Financial crisis and capital structure decisions. Were all Portuguese Smes in the same boat?
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10362/127197 |
Resumo: | This study explores how the adverse macroeconomic scenario impact small and medium-sized enterprises capital structure, further exploring heterogeneous effects. We find that the financial crisis negatively impacted total debt ratio of Portuguese SMEs, but it was after the crisis that firms decreased their leverage the most, pointing to relevant legacy effects. Short-term debt was particularly affected, with the debt of lower maturity being partially replaced by long-term across the all period. We show that capital structure determinants are responsive to adverse macroeconomic conditions. We also document important heterogenous effects in the capital structure decisions of international and innovative firms during the financial crisis. Our findings reveal that young firms are higher indebted and have a less flexible capital structure. Furthermore, even though no inter-industry effects were found, we show how the higher indebted within industry were under more pressure to reduce their debt ratios. |
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Financial crisis and capital structure decisions. Were all Portuguese Smes in the same boat?Financial crisisSmesCapital structureHeterogeneityDomínio/Área Científica::Ciências Sociais::Economia e GestãoThis study explores how the adverse macroeconomic scenario impact small and medium-sized enterprises capital structure, further exploring heterogeneous effects. We find that the financial crisis negatively impacted total debt ratio of Portuguese SMEs, but it was after the crisis that firms decreased their leverage the most, pointing to relevant legacy effects. Short-term debt was particularly affected, with the debt of lower maturity being partially replaced by long-term across the all period. We show that capital structure determinants are responsive to adverse macroeconomic conditions. We also document important heterogenous effects in the capital structure decisions of international and innovative firms during the financial crisis. Our findings reveal that young firms are higher indebted and have a less flexible capital structure. Furthermore, even though no inter-industry effects were found, we show how the higher indebted within industry were under more pressure to reduce their debt ratios.Gouveia, Ana FontouraSantos, SilviaRUNFachada, João Pedro Carvalho2022-01-04T01:30:39Z2021-05-272021-012021-05-27T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/127197TID:202770710enginfo: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:RCAAP2024-03-11T05:07:17Zoai:run.unl.pt:10362/127197Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:46:04.588960Repositório 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 |
Financial crisis and capital structure decisions. Were all Portuguese Smes in the same boat? |
title |
Financial crisis and capital structure decisions. Were all Portuguese Smes in the same boat? |
spellingShingle |
Financial crisis and capital structure decisions. Were all Portuguese Smes in the same boat? Fachada, João Pedro Carvalho Financial crisis Smes Capital structure Heterogeneity Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Financial crisis and capital structure decisions. Were all Portuguese Smes in the same boat? |
title_full |
Financial crisis and capital structure decisions. Were all Portuguese Smes in the same boat? |
title_fullStr |
Financial crisis and capital structure decisions. Were all Portuguese Smes in the same boat? |
title_full_unstemmed |
Financial crisis and capital structure decisions. Were all Portuguese Smes in the same boat? |
title_sort |
Financial crisis and capital structure decisions. Were all Portuguese Smes in the same boat? |
author |
Fachada, João Pedro Carvalho |
author_facet |
Fachada, João Pedro Carvalho |
author_role |
author |
dc.contributor.none.fl_str_mv |
Gouveia, Ana Fontoura Santos, Silvia RUN |
dc.contributor.author.fl_str_mv |
Fachada, João Pedro Carvalho |
dc.subject.por.fl_str_mv |
Financial crisis Smes Capital structure Heterogeneity Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Financial crisis Smes Capital structure Heterogeneity Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
This study explores how the adverse macroeconomic scenario impact small and medium-sized enterprises capital structure, further exploring heterogeneous effects. We find that the financial crisis negatively impacted total debt ratio of Portuguese SMEs, but it was after the crisis that firms decreased their leverage the most, pointing to relevant legacy effects. Short-term debt was particularly affected, with the debt of lower maturity being partially replaced by long-term across the all period. We show that capital structure determinants are responsive to adverse macroeconomic conditions. We also document important heterogenous effects in the capital structure decisions of international and innovative firms during the financial crisis. Our findings reveal that young firms are higher indebted and have a less flexible capital structure. Furthermore, even though no inter-industry effects were found, we show how the higher indebted within industry were under more pressure to reduce their debt ratios. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-05-27 2021-01 2021-05-27T00:00:00Z 2022-01-04T01:30:39Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10362/127197 TID:202770710 |
url |
http://hdl.handle.net/10362/127197 |
identifier_str_mv |
TID:202770710 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
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.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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1799138064558194688 |