The determinants of capital structure : the impact of the 2008 financial crisis on the Portuguese and Spanish SMEs
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/23556 |
Resumo: | The capital structure and what determines it, has been one of the most, discussed subjects in the corporate finance world, mainly since the contribution of Modigliani and Miller (1958). Empirical works on this subject are mainly focus on large firms capital structure with only a few more recent works focusing on the capital structure of small and medium enterprises (SMEs). The financial crisis of 2008 caused by the subprime crisis led to a a credit crunch leaving small firms with their access to financing restrained. Therefore, this work provides evidence on how the Portuguese and Spanish SMEs dealt with that restrained credit access, analysing the differences between the two countries and between the periods before, during and after the crisis Hence, we verify that although the level of external financing of SMEs in both countries was negatively affected by the crisis, the choice between financing sources proved to be the same throughout the periods and identical between Portugal and Spain. From an unbalanced panel data analysis of 17 814 Portuguese SMEs and 61 688 Spanish SMEs we examine some of the determinant of capital structure defined by previous theories, assets tangibility, non-debt tax shields, growth opportunities, firm’s uniqueness, size and profitability, we find strong support for the pecking order theory as the best theory explaining SMEs financing decisions, with profitability having the highest influence on firms’ leverage. |
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The determinants of capital structure : the impact of the 2008 financial crisis on the Portuguese and Spanish SMEsCapital structureSMESpainFinancial crisisEstrutura de capitalPortugalEspanhaPMECrise financeiraDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe capital structure and what determines it, has been one of the most, discussed subjects in the corporate finance world, mainly since the contribution of Modigliani and Miller (1958). Empirical works on this subject are mainly focus on large firms capital structure with only a few more recent works focusing on the capital structure of small and medium enterprises (SMEs). The financial crisis of 2008 caused by the subprime crisis led to a a credit crunch leaving small firms with their access to financing restrained. Therefore, this work provides evidence on how the Portuguese and Spanish SMEs dealt with that restrained credit access, analysing the differences between the two countries and between the periods before, during and after the crisis Hence, we verify that although the level of external financing of SMEs in both countries was negatively affected by the crisis, the choice between financing sources proved to be the same throughout the periods and identical between Portugal and Spain. From an unbalanced panel data analysis of 17 814 Portuguese SMEs and 61 688 Spanish SMEs we examine some of the determinant of capital structure defined by previous theories, assets tangibility, non-debt tax shields, growth opportunities, firm’s uniqueness, size and profitability, we find strong support for the pecking order theory as the best theory explaining SMEs financing decisions, with profitability having the highest influence on firms’ leverage.A estrutura de capital e a maneira como esta é determinada tem sido, principalmente deste a contribuição de Modigliani e Miller (1958), um dos mais discutidos temas no mundo das finanças empresariais. Estudos empíricos sobre este assunto focaram-se, sobretudo, na estrutura de capital de grandes empresas, com apenas alguns estudos mais recentes focando-se na estrutura de capital das pequenas e médias empresas (PMEs). A crise financeira de 2008 causada pela crise do subprime levou a um racionamento do crédito, deixando as empresas de menor dimensão mais limitadas em termos de financiamento externo. Assim, com este trabalho pretende-se mostrar a forma como as PMEs Portuguesas e Espanholas lidaram com estas restrições de crédito, identificando potenciais diferenças entre os dois países, mas também durante os períodos antes, durante e depois da crise. Desta forma, verificou-se que embora o nível de financiamento externo das PME dos dois países tenha sido negativamente afetado, a escolha entre as diferentes fontes de financiamento foi a mesma ao longo dos diferentes períodos e idêntica entre os dois países. Através de uma análise de dados em painel não balanceados para 17 814 PMEs Portuguesas e 61 688 PMEs espanholas examinou-se os determinantes da estrutura capital, em particular, a tangibilidade do ativo, os outros benefícios fiscais para além da dívida, oportunidades de crescimento, a