Factores determinantes do endividamento: uma análise em painel

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DOI: https://doi.org/10.1590/S1415-65552001000200002
Keywords:
capital structure, determinant factors, panel data analysis

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Susana Jorge
Universidade do Minho
Manuel José da Rocha Armada
Manchester Business School

Abstract

In this paper we analyse, for some of the largest Portuguese companies, the relevance and validity of several factors considered in the literature as determinants of companies' capital structure (represented by the debt ratio): Size, Growth, Business Risk, Profitability, Assets Composition, Non-Debt Tax Shields, Activity Sector and Ownership Control. Using panel data for the period from 1990 to 1995, we present an empirical study in which we seek to describe the effects that these variables have on companies' debt level in each year of the analysis, trying to identify relationships among the variables, either over time or across companies in the same activity sector. We also analyse the particular effects of each company and each year, that are not included in the explanatory variables of the used models. Although we have reached some results identical to those obtained with other methodologies used at an international level, it is a fact that it did not always happened like that. In our opinion, this was due to the specific characteristics of the companies in our sample and, in general terms, to those of the Portuguese (financial) market.

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How to Cite
Jorge, S., & Armada, M. J. da R. (1). Factores determinantes do endividamento: uma análise em painel. Journal of Contemporary Administration, 5(2), 9-31. https://doi.org/10.1590/S1415-65552001000200002
Issue
Vol. 5 No. 2 (2001): May/Aug - 2001
Section
Articles

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Author Biographies

Susana Jorge, Universidade do Minho

Mestre em Gestão de Empresas/Finanças Empresariais pela Escola de Economia e Gestão da Universidade do Minho, Portugal, e Doutoranda em Contabilidade Pública na Birmingham Business School, UK. Assistente na Faculdade de Economia da Universidade de Coimbra, Portugal. Sua área de interesse em pesquisa é contabilidade e controle de gestão dos governos locais.

Manuel José da Rocha Armada, Manchester Business School

Doutor pela Manchester Business School, UK. Professor Catedrático da Escola de Economia e Gestão da Universidade do Minho, Portugal, além de responsável pela área de Finanças Empresariais do Departamento de Gestão e Administração Pública e do Mestrado em Gestão de Empresas. Suas áreas de interesse em pesquisa são avaliação de investimentos em geral, avaliação de gestores de carteiras de investimentos em particular.