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- Title
A ESTRUTURA DE CAPITAL DE EMPRESAS DE PEQUENA DIMENSÃO EM PORTUGAL: UMA ABORDAGEM SEGUNDO AS TEORIAS DO TRADE-OFF E DA PECKING-ORDER.
- Authors
Ramos Camfield, Claudio Eduardo; da Silva Freitas, Guilhermina Maria; Fernandes Correia, Marco Rafael; Serrasqueiro, Zélia
- Abstract
The present study analyzes the explanatory factors of the capital structure decisions of the Portuguese Small Companies (PEs), given that the capital structure of these companies has a relevant interest in the general economic-social level. This paper focuses on the Peckingorder (POT) theory and the Trade-off theory, considering them mutually explanatory and complementary, to evaluate the role of a set of factors divided into three levels: the internal to the company, market and the tax system. Based on a sample of 2.329 portuguese PEs, data were submitted to a multivariate regression. The results obtained show that profitability, liquidity and age have a significant impact on indebtedness, evidencing the importance of the principles of the pecking-order theory for the capital structure decisions of smaller portuguese firms. The positive relationship between the firm's variable size and indebtedness supports the importance of Trade-off theory in the context of the capital structure decisions of the companies analyzed.
- Publication
RACE- Revista de Administraçâo, Contabilidade e Economia, 2018, Vol 17, Issue 1, p365
- ISSN
2179-4936
- Publication type
Article
- DOI
10.18593/race.v17i1.15434