Performance, efficiency and capital structure in portugueses SMEs

Monte, Ana Paula; Vaz, Clara B.; Fernandes, António B.

Publication

Performance, efficiency and capital structure in portugueses SMEs

2018Conference object

dc.contributor.author	Monte, Ana Paula
dc.contributor.author	Vaz, Clara B.
dc.contributor.author	Fernandes, António B.
dc.date.accessioned	2020-04-08T08:44:51Z
dc.date.available	2020-04-08T08:44:51Z
dc.date.issued	2018
dc.description.version	info:eu-repo/semantics/draft	pt_PT
dc.identifier.citation	Monte, Ana Paula; Vaz, Clara B.; Fernandes, António B. (2018). Performance, efficiency and capital structure in portugueses SMEs. In XXV Multinational Finance Society Conference. Budapest (Hungria)	pt_PT
dc.identifier.uri	http://hdl.handle.net/10198/21594
dc.language.iso	eng	pt_PT
dc.peerreviewed	yes	pt_PT
dc.publisher	Multinational Finance Society	pt_PT
dc.rights.uri	http://creativecommons.org/licenses/by/4.0/	pt_PT
dc.subject	Technical efficiency	pt_PT
dc.subject	DEA	pt_PT
dc.subject	Capital structure	pt_PT
dc.subject	SME	pt_PT
dc.subject	Portugal	pt_PT
dc.title	Performance, efficiency and capital structure in portugueses SMEs	pt_PT
dc.type	conference object
dspace.entity.type	Publication
oaire.citation.conferencePlace	Budapest (Hungria)	pt_PT
oaire.citation.title	XXV Multinational Finance Society Conference	pt_PT
person.familyName	Monte
person.familyName	Vaz
person.familyName	Fernandes
person.givenName	Ana Paula
person.givenName	Clara B.
person.givenName	António B.
person.identifier	R-001-FQC
person.identifier.ciencia-id	531F-8D14-F89E
person.identifier.ciencia-id	9611-3386-E516
person.identifier.ciencia-id	9215-EC79-BC43
person.identifier.orcid	0000-0001-9936-0142
person.identifier.orcid	0000-0001-9862-6068
person.identifier.orcid	0000-0002-6526-9903
person.identifier.rid	F-7469-2012
person.identifier.rid	F-1519-2016
person.identifier.scopus-author-id	57202852398
person.identifier.scopus-author-id	56352045500
person.identifier.scopus-author-id	57207923346
rcaap.embargofct	This paper aims to analyse the bidirectional relationship between technical efficiency as measure of companies’ performance and capital structure (proxied by short-term leverage) to explain the capital structure decisions in Portuguese SMEs from the secondary and tertiary sector of activity. The technical efficiency was estimated by the DEA methodology and corrected to obtain statistical inferences using a suitable bootstrap method. To test the agency cost hypothesis, asymmetric information hypothesis, risk-efficiency hypothesis and franchise value hypothesis (under pecking order and trade off theories framework) two models were performed using some determinants of capital structure such as size, profitability, tangibility, liquidity as control and explanatory variables. The sample consists on small and medium size companies from the interior of Portugal from secondary and tertiary sector during the period 2006-2009. The agency cost hypothesis (H1) was not validated for companies of the secondary sector nor the efficiency-risk hypothesis (H2) or franchise-value hypothesis (H2a). For tertiary sector the bidirectional relationship was confirmed: H1 and H2 were validated. There is some indications that companies of the tertiary sector follow Pecking Order Theory as profitability is negatively related.	pt_PT
rcaap.rights	openAccess	pt_PT
rcaap.type	conferenceObject	pt_PT
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