| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 1.13 MB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
A proporção em que uma empresa se financia por capital próprio e endividamento pode afetar diretamente seu desempenho financeiro. Identificar os determinantes da estrutura de capital e do desempenho financeiro é de interesse para gestores, acionistas e estudiosos do assunto para maximizar o uso dos recursos e do desempenho da empresa.
Este trabalho pretende identificar os principais determinantes da estrutura de capital e do desempenho financeiro de empresas brasileiras e portuguesas, se a estrutura de capital possui efeito mediador, assim como se o efeito dos determinantes sobre a estrutura de capital e desempenho financeiro diferem entre países, entre empresas familiares e não familiares e entre os setores de turismo, indústria têxtil e automobilística. A amostra foi composta por 25 empresas brasileiras e 210 portuguesas, abrangendo os setores de turismo, indústria têxtil e indústria automobilística. Recolheram-se dados financeiros e não financeiros para seis anos, retornando indicadores para o período de 2015 a 2019, que foram analisados pelo método PLS-SEM.
Ambas as amostras do Brasil e Portugal mostraram relação negativa entre a estrutura de capital e o desempenho financeiro, indicando que as empresas tendem a se autofinanciar para aumentar seu desempenho. No entanto, esta relação só apresentou significância estatística para a amostra de Portugal. Os resultados evidenciaram que alguns determinantes afetam diretamente a estrutura de capital e o desempenho financeiro. De modo geral, a teoria pecking order pareceu ser mais consistente para explicar a estrutura de capital das empresas portuguesas, enquanto que, para as empresas brasileiras, os resultados indiciam que as teorias trade-off e pecking order não são mutuamente excludentes e que ambas são importantes para explicar a estrutura de capital. Observou-se ainda que a estrutura de capital possui efeito mediador nas empresas portuguesas da amostra, porém não possui nas brasileiras analisadas. Além disso, verificaram-se diferenças significativas no efeito de alguns determinantes entre os países, entre empresas familiares e não familiares, e entre setores.
Comparando os resultados deste estudo com outros que utilizaram amostras do Brasil e de Portugal, verificou-se resultados consistentes quanto à relação da liquidez geral e idade com a estrutura de capital para empresas brasileiras e portuguesas, respetivamente. Além disso, verificou-se que as relações entre oportunidades de crescimento, tangibilidade e poupança fiscal não associada ao endividamento com desempenho financeiro se comportaram de modo similar para ambos os países.
The proportion in which a company is financed by its own capital and debt can directly affect its financial performance. Identifying the determinants of capital structure and financial performance is of interest to managers, shareholders, and scholars of the subject in order to maximize the use of the company's resources and performance. This work intends to identify the main determinants of the capital structure and financial performance of Brazilian and Portuguese companies, if the capital structure has a mediating effect, as well as if the effect of the determinants on the capital structure and financial performance differs between countries, between family and non-family businesses and among the sectors of tourism, textile, and automobile industries. The sample consisted of 25 Brazilian and 210 Portuguese companies, covering the sectors of tourism, textile industry and automobile industry. Financial and non-financial data were collected for six years, returning indicators for the period from 2015 to 2019, which were analyzed using the PLS-SEM method. Both samples from Brazil and Portugal showed a negative relationship between capital structure and financial performance, indicating that companies tend to self-finance to increase their performance. However, this relationship was only statistically significant for the Portuguese sample. The results showed that some determinants directly affect the capital structure and financial performance. In general, the pecking order theory seemed to be more consistent in explaining the capital structure of Portuguese companies, while for Brazilian companies, the results indicate that trade-off and pecking order theories are not mutually exclusive and that both are important to explain the capital structure. It was also observed that the capital structure has a mediating effect on the Portuguese companies in the sample, however it does not have on the analyzed Brazilian ones. In addition, there were significant differences in the effect of some determinants between countries, between family and non-family businesses, and between sectors. Comparing the results of this study with others that used samples from Brazil and Portugal, there were consistent results regarding the relationship of liquidity and age with the capital structure for Brazilian and Portuguese companies, respectively. In addition, it was found that the relationships between growth opportunities, tangibility and non-debt tax shield with financial performance behaved in a similar way for both countries.
The proportion in which a company is financed by its own capital and debt can directly affect its financial performance. Identifying the determinants of capital structure and financial performance is of interest to managers, shareholders, and scholars of the subject in order to maximize the use of the company's resources and performance. This work intends to identify the main determinants of the capital structure and financial performance of Brazilian and Portuguese companies, if the capital structure has a mediating effect, as well as if the effect of the determinants on the capital structure and financial performance differs between countries, between family and non-family businesses and among the sectors of tourism, textile, and automobile industries. The sample consisted of 25 Brazilian and 210 Portuguese companies, covering the sectors of tourism, textile industry and automobile industry. Financial and non-financial data were collected for six years, returning indicators for the period from 2015 to 2019, which were analyzed using the PLS-SEM method. Both samples from Brazil and Portugal showed a negative relationship between capital structure and financial performance, indicating that companies tend to self-finance to increase their performance. However, this relationship was only statistically significant for the Portuguese sample. The results showed that some determinants directly affect the capital structure and financial performance. In general, the pecking order theory seemed to be more consistent in explaining the capital structure of Portuguese companies, while for Brazilian companies, the results indicate that trade-off and pecking order theories are not mutually exclusive and that both are important to explain the capital structure. It was also observed that the capital structure has a mediating effect on the Portuguese companies in the sample, however it does not have on the analyzed Brazilian ones. In addition, there were significant differences in the effect of some determinants between countries, between family and non-family businesses, and between sectors. Comparing the results of this study with others that used samples from Brazil and Portugal, there were consistent results regarding the relationship of liquidity and age with the capital structure for Brazilian and Portuguese companies, respectively. In addition, it was found that the relationships between growth opportunities, tangibility and non-debt tax shield with financial performance behaved in a similar way for both countries.
Description
Mestrado de dupla diplomação com a UTFPR - Universidade Tecnológica Federal do Paraná
Mestrado APNOR
Keywords
Brasil Desempenho financeiro Estrutura de capital PLS-SEM Portugal