Capital structure of Portuguese manufacturing industry SMEs: an analysis with panel data
Autor(a) principal: | |
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Data de Publicação: | 2024 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | https://tmstudies.net/index.php/ectms/article/view/820 |
Resumo: | This paper studies the determinants of capital structure of 1.488 small and medium size Portuguese firms belonging to the manufacturing sector. The analysis results of a 2004-2011 panel data suggest that trade-off and pecking order theories are not mutually exclusive in explaining capital structure decisions.The results obtained suggest that greater size firms employ more debt regardless of its maturity and those with less level of collateral use more short-term debt. More profitable firms tend to use less long-term debt. In turn, small and medium firms have difficulties in financing growth with long-term debt. Unlike what was expected, we observed a positive association between asset specificity, seen as technological structure of production, and debt. Older firms tend to have less leveraged capital structures. The financial crisis seems to have had impact on financing of small and medium Portuguese firms |
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Capital structure of Portuguese manufacturing industry SMEs: an analysis with panel dataEstrutura do capital das PME da indústria transformadora portuguesa: uma análise com dados em painelCapital structuresmall and medium firmsmanufacturing sectorpanel dataThis paper studies the determinants of capital structure of 1.488 small and medium size Portuguese firms belonging to the manufacturing sector. The analysis results of a 2004-2011 panel data suggest that trade-off and pecking order theories are not mutually exclusive in explaining capital structure decisions.The results obtained suggest that greater size firms employ more debt regardless of its maturity and those with less level of collateral use more short-term debt. More profitable firms tend to use less long-term debt. In turn, small and medium firms have difficulties in financing growth with long-term debt. Unlike what was expected, we observed a positive association between asset specificity, seen as technological structure of production, and debt. Older firms tend to have less leveraged capital structures. The financial crisis seems to have had impact on financing of small and medium Portuguese firmsEste trabalho investiga os determinantes da estrutura de capital de 1.488 PME portuguesas pertencentes à indústria transformadora. Os resultados da análise de dados em painel de 2004-2011 sugerem que as teorias do trade-off e da pecking-order não são mutuamente exclusivas na explicação das decisões de estrutura de capital.Os resultados obtidos mostram que as PME de maior dimensão parecem utilizar mais dívida e as que dispõem de menos ativos colaterizáveis necessitam de contrair mais dívida de curto prazo. As empresas mais rendíveis tendem a utilizar menos dívida de longo prazo. Por sua vez, as PME têm dificuldade em financiar o seu crescimento com dívida de médio e longo prazo. Ao contrário do previsto, observou-se uma relação positiva entre a especificidade dos ativos, entendida como a estrutura tecnológica da produção, e o endividamento. As PME mais antigas tendem a apresentar estruturas de capital menos endividadas. A crise financeira parece ter tido impacto na forma de financiamento das PMEUniversity of Algarve2024-01-10info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://tmstudies.net/index.php/ectms/article/view/820Revista Encontros Científicos - Tourism & Management Studies; v. 11 n. 2 (2015); 120-129Tourism & Management Studies; Vol. 11 N.º 2 (2015); 120-129Tourism & Management Studies; Vol. 11 No. 2 (2015); 120-129Revista Encontros Científicos - Tourism & Management Studies; Vol. 11 Núm. 2 (2015); 120-1292182-8466reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAPenghttps://tmstudies.net/index.php/ectms/article/view/820https://tmstudies.net/index.php/ectms/article/view/820/2400Copyright (c) 2016 Tourism & Management Studiesinfo:eu-repo/semantics/openAccessMatias, FernandaBaptista, CelísiaSalsa, Leonor2024-01-17T15:29:12Zoai:ojs.pkp.sfu.ca:article/820Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T00:56:23.862239Repositório 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 |
Capital structure of Portuguese manufacturing industry SMEs: an analysis with panel data Estrutura do capital das PME da indústria transformadora portuguesa: uma análise com dados em painel |
title |
Capital structure of Portuguese manufacturing industry SMEs: an analysis with panel data |
spellingShingle |
Capital structure of Portuguese manufacturing industry SMEs: an analysis with panel data Matias, Fernanda Capital structure small and medium firms manufacturing sector panel data |
title_short |
Capital structure of Portuguese manufacturing industry SMEs: an analysis with panel data |
title_full |
Capital structure of Portuguese manufacturing industry SMEs: an analysis with panel data |
title_fullStr |
Capital structure of Portuguese manufacturing industry SMEs: an analysis with panel data |
title_full_unstemmed |
Capital structure of Portuguese manufacturing industry SMEs: an analysis with panel data |
title_sort |
Capital structure of Portuguese manufacturing industry SMEs: an analysis with panel data |
author |
Matias, Fernanda |
author_facet |
Matias, Fernanda Baptista, Celísia Salsa, Leonor |
author_role |
author |
author2 |
Baptista, Celísia Salsa, Leonor |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Matias, Fernanda Baptista, Celísia Salsa, Leonor |
dc.subject.por.fl_str_mv |
Capital structure small and medium firms manufacturing sector panel data |
topic |
Capital structure small and medium firms manufacturing sector panel data |
description |
This paper studies the determinants of capital structure of 1.488 small and medium size Portuguese firms belonging to the manufacturing sector. The analysis results of a 2004-2011 panel data suggest that trade-off and pecking order theories are not mutually exclusive in explaining capital structure decisions.The results obtained suggest that greater size firms employ more debt regardless of its maturity and those with less level of collateral use more short-term debt. More profitable firms tend to use less long-term debt. In turn, small and medium firms have difficulties in financing growth with long-term debt. Unlike what was expected, we observed a positive association between asset specificity, seen as technological structure of production, and debt. Older firms tend to have less leveraged capital structures. The financial crisis seems to have had impact on financing of small and medium Portuguese firms |
publishDate |
2024 |
dc.date.none.fl_str_mv |
2024-01-10 |
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 |
https://tmstudies.net/index.php/ectms/article/view/820 |
url |
https://tmstudies.net/index.php/ectms/article/view/820 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://tmstudies.net/index.php/ectms/article/view/820 https://tmstudies.net/index.php/ectms/article/view/820/2400 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2016 Tourism & Management Studies info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2016 Tourism & Management Studies |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
University of Algarve |
publisher.none.fl_str_mv |
University of Algarve |
dc.source.none.fl_str_mv |
Revista Encontros Científicos - Tourism & Management Studies; v. 11 n. 2 (2015); 120-129 Tourism & Management Studies; Vol. 11 N.º 2 (2015); 120-129 Tourism & Management Studies; Vol. 11 No. 2 (2015); 120-129 Revista Encontros Científicos - Tourism & Management Studies; Vol. 11 Núm. 2 (2015); 120-129 2182-8466 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 |
repository.mail.fl_str_mv |
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1799136448865107968 |