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Fatores determinantes na estrutura de capital: ótica do financiamento das maiores empresas do Distrito de Setúbal
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A estrutura de capital das empresas continua a ser tema controverso ao longo das últimas décadas,
o assunto tem sido debatido entre os investigadores financeiros. A diversidade das evidências
empíricas dá enfase a continuidade da sua exploração. Várias pesquisas contradiziam a teoria
tradicional que defendia a existência da estrutura de capital ótima no qual aumenta o valor de
capital da empresa e diminui seu custo Durand (1952), como destaque, o trabalho clássico de
Modigliani e Miller (1958) que mostraram, em certos pressupostos, a irrelevância da estrutura de
capital de uma empresa para o seu valor. Neste trabalho analisa-se, as maiores empresas que
atuam no distrito de Setúbal, a identificação, validação e a relevância dos determinantes da
estrutura de capitais das empresas considerados na literatura (representada pelo índice de
endividamento): rendibilidade, dimensão, ativo permanente, crescimento e liquidez geral. O
estudo assenta-se em dados contabilísticos extraídos das demonstrações financeiras das empresas
em analise, usando regressão com dados em painel para o período de 2009 a 2019. Os resultados
apontam que os fatores como dimensão, ativo permanente e liquidez geral são os que melhor
determinam a estrutura de capital das empresas, ao passo que a rendibilidade e crescimento não
são determinantes. E, a teoria que explica melhor o comportamento das maiores empresas no que
diz respeito à sua estrutura de capital e a forma como se financiam, é a Teoria da Pecking Order
Capital structure it’s been for the past decades a very controversial topic, this subject has been debated between the financial research community. The diversity of evidence brings motives and emphasis to the continuity of the theme. There are several research that came to contradict the traditional theory on the optima existing capital structure where on the one hand there is an increase of capital amount of the company and for the other there is a decrease of the costs Durand (1952), as reference there is the classic from Modigliani and Miller (1958) that from a certain assumption show the irrelevance of the capital structure on a company for their value. In this thesis, the investigation will be on analysing the bigger companies on Setúbal district, the identification, validation and relevance on the determinants of the capital structure considered on the literature: profitability, size, fixed asset, growth and general liquidity. The study is focused on the accounting data from the financial statements of the companies, by using a timeline between 2009 and 2019. The results indicate that indicators as size, fixed asset and general liquidity are the ones that set their capital structure, on the other side the profitability and growth are not. A theory that explains better the behaviour of the biggest companies concerning their capital structure and the way they finance themselves is the Theory of Pecking Order.
Capital structure it’s been for the past decades a very controversial topic, this subject has been debated between the financial research community. The diversity of evidence brings motives and emphasis to the continuity of the theme. There are several research that came to contradict the traditional theory on the optima existing capital structure where on the one hand there is an increase of capital amount of the company and for the other there is a decrease of the costs Durand (1952), as reference there is the classic from Modigliani and Miller (1958) that from a certain assumption show the irrelevance of the capital structure on a company for their value. In this thesis, the investigation will be on analysing the bigger companies on Setúbal district, the identification, validation and relevance on the determinants of the capital structure considered on the literature: profitability, size, fixed asset, growth and general liquidity. The study is focused on the accounting data from the financial statements of the companies, by using a timeline between 2009 and 2019. The results indicate that indicators as size, fixed asset and general liquidity are the ones that set their capital structure, on the other side the profitability and growth are not. A theory that explains better the behaviour of the biggest companies concerning their capital structure and the way they finance themselves is the Theory of Pecking Order.
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Palavras-chave
Estrutura de Capital Trade off Pecking Order Endividamento Fatores determinantes Capital Structure Debt Determining factors