Does export intensity affect corporate leverage? Evidence from Portuguese SMEs
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | |
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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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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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 |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799131947173150720 |