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.

 

 

[ENG]

Title: "Capital Structure Theories: The Empirical Evidence of NYSE Euronext Listed Companies"

Abstract

Purpose: The objective of this study was to identify the determining factors in the financing decision of a sample of listed companies from four countries, particularly in the NYSE Euronext squares in Continental Europe: Lisbon, Amsterdam, France and Brussels. Additionally, an attempt was made to assess whether the stock market / country where the company is listed determines this decision process.

Methodology: In the hypothesis tests, the multiple linear regression methodology was used with panel data considering market and accounting values.

Results: The results obtained allowed to prove the contributions of the agency's theories and the pecking order theory. To some extent, the contributions associated with the tax component have also been proven. The results proved a preference of the heads of the companies for the funds generated internally. The size, the reputation of the company, the rate of return and the characteristics of long-term assets positively influence the use of debt. The sector of activity in which the companies operate was found to have the capacity to influence the financing decision. The stock market where companies are being traded has also proven to be an important determining factor in the financing decision.

Originality: This study has the originality of testing a large number of determinants of the capital structure proposed by the different approaches of the financial literature in a sample of companies listed in different financial centers, specifically, on the different exchanges that constitute the NYSE Euronext and, in this way in different countries.

 

Keywords: Capital structure, Euronext, financing, market.


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References


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Copyright (c) 2016 European Journal of Applied Business and Management

 

European Journal of Applied Business and Management

ISSN: 2183-5594

DOI: https://doi.org/10.58869/EJABM

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