| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 1.24 MB | Adobe PDF |
Authors
Abstract(s)
Ao longo da literatura o estudo do governo empresarial nas decisões
financeiras tem vindo a ganhar relevância, em particular, na estrutura de
endividamento, não existindo um consenso sobre quais e o modo como as suas
características influenciam tais decisões. Neste estudo o endividamento encontrase dividido em três formas distintas, o endividamento a curto, a médio e longo
prazo e o total. Pretende-se aferir se a estrutura do endividamento é
condicionada pela natureza da propriedade, existindo uma distinção/comparação
entre empresas familiares e não familiares. A amostra em estudo é composta por
Pequenas e Médias empresas portuguesas (PME) inseridas no sector C (Industrias
Transformadoras). Constatou-se que as empresas familiares têm maiores níveis de
endividamento e que estas se distinguem das não familiares pelo impacto que os
determinantes do governo têm na maturidade da divida. Conclui-se também que
o número de gestores, o número de bancos, a rendibilidade e a dimensão
contribuem para a estrutura de capital das empresas familiares e não familiares.
Por outro lado a concentração da propriedade e a propriedade interna, apesar de
influenciarem a estrutura de capital, são distintas dependendo da natureza da
propriedade.
ABSTRACT: Throughout the literature, the study of corporate governance in financial decisions has gained relevance, in particular, in the structure of indebtedness, and there is no consensus on what and how its characteristics influence such decisions. In this study, indebtedness is divided into three distinct forms: short, medium and long term indebtedness and total indebtedness. It is intended to assess whether the structure of indebtedness is conditioned by the nature of the property, and there is a distinction / comparison between family and non-family businesses. The sample under study is made up of Portuguese Small and Medium Enterprises (SMEs) inserted in sector C (Transforming Industries). It was verified that the family companies have higher indebtedness levels and that these are distinguished from the unfamiliar ones by the impact that the determinants of the government have in the maturity of the debt. It is also concluded that the number of managers, number of banks, profitability and size contribute to the capital structure of family and non-family businesses. On the other side, the concentration of property and internal property, although influencing the capital structure, are distinct depending on the nature of the property.
ABSTRACT: Throughout the literature, the study of corporate governance in financial decisions has gained relevance, in particular, in the structure of indebtedness, and there is no consensus on what and how its characteristics influence such decisions. In this study, indebtedness is divided into three distinct forms: short, medium and long term indebtedness and total indebtedness. It is intended to assess whether the structure of indebtedness is conditioned by the nature of the property, and there is a distinction / comparison between family and non-family businesses. The sample under study is made up of Portuguese Small and Medium Enterprises (SMEs) inserted in sector C (Transforming Industries). It was verified that the family companies have higher indebtedness levels and that these are distinguished from the unfamiliar ones by the impact that the determinants of the government have in the maturity of the debt. It is also concluded that the number of managers, number of banks, profitability and size contribute to the capital structure of family and non-family businesses. On the other side, the concentration of property and internal property, although influencing the capital structure, are distinct depending on the nature of the property.
Description
Keywords
Governo empresarial Estrutura da divida Endividamento