O efeito da crise financeira na estrutura de capital das PME portuguesas

Tiago Q. Couto, Elisabete S. Vieira

Resumo


Este trabalho tem como principal objetivo identificar os determinantes do nível de endividamento das pequenas e médias empresas (PME) portuguesas, bem como analisar o efeito da crise financeira na estrutura de capital destas empresas. Através da metodologia de dados em painel, analisámos o período compreendido entre 2004 e 2012, considerando uma amostra de 1.444 PME. Os resultados evidenciam uma relação positiva entre a tangibilidade dos ativos, a dimensão, a taxa de crescimento do ativo e o risco de negócio, e o nível de endividamento das empresas. Foi ainda encontrada uma relação negativa entre a rendibilidade, as vantagens fiscais não resultantes de dívida e o ciclo de vida das empresas, e o respetivo endividamento. Finalmente, os resultados revelam que a crise financeira veio influenciar negativamente os níveis de endividamento das empresas portuguesas, consequência do racionamento e encarecimento do crédito bancário.

Palavras-chave


PME; determinantes do endividamento; crise; dados painel

Texto Completo:

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DOI: http://dx.doi.org/10.1234/ei.v0i16.7587



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