Abstract

VIEIRA, Elisabete. The capital structure determinants of Portuguese listed companies. Rev. Portuguesa e Brasileira de Gestão [online]. 2013, vol.12, n.1, pp.37-51. ISSN 1645-4464.

This paper reports the empirical results of a questionnaire survey about corporate capital structure addressed to finance directors of Portuguese listed firms. We surveyed 48 finance directors in Portugal to examine their views of and understanding about the capital structure decision in order to compare practice with theoretical propositions to be found in the literature and to examine the determinants of capital structure policy. The results indicate that the nature of the business and corporate life cycle are important factors when considering the capital structure of firms. The results indicate the existence of a target debt ratio. In general, we found support for the trade-off and the pecking-order hypotheses.

Keywords : Capital Structure; Determinant Factors; Survey.

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