Efficiency and capital structure in Portuguese SMEs

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

Publication

Efficiency and capital structure in Portuguese SMEs

2017Conference paper

dc.contributor.author	Fernandes, António B.
dc.contributor.author	Vaz, Clara B.
dc.contributor.author	Monte, Ana Paula
dc.date.accessioned	2018-12-11T13:53:25Z
dc.date.available	2018-12-11T13:53:25Z
dc.date.issued	2017
dc.description.abstract	This paper aims to analyse the bi-directional relationship between technical efficiency, as a measure of companies’ performance, and capital structure, under the agency cost theory as well as the pecking order and trade-off theory, to explain the capital structure decisions. The technical efficiency was estimated by the DEA method and corrected by using a suitable bootstrap to obtain statistical inferences. 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 applied using some determinants of capital structure such as size, profitability, tangibility, liquidity as control and explanatory variables through a truncated regression with bootstrapping. From an initial sample of 1024 small and medium sized companies from the interior of Portugal, for the period 2006–2009, a subsample of 210 SMEs from secondary and tertiary sectors was selected. The results suggest that medium sized companies have higher average bias-corrected efficiency than small companies; that short-term leverage is positively related to efficiency and that the companies in the sample follow pecking order theory.	pt_PT
dc.description.version	info:eu-repo/semantics/publishedVersion	pt_PT
dc.identifier.citation	Fernandes, António B.; Vaz, Clara B.; Monte, Ana Paula (2017). Chapter 8: efficiency and capital structure in Portuguese SMEs.. In Vaz, A.I. [et al.] (Eds) Operational Research IO2017. Springer Verlag. 223, p. 101-119. ISBN 978-3-319-71583-4	pt_PT
dc.identifier.doi	10.1007/978-3-319-71583-4	pt_PT
dc.identifier.isbn	978-3-319-71583-4
dc.identifier.uri	http://hdl.handle.net/10198/18274
dc.language.iso	eng	pt_PT
dc.peerreviewed	yes	pt_PT
dc.publisher	Springer Verlag	pt_PT
dc.relation.ispartofseries	Springer Proceedings in Mathematics & Statistics;
dc.rights.uri	http://creativecommons.org/licenses/by/4.0/	pt_PT
dc.subject	Data envelopment analysis	pt_PT
dc.subject	Technical efficiency	pt_PT
dc.subject	Capital structure SME	pt_PT
dc.subject	Inland of Portugal	pt_PT
dc.title	Efficiency and capital structure in Portuguese SMEs	pt_PT
dc.type	conference paper
dspace.entity.type	Publication
oaire.citation.conferencePlace	Valença (Portugal)	pt_PT
oaire.citation.endPage	119	pt_PT
oaire.citation.startPage	101	pt_PT
oaire.citation.title	Operational Research IO2017	pt_PT
oaire.citation.volume	223	pt_PT
person.familyName	Fernandes
person.familyName	Vaz
person.familyName	Monte
person.givenName	António B.
person.givenName	Clara B.
person.givenName	Ana Paula
person.identifier	R-001-FQC
person.identifier.ciencia-id	9215-EC79-BC43
person.identifier.ciencia-id	9611-3386-E516
person.identifier.ciencia-id	531F-8D14-F89E
person.identifier.orcid	0000-0002-6526-9903
person.identifier.orcid	0000-0001-9862-6068
person.identifier.orcid	0000-0001-9936-0142
person.identifier.rid	F-1519-2016
person.identifier.rid	F-7469-2012
person.identifier.scopus-author-id	57207923346
person.identifier.scopus-author-id	56352045500
person.identifier.scopus-author-id	57202852398
rcaap.rights	openAccess	pt_PT
rcaap.type	conferenceObject	pt_PT
relation.isAuthorOfPublication	160f067d-4cd4-4e53-ae68-4476ede43da1
relation.isAuthorOfPublication	34bc350c-28d9-4b06-9874-b2b0dba58d1d
relation.isAuthorOfPublication	1ac2a8f5-4d37-4913-bd74-e6a0a7206521
relation.isAuthorOfPublication.latestForDiscovery	1ac2a8f5-4d37-4913-bd74-e6a0a7206521