Determinantes da estrutura de capital das micro e pequenas empresas: uma abordagem comportamental
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Tipo de documento: | Tese |
Idioma: | por |
Título da fonte: | Repositório Institucional Manancial UFSM |
Texto Completo: | http://repositorio.ufsm.br/handle/1/3141 |
Resumo: | The study of the capital structure is a subject that is considered by many as one of the high complexities. Several theories, based on the rationality paradigm, were created to explain the decisions about the funding sources' mix of the organizations; however, each theory seeks to present solutions to specific problems on this subject to great corporations. Nevertheless, despite its large contribution to the current economic system, the study on the determinants of the capital structure of micro and small companies is yet widely neglected. This research seeks to study these determinants from a complementary perspective to the traditional approach. We created and validated a model that can entail the variables that are traditionally connected to the companies performance (size, growth, profitability, and life cycle stage) together with the variable bound to the manager s relationships (number of products used), and also seed to associate such as variables to the personality traits of the manager-owner (optimism, overconfidence, sense of control and aversion to debt). In order to solve the research problem, a survey research is suggested with the entrepreneurs in Rio Grande do Sul. The sample to be selected will be of 625 micro and small entrepreneurs. Once the data was collected, all constructs were validated. By structural equation modeling was realized that the firm's performance was the main determinant of capital structure, in which the greatest growth, greatest profitability, the largest asset size and most advanced in the life cycle stage, implies on lesser organizational leverage. From this result, we conclude that to the extent that the company offers the opportunity to use internally generated funds, the entrepreneur tends to prefer them to finance the company's assets, to the detriment of external resources. In another hand, the banking service variable was positively associated with leverage. We conclude that the major number of banking services, used by the firm, contributes to decrease informational asymmetry, increasing access to credit, to the extent that the lender can form a better image of the company. In a complementary way, it was realized that the Managerial Traits has significant importance in decisions about capital structure, in that the positive expectations, the greater confidence of the entrepreneur, the negative attitude towards debt and the lesser locus of control (external) influence the capital structure, promoting as a result, the use of internal resources to the organization. It was also observed influence, though indirect, gender, since the female gender influenced negatively the performance of firms, and the lowest use of banking services. |
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2017-04-112017-04-112015-09-21CAVALHEIRO, Everton Anger. Determinants of capital structure of micro and small enterprises: a behavioral approach. 2015. 240 f. Tese (Doutorado em Administração) - Universidade Federal de Santa Maria, Santa Maria, 2015.http://repositorio.ufsm.br/handle/1/3141The study of the capital structure is a subject that is considered by many as one of the high complexities. Several theories, based on the rationality paradigm, were created to explain the decisions about the funding sources' mix of the organizations; however, each theory seeks to present solutions to specific problems on this subject to great corporations. Nevertheless, despite its large contribution to the current economic system, the study on the determinants of the capital structure of micro and small companies is yet widely neglected. This research seeks to study these determinants from a complementary perspective to the traditional approach. We created and validated a model that can entail the variables that are traditionally connected to the companies performance (size, growth, profitability, and life cycle stage) together with the variable bound to the manager s relationships (number of products used), and also seed to associate such as variables to the personality traits of the manager-owner (optimism, overconfidence, sense of control and aversion to debt). In order to solve the research problem, a survey research is suggested with the entrepreneurs in Rio Grande do Sul. The