Abstract

COUTO, Gualter  and  FERREIRA, Sofia. The determinants of the capital structure of PSI 20 companies. Rev. Portuguesa e Brasileira de Gestão [online]. 2010, vol.9, n.1-2, pp.26-38. ISSN 1645-4464.

In this paper, we intend to analyze the characteristics of the capital structure of companies in the Portuguese capital market (Portuguese Stock Index, PSI 20 ). We will focus on the relationship between debt level and the indicators that are more relevant in the financial literature, namely: size, tangibility, growth opportunities, operational risk, non-debt tax shields, profit, dividend payout, and stock price performance. The sample used in this empirical study was collected from the database Corporate Focus Premium, for a time horizon of 8 years (2000 to 2007), treatment with panel data. The contribution of this work is to add independent variables dividend payout and performance of the share price to the model developed by Jorge and Armada (2001), applying it to companies in the PSI 20 . The analysis of these variables intends to capture changes in the economic environment that may affect the decisions of capital structure.

Keywords : Capital Structure; Determinant Factors; Panel Data Analysis.

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