Dependentes
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Endividamento de curto prazo (EndCP) |
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Cassar e Holmes (2003Cassar, G., & Holmes, S. (2003). Capital structure and financing of SMEs: Australian evidence. Accounting and Finance, 43(2), 123-147.); Mateeva, Poutziouris, e Ivanov (2013Mateeva, M., Poutziouris, P., & Ivanov, K. (2013). On the determinants of SME capital structure of Eastern and Central Europe: A dynamic panel analysis. Research in International Business and Finance, 27(1), 28-51.); Rao et al. (2019Rao, P., Kumar, S., & Madhavan, V. (2019). A study on factors driving the capital structure decisions of small and medium enterprises (SMEs) in India. IIMB Management Review, 31(1), 37-50.) |
Endividamento de médio e longo prazos (EndMLP) |
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Cassar e Holmes (2003Cassar, G., & Holmes, S. (2003). Capital structure and financing of SMEs: Australian evidence. Accounting and Finance, 43(2), 123-147.); Mateeva et al. (2013Mateeva, M., Poutziouris, P., & Ivanov, K. (2013). On the determinants of SME capital structure of Eastern and Central Europe: A dynamic panel analysis. Research in International Business and Finance, 27(1), 28-51.); Rao, Kumar e Madhavan (2019Rao, P., Kumar, S., & Madhavan, V. (2019). A study on factors driving the capital structure decisions of small and medium enterprises (SMEs) in India. IIMB Management Review, 31(1), 37-50.) |
Endividamento total (EndT) |
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Cassar e Holmes (2003Cassar, G., & Holmes, S. (2003). Capital structure and financing of SMEs: Australian evidence. Accounting and Finance, 43(2), 123-147.); Mateeva et al. (2013Mateeva, M., Poutziouris, P., & Ivanov, K. (2013). On the determinants of SME capital structure of Eastern and Central Europe: A dynamic panel analysis. Research in International Business and Finance, 27(1), 28-51.); Rao et al. (2019Rao, P., Kumar, S., & Madhavan, V. (2019). A study on factors driving the capital structure decisions of small and medium enterprises (SMEs) in India. IIMB Management Review, 31(1), 37-50.) |
Independentes
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Tangibilidade (TANG) |
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Benkraiem e Gurau (2013Benkraiem, R., & Gurau, C. (2013). How do corporate characteristics affect capital structure decisions of French SMEs? International Journal of Entrepreneurial Behaviour & Research, 19(2), 149-164.); Mateeva et al. (2013Mateeva, M., Poutziouris, P., & Ivanov, K. (2013). On the determinants of SME capital structure of Eastern and Central Europe: A dynamic panel analysis. Research in International Business and Finance, 27(1), 28-51.); Matias e Serrasqueiro (2017Matias, F., & Serrasqueiro, Z. (2017). Are there reliable determinant factors of capital structure decisions? Empirical study of SMEs in different regions of Portugal. Research in International Business and Finance, 40, 19-33.); Rao et al. (2019Rao, P., Kumar, S., & Madhavan, V. (2019). A study on factors driving the capital structure decisions of small and medium enterprises (SMEs) in India. IIMB Management Review, 31(1), 37-50.) |
Oportunidades de crescimento (OpCr) |
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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), 1-12.); Ahmad e Etudaiye-Muhtar (2017Ahmad, R., & Etudaiye-Muhtar, O. F. (2017). Dynamic model of optimal capital structure: Evidence from Nigerian listed firms. Global Business Review, 18(3), 590-604.); Rao et al. (2019Rao, P., Kumar, S., & Madhavan, V. (2019). A study on factors driving the capital structure decisions of small and medium enterprises (SMEs) in India. IIMB Management Review, 31(1), 37-50.) |
Rentabilidade (RENT) |
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Bhaduri (2002Bhaduri, S. N. (2002). Determinants of capital structure choice: a study of the Indian corporate sector. Applied Financial Economics, 12(9), 655-665.); Mc Namara et al. (2017Mc Namara, A., Murro, P., & O’Donohoe, S. (2017). Countries lending infrastructure and capital structure determination: The case of European SMEs. Journal of Corporate Finance, 43, 122-138.); Rao et al. (2019Rao, P., Kumar, S., & Madhavan, V. (2019). A study on factors driving the capital structure decisions of small and medium enterprises (SMEs) in India. IIMB Management Review, 31(1), 37-50.) |
