Taxa de imposto efetiva |
ETR |
|
+ |
Caetano (2011Caetano, A. (2011). Decisões da estrutura de capitais das PME da Beira Interior: Teoria do trade-off vs teoria da pecking order [Master Thesis]. Universidade da Beira Interior.), López-Gracia e Sánchez-Andújar (2007López‐Gracia, J., & Sánchez‐Andújar, S. (2007). Financial structure of the family business: Evidence from a group of small Spanish firms. Family Business Review, 20(4), 269-287.), López-Gracia e Sogorb-Mira (2008López-Gracia, J., & Sogorb-Mira, F. (2008). Testing trade-off and pecking order theories financing SMEs. Small Business Economics, 31(2), 117-136.), Serrasqueiro e Caetano (2015Serrasqueiro, Z., & Caetano, A. (2015). Trade-off theory vs pecking order theory: Capital structure decisions in a peripheral region of Portugal. Journal of Business Economics and Management, 16(2), 445-466.), Serrasqueiro e Nunes (2010Serrasqueiro, Z., & Nunes, P. (2010). Are trade-off and pecking order theories mutually exclusive in explaining capital structure decisions? African Journal of Business Management, 4(11), 2216-2230.), Serrasqueiro et al. (2011Serrasqueiro, Z., Armada, M., & Nunes, P. (2011). Pecking order theory vs trade-off theory: Are service SMEs’ capital structure decisions different? Service Business, 5(4), 381-409., 2012Serrasqueiro, Z., Nunes, P., & Silva, J. (2012). Are financing decisions of family-owned SMEs different? Empirical evidence using panel data. Journal of Management & Organization, 18(3), 363-382., 2016Serrasqueiro, Z., Nunes, P., & Silva, J. (2016). The influence of age and size on family-owned firms’ financing decisions: Empirical evidence using panel data. Long Range Planning, 49(6), 723-745.), Sogorb-Mira e López-Gracia (2003Sogorb-Mira, F., & López-Gracia, J. (2003). Pecking order vs trade-off: An empirical approach to the small and medium enterprise capital structure [Working Paper]. Instituto Valenciano de Investigaciones Económicas.) |
Benefícios fiscais não resultantes do endividamento |
NDTS (1) |
|
- |
Caetano (2011Caetano, A. (2011). Decisões da estrutura de capitais das PME da Beira Interior: Teoria do trade-off vs teoria da pecking order [Master Thesis]. Universidade da Beira Interior.), Dang (2005Dang, V. (2005). Testing the trade-off and pecking order theories: Some UK evidence [Working Paper]. Leeds University Business School.), Fama e French (2002Fama, E., & French, K. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies Spring, 15(1), 1-33.), Keasey et al. (2015Keasey, K., Martinez, B., & Pindado, J. (2015). Young family firms: Financing decisions and the willingness to dilute control. Journal of Corporate Finance, 34(C), 47-63.), López-Gracia e Sánchez-Andújar (2007López‐Gracia, J., & Sánchez‐Andújar, S. (2007). Financial structure of the family business: Evidence from a group of small Spanish firms. Family Business Review, 20(4), 269-287.), López-Gracia e Sogorb-Mira (2008López-Gracia, J., & Sogorb-Mira, F. (2008). Testing trade-off and pecking order theories financing SMEs. Small Business Economics, 31(2), 117-136.), Serrasqueiro et al. (2012Serrasqueiro, Z., Nunes, P., & Silva, J. (2012). Are financing decisions of family-owned SMEs different? Empirical evidence using panel data. Journal of Management & Organization, 18(3), 363-382., 2016Serrasqueiro, Z., Nunes, P., & Silva, J. (2016). The influence of age and size on family-owned firms’ financing decisions: Empirical evidence using panel data. Long Range Planning, 49(6), 723-745.), Sogorb-Mira e López-Gracia (2003Sogorb-Mira, F., & López-Gracia, J. (2003). Pecking order vs trade-off: An empirical approach to the small and medium enterprise capital structure [Working Paper]. Instituto Valenciano de Investigaciones Económicas.) |
