Determinants of capital structure and financial crisis impact: Evidence from Portuguese SMEs

Detalhes bibliográficos
Autor(a) principal: Proença, Pedro Miguel Correia
Data de Publicação: 2012
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10071/4942
Resumo: The objectives of this empirical work are to investigate the determinants of Portuguese SMEs capital structure, evaluate whether and how the impacts of those determinants affect the debt ratios and examine the effects of financial crisis and industry on Portuguese SMEs capital structure. The sample used considers the period 2007-2010, resulting in 12.857 Portugues e SMEs per year observations. Results suggest that liquidity, asset structure and profitability are the most important determinants explaining the capital structure of Portuguese SMEs. Short-term debt was found to be negatively related to liquidity, asset structure, size and profitability, while long-term debt was found to be related positively to asset structure, liquidity, size and growth and negatively to profitability. Furthermore, we noticed a downward tendency on companies’ debt ratios levels during the financial crisis, which is statistically insignificant. Finally, we observed that industry plays an important role on Portuguese SMEs capital structure and debt ratios vary across industries. Still, through the clusters analysis we found two homogeneous groups of industriesaccor ding to its debt ratios levels.
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spelling Determinants of capital structure and financial crisis impact: Evidence from Portuguese SMEsCapital structureCrise financeira -- Financial crisisPME Pequenas e Médias Empresas -- SME Small and Medium EnterprisesAnálise de clusters -- Cluster analysisEstrutura de capitalPortugalThe objectives of this empirical work are to investigate the determinants of Portuguese SMEs capital structure, evaluate whether and how the impacts of those determinants affect the debt ratios and examine the effects of financial crisis and industry on Portuguese SMEs capital structure. The sample used considers the period 2007-2010, resulting in 12.857 Portugues e SMEs per year observations. Results suggest that liquidity, asset structure and profitability are the most important determinants explaining the capital structure of Portuguese SMEs. Short-term debt was found to be negatively related to liquidity, asset structure, size and profitability, while long-term debt was found to be related positively to asset structure, liquidity, size and growth and negatively to profitability. Furthermore, we noticed a downward tendency on companies’ debt ratios levels during the financial crisis, which is statistically insignificant. Finally, we observed that industry plays an important role on Portuguese SMEs capital structure and debt ratios vary across industries. Still, through the clusters analysis we found two homogeneous groups of industriesaccor ding to its debt ratios levels.Este estudo empírico temcomo objectivos examinar os determinantes da estrutura de capital das pequenas e médias empresas portuguesas, procurando avaliar de que maneira o impacto desses determinantes afecta a estrutura de capital dasPMEs, e ainda investigar quais os efeitos da crise financeira e do sector na estrutura de capital das PMEs portuguesas. A amostra utilizada considera o período 2007-2010, resultando em 12.857PMEs portuguesas porano. Os resultados obtidos suger em que a liquidez, a estrutura do activo e a rentabilidade são os determinantes que melhor explicam a estrutura de capital das PMEs portuguesas. Nesse sentido, o endividamento de curto prazo está relacionado negativamente com a liquidez, estrutura do activo, dimensão e rentabilidade, enquanto que o endividamento de longo prazo está relacionado positivament e com a estrutura do activo, liquidez, dimensão e crescimento e ainda negativamente com a rentabilidade. Além disto, observamos uma tendência decrescente nos rácios de endividamento durante a crise finaceira, que se r evelou estatisticamente insignificante. Finalmente, verificamos que os níveis de endividamente variam cosoante o sector de actividade e através da análise de clusters encontrámos dois grupos homogeneous de sector es de acordo com os rácios de endividamento.2013-05-15T18:08:22Z2012-01-01T00:00:00Z20122012-10info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfapplication/octet-streamhttp://hdl.handle.net/10071/4942engProença, Pedro Miguel Correiainfo: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:RCAAP2023-11-09T17:38:48Zoai:repositorio.iscte-iul.pt:10071/4942Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:17:47.523600Repositório 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 capital structure and financial crisis impact: Evidence from Portuguese SMEs
title Determinants of capital structure and financial crisis impact: Evidence from Portuguese SMEs
spellingShingle Determinants of capital structure and financial crisis impact: Evidence from Portuguese SMEs
Proença, Pedro Miguel Correia
Capital structure
Crise financeira -- Financial crisis
PME Pequenas e Médias Empresas -- SME Small and Medium Enterprises
Análise de clusters -- Cluster analysis
Estrutura de capital
Portugal
title_short Determinants of capital structure and financial crisis impact: Evidence from Portuguese SMEs
title_full Determinants of capital structure and financial crisis impact: Evidence from Portuguese SMEs
title_fullStr Determinants of capital structure and financial crisis impact: Evidence from Portuguese SMEs
title_full_unstemmed Determinants of capital structure and financial crisis impact: Evidence from Portuguese SMEs
title_sort Determinants of capital structure and financial crisis impact: Evidence from Portuguese SMEs
author Proença, Pedro Miguel Correia
author_facet Proença, Pedro Miguel Correia
author_role author
dc.contributor.author.fl_str_mv Proença, Pedro Miguel Correia
dc.subject.por.fl_str_mv Capital structure
Crise financeira -- Financial crisis
PME Pequenas e Médias Empresas -- SME Small and Medium Enterprises
Análise de clusters -- Cluster analysis
Estrutura de capital
Portugal
topic Capital structure
Crise financeira -- Financial crisis
PME Pequenas e Médias Empresas -- SME Small and Medium Enterprises
Análise de clusters -- Cluster analysis
Estrutura de capital
Portugal
description The objectives of this empirical work are to investigate the determinants of Portuguese SMEs capital structure, evaluate whether and how the impacts of those determinants affect the debt ratios and examine the effects of financial crisis and industry on Portuguese SMEs capital structure. The sample used considers the period 2007-2010, resulting in 12.857 Portugues e SMEs per year observations. Results suggest that liquidity, asset structure and profitability are the most important determinants explaining the capital structure of Portuguese SMEs. Short-term debt was found to be negatively related to liquidity, asset structure, size and profitability, while long-term debt was found to be related positively to asset structure, liquidity, size and growth and negatively to profitability. Furthermore, we noticed a downward tendency on companies’ debt ratios levels during the financial crisis, which is statistically insignificant. Finally, we observed that industry plays an important role on Portuguese SMEs capital structure and debt ratios vary across industries. Still, through the clusters analysis we found two homogeneous groups of industriesaccor ding to its debt ratios levels.
publishDate 2012
dc.date.none.fl_str_mv 2012-01-01T00:00:00Z
2012
2012-10
2013-05-15T18:08:22Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10071/4942
url http://hdl.handle.net/10071/4942
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/octet-stream
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
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