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Authors
Abstract(s)
Na sequência da publicação do artigo de Modigliani e Miller em 1958, desenvolveramse
várias teorias sobre a estrutura de capital das empresas. Surgiram teorias sobre o
efeito fiscal, sobre o Trade-off dos custos de falência e os benefícios fiscais do
endividamento, sobre os custos de agência de dívida e do capital próprio e sobre a teoria
da hierarquização das fontes de financiamento.
O presente estudo pretende analisar a influência dos conflitos de interesse previstos na
teoria da agência da estrutura de capital das empresas e identificar os determinantes que
influenciam a escolha entre o financiamento alheio e o autofinanciamento ou
financiamento por capital próprio. Com o objetivo de alcançar os objetivos propostos,
para o estudo desta relação construíram-se dois modelos estatísticos e analisaram-se os
modelos através da regressão linear uni variada, utilizando o SPSS.
A motivação do estudo desta temática é pelo interesse de analisar o nível de
endividamento e pela não existência de muitos estudos que foquem a relação entre a
teoria da agência e a estrutura de capital. A vantagem do estudo é demonstrar se os
conflitos de interesse implicam um maior nível de endividamento da empresa ou não.
O estudo empírico recai sobre o setor da Fabricação de Calçado das empresas
portuguesas em atividade, caracterizado por ser um dos setores mais competitivos e
procurados pela qualidade dos seus produtos e pelo seu design. A informação foi
recolhida através da plataforma SABI, disponibilizada pelo ISCAP.
A investigação concluiu que a rentabilidade, reputação, dimensão, poupança fiscal não
associada ao endividamento e a solvabilidade das empresas são as variáveis explicativas
da escolha do seu nível de financiamento. A investigação sugere que a teoria da agência
influência a estrutura de capital das empresas.
Following the publication of the article by Modigliani and Miller in 1958, developed several theories about the capital structure of companies. Theories have emerged about the tax effect on the Trade-off of bankruptcy costs and tax benefits of debt on the cost of debt and equity and the agency theory of hierarchy of financing sources. This study intends to analyze the influence of conflicts of interest provided for in agency theory of capital structure of firms and identify the determinants influencing the choice between outside financing and self-financing or equity financing. With the object to achieve the proposed objectives for the study of this relationship were constructed two statistical models and analyzed the models using linear regression uni varied, using SPSS. The motivation for the study of this issue is the interest to analyze the level of debt and the non-existence of many studies that focus on the relationship between agency theory and capital structure. The advantage of the study is to demonstrate whether conflicts of interest imply a higher level of indebtedness of the company or not. The empirical study is about with the sector Manufacture of Footwear of Portuguese companies in activity, characterized by being one of the most competitive and sought after for the quality of its products and its design sectors. The information was collected through the SABI platform, provided by ISCAP. The investigation concluded that profitability, reputation, size, tax savings not associated with the debt and the solvency of companies are the explanatory variables of choice on its financing level. The research suggests that agency theory influences the capital structure of companies.
Following the publication of the article by Modigliani and Miller in 1958, developed several theories about the capital structure of companies. Theories have emerged about the tax effect on the Trade-off of bankruptcy costs and tax benefits of debt on the cost of debt and equity and the agency theory of hierarchy of financing sources. This study intends to analyze the influence of conflicts of interest provided for in agency theory of capital structure of firms and identify the determinants influencing the choice between outside financing and self-financing or equity financing. With the object to achieve the proposed objectives for the study of this relationship were constructed two statistical models and analyzed the models using linear regression uni varied, using SPSS. The motivation for the study of this issue is the interest to analyze the level of debt and the non-existence of many studies that focus on the relationship between agency theory and capital structure. The advantage of the study is to demonstrate whether conflicts of interest imply a higher level of indebtedness of the company or not. The empirical study is about with the sector Manufacture of Footwear of Portuguese companies in activity, characterized by being one of the most competitive and sought after for the quality of its products and its design sectors. The information was collected through the SABI platform, provided by ISCAP. The investigation concluded that profitability, reputation, size, tax savings not associated with the debt and the solvency of companies are the explanatory variables of choice on its financing level. The research suggests that agency theory influences the capital structure of companies.
Description
apresentado ao Instituto de Contabilidade e Administração do Porto para a
Dissertação de Mestrado para obtenção do grau de Mestre em Contabilidade e Finanças sob orientação do
Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira
Nota: 17 valores
Nota: 17 valores
Keywords
Acionistas Credores Teoria da agência Estrutura de capital Proprietários Shareholders Creditors Agency theory Capital structure Owners
Citation
Publisher
Instituto Politécnico do Porto. Instituto Superior de Contabilidade e Administração do Porto