NDTS (2) |
|
- |
Ramalho e Silva (2009Ramalho, J., & Silva, J. (2009). A two-part fractional regression model for the capital structure decision of micro, small, medium and large firms [Working Paper]. Universidade de Évora.) |
NDTS (3) |
|
- |
Vieira (2014Vieira, E. (2014). Capital structure determinants in the context of listed family firms. Journal of Economy, Business and Financing, 2(1), 12-25.) |
NDTS (4) |
|
- |
Correia (2003Correia, T. (2003). Determinantes da estrutura de capital das empresas familiares portuguesas [Master Thesis]. Universidade do Algarve.) |
Oportunidades de crescimento |
OC (1) |
|
- |
Ramalho e Silva (2009Ramalho, J., & Silva, J. (2009). A two-part fractional regression model for the capital structure decision of micro, small, medium and large firms [Working Paper]. Universidade de Évora.), Serrasqueiro et al. (2011Serrasqueiro, Z., Armada, M., & Nunes, P. (2011). Pecking order theory vs trade-off theory: Are service SMEs’ capital structure decisions different? Service Business, 5(4), 381-409., 2012Serrasqueiro, Z., Nunes, P., & Silva, J. (2012). Are financing decisions of family-owned SMEs different? Empirical evidence using panel data. Journal of Management & Organization, 18(3), 363-382.), Thanh e Huong (2017Thanh, L. T., & Huong, D. M. (2017). Determinants of capital structure: An empirical study on Vietnamese listed firms. Serbian Journal of Management, 12(1), 77-92.), Tong e Green (2005Tong, G., & Green, C. (2005). Pecking order or trade-off hypothesis? Evidence on the capital structure of Chinese companies. Applied Economics, 37(19), 2179-2189.), |
OC (2) |
|
- |
Acedo-Ramírez et al. (2017Acedo-Ramirez, M., Ayala-Calvo, J., & Navarrete-Martinez, E. (2017). Determinants of capital structure: Family businesses vs non-family firms. Czech Journal of Economics and Finance, 67(2), 80-103.), Adair e Adaskou (2015Adair, P., & Adaskou, M. (2015). Trade-off-theory vs pecking order theory and the determinants of corporate leverage: Evidence from a panel data analysis upon French SMEs (2002-2010). Cogent Economics & Finance, 3(1), 1006477.), Caetano (2011Caetano, A. (2011). Decisões da estrutura de capitais das PME da Beira Interior: Teoria do trade-off vs teoria da pecking order [Master Thesis]. Universidade da Beira Interior.), Sogorb-Mira e López-Gracia (2003Sogorb-Mira, F., & López-Gracia, J. (2003). Pecking order vs trade-off: An empirical approach to the small and medium enterprise capital structure [Working Paper]. Instituto Valenciano de Investigaciones Económicas.) |
OC (3) |
|
- |
López-Gracia e Sánchez-Andújar (2007López‐Gracia, J., & Sánchez‐Andújar, S. (2007). Financial structure of the family business: Evidence from a group of small Spanish firms. Family Business Review, 20(4), 269-287.), López-Gracia e Sogorb-Mira (2008López-Gracia, J., & Sogorb-Mira, F. (2008). Testing trade-off and pecking order theories financing SMEs. Small Business Economics, 31(2), 117-136.) |
OC (4) |
|
- |
Setia-Atmaja et al. (2009Setia‐Atmaja, L., Tanewski, G., & Skully, M. (2009). The role of dividends, debt and board structure in the governance of family controlled firms. Journal of Business Finance & Accounting, 36(7‐8), 863-898.) |
Rentabilidade |
RENT (1) |
|
+ |
