SciELO - Scientific Electronic Library Online

 
vol.11 número2Relacionamentos colaborativos e desempenho: uma análise sob a perspectiva dos clientesEstrutura de propriedade e criação de valor em companhias brasileiras índice de autoresíndice de assuntosPesquisa de artigos
Home Pagelista alfabética de periódicos  

Serviços Personalizados

Journal

Artigo

Indicadores

Links relacionados

  • Não possue artigos similaresSimilares em SciELO

Compartilhar


Tourism & Management Studies

versão impressa ISSN 2182-8458

Resumo

MATIAS, Fernanda; BAPTISTA, Celísia  e  SALSA, Leonor. Capital structure of Portuguese manufacturing industry SMEs: an analysis with panel data. TMStudies [online]. 2015, vol.11, n.2, pp.120-129. ISSN 2182-8458.  https://doi.org/10.18089/tms.2015.11215.

This paper studies the determinants of capital structure of 1.488 small and medium size Portuguese firms belonging to the manufacturing sector. The analysis results of a 2004-2011 panel data suggest that trade-off and pecking order theories are not mutually exclusive in explaining capital structure decisions. The results obtained suggest that greater size firms employ more debt regardless of its maturity and those with less level of collateral use more short-term debt. More profitable firms tend to use less long-term debt. In turn, small and medium firms have difficulties in financing growth with long-term debt. Unlike what was expected, we observed a positive association between asset specificity, seen as technological structure of production, and debt. Older firms tend to have less leveraged capital structures. The financial crisis seems to have had impact on financing of small and medium Portuguese firms.

Palavras-chave : Capital structure; small and medium firms; manufacturing sector; panel data.

        · resumo em Português     · texto em Português     · Português ( pdf )

 

Creative Commons License Todo o conteúdo deste periódico, exceto onde está identificado, está licenciado sob uma Licença Creative Commons