As Teorias da Estrutura de Capitais: A Evidência Empírica das Empresas Cotadas na NYSE Euronext

Carlos Miguel Pereira Fortio da Silva, Rui Manuel Sobral Rita

Abstract


Objetivos: O objetivo deste estudo consistiu na identificação dos fatores determinantes da decisão de financiamento de uma amostra de empresas cotadas de quatro países, particularmente, nas praças da NYSE Euronext da Europa Continental: Lisboa, Amesterdão, França e Bruxelas. Adicionalmente, procurou-se avaliar se o mercado bolsista /país onde a empresa se encontra cotada determina este processo de decisão.

Metodologia: Nos testes de hipóteses foi utilizada a metodologia da regressão linear múltipla com dados em painel considerando valores de mercado e contabilísticos.

Resultados: Os resultados obtidos permitiram comprovar os contributos das teorias da agência e da teoria da pecking order. Em certa medida, os contributos associados à componente fiscal também foram comprovados. Os resultados comprovaram uma preferência dos responsáveis das empresas pelos fundos gerados internamente. A dimensão, a reputação da empresa, a taxa sobre os rendimentos e as características dos ativos de longo prazo influenciam de forma positiva o recurso à dívida. O setor de atividade onde as empresas operam constatou-se deterem capacidade de influência da decisão de financiamento. O mercado bolsista onde as empresas estão a ser transacionadas também se comprovou ser um importante fator determinante da decisão de financiamento.

Originalidade: Este estudo tem a originalidade de testar um elevado número de fatores determinantes da estrutura de capitais propostos pelas diversas abordagens da literatura financeira numa amostra de empresas cotadas em diferentes centros financeiros, especificamente, nas diferentes bolsas que constituem a NYSE Euronext e, desta forma, em diferentes países.

Palavras-Chave: Estrutura de capitais, Euronext, financiamento, mercado.


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References


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