Dang (2005Dang, V. (2005). Testing the trade-off and pecking order theories: Some UK evidence [Working Paper]. Leeds University Business School.), Fama e French (2002Fama, E., & French, K. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies Spring, 15(1), 1-33.), López-Gracia e Sánchez-Andújar (2007López‐Gracia, J., & Sánchez‐Andújar, S. (2007). Financial structure of the family business: Evidence from a group of small Spanish firms. Family Business Review, 20(4), 269-287.), López-Gracia e Sogorb-Mira (2008López-Gracia, J., & Sogorb-Mira, F. (2008). Testing trade-off and pecking order theories financing SMEs. Small Business Economics, 31(2), 117-136.), Ramalho e Silva (2009Ramalho, J., & Silva, J. (2009). A two-part fractional regression model for the capital structure decision of micro, small, medium and large firms [Working Paper]. Universidade de Évora.), Serrasqueiro e Caetano (2015Serrasqueiro, Z., & Caetano, A. (2015). Trade-off theory vs pecking order theory: Capital structure decisions in a peripheral region of Portugal. Journal of Business Economics and Management, 16(2), 445-466.), Serrasqueiro et al. (2011Serrasqueiro, Z., Armada, M., & Nunes, P. (2011). Pecking order theory vs trade-off theory: Are service SMEs’ capital structure decisions different? Service Business, 5(4), 381-409., 2012Serrasqueiro, Z., Nunes, P., & Silva, J. (2012). Are financing decisions of family-owned SMEs different? Empirical evidence using panel data. Journal of Management & Organization, 18(3), 363-382., 2016Serrasqueiro, Z., Nunes, P., & Silva, J. (2016). The influence of age and size on family-owned firms’ financing decisions: Empirical evidence using panel data. Long Range Planning, 49(6), 723-745.), Sogorb-Mira e López-Gracia (2003Sogorb-Mira, F., & López-Gracia, J. (2003). Pecking order vs trade-off: An empirical approach to the small and medium enterprise capital structure [Working Paper]. Instituto Valenciano de Investigaciones Económicas.), Vieira (2014Vieira, E. (2014). Capital structure determinants in the context of listed family firms. Journal of Economy, Business and Financing, 2(1), 12-25.) |
RENT (2) |
|
+ |
Thanh e Huong (2017Thanh, L. T., & Huong, D. M. (2017). Determinants of capital structure: An empirical study on Vietnamese listed firms. Serbian Journal of Management, 12(1), 77-92.) |
RENT (3) |
|
+ |
Rita (2011Rita, R. (2011). Impacto da propriedade familiar do capital no processo de decisão de financiamento das empresas portuguesas [Doctoral Thesis]. Universidade de Évora.), Serrasqueiro et al. (2016Serrasqueiro, Z., Nunes, P., & Silva, J. (2016). The influence of age and size on family-owned firms’ financing decisions: Empirical evidence using panel data. Long Range Planning, 49(6), 723-745.) |
RENT (4) |
|
+ |
Ampenberger et al. (2013Ampenberger, M., Schmid, T., Achleitner, A., & Kaserer, C. (2013). Capital structure decisions in family firms: Empirical evidence from a bank-based economy. Review of Managerial Science, 7(3), 247-275.) |
RENT (5) |
|
+ |
Correia (2003Correia, T. (2003). Determinantes da estrutura de capital das empresas familiares portuguesas [Master Thesis]. Universidade do Algarve.) |
Tamanho |
TAM (1) |
ln(Vendas) |
+ |