sample to be selected will be of 625 micro and small entrepreneurs. Once the data was collected, all constructs were validated. By structural equation modeling was realized that the firm's performance was the main determinant of capital structure, in which the greatest growth, greatest profitability, the largest asset size and most advanced in the life cycle stage, implies on lesser organizational leverage. From this result, we conclude that to the extent that the company offers the opportunity to use internally generated funds, the entrepreneur tends to prefer them to finance the company's assets, to the detriment of external resources. In another hand, the banking service variable was positively associated with leverage. We conclude that the major number of banking services, used by the firm, contributes to decrease informational asymmetry, increasing access to credit, to the extent that the lender can form a better image of the company. In a complementary way, it was realized that the Managerial Traits has significant importance in decisions about capital structure, in that the positive expectations, the greater confidence of the entrepreneur, the negative attitude towards debt and the lesser locus of control (external) influence the capital structure, promoting as a result, the use of internal resources to the organization. It was also observed influence, though indirect, gender, since the female gender influenced negatively the performance of firms, and the lowest use of banking services.O estudo da estrutura de capital é um tema considerado, por muitos, de alta complexidade. Diversas teorias, baseadas no paradigma da racionalidade, foram criadas para explicá-la, porém cada uma, por seu turno, busca apresentar soluções à problemas específicos desta temática, perante as grandes empresas. A despeito de sua grande contribuição para o sistema econômico atual, o estudo dos determinantes da estrutura de capital das micro e pequenas empresas ainda permanece amplamente negligenciado. Neste trabalho, buscou-se estudá-los sob uma ótica complementar à abordagem tradicional. Buscou-se criar e validar um modelo capaz de abarcar as variáveis tradicionalmente ligadas ao desempenho das firmas (tamanho, crescimento da participação de mercado, crescimento dos lucros, lucratividade e estágio do ciclo de vida) com o relacionamento do gestor junto aos bancos (serviços bancários utilizados), assim como busca associar a estrutura de capital aos traços de personalidade do proprietário-gerente (otimismo, excesso de confiança, senso de controle e aversão à dívida). Para solucionar o problema de pesquisa realizou-se uma pesquisa survey, junto aos empresários do estado do Rio Grande do Sul. A amostra selecionada foi de 625 micro e pequenos empresários. Após o levantamento de dados validou-se os construtos. Mediante a modelagem de equações estruturais percebeu-se que o desempenho da firma foi o principal determinante da estrutura de capital, em que quanto maior crescimento, maior lucratividade, maior tamanho dos ativos e mais avançado o estágio do ciclo de vida, menor era a alavancagem. Conclui-se que, na medida em que a empresa oferece a oportunidade de uso de recursos gerados internamente, o empreendedor tende a preferi-los para financiar os ativos da empresa, em detrimento aos recursos externos. Destacou-se também a variável serviços bancários a qual foi positivamente associada à alavancagem. Conclui-se, portanto, que o maior número de serviços bancários, utilizados pela firma, auxilia no decréscimo da assimetria informacional, potencializando o acesso ao crédito, na medida em que o credor pode formar uma melhor imagem da empresa. De maneira complementar percebeu-se que os Traços Gerenciais tem significativa importância nas decisões sobre estrutura de capital, na medida em que as expectativas positivas, a maior confiança do empreendedor, a atitude negativa perante a dívida e a menor crença de descontrole e de incapacidade de gerenciamento da vida dos indivíduos influenciam as decisões sobre estrutura de capital das firmas, promovendo, portanto, o uso de recursos gerados internos à organização. Observou-se ainda influência, embora indireta, do gênero, uma vez que o gênero feminino influênciou de maneira negativa o desempenho das firmas e o menor uso de serviços bancários.application/pdfporUniversidade Federal de Santa MariaPrograma de Pós-Graduação em AdministraçãoUFSMBRAdministraçãoEstrutura de capitalMicro e pequenas empresasDesempenhoRelacionamentosTraços de personalidade gerenciaisCapital structureMicro and small