singularidade das empresas, a dimensão e, por fim, a rentabilidade. Os resultados obtidos demonstraram que a teoria “Pecking-order” é a que melhor explica as decisões de financiamento das PMEs quer em Portugal como em Espanha, com a variável rentabilidade a ter a maior influência.Cunha, Manuel Ricardo Fontes daVeritati - Repositório Institucional da Universidade Católica PortuguesaLousan, João de Sousa Pereira Cubeles2017-11-28T12:12:57Z2017-07-0420172017-07-04T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/23556TID:201747782enginfo: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:RCAAP2023-07-12T17:29:31Zoai:repositorio.ucp.pt:10400.14/23556Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:19:19.728058Repositório 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 determinants of capital structure : the impact of the 2008 financial crisis on the Portuguese and Spanish SMEs |
title |
The determinants of capital structure : the impact of the 2008 financial crisis on the Portuguese and Spanish SMEs |
spellingShingle |
The determinants of capital structure : the impact of the 2008 financial crisis on the Portuguese and Spanish SMEs Lousan, João de Sousa Pereira Cubeles Capital structure SME Spain Financial crisis Estrutura de capital Portugal Espanha PME Crise financeira Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
The determinants of capital structure : the impact of the 2008 financial crisis on the Portuguese and Spanish SMEs |
title_full |
The determinants of capital structure : the impact of the 2008 financial crisis on the Portuguese and Spanish SMEs |
title_fullStr |
The determinants of capital structure : the impact of the 2008 financial crisis on the Portuguese and Spanish SMEs |
title_full_unstemmed |
The determinants of capital structure : the impact of the 2008 financial crisis on the Portuguese and Spanish SMEs |
title_sort |
The determinants of capital structure : the impact of the 2008 financial crisis on the Portuguese and Spanish SMEs |
author |
Lousan, João de Sousa Pereira Cubeles |
author_facet |
Lousan, João de Sousa Pereira Cubeles |
author_role |
author |
dc.contributor.none.fl_str_mv |
Cunha, Manuel Ricardo Fontes da Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Lousan, João de Sousa Pereira Cubeles |
dc.subject.por.fl_str_mv |
Capital structure SME Spain Financial crisis Estrutura de capital Portugal Espanha PME Crise financeira Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Capital structure SME Spain Financial crisis Estrutura de capital Portugal Espanha PME Crise financeira Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The capital structure and what determines it, has been one of the most, discussed subjects in the corporate finance world, mainly since the contribution of Modigliani and Miller (1958). Empirical works on this subject are mainly focus on large firms capital structure with only a few more recent works focusing on the capital structure of small and medium enterprises (SMEs). The financial crisis of 2008 caused by the subprime crisis led to a a credit crunch leaving small firms with their access to financing restrained. Therefore, this work provides evidence on how the Portuguese and Spanish SMEs dealt with that restrained credit access, analysing the differences between the two countries and between the periods before, during and after the crisis Hence, we verify that although the level of external financing of SMEs in both countries was negatively affected by the crisis, the choice between financing sources proved to be the same throughout the periods and identical between Portugal and Spain. From an unbalanced panel data analysis of 17 814 Portuguese SMEs and 61 688 Spanish SMEs we examine some of the determinant of capital structure defined by previous theories, assets tangibility, non-debt tax shields, growth opportunities, firm’s uniqueness, size and profitability, we find strong support for the pecking order theory as the best theory explaining SMEs financing decisions, with profitability having the highest influence on firms’ leverage. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-11-28T12:12:57Z 2017-07-04 2017 2017-07-04T00:00:00Z |
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/10400.14/23556 TID:201747782 |
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http://hdl.handle.net/10400.14/23556 |
identifier_str_mv |
TID:201747782 |
dc.language.iso.fl_str_mv |
eng |
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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 |
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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) |
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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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