Gottardo e Moisello (2014Gottardo, P., & Moisello, A. (2014). The capital structure choices of family firms: Evidence from Italian medium-large unlisted firms. Managerial Finance, 40(3), 254-275.), López-Gracia e Sánchez-Andújar (2007López‐Gracia, J., & Sánchez‐Andújar, S. (2007). Financial structure of the family business: Evidence from a group of small Spanish firms. Family Business Review, 20(4), 269-287.), Ramalho e Silva (2009Ramalho, J., & Silva, J. (2009). A two-part fractional regression model for the capital structure decision of micro, small, medium and large firms [Working Paper]. Universidade de Évora.), Rita (2011Rita, R. (2011). Impacto da propriedade familiar do capital no processo de decisão de financiamento das empresas portuguesas [Doctoral Thesis]. Universidade de Évora.), Serrasqueiro e Caetano (2015Serrasqueiro, Z., & Caetano, A. (2015). Trade-off theory vs pecking order theory: Capital structure decisions in a peripheral region of Portugal. Journal of Business Economics and Management, 16(2), 445-466.), Serrasqueiro et al. (2016Serrasqueiro, Z., Nunes, P., & Silva, J. (2016). The influence of age and size on family-owned firms’ financing decisions: Empirical evidence using panel data. Long Range Planning, 49(6), 723-745.), Silva (2012Silva, S. (2012). Estrutura de capitais: Teste às teorias do trade-off vs pecking order [Master Thesis]. Universidade do Minho.) |
TAM (2) |
ln(Ativos Totais) |
+ |
Dang (2005Dang, V. (2005). Testing the trade-off and pecking order theories: Some UK evidence [Working Paper]. Leeds University Business School.), Fama e French (2002Fama, E., & French, K. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies Spring, 15(1), 1-33.), Gottardo e Moisello (2014Gottardo, P., & Moisello, A. (2014). The capital structure choices of family firms: Evidence from Italian medium-large unlisted firms. Managerial Finance, 40(3), 254-275.), Keasey et al. (2015Keasey, K., Martinez, B., & Pindado, J. (2015). Young family firms: Financing decisions and the willingness to dilute control. Journal of Corporate Finance, 34(C), 47-63.), López-Gracia e Sogorb-Mira (2008López-Gracia, J., & Sogorb-Mira, F. (2008). Testing trade-off and pecking order theories financing SMEs. Small Business Economics, 31(2), 117-136.), Serrasqueiro et al. (2011Serrasqueiro, Z., Armada, M., & Nunes, P. (2011). Pecking order theory vs trade-off theory: Are service SMEs’ capital structure decisions different? Service Business, 5(4), 381-409., 2016Serrasqueiro, Z., Nunes, P., & Silva, J. (2016). The influence of age and size on family-owned firms’ financing decisions: Empirical evidence using panel data. Long Range Planning, 49(6), 723-745.), Setia-Atmaja et al. (2009Setia‐Atmaja, L., Tanewski, G., & Skully, M. (2009). The role of dividends, debt and board structure in the governance of family controlled firms. Journal of Business Finance & Accounting, 36(7‐8), 863-898.), Silva (2012Silva, S. (2012). Estrutura de capitais: Teste às teorias do trade-off vs pecking order [Master Thesis]. Universidade do Minho.), Sogorb-Mira e López-Gracia (2003Sogorb-Mira, F., & López-Gracia, J. (2003). Pecking order vs trade-off: An empirical approach to the small and medium enterprise capital structure [Working Paper]. Instituto Valenciano de Investigaciones Económicas.), Thanh e Huong (2017Thanh, L. T., & Huong, D. M. (2017). Determinants of capital structure: An empirical study on Vietnamese listed firms. Serbian Journal of Management, 12(1), 77-92.) |
Idade |
IDADE (1) |
ln(número de anos de vida) |
+/- |