Dimensão (DIM) |
Log das vendas |
Chakraborty (2010Chakraborty, I. (2010). Capital structure in an emerging stock market-case of India. Research in International Business and Finance, 24(3), 295-314.); Yildirim et al. (2018Yildirim, R., Masih, M., & Bacha, O. I. (2018). Determinants of capital structure: evidence from Shari’ah compliant and non-compliant firms. Pacific Basin Finance Journal, 51, 198-219.); Rao et al. (2019Rao, P., Kumar, S., & Madhavan, V. (2019). A study on factors driving the capital structure decisions of small and medium enterprises (SMEs) in India. IIMB Management Review, 31(1), 37-50.) |
Idade (IDADE) |
Log do nº de anos de vida da empresa |
Bhaird e Lucey (2010Mac an Bhaird, C., & Lucey, B. (2010). Determinants of capital structure in Irish SMEs. Small Business Economics, 35, 357-375.); Matias e Serrasqueiro (2017Matias, F., & Serrasqueiro, Z. (2017). Are there reliable determinant factors of capital structure decisions? Empirical study of SMEs in different regions of Portugal. Research in International Business and Finance, 40, 19-33.); Yazdanfar e Öhman, (2017Öhman, P., & Yazdanfar, D. (2017). Short- and long-term debt determinants in Swedish SMEs. Review of Accounting and Finance, 16(1), 106-124.); Rao et al. (2019Rao, P., Kumar, S., & Madhavan, V. (2019). A study on factors driving the capital structure decisions of small and medium enterprises (SMEs) in India. IIMB Management Review, 31(1), 37-50.) |
Liquidez (LIQ) |
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Proença et al., (2014Proença, P., Laureano, R., & Laureano, L. (2014). Determinants of capital structure and the 2008 financial crisis: Evidence from Portuguese SMEs. Social Behavioral Sciences, 150, 182-191.); Lisboa (2017Lisboa, I. (2017). Capital structure of exporter SMEs during the financial crisis: Evidence from Portugal. European Journal of Management Studies, 22(1), 25-49.);Takele e Beshir (2017Takele, Y., & Beshir, D. (2017). Firm-specific determinants of insurance firms’ capital structure in Ethiopia. In A. Heshmati (Ed.). Studies on economic development and growth in selected African countries (pp. 155-175). London: Springer.); Rao et al. (2019Rao, P., Kumar, S., & Madhavan, V. (2019). A study on factors driving the capital structure decisions of small and medium enterprises (SMEs) in India. IIMB Management Review, 31(1), 37-50.) |
Benefícios fiscais extra dívida (BFEx) |
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Michaelas et al. (1999Michaelas, N., Chittenden, F., & Poutziouris, P. (1999). Financial policy and capital structure choice in UK SMEs: Empirical evidence from firm panel data, Small Business Economics, 12, 113-130.); Chakraborty (2010Chakraborty, I. (2010). Capital structure in an emerging stock market-case of India. Research in International Business and Finance, 24(3), 295-314.); Ahmad e Etudaiye-Muhtar (2017Ahmad, R., & Etudaiye-Muhtar, O. F. (2017). Dynamic model of optimal capital structure: Evidence from Nigerian listed firms. Global Business Review, 18(3), 590-604.); Rao et al. (2019Rao, P., Kumar, S., & Madhavan, V. (2019). A study on factors driving the capital structure decisions of small and medium enterprises (SMEs) in India. IIMB Management Review, 31(1), 37-50.) |
Localização (LOC) |
Dummy (sendo: 1 = município sede e 0 = caso contrário i.e. municípios de interior) |
Russo e Rossi (2001Russo, P. F., & Rossi, P. (2001). Credit constraints in Italian industrial districts. Applied Economics, 33(11), 1469-1477.); Haro-de-rosario et al. (2015Haro-de-rosario, A., Caba-Pérez, M. del C., & Cazorla-papis, L. (2015). The impact of venture capital on investee firms: evidence from Spain. Review of Managerial Science, 10, 577-600.); Rao et al. (2019Rao, P., Kumar, S., & Madhavan, V. (2019). A study on factors driving the capital structure decisions of small and medium enterprises (SMEs) in India. IIMB Management Review, 31(1), 37-50.) |