Percorrer por autor "Begmatov, Jakhongir"
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- The Capital structure of medium- and big-sized Portuguese wine producersPublication . Begmatov, Jakhongir; Monte, Ana Paula; Eshev, AlibekPortugal's economy is strongly built upon wine industry with a per capita production and quality above average world indicators. Its sustainability and competitiveness depend on being able to grow alongside its competitors while looking attentively to emerging markets. The aim of this paper is to analyze if capital structure decisions of medium- and big-sized Portuguese wine producers are in accordance with the predictions of trade off theory and pecking order theory and their determinants. On the basis of the empirical literature review about the capital structure decisions in Portuguese MBEs (medium and big sized enterprises), this study analyses the relationships between the determinants – profitability, size, age, asset structure and growth, identified as reliable determinants in the empirical literature, and debt for MBEs located in different regions of Portugal. This study seeks to analyze if the capital structure decisions of small and medium-sized enterprises (SMEs) are different from those of other large companies. To do so, we consider two research samples: (i) 110 SMEs; (ii) 22 large firms, from SABI database. We use panel data analyses methodology. In order to identify the determinants of the capital structure, we use pooled OLS, fixed and random effects models. All the specification tests witness in the favour of the fixed effects model that is why we consider its results as the most reliable for our research. Based on previous empirical research, six firm-specific determinants of capital structure where analyzed trough the proposed methodology: profitability, size, growth, tangibility, liquidity and non-debt tax shield. While the first four factors can be linked to both the pecking order and the trade-off theory, liquidity is significant for the pecking order theory, while the non-debt tax shield is given special attention in the trade off theory. SMEs’ capital structure decisions are closer to the assumptions of pecking order theory and further removed from those of trade-off theory compared with the case of other large firms.