Acedo-Ramírez et al. (2017Acedo-Ramirez, M., Ayala-Calvo, J., & Navarrete-Martinez, E. (2017). Determinants of capital structure: Family businesses vs non-family firms. Czech Journal of Economics and Finance, 67(2), 80-103.), Ampenberger et al. (2013Ampenberger, M., Schmid, T., Achleitner, A., & Kaserer, C. (2013). Capital structure decisions in family firms: Empirical evidence from a bank-based economy. Review of Managerial Science, 7(3), 247-275.), Keasey et al. (2015Keasey, K., Martinez, B., & Pindado, J. (2015). Young family firms: Financing decisions and the willingness to dilute control. Journal of Corporate Finance, 34(C), 47-63.), López-Gracia e Sánchez-Andújar (2007López‐Gracia, J., & Sánchez‐Andújar, S. (2007). Financial structure of the family business: Evidence from a group of small Spanish firms. Family Business Review, 20(4), 269-287.), López-Gracia e Sogorb-Mira (2008López-Gracia, J., & Sogorb-Mira, F. (2008). Testing trade-off and pecking order theories financing SMEs. Small Business Economics, 31(2), 117-136.), Serrasqueiro et al. (2016Serrasqueiro, Z., Nunes, P., & Silva, J. (2016). The influence of age and size on family-owned firms’ financing decisions: Empirical evidence using panel data. Long Range Planning, 49(6), 723-745.), Setia-Atmaja et al. (2009Setia‐Atmaja, L., Tanewski, G., & Skully, M. (2009). The role of dividends, debt and board structure in the governance of family controlled firms. Journal of Business Finance & Accounting, 36(7‐8), 863-898.), Sogorb-Mira e López-Gracia (2003Sogorb-Mira, F., & López-Gracia, J. (2003). Pecking order vs trade-off: An empirical approach to the small and medium enterprise capital structure [Working Paper]. Instituto Valenciano de Investigaciones Económicas.), Vieira (2014Vieira, E. (2014). Capital structure determinants in the context of listed family firms. Journal of Economy, Business and Financing, 2(1), 12-25.) |
IDADE (2) |
número de anos de vida
|
+/- |
Adair e Adaskou (2015Adair, P., & Adaskou, M. (2015). Trade-off-theory vs pecking order theory and the determinants of corporate leverage: Evidence from a panel data analysis upon French SMEs (2002-2010). Cogent Economics & Finance, 3(1), 1006477.), Croci et al. (2011Croci, E., Doukas, J., & Gonenc, H. (2011). Family control and financing decisions. European Financial Management, 17(5), 860-897.), Ramalho e Silva (2009Ramalho, J., & Silva, J. (2009). A two-part fractional regression model for the capital structure decision of micro, small, medium and large firms [Working Paper]. Universidade de Évora.) |
Tangibilidade de ativos |
TANG (1) |
|
+ |
Correia (2003Correia, T. (2003). Determinantes da estrutura de capital das empresas familiares portuguesas [Master Thesis]. Universidade do Algarve.), Croci et al. (2011Croci, E., Doukas, J., & Gonenc, H. (2011). Family control and financing decisions. European Financial Management, 17(5), 860-897.), Dang (2005Dang, V. (2005). Testing the trade-off and pecking order theories: Some UK evidence [Working Paper]. Leeds University Business School.), Ellul (2008Ellul, A. (2008). Control motivations and capital structure decision [Working Paper]. Indiana University.), Gottardo e Moisello (2014Gottardo, P., & Moisello, A. (2014). The capital structure choices of family firms: Evidence from Italian medium-large unlisted firms. Managerial Finance, 40(3), 254-275.), Mishra e McConaughy (1999Mishra, C., & McConaughy, D. (1999). Founding family control and capital structure: The risk of loss of control and the aversion to debt. Entrepreneurship Theory and Practice, 23(4), 53-53.), Serrasqueiro e Caetano (2015Serrasqueiro, Z., & Caetano, A. (2015). Trade-off theory vs pecking order theory: Capital structure decisions in a peripheral region of Portugal. Journal of Business Economics and Management, 16(2), 445-466.), Serrasqueiro et al. (2012Serrasqueiro, Z., Nunes, P., & Silva, J. (2012). Are financing decisions of family-owned SMEs different? Empirical evidence using panel