businessesPerformanceRelationshipsPersonality traitsCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAODeterminantes da estrutura de capital das micro e pequenas empresas: uma abordagem comportamentalDeterminants of capital structure of micro and small enterprises: a behavioral approachinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisVieira, Kelmara Mendeshttp://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4762909U6Kirch, Guilhermehttp://lattes.cnpq.br/4483880021177489Oliveira, Marta Olivia Rovedder dehttp://lattes.cnpq.br/1370991937163803Ceretta, Paulo Sergiohttp://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4707322J1Soares, Rodrigo Oliveirahttp://lattes.cnpq.br/4433870862369636http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4234636Y9Cavalheiro, Everton Anger6002000000064003003003003003003002e0d9da1-541d-4b9e-a97a-6a6ab3095c47fc995cd9-9d2c-4959-a94d-8f55caa6110e04150de5-3ac1-4ae9-9074-ca83b5851a9fb08ec908-2a5f-41c1-8f85-0dd8f87e9843d094df1c-a70c-4697-93e1-cd40d4ead595cb77c173-a90f-4b42-85e0-f59b1f57598ainfo:eu-repo/semantics/openAccessreponame:Repositório Institucional Manancial UFSMinstname:Universidade Federal de Santa Maria (UFSM)instacron:UFSMORIGINALCAVALHEIRO, EVERTON ANGER.pdfapplication/pdf7452394http://repositorio.ufsm.br/bitstream/1/3141/1/CAVALHEIRO%2c%20EVERTON%20ANGER.pdf2f52855c366222647501fed8e73c6b66MD51TEXTCAVALHEIRO, EVERTON ANGER.pdf.txtCAVALHEIRO, EVERTON ANGER.pdf.txtExtracted texttext/plain586258http://repositorio.ufsm.br/bitstream/1/3141/2/CAVALHEIRO%2c%20EVERTON%20ANGER.pdf.txt20918a3e3a013bf883d9eb9010aa3142MD52THUMBNAILCAVALHEIRO, EVERTON ANGER.pdf.jpgCAVALHEIRO, EVERTON ANGER.pdf.jpgIM Thumbnailimage/jpeg4636http://repositorio.ufsm.br/bitstream/1/3141/3/CAVALHEIRO%2c%20EVERTON%20ANGER.pdf.jpg3c5261eb1332fee8003a24d0ec2cf1bbMD531/31412017-07-25 10:51:50.973oai:repositorio.ufsm.br:1/3141Repositório Institucionalhttp://repositorio.ufsm.br/PUBhttp://repositorio.ufsm.br/oai/requestouvidoria@ufsm.bropendoar:39132017-07-25T13:51:50Repositório Institucional Manancial UFSM - Universidade Federal de Santa Maria (UFSM)false |
dc.title.por.fl_str_mv |
Determinantes da estrutura de capital das micro e pequenas empresas: uma abordagem comportamental |
dc.title.alternative.eng.fl_str_mv |
Determinants of capital structure of micro and small enterprises: a behavioral approach |
title |
Determinantes da estrutura de capital das micro e pequenas empresas: uma abordagem comportamental |
spellingShingle |
Determinantes da estrutura de capital das micro e pequenas empresas: uma abordagem comportamental Cavalheiro, Everton Anger Estrutura de capital Micro e pequenas empresas Desempenho Relacionamentos Traços de personalidade gerenciais Capital structure Micro and small businesses Performance Relationships Personality traits CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
title_short |
Determinantes da estrutura de capital das micro e pequenas empresas: uma abordagem comportamental |
title_full |
Determinantes da estrutura de capital das micro e pequenas empresas: uma abordagem comportamental |
title_fullStr |
Determinantes da estrutura de capital das micro e pequenas empresas: uma abordagem comportamental |
title_full_unstemmed |
Determinantes da estrutura de capital das micro e pequenas empresas: uma abordagem comportamental |
title_sort |
Determinantes da estrutura de capital das micro e pequenas empresas: uma abordagem comportamental |
author |
Cavalheiro, Everton Anger |
author_facet |
Cavalheiro, Everton Anger |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Vieira, Kelmara Mendes |
dc.contributor.advisor1Lattes.fl_str_mv |
http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4762909U6 |
dc.contributor.referee1.fl_str_mv |
Kirch, Guilherme |
dc.contributor.referee1Lattes.fl_str_mv |
http://lattes.cnpq.br/4483880021177489 |
dc.contributor.referee2.fl_str_mv |
Oliveira, Marta Olivia Rovedder de |
dc.contributor.referee2Lattes.fl_str_mv |
http://lattes.cnpq.br/1370991937163803 |
dc.contributor.referee3.fl_str_mv |
Ceretta, Paulo Sergio |
dc.contributor.referee3Lattes.fl_str_mv |
http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4707322J1 |
dc.contributor.referee4.fl_str_mv |
Soares, Rodrigo Oliveira |
dc.contributor.referee4Lattes.fl_str_mv |
http://lattes.cnpq.br/4433870862369636 |
dc.contributor.authorLattes.fl_str_mv |
http://buscatextual.cnpq.br/buscatextual/visualizacv.do?id=K4234636Y9 |
dc.contributor.author.fl_str_mv |
Cavalheiro, Everton Anger |
contributor_str_mv |
Vieira, Kelmara Mendes Kirch, Guilherme Oliveira, Marta Olivia Rovedder de Ceretta, Paulo Sergio Soares, Rodrigo Oliveira |
