Financing decisions in family businesses: the Portuguese example

Detalhes bibliográficos
Autor(a) principal: Delgado, Maria Francisca Reis Videira Lima
Data de Publicação: 2019
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10071/19886
Resumo: In a context of extreme significance of family businesses in the Portuguese business fabric and their representativeness in terms of GDP and employability, it is essential to assess the financing options and resources availability, as well as the determinants behind these firms' decision making process. This study aims to prove the suitability of the Pecking Order Theory and Trade-Off Theory to a sample of 460 Portuguese family businesses. Proven assumptions concern the existance of a negative relationship between age and debt and also between profitability (ROA) and debt ratio, which proves the adequacy of two premisses inherent to the Pecking Order Theory for our sample. According to the literature, this negative relationship between variables might be consequence of a preference for this kind of businesses to resort to internal financing as the first option when considering financing options, in order to preserve family reputation, control and ownership and also heritage perpetuation.
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spelling Financing decisions in family businesses: the Portuguese examplePecking Order TheoryFinancing decisionsCapital structureFamily businessesIn a context of extreme significance of family businesses in the Portuguese business fabric and their representativeness in terms of GDP and employability, it is essential to assess the financing options and resources availability, as well as the determinants behind these firms' decision making process. This study aims to prove the suitability of the Pecking Order Theory and Trade-Off Theory to a sample of 460 Portuguese family businesses. Proven assumptions concern the existance of a negative relationship between age and debt and also between profitability (ROA) and debt ratio, which proves the adequacy of two premisses inherent to the Pecking Order Theory for our sample. According to the literature, this negative relationship between variables might be consequence of a preference for this kind of businesses to resort to internal financing as the first option when considering financing options, in order to preserve family reputation, control and ownership and also heritage perpetuation.Num contexto de extrema significância das empresas familiares no tecido empresarial português e da sua representatividade em termos de PIB e empregabilidade, torna-se essencial aferir as opções de financiamento e recursos de que dispõem, bem como as determinantes por detrás do processo de tomada de decisão destas empresas. Este estudo pretende aferir a adequação da "Pecking Order Theory" e da "Trade-Off Theory" numa amostra de 460 empresas familiares portuguesas. Os pressupostos comprovados dizem respeito à existência de uma relação negativa entre a idade e a dívida e, ainda, entre o ROA e o rácio de dívida, o que prova a adequação de duas premissas inerentes à "Pecking Order Theory" para a nossa amostra. De acordo com a literatura, esta relação negativa entre as variáveis pode ser consequência de uma preferência por parte deste tipo de empresas em recorrer a recursos internos, enquanto primeira opção na hora de considerar o financiamento, a fim de preservar a reputação, controlo e propriedade famíliar, bem como a perpetuação do seu património.2020-02-13T16:21:05Z2019-12-09T00:00:00Z2019-12-092019-10info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10071/19886TID:202363600engDelgado, Maria Francisca Reis Videira Limainfo: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:RCAAP2023-11-09T17:45:35Zoai:repositorio.iscte-iul.pt:10071/19886Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:21:48.622418Repositório 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 Financing decisions in family businesses: the Portuguese example
title Financing decisions in family businesses: the Portuguese example
spellingShingle Financing decisions in family businesses: the Portuguese example
Delgado, Maria Francisca Reis Videira Lima
Pecking Order Theory
Financing decisions
Capital structure
Family businesses
title_short Financing decisions in family businesses: the Portuguese example
title_full Financing decisions in family businesses: the Portuguese example
title_fullStr Financing decisions in family businesses: the Portuguese example
title_full_unstemmed Financing decisions in family businesses: the Portuguese example
title_sort Financing decisions in family businesses: the Portuguese example
author Delgado, Maria Francisca Reis Videira Lima
author_facet Delgado, Maria Francisca Reis Videira Lima
author_role author
dc.contributor.author.fl_str_mv Delgado, Maria Francisca Reis Videira Lima
dc.subject.por.fl_str_mv Pecking Order Theory
Financing decisions
Capital structure
Family businesses
topic Pecking Order Theory
Financing decisions
Capital structure
Family businesses
description In a context of extreme significance of family businesses in the Portuguese business fabric and their representativeness in terms of GDP and employability, it is essential to assess the financing options and resources availability, as well as the determinants behind these firms' decision making process. This study aims to prove the suitability of the Pecking Order Theory and Trade-Off Theory to a sample of 460 Portuguese family businesses. Proven assumptions concern the existance of a negative relationship between age and debt and also between profitability (ROA) and debt ratio, which proves the adequacy of two premisses inherent to the Pecking Order Theory for our sample. According to the literature, this negative relationship between variables might be consequence of a preference for this kind of businesses to resort to internal financing as the first option when considering financing options, in order to preserve family reputation, control and ownership and also heritage perpetuation.
publishDate 2019
dc.date.none.fl_str_mv 2019-12-09T00:00:00Z
2019-12-09
2019-10
2020-02-13T16:21:05Z
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