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Decisão sobre a estrutura de capital: instituições bancárias em Angola
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Abstract(s)
A definição da estrutura de capital constitui uma das tarefas mais importantes dos
gestores financeiros nesta era moderna. Este estudo tem como objetivo analisar e
identificar os fatores que influenciam as decisões sobre a estrutura de capital do setor
bancário em Angola para o período de 2015 a 2019.
O estudo incidi sobre uma amostra de 20 bancos, inseridos num contexto
macroeconómico caraterizado por recessões económicas, derivadas das crescentes
baixas do preço do petróleo. Os dados foram retirados das demostrações financeiras dos
bancos em análise, auditadas e publicadas nas suas bases eletrónicas e do relatório
económico de Angola, publicado anualmente pelo Centro de Estudos e Investigação
Científica (CEIC) da Universidade Católica de Angola (UCAN). Estes dados foram
trados no Microsoft Excel, onde se calculou diversos rácios financeiros, e resultou uma
base de dados em painel.
Ao produzir um painel de dados não balanceado, o estudo recorre a estimação com
efeitos fixos e efeitos aleatórios para analisar a relação entre o endividamento total
(variável dependente) e as variáveis independentes, que incluem a taxa efetiva de
imposto, o risco do negócio, a dimensão, a tangibilidade, a taxa de crescimento, a
rendibilidade, a reputação dos bancos e a inflação.
Os resultados do estudo sugerem que a taxa efetiva de imposto, o risco do negócio, a
dimensão, a reputação do banco, a taxa de crescimento e a inflação apresentam relações
positivas com o endividamento total. A tangibilidade e a rendibilidade mostram-se
negativamente relacionadas ao endividamento total. Empiricamente a definição da
estrutura de capital dos bancos angolanos foi influenciada significativamente por fatores
internos como a taxa efetiva de imposto, a dimensão, a rendibilidade e por fatores
macroeconómicos como a inflação.
The definition of capital structure is one of the most important tasks of financial managers in this modern era. This study aims to analyze and identify the factors that influence decisions on the capital structure of the banking sector in Angola for the period 2015 to 2019. The study focuses on a sample of 20 banks, inserted in a macroeconomic context characterized by economic recessions, derived from the growing falls in the price of oil. The data were taken from the financial statements of the banks under analysis, audited and published in their electronic databases and from the economic report of Angola, published annually by the centre for Studies and Scientific Research (CEIC) of the Catholic University of Angola (UCAN). These data were processed in Microsoft Excel, where various economic and financiais ratios were calculated, and resulted in a panel database. By producing an unbalanced data dashboard, the study uses fixed-effects and random- effects estimation to analyze the relationship between total indebtedness (dependente variable) and independent variables, which include the effective tax rate, business risk, size, tangibility, growth rate, profitability, reputation of banks, and inflation. The results of the study suggest that the effective tax rate, business risk, size, reputation of the bank, growth rate and inflation have positive relationships with total indebtedness. Tangibility and profitability are negatively related to total indebtedness. Empirically, the definition of the capital structure of Angolan banks was significantly influenced by internal factors such as the effective tax rate, size, profitability, and macroeconomic factors such as inflation.
The definition of capital structure is one of the most important tasks of financial managers in this modern era. This study aims to analyze and identify the factors that influence decisions on the capital structure of the banking sector in Angola for the period 2015 to 2019. The study focuses on a sample of 20 banks, inserted in a macroeconomic context characterized by economic recessions, derived from the growing falls in the price of oil. The data were taken from the financial statements of the banks under analysis, audited and published in their electronic databases and from the economic report of Angola, published annually by the centre for Studies and Scientific Research (CEIC) of the Catholic University of Angola (UCAN). These data were processed in Microsoft Excel, where various economic and financiais ratios were calculated, and resulted in a panel database. By producing an unbalanced data dashboard, the study uses fixed-effects and random- effects estimation to analyze the relationship between total indebtedness (dependente variable) and independent variables, which include the effective tax rate, business risk, size, tangibility, growth rate, profitability, reputation of banks, and inflation. The results of the study suggest that the effective tax rate, business risk, size, reputation of the bank, growth rate and inflation have positive relationships with total indebtedness. Tangibility and profitability are negatively related to total indebtedness. Empirically, the definition of the capital structure of Angolan banks was significantly influenced by internal factors such as the effective tax rate, size, profitability, and macroeconomic factors such as inflation.
Description
Keywords
Fatores Determinantes Estrutura de Capital Endividamento Instituições bancárias Angola Determining Factors Capital Structure Indebtedness Banking institutions