Capital structure determinants of Portuguese footwear sector SMEs: Empirical evidence using a panel data.

Detalhes bibliográficos
Autor(a) principal: Pacheco, Luís Miguel
Data de Publicação: 2015
Outros Autores: Tavares, Fernando Oliveira
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/11328/1535
Resumo: The main objective of this paper is to study the capital structure determinants of SMEs in the footwear industry and their indebtedness. Using panel data methodology and considering a sample of 70 firms we study the capital structure determinants between 2010 and 2013. The paper examines the indebtedness level in light of the two main theories – the Trade-off theory and the Pecking Order theory and we chose the footwear sector because of its importance in the Portuguese economy. In addition to total indebtedness we extend the literature by analyzing the differences between short-term and long-term indebtedness and the impact of the presence in foreign markets on debt structure. The results suggest that profitability, growth, total liquidity, risk and presence in foreign markets are key factors affecting the capital structure of footwear firms and that Pecking Order theory seems more suited to those firms.
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spelling Capital structure determinants of Portuguese footwear sector SMEs: Empirical evidence using a panel data.Capital structureSmall-to-mediumSized enterprisesFootwear industryInternationalizationPanel data estimationThe main objective of this paper is to study the capital structure determinants of SMEs in the footwear industry and their indebtedness. Using panel data methodology and considering a sample of 70 firms we study the capital structure determinants between 2010 and 2013. The paper examines the indebtedness level in light of the two main theories – the Trade-off theory and the Pecking Order theory and we chose the footwear sector because of its importance in the Portuguese economy. In addition to total indebtedness we extend the literature by analyzing the differences between short-term and long-term indebtedness and the impact of the presence in foreign markets on debt structure. The results suggest that profitability, growth, total liquidity, risk and presence in foreign markets are key factors affecting the capital structure of footwear firms and that Pecking Order theory seems more suited to those firms.2016-06-06T10:52:26Z2015-01-01T00:00:00Z2015info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/11328/1535engPacheco, Luís MiguelTavares, Fernando Oliveirainfo:eu-repo/semantics/embargoedAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-06-15T02:09:47ZPortal AgregadorONG
dc.title.none.fl_str_mv Capital structure determinants of Portuguese footwear sector SMEs: Empirical evidence using a panel data.
title Capital structure determinants of Portuguese footwear sector SMEs: Empirical evidence using a panel data.
spellingShingle Capital structure determinants of Portuguese footwear sector SMEs: Empirical evidence using a panel data.
Pacheco, Luís Miguel
Capital structure
Small-to-medium
Sized enterprises
Footwear industry
Internationalization
Panel data estimation
title_short Capital structure determinants of Portuguese footwear sector SMEs: Empirical evidence using a panel data.
title_full Capital structure determinants of Portuguese footwear sector SMEs: Empirical evidence using a panel data.
title_fullStr Capital structure determinants of Portuguese footwear sector SMEs: Empirical evidence using a panel data.
title_full_unstemmed Capital structure determinants of Portuguese footwear sector SMEs: Empirical evidence using a panel data.
title_sort Capital structure determinants of Portuguese footwear sector SMEs: Empirical evidence using a panel data.
author Pacheco, Luís Miguel
author_facet Pacheco, Luís Miguel
Tavares, Fernando Oliveira
author_role author
author2 Tavares, Fernando Oliveira
author2_role author
dc.contributor.author.fl_str_mv Pacheco, Luís Miguel
Tavares, Fernando Oliveira
dc.subject.por.fl_str_mv Capital structure
Small-to-medium
Sized enterprises
Footwear industry
Internationalization
Panel data estimation
topic Capital structure
Small-to-medium
Sized enterprises
Footwear industry
Internationalization
Panel data estimation
description The main objective of this paper is to study the capital structure determinants of SMEs in the footwear industry and their indebtedness. Using panel data methodology and considering a sample of 70 firms we study the capital structure determinants between 2010 and 2013. The paper examines the indebtedness level in light of the two main theories – the Trade-off theory and the Pecking Order theory and we chose the footwear sector because of its importance in the Portuguese economy. In addition to total indebtedness we extend the literature by analyzing the differences between short-term and long-term indebtedness and the impact of the presence in foreign markets on debt structure. The results suggest that profitability, growth, total liquidity, risk and presence in foreign markets are key factors affecting the capital structure of footwear firms and that Pecking Order theory seems more suited to those firms.
publishDate 2015
dc.date.none.fl_str_mv 2015-01-01T00:00:00Z
2015
2016-06-06T10:52:26Z
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status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/11328/1535
url http://hdl.handle.net/11328/1535
dc.language.iso.fl_str_mv eng
language eng
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instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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