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The determinants of the capital structure of Spanish and Portuguese listed companies

2022Documento de conferência Acesso aberto
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datacite.subject.fosCiências Sociais
datacite.subject.sdg08:Trabalho Digno e Crescimento Económico
dc.contributor.authorRogão, Márcia
dc.contributor.authorSerrasqueiro, Zélia
dc.date.accessioned2026-03-23T11:28:05Z
dc.date.available2026-03-23T11:28:05Z
dc.date.issued2022
dc.description.abstractIn order to analyse the convergence of capital structure decisions of Spanish and Portuguese listed firms, using dynamic estimators to analyse the effect of firm-specific and country-specific determinants, with a sample composed of and 67 Spanish listed non-financial Spanish listed firms and 35 Portuguese listed non-financial firms, for the period of analysis between 2008 and 2016. The results obtained indicate that capital structure decisions of Portuguese and Spanish listed companies converge in terms of transaction costs, however in greater magnitude for Portuguese companies, since the coefficient of adjustment of current debt towards the optimal level of leverage varies between 0.662 and 0.695 for Spanish firms and between 0.674 and 0.834 for Portuguese firms. The results also indicate a convergence in the behaviour of Spanish and Portuguese firms' financing decisions in the context of agency costs, as the results indicate the existence of a significant positive relationship between the tangibility of firms' assets. Similarly, this convergence is also evident for the determinants of information asymmetry problems, with profitability and liquidity variables negatively influencing Spanish and Portuguese firms' leverage. However, only the financing decisions of Spanish firms are influenced by market conditions and stock market development.eng
dc.identifier.citationRogão, Márcia; Serrasqueiro, Z. (2022). The determinants of the capital structure of Spanish and Portuguese listed companies. In Proceedings of the 40th International Business Information Management Association Conference. Sevilla, Espanha. p. 1-10. ISBN: 979-8-9867719-0-8
dc.identifier.issn2767-9640
dc.identifier.urihttp://hdl.handle.net/10198/36218
dc.language.isoeng
dc.peerreviewedyes
dc.publisherIBIMA Publishing
dc.relation.hasversionhttps://www.youtube.com/watch?v=cK7E5PVSPAQ
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectCapital structure
dc.subjectcompany-specific factors
dc.subjectcountry-specific factors
dc.titleThe determinants of the capital structure of Spanish and Portuguese listed companieseng
dc.typeconference object
dspace.entity.typePublication
oaire.citation.conferenceDate2022
oaire.citation.conferencePlaceSevilla, Espanha.
oaire.citation.endPage10
oaire.citation.startPage1
oaire.citation.title40th Conferênica International Business Information Management Association (IBIMA)
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
person.familyNameRogão
person.givenNameMárcia
person.identifier.orcid0000-0002-7565-7141
relation.isAuthorOfPublication32e50837-fdaf-4837-b3ea-5307534198ba
relation.isAuthorOfPublication.latestForDiscovery32e50837-fdaf-4837-b3ea-5307534198ba

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