data. Journal of Management & Organization, 18(3), 363-382., 2016Serrasqueiro, Z., Nunes, P., & Silva, J. (2016). The influence of age and size on family-owned firms’ financing decisions: Empirical evidence using panel data. Long Range Planning, 49(6), 723-745.), Setia-Atmaja et al. (2009Setia‐Atmaja, L., Tanewski, G., & Skully, M. (2009). The role of dividends, debt and board structure in the governance of family controlled firms. Journal of Business Finance & Accounting, 36(7‐8), 863-898.), Thanh e Huong (2017Thanh, L. T., & Huong, D. M. (2017). Determinants of capital structure: An empirical study on Vietnamese listed firms. Serbian Journal of Management, 12(1), 77-92.) |
TANG (2) |
|
+ |
Adair e Adaskou (2015Adair, P., & Adaskou, M. (2015). Trade-off-theory vs pecking order theory and the determinants of corporate leverage: Evidence from a panel data analysis upon French SMEs (2002-2010). Cogent Economics & Finance, 3(1), 1006477.), Ramalho e Silva (2009Ramalho, J., & Silva, J. (2009). A two-part fractional regression model for the capital structure decision of micro, small, medium and large firms [Working Paper]. Universidade de Évora.), Sogorb-Mira e López-Gracia (2003Sogorb-Mira, F., & López-Gracia, J. (2003). Pecking order vs trade-off: An empirical approach to the small and medium enterprise capital structure [Working Paper]. Instituto Valenciano de Investigaciones Económicas.) |
Fluxo de caixa |
FC (1) |
|
- |
López-Gracia e Sánchez-Andújar (2007López‐Gracia, J., & Sánchez‐Andújar, S. (2007). Financial structure of the family business: Evidence from a group of small Spanish firms. Family Business Review, 20(4), 269-287.) |
FC (2) |
|
- |
Sogorb-Mira e López-Gracia (2003Sogorb-Mira, F., & López-Gracia, J. (2003). Pecking order vs trade-off: An empirical approach to the small and medium enterprise capital structure [Working Paper]. Instituto Valenciano de Investigaciones Económicas.) |
FC (3) |
|
- |
Keasey et al. (2015Keasey, K., Martinez, B., & Pindado, J. (2015). Young family firms: Financing decisions and the willingness to dilute control. Journal of Corporate Finance, 34(C), 47-63.), Serrasqueiro et al. (2011Serrasqueiro, Z., Armada, M., & Nunes, P. (2011). Pecking order theory vs trade-off theory: Are service SMEs’ capital structure decisions different? Service Business, 5(4), 381-409.), |
FC (4) |
Lucro Líquido + Depreciação + Amortização
|
- |
López-Gracia e Sogorb-Mira (2008López-Gracia, J., & Sogorb-Mira, F. (2008). Testing trade-off and pecking order theories financing SMEs. Small Business Economics, 31(2), 117-136.) |
FC (5) |
|
- |
Acedo-Ramírez et al. (2017Acedo-Ramirez, M., Ayala-Calvo, J., & Navarrete-Martinez, E. (2017). Determinants of capital structure: Family businesses vs non-family firms. Czech Journal of Economics and Finance, 67(2), 80-103.) |
Relação entre oportunidades de crescimento e fluxo de caixa |
GOCFCB e OCRFCA |
Variáveis dummy condicionais
|
+ - |
López-Gracia e Sánchez-Andújar (2007López‐Gracia, J., & Sánchez‐Andújar, S. (2007). Financial structure of the family business: Evidence from a group of small Spanish firms. Family Business Review, 20(4), 269-287.), López-Gracia e Sogorb-Mira (2008López-Gracia, J., & Sogorb-Mira, F. (2008). Testing trade-off and pecking order theories financing SMEs. Small Business Economics, 31(2), 117-136.), Serrasqueiro et al. (2011Serrasqueiro, Z., Armada, M., & Nunes, P. (2011). Pecking order theory vs trade-off theory: Are service SMEs’ capital structure decisions different? Service Business, 5(4), 381-409.) |