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Impacto da crise financeira na estrutura de capital das empresas hoteleiras em Portugal
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Advisor(s)
Abstract(s)
As crises económico-financeiras afetam o desempenho económico e financeiro das empresas,
sendo um aspeto importante a perceber o impacto na estrutura de capital. Esta dissertação
analisa o impacto da crise financeira na estrutura de capital das empresas hoteleiras em Portugal,
com enfase na recente crise financeira causada pela covid 19 e consequentemente osreflexos
resultantes da guerra iniciada na Ucrânia. Para tal foi realizada a revisão da literatura com base
nas diversas teorias explicativas da estrutura de capital. Combase na literatura foramanalisados
fatores determinantes da estrutura de capital: dimensão, crescimento, tangibilidade,
rendibilidade, idade, risco e outros benefícios fiscais não associados a dívida. Na metodologia,
foi utilizado o método quantitativo, recorreu-se ao modelo econométrico de regressão linear
com dados em painel, a fim de analisar a relação entre o endividamento total e os fatores
determinantes da estrutura de capital, a amostra é constituída por um conjunto de dados em
painel para 75 empresas, durante o período de 2018-2023 obtidos através da base de dados
Sistema de Análise de Balanço Ibéricos (Sabi). Os resultados sugerem que as variáveis com
maior impacto são a rendibilidade, sendo a variável de maior destaque para o endividamento,
apresenta uma relação negativa estatisticamente significativa nos períodos de crise, a idade
significativamente estatística em todos os períodos, a tangibilidade, crescimento e a dimensão
são também fatores significativos em algumas épocas. Os resultados alcançados mostram que
são de interesse quer para as empresas que operam no setor hoteleiro quer para potenciais
investidores com interesse nestas empresas. Por fim a estrutura de capital das empresas
hoteleiras é explicada em alguns casos pela teoria trade-off e noutros pela teoria de pecking
order.
Economic and financial crises affect the economic and financial performance of companies, and it is an important aspect to understand the impact on the capitalstructure. This dissertation analyzes the impact of the financial crisis on the capital structure of hotel companies in Portugal, with emphasis on the recent financial crisis caused by covid 19 and consequently the consequences resulting from the war started in Ukraine. To this end, a literature review was carried out based on the various explanatory theories of capital structure. Based on the literature, determinant factors of the capital structure were analyzed: size, growth, tangibility, profitability, age, risk and other tax benefits not associated with debt. In the methodology, the quantitative method was used, using the linear regression econometric model with panel data, in order to analyze the relationship between total indebtedness and the determinants of capital structure, the sample consists of a set of panel data for 75 companies, during the period 2018- 2023 obtained through the Iberian Balance Sheet Analysis System (Sabi) database. The results suggest that the variables with the greatest impact are profitability, being the most prominent variable for indebtedness, it presents a statistically significant negative relationship in periods of crisis, significantly statistical age in all periods, tangibility, growth and size are also significant factors in some periods. The results achieved show that they are of interest both to companies operating in the hotel sector and to potential investors with an interest in these companies. Finally, the capital structure of hotel companies is explained in some cases by the trade-off theory and in others by the pecking order theory.
Economic and financial crises affect the economic and financial performance of companies, and it is an important aspect to understand the impact on the capitalstructure. This dissertation analyzes the impact of the financial crisis on the capital structure of hotel companies in Portugal, with emphasis on the recent financial crisis caused by covid 19 and consequently the consequences resulting from the war started in Ukraine. To this end, a literature review was carried out based on the various explanatory theories of capital structure. Based on the literature, determinant factors of the capital structure were analyzed: size, growth, tangibility, profitability, age, risk and other tax benefits not associated with debt. In the methodology, the quantitative method was used, using the linear regression econometric model with panel data, in order to analyze the relationship between total indebtedness and the determinants of capital structure, the sample consists of a set of panel data for 75 companies, during the period 2018- 2023 obtained through the Iberian Balance Sheet Analysis System (Sabi) database. The results suggest that the variables with the greatest impact are profitability, being the most prominent variable for indebtedness, it presents a statistically significant negative relationship in periods of crisis, significantly statistical age in all periods, tangibility, growth and size are also significant factors in some periods. The results achieved show that they are of interest both to companies operating in the hotel sector and to potential investors with an interest in these companies. Finally, the capital structure of hotel companies is explained in some cases by the trade-off theory and in others by the pecking order theory.
Description
Keywords
Crise financeira Estrutura de capitais Endividamento Dados em painel Financial crisis Capital structure Indebtedness Panel data