5e14b0835
oai_identifier_str oai:repositorio.ipsantarem.pt:10400.15/1722
network_acronym_str RCAP
network_name_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository_id_str 7160
spelling Determinants of debt: Empirical evidence on firms in the district of Santarém in PortugalCapital structureDebtDeterminantsIn recent decades, the theme of the capital structure and its determinants has caused some controversy and aroused great interest in the financial domain. Several theories and studies have emerged applying to this domain. This study aims to test the explanatory power of the determinants of debt which have the greatest support in the financial literature, size, growth, business risk, profitability, tangibility and non-debt tax shields and its validity in accordance with the theories of capital structure, on firms in Santarém's district. The sample contains financial data of 6184 firms for the period 2008–2012. The results indicate that firms in Santarém's district in Portugal have a high level of debt, using mainly short-term debt. The growth and profitability have proved to be determinants of debt, confirming the Pecking Order Theory.Universidad Nacional Autónoma de MéxicoRepositório Científico do Instituto Politécnico de SantarémLourenço, António José dos Santos MorãoOliveira, Eduardo do Carmo2017-05-16T11:02:25Z20172017-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.15/1722engLourenço, A. & Oliveira, E. (2017). Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal. Contaduría y Administración, 62 (2), 625–643. doi: 10.1016/j.cya.2016.06.0100186-104210.1016/j.cya.2016.06.010info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-21T07:31:49Zoai:repositorio.ipsantarem.pt:10400.15/1722Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:53:57.078018Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal
title Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal
spellingShingle Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal
Lourenço, António José dos Santos Morão
Capital structure
Debt
Determinants
title_short Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal
title_full Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal
title_fullStr Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal
title_full_unstemmed Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal
title_sort Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal
author Lourenço, António José dos Santos Morão
author_facet Lourenço, António José dos Santos Morão
Oliveira, Eduardo do Carmo
author_role author
author2 Oliveira, Eduardo do Carmo
author2_role author
dc.contributor.none.fl_str_mv Repositório Científico do Instituto Politécnico de Santarém
dc.contributor.author.fl_str_mv Lourenço, António José dos Santos Morão
Oliveira, Eduardo do Carmo
dc.subject.por.fl_str_mv Capital structure
Debt
Determinants
topic Capital structure
Debt
Determinants
description In recent decades, the theme of the capital structure and its determinants has caused some controversy and aroused great interest in the financial domain. Several theories and studies have emerged applying to this domain. This study aims to test the explanatory power of the determinants of debt which have the greatest support in the financial literature, size, growth, business risk, profitability, tangibility and non-debt tax shields and its validity in accordance with the theories of capital structure, on firms in Santarém's district. The sample contains financial data of 6184 firms for the period 2008–2012. The results indicate that firms in Santarém's district in Portugal have a high level of debt, using mainly short-term debt. The growth and profitability have proved to be determinants of debt, confirming the Pecking Order Theory.
publishDate 2017
dc.date.none.fl_str_mv 2017-05-16T11:02:25Z
2017
2017-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.15/1722
url http://hdl.handle.net/10400.15/1722
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Lourenço, A. & Oliveira, E. (2017). Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal. Contaduría y Administración, 62 (2), 625–643. doi: 10.1016/j.cya.2016.06.010
0186-1042
10.1016/j.cya.2016.06.010
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidad Nacional Autónoma de México
publisher.none.fl_str_mv Universidad Nacional Autónoma de México
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
_version_ 1799137029775163392

Registros relacionados