The determinants of capital structure of Portuguese firms

Detalhes bibliográficos
Autor(a) principal: Teixeira, João
Data de Publicação: 2016
Outros Autores: Pereira, Octávio Medeiros
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.3/5151
Resumo: This paper investigates the determinants of capital structure based on a sample of 2,804 non-financial Portuguese firms, from 2000 to 2009. A standard capital structure model is estimated controlling for firm-specific and market factors commonly used in the literature. The model is further estimated for sub samples of firms based on size, growth opportunities and leverage, as well as for the time periods before and during the international financial crisis. The result show that firms’ capital structure decision seems to conform more with the pecking order theory, rather than with the tradeoff theory. This is also true for different groups of firms based on size, growth opportunities and leverage. Finally, the results suggest that firms have adjusted their leverage as the international 2008 crisis begun.
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spelling The determinants of capital structure of Portuguese firmsCrise FinanceiraEstrutura de CapitalEndividamentoCapital StructureFinancial CrisisLeverageThis paper investigates the determinants of capital structure based on a sample of 2,804 non-financial Portuguese firms, from 2000 to 2009. A standard capital structure model is estimated controlling for firm-specific and market factors commonly used in the literature. The model is further estimated for sub samples of firms based on size, growth opportunities and leverage, as well as for the time periods before and during the international financial crisis. The result show that firms’ capital structure decision seems to conform more with the pecking order theory, rather than with the tradeoff theory. This is also true for different groups of firms based on size, growth opportunities and leverage. Finally, the results suggest that firms have adjusted their leverage as the international 2008 crisis begun.Universidade dos AçoresRepositório da Universidade dos AçoresTeixeira, JoãoPereira, Octávio Medeiros2019-07-16T11:32:07Z2016-022016-02-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.3/5151engTeixeira, João C. A.; Pereira, Octávio M. (2016). The determinants of capital structure of Portuguese firms, “Working Paper Series”, nº 1/16, 32 pp.. Ponta Delgada: Universidade dos Açores, CEEAplA-A.info: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:RCAAP2022-12-20T14:33:26Zoai:repositorio.uac.pt:10400.3/5151Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:27:25.771804Repositório 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 The determinants of capital structure of Portuguese firms
title The determinants of capital structure of Portuguese firms
spellingShingle The determinants of capital structure of Portuguese firms
Teixeira, João
Crise Financeira
Estrutura de Capital
Endividamento
Capital Structure
Financial Crisis
Leverage
title_short The determinants of capital structure of Portuguese firms
title_full The determinants of capital structure of Portuguese firms
title_fullStr The determinants of capital structure of Portuguese firms
title_full_unstemmed The determinants of capital structure of Portuguese firms
title_sort The determinants of capital structure of Portuguese firms
author Teixeira, João
author_facet Teixeira, João
Pereira, Octávio Medeiros
author_role author
author2 Pereira, Octávio Medeiros
author2_role author
dc.contributor.none.fl_str_mv Repositório da Universidade dos Açores
dc.contributor.author.fl_str_mv Teixeira, João
Pereira, Octávio Medeiros
dc.subject.por.fl_str_mv Crise Financeira
Estrutura de Capital
Endividamento
Capital Structure
Financial Crisis
Leverage
topic Crise Financeira
Estrutura de Capital
Endividamento
Capital Structure
Financial Crisis
Leverage
description This paper investigates the determinants of capital structure based on a sample of 2,804 non-financial Portuguese firms, from 2000 to 2009. A standard capital structure model is estimated controlling for firm-specific and market factors commonly used in the literature. The model is further estimated for sub samples of firms based on size, growth opportunities and leverage, as well as for the time periods before and during the international financial crisis. The result show that firms’ capital structure decision seems to conform more with the pecking order theory, rather than with the tradeoff theory. This is also true for different groups of firms based on size, growth opportunities and leverage. Finally, the results suggest that firms have adjusted their leverage as the international 2008 crisis begun.
publishDate 2016
dc.date.none.fl_str_mv 2016-02
2016-02-01T00:00:00Z
2019-07-16T11:32:07Z
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/10400.3/5151
url http://hdl.handle.net/10400.3/5151
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Teixeira, João C. A.; Pereira, Octávio M. (2016). The determinants of capital structure of Portuguese firms, “Working Paper Series”, nº 1/16, 32 pp.. Ponta Delgada: Universidade dos Açores, CEEAplA-A.
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
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dc.publisher.none.fl_str_mv Universidade dos Açores
publisher.none.fl_str_mv Universidade dos Açores
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
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reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
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