dc.subject.por.fl_str_mv |
Estrutura de capital Micro e pequenas empresas Desempenho Relacionamentos Traços de personalidade gerenciais |
topic |
Estrutura de capital Micro e pequenas empresas Desempenho Relacionamentos Traços de personalidade gerenciais Capital structure Micro and small businesses Performance Relationships Personality traits CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
dc.subject.eng.fl_str_mv |
Capital structure Micro and small businesses Performance Relationships Personality traits |
dc.subject.cnpq.fl_str_mv |
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
description |
The study of the capital structure is a subject that is considered by many as one of the high complexities. Several theories, based on the rationality paradigm, were created to explain the decisions about the funding sources' mix of the organizations; however, each theory seeks to present solutions to specific problems on this subject to great corporations. Nevertheless, despite its large contribution to the current economic system, the study on the determinants of the capital structure of micro and small companies is yet widely neglected. This research seeks to study these determinants from a complementary perspective to the traditional approach. We created and validated a model that can entail the variables that are traditionally connected to the companies performance (size, growth, profitability, and life cycle stage) together with the variable bound to the manager s relationships (number of products used), and also seed to associate such as variables to the personality traits of the manager-owner (optimism, overconfidence, sense of control and aversion to debt). In order to solve the research problem, a survey research is suggested with the entrepreneurs in Rio Grande do Sul. The sample to be selected will be of 625 micro and small entrepreneurs. Once the data was collected, all constructs were validated. By structural equation modeling was realized that the firm's performance was the main determinant of capital structure, in which the greatest growth, greatest profitability, the largest asset size and most advanced in the life cycle stage, implies on lesser organizational leverage. From this result, we conclude that to the extent that the company offers the opportunity to use internally generated funds, the entrepreneur tends to prefer them to finance the company's assets, to the detriment of external resources. In another hand, the banking service variable was positively associated with leverage. We conclude that the major number of banking services, used by the firm, contributes to decrease informational asymmetry, increasing access to credit, to the extent that the lender can form a better image of the company. In a complementary way, it was realized that the Managerial Traits has significant importance in decisions about capital structure, in that the positive expectations, the greater confidence of the entrepreneur, the negative attitude towards debt and the lesser locus of control (external) influence the capital structure, promoting as a result, the use of internal resources to the organization. It was also observed influence, though indirect, gender, since the female gender influenced negatively the performance of firms, and the lowest use of banking services. |
publishDate |
2015 |
dc.date.issued.fl_str_mv |
2015-09-21 |
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2017-04-11 |
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2017-04-11 |
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info:eu-repo/semantics/doctoralThesis |
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publishedVersion |
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CAVALHEIRO, Everton Anger. Determinants of capital structure of micro and small enterprises: a behavioral approach. 2015. 240 f. Tese (Doutorado em Administração) - Universidade Federal de Santa Maria, Santa Maria, 2015. |
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http://repositorio.ufsm.br/handle/1/3141 |
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CAVALHEIRO, Everton Anger. Determinants of capital structure of micro and small enterprises: a behavioral approach. 2015. 240 f. Tese (Doutorado em Administração) - Universidade Federal de Santa Maria, Santa Maria, 2015. |
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http://repositorio.ufsm.br/handle/1/3141 |
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UFSM |
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