The Effect of the Financial Crisis on the Capital Structure of Portuguese SMEs
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | https://doi.org/10.34624/ei.v0i11.5749 |
Resumo: | This work aims to identify the main determinants of the leverage of Portuguese SMEs, as well as their behavior to diverging economic periods, such as financial prosperity and recession. Through the methodology of unbalanced panel data, we analyze a sample of 1,444 small and medium companies in the period between 2004 and 2012. The evidence corroborates the existence of a significant relationship between all the explanatory variables and the level of debt. The results show a positive relationship between tangibility of assets, the firms’ size and growth rate of the asset, and the level of indebtedness of the company. The results also show a negative relationship between profitability, the tax advantages non resultant from debt and the cycle of life, and the level of indebtedness of the company. Contrary to our expectations, the results show the existence of a positive relationship between business risk and debt. Finally, the subprime financial crisis influences negatively the levels of indebtedness of Portuguese companies, a result of rationing and enhancement of bank credit. The robustness test corroborates with conclusion obtained in general. |
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The Effect of the Financial Crisis on the Capital Structure of Portuguese SMEsO Efeito da Crise Financeira na Estrutura de Capital das PME PortuguesasThis work aims to identify the main determinants of the leverage of Portuguese SMEs, as well as their behavior to diverging economic periods, such as financial prosperity and recession. Through the methodology of unbalanced panel data, we analyze a sample of 1,444 small and medium companies in the period between 2004 and 2012. The evidence corroborates the existence of a significant relationship between all the explanatory variables and the level of debt. The results show a positive relationship between tangibility of assets, the firms’ size and growth rate of the asset, and the level of indebtedness of the company. The results also show a negative relationship between profitability, the tax advantages non resultant from debt and the cycle of life, and the level of indebtedness of the company. Contrary to our expectations, the results show the existence of a positive relationship between business risk and debt. Finally, the subprime financial crisis influences negatively the levels of indebtedness of Portuguese companies, a result of rationing and enhancement of bank credit. The robustness test corroborates with conclusion obtained in general.Este trabalho tem como principal objetivo identificar os determinantes do nível de endividamento das PME portuguesas, bem como o seu comportamento perante períodos económicos díspares, de expansão ou recessão. Através da metodologia dos dados em painel não balanceados, analisámos o período compreendido entre 2004 e 2012, considerando uma amostra de 1.444 pequenas e médias empresas portuguesas. A evidência encontrada confirma a existência de uma relação significativa entre todas as variáveis explicativas e o grau de endividamento das empresas da amostra. Os resultados evidenciam uma relação positiva entre a tangibilidade dos ativos de uma empresa, a dimensão e taxa de crescimento do ativo, e o nível de endividamento da empresa. Encontrámos ainda evidência da existência de uma relação negativa entre a rendibilidade, as vantagens fiscais não resultantes de dívida e o ciclo de vida, e o nível de endividamento da empresa. Ao contrário do esperado, os resultados confirmam a existência de uma relação positiva entre o risco de negócio e o endividamento. Por fim, a crise financeira do subprime veio influenciar negativamente os níveis de endividamento das empresas portuguesas, consequência do racionamento e encarecimento do crédito bancário. Os testes de robustez permitiram, de um modo geral, corroborar as conclusões entretanto obtidas.Instituto Superior de Contabilidade e Administração da Universidade de Aveiro2015-01-01T00:00:00Zotherinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/otherinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://doi.org/10.34624/ei.v0i11.5749oai:proa.ua.pt:article/5749Estudos do ISCA; No 11 (2015)Estudos do ISCA; n.º 11 (2015)1646-48500873-2019reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAPporhttps://proa.ua.pt/index.php/estudosdoisca/article/view/5749https://doi.org/10.34624/ei.v0i11.5749https://proa.ua.pt/index.php/estudosdoisca/article/view/5749/4252https://creativecommons.org/licenses/by/4.0/info:eu-repo/semantics/openAccessCosta, Ana Rita Dinis Costa2022-09-22T16:24:14Zoai:proa.ua.pt:article/5749Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T15:59:28.192411Repositório 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 Effect of the Financial Crisis on the Capital Structure of Portuguese SMEs O Efeito da Crise Financeira na Estrutura de Capital das PME Portuguesas |
title |
The Effect of the Financial Crisis on the Capital Structure of Portuguese SMEs |
spellingShingle |
The Effect of the Financial Crisis on the Capital Structure of Portuguese SMEs Costa, Ana Rita Dinis Costa |
title_short |
The Effect of the Financial Crisis on the Capital Structure of Portuguese SMEs |
title_full |
The Effect of the Financial Crisis on the Capital Structure of Portuguese SMEs |
title_fullStr |
The Effect of the Financial Crisis on the Capital Structure of Portuguese SMEs |
title_full_unstemmed |
The Effect of the Financial Crisis on the Capital Structure of Portuguese SMEs |
title_sort |
The Effect of the Financial Crisis on the Capital Structure of Portuguese SMEs |
author |
Costa, Ana Rita Dinis Costa |
author_facet |
Costa, Ana Rita Dinis Costa |
author_role |
author |
dc.contributor.author.fl_str_mv |
Costa, Ana Rita Dinis Costa |
description |
This work aims to identify the main determinants of the leverage of Portuguese SMEs, as well as their behavior to diverging economic periods, such as financial prosperity and recession. Through the methodology of unbalanced panel data, we analyze a sample of 1,444 small and medium companies in the period between 2004 and 2012. The evidence corroborates the existence of a significant relationship between all the explanatory variables and the level of debt. The results show a positive relationship between tangibility of assets, the firms’ size and growth rate of the asset, and the level of indebtedness of the company. The results also show a negative relationship between profitability, the tax advantages non resultant from debt and the cycle of life, and the level of indebtedness of the company. Contrary to our expectations, the results show the existence of a positive relationship between business risk and debt. Finally, the subprime financial crisis influences negatively the levels of indebtedness of Portuguese companies, a result of rationing and enhancement of bank credit. The robustness test corroborates with conclusion obtained in general. |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-01-01T00:00:00Z |
dc.type.driver.fl_str_mv |
other info:eu-repo/semantics/article info:eu-repo/semantics/other |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://doi.org/10.34624/ei.v0i11.5749 oai:proa.ua.pt:article/5749 |
url |
https://doi.org/10.34624/ei.v0i11.5749 |
identifier_str_mv |
oai:proa.ua.pt:article/5749 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://proa.ua.pt/index.php/estudosdoisca/article/view/5749 https://doi.org/10.34624/ei.v0i11.5749 https://proa.ua.pt/index.php/estudosdoisca/article/view/5749/4252 |
dc.rights.driver.fl_str_mv |
https://creativecommons.org/licenses/by/4.0/ info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
https://creativecommons.org/licenses/by/4.0/ |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Instituto Superior de Contabilidade e Administração da Universidade de Aveiro |
publisher.none.fl_str_mv |
Instituto Superior de Contabilidade e Administração da Universidade de Aveiro |
dc.source.none.fl_str_mv |
Estudos do ISCA; No 11 (2015) Estudos do ISCA; n.º 11 (2015) 1646-4850 0873-2019 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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1799130461736271872 |