Does export intensity affect corporate leverage? Evidence from Portuguese SMEs

Detalhes bibliográficos
Autor(a) principal: Pinto, João M.
Data de Publicação: 2020
Outros Autores: Silva, Cátia S.
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.14/29640
Resumo: This paper examines the effect of export intensity on a firm's capital structure using a sample of 7,676 Portuguese SMEs. Results obtained from a system GMM estimation method show that the leverage ratio is negatively affected by export intensity. We document that firms with more growth opportunities have a higher leverage, while firms that have more profits, higher asset tangibility and face higher business risk have lower debt ratios. Our results also show that the implementation of governmental mechanisms that support export firms’ borrowing activities are critical in economies facing a financial crisis
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spelling Does export intensity affect corporate leverage? Evidence from Portuguese SMEsThis paper examines the effect of export intensity on a firm's capital structure using a sample of 7,676 Portuguese SMEs. Results obtained from a system GMM estimation method show that the leverage ratio is negatively affected by export intensity. We document that firms with more growth opportunities have a higher leverage, while firms that have more profits, higher asset tangibility and face higher business risk have lower debt ratios. Our results also show that the implementation of governmental mechanisms that support export firms’ borrowing activities are critical in economies facing a financial crisisElsevierVeritati - Repositório Institucional da Universidade Católica PortuguesaPinto, João M.Silva, Cátia S.2020-02-21T13:16:47Z20212021-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.14/29640engPinto, J. M., & Silva, C. S. (2021). Does export intensity affect corporate leverage? Evidence from Portuguese SMEs. Finance Research Letters, 38, [101418]. https://doi.org/10.1016/j.frl.2019.1014181544-612310.1016/j.frl.2019.10141885078750183000614461700011info: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:RCAAP2024-01-02T01:34:54Zoai:repositorio.ucp.pt:10400.14/29640Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:23:47.517111Repositório 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 Does export intensity affect corporate leverage? Evidence from Portuguese SMEs
title Does export intensity affect corporate leverage? Evidence from Portuguese SMEs
spellingShingle Does export intensity affect corporate leverage? Evidence from Portuguese SMEs
Pinto, João M.
title_short Does export intensity affect corporate leverage? Evidence from Portuguese SMEs
title_full Does export intensity affect corporate leverage? Evidence from Portuguese SMEs
title_fullStr Does export intensity affect corporate leverage? Evidence from Portuguese SMEs
title_full_unstemmed Does export intensity affect corporate leverage? Evidence from Portuguese SMEs
title_sort Does export intensity affect corporate leverage? Evidence from Portuguese SMEs
author Pinto, João M.
author_facet Pinto, João M.
Silva, Cátia S.
author_role author
author2 Silva, Cátia S.
author2_role author
dc.contributor.none.fl_str_mv Veritati - Repositório Institucional da Universidade Católica Portuguesa
dc.contributor.author.fl_str_mv Pinto, João M.
Silva, Cátia S.
description This paper examines the effect of export intensity on a firm's capital structure using a sample of 7,676 Portuguese SMEs. Results obtained from a system GMM estimation method show that the leverage ratio is negatively affected by export intensity. We document that firms with more growth opportunities have a higher leverage, while firms that have more profits, higher asset tangibility and face higher business risk have lower debt ratios. Our results also show that the implementation of governmental mechanisms that support export firms’ borrowing activities are critical in economies facing a financial crisis
publishDate 2020
dc.date.none.fl_str_mv 2020-02-21T13:16:47Z
2021
2021-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.14/29640
url http://hdl.handle.net/10400.14/29640
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Pinto, J. M., & Silva, C. S. (2021). Does export intensity affect corporate leverage? Evidence from Portuguese SMEs. Finance Research Letters, 38, [101418]. https://doi.org/10.1016/j.frl.2019.101418
1544-6123
10.1016/j.frl.2019.101418
85078750183
000614461700011
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
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
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reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
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