O impacto da heterogeneidade regional na estrutura de capital: O caso da indústria têxtil em Portugal

Autores

  • Inês Lisboa Centre of Applied Research in Management and Economics, School of Technology and Management, Polytechnic of Leiria, Portugal
  • Nídia Santos School of Technology and Management, Polytechnic of Leiria, Portugal

DOI:

https://doi.org/10.59072/rper.vi70.686

Palavras-chave:

Estrutura de capital, Endividamento, Heterogeneidade regional, Desenvolvimento regional, Portugal

Resumo

Este estudo tem como objetivo analisar o impacto da heterogeneidade regional na estrutura de capital das micro, pequenas e médias empresas. Especificamente, este trabalho analisa o impacto regional no endividamento das empresas através de indicadores que medem o desenvolvimento social, económico e financeiro regional, e também se os determinantes que explicam o endividamento das empresas são diferentes entre regiões pertencentes ao mesmo país. Para tal são analisados dados em painel não balanceado de 1.566 empresas da indústria transformadora têxtil em Portugal, no período 2015-2020. Os resultados sugerem que o desenvolvimento regional, nomeadamente o crescimento regional e o número de agências bancárias têm impacto no endividamento das empresas. Estas diferenças influenciam o acesso da empresa a diferentes formas de financiamento e podem justificar a concentração geográfica das empresas em algumas regiões. Encontrámos também um efeito substituto do crédito bancário e comercial, mas apenas para empresas localizadas na região Centro.

Referências

Ali, S., Rangone, A., & Farooq, M. (2022). Corporate taxation and firm-specific determinants of capital structure: Evidence from the UK and US multinational firms. Journal of Risk and Financial Management, 15(2), 55. https://doi.org/10.3390/jrfm15020055

Ascani, A., Faggian, A., & Montresor, S. (2021). The geography of COVID‐19 and the structure of local economies: The case of Italy. Journal of Regional Science, 61(2), 407-441. https://doi.org/10.1111/jors.12510

Baker, M., & Wurgler, J. (2002). Market timing and capital structure. The journal of finance, 57(1), 1-32. https://doi.org/10.1111/1540-6261.00414

Banco de Portugal (2023). Quadros do setor. https://www.bportugal.pt/QS/qsweb/Dashboards

Berger, A. N., & Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of banking & finance, 22(6-8), 613-673. https://doi.org/10.1016/S0378-4266(98)00038-7

Bernardo, C. J., Albanez, T., & Securato, J. R. (2018). Macroeconomic and institutional factors, debt composition and capital structure of Latin American companies. BBR. Brazilian business review, 15(2), 152-174. https://doi.org/10.15728/bbr.2018.15.2.4

Brenner, T., & Niebuhr, A. (2021). Policy options for lagging regions—effects, new approaches and emerging challenges: introduction to the special issue. Review of Regional Research, 41(2), 125-130. https://doi.org/10.1007/s10037-021-00162-x

Butzbach, O., & Sarno, D. (2019). To What Extent Do Regional Effects Influence Firms’ Capital Structure? The Case of Southern Italian SMEs’. International Journal of Financial Studies, 7(1), 3. https://doi.org/10.3390/ijfs7010003

DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of financial economics, 8(1), 3-29. https://doi.org/10.1016/0304-405X(80)90019-7

De Jong, A., Kabir, R., & Nguyen, T. T. (2008). Capital structure around the world: The roles of firm-and country-specific determinants. Journal of banking & Finance, 32(9), 1954-1969. https://doi.org/10.1016/j.jbankfin.2007.12.034

DGAE (2018). Sinopse 2018 – Indústria textil e vestiário. Direção Geral das Atividades Económicas.

Di Pietro, F., Bontempi, M. E., Palacín-Sánchez, M. J., & Samaniego-Medina, R. (2019). Capital structure across Italian regions: The role of financial and economic differences. Sustainability, 11(16), 4474. https://doi.org/10.3390/su11164474

Di Pietro, F., Palacín-Sánchez, M. J., & Roldán-Salgueiro, J. L. (2018). Regional development and capital structure of SMEs. Cuadernos de Gestión, 18(1), 37-60. https://doi.org/10.5295/cdg.150530fd

Durand, D. (1952, January). Costs of debt and equity funds for business: trends and problems of measurement. In Conference on research in business finance (pp. 215-262). NBER.

Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. Review of financial studies, 1-33.

Gajdosikova, D., & Valaskova, K. (2022). A systematic review of literature and comprehensive bibliometric analysis of capital structure issue. Management Dynamics in the Knowledge Economy, 10(3), 210-224. https://doi.org/10.2478/mdke-2022-0014

Granado, P., Pacheco, L., & Vieira, E. (2022). A estrutura de capital das empresas industriais portuguesas: O caso do setor do têxtil e vestuário. Portuguese Journal of Finance, Management and Accounting, 8(15). https://doi.org/10.54663/2183-3826.2022.v8.n15.45-77

Hackbarth, D., Hennessy, C. A., & Leland, H. E. (2007). Can the trade-off theory explain debt structure?. The Review of Financial Studies, 20(5), 1389-1428. https://doi.org/10.1093