The determinants of capital structure of Portuguese firms
Autor(a) principal: | |
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Data de Publicação: | 2016 |
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/10400.3/5151 |
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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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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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 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
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) 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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1799130729393684480 |