The role of lease financing
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/17166 |
Resumo: | Leasing has become, throughout recent years, an increasingly important financing source for companies’ operational activities and has deserved some attention in the corporate finance literature. Understanding the leasing decision, through a comparison with other external financing options and an evaluation of its overall fit with firms’ specific characteristics has been the focus of existing investigations and it is the goal of this study. Our analysis is focused on the relationship between lease and debt financing and on an examination of firms’ leasing propensity, taking into account their particular features. With the adoption of three different, but complementary methodologies, we find that leasing propensity is greater for smaller firms, with more investment opportunities, in a worst financial condition, with relatively fewer specific assets and with lower availability of collateral. In addition, results suggest that lease and debt financing are seen as substitutes, as higher relative amounts of debt are associated with lower leasing intensity. |
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The role of lease financingDomínio/Área Científica::Ciências Sociais::Economia e GestãoLeasing has become, throughout recent years, an increasingly important financing source for companies’ operational activities and has deserved some attention in the corporate finance literature. Understanding the leasing decision, through a comparison with other external financing options and an evaluation of its overall fit with firms’ specific characteristics has been the focus of existing investigations and it is the goal of this study. Our analysis is focused on the relationship between lease and debt financing and on an examination of firms’ leasing propensity, taking into account their particular features. With the adoption of three different, but complementary methodologies, we find that leasing propensity is greater for smaller firms, with more investment opportunities, in a worst financial condition, with relatively fewer specific assets and with lower availability of collateral. In addition, results suggest that lease and debt financing are seen as substitutes, as higher relative amounts of debt are associated with lower leasing intensity.Bonfim, DianaVeritati - Repositório Institucional da Universidade Católica PortuguesaMendes, Rodrigo de Pinto2015-04-15T08:57:15Z2015-02-0420152015-02-04T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/17166TID:201171945enginfo: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:RCAAP2024-01-23T01:39:25Zoai:repositorio.ucp.pt:10400.14/17166Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:14:24.769943Repositório 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 |
The role of lease financing |
title |
The role of lease financing |
spellingShingle |
The role of lease financing Mendes, Rodrigo de Pinto Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
The role of lease financing |
title_full |
The role of lease financing |
title_fullStr |
The role of lease financing |
title_full_unstemmed |
The role of lease financing |
title_sort |
The role of lease financing |
author |
Mendes, Rodrigo de Pinto |
author_facet |
Mendes, Rodrigo de Pinto |
author_role |
author |
dc.contributor.none.fl_str_mv |
Bonfim, Diana Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Mendes, Rodrigo de Pinto |
dc.subject.por.fl_str_mv |
Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
Leasing has become, throughout recent years, an increasingly important financing source for companies’ operational activities and has deserved some attention in the corporate finance literature. Understanding the leasing decision, through a comparison with other external financing options and an evaluation of its overall fit with firms’ specific characteristics has been the focus of existing investigations and it is the goal of this study. Our analysis is focused on the relationship between lease and debt financing and on an examination of firms’ leasing propensity, taking into account their particular features. With the adoption of three different, but complementary methodologies, we find that leasing propensity is greater for smaller firms, with more investment opportunities, in a worst financial condition, with relatively fewer specific assets and with lower availability of collateral. In addition, results suggest that lease and debt financing are seen as substitutes, as higher relative amounts of debt are associated with lower leasing intensity. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-04-15T08:57:15Z 2015-02-04 2015 2015-02-04T00:00:00Z |
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/10400.14/17166 TID:201171945 |
url |
http://hdl.handle.net/10400.14/17166 |
identifier_str_mv |
TID:201171945 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
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info:eu-repo/semantics/openAccess |
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openAccess |
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application/pdf |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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