A estrutura de capital das empresas industriais portuguesas: O caso do setor do têxtil e vestuário

Pedro Granado, Luís Pacheco, Elisabete Vieira

Abstract


Objetivo:Este artigo analisa os determinantes da estrutura de capital nas empresas do setor têxtil e do vestuário em Portugal, tendo como objetivo principal obter evidência empírica sobre o papel dos fatores específicos da empresa na decisão da estrutura de capital. Recorreu-se a este setor de atividade, dado ser um dos setores mais relevantes na economia portuguesa, em termos de emprego, volume de negócios e exportações, sendo um dos poucos setores de atividade com um saldo positivo na balança comercial de Portugal.

Metodologia: A metodologia utilizada consiste na estimação de um modelo de regressão linear múltipla com recurso ao método dos mínimos quadrados (OLS) durante o período 2015-2019, utilizando dados anuais de 449 empresas deste setor de atividade.

Resultados: O estudo apresenta evidência de maior poder explicativo no caso do endividamento de curto prazo. Contudo, apenas a hipótese testada para a variável “oportunidades de crescimento” foi validada. Os resultados indicam que as teorias financeiras sobre a estrutura de capital, por si só, não fornecem uma explicação sobre como as empresas analisadas estão financiadas neste setor específico. Por fim, conclui-se que as empresas do setor têxtil e do vestuário tendem a depender excessivamente da dívida de curto prazo, aumentando o seu risco financeiro.

Originalidade/valor: O artigo é relevante para a academia, bem como para os tomadores de decisão relativamente à estrutura de capital das empresas.

 

 

DOI: https://doi.org/10.54663/2183-3826.2022.v8.n15.45-77


Keywords


endividamento, estrutura de capital, setor têxtil e do vestuá

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References


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Portuguese Journal of Finance, Management and Accounting

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DOI: 10.54663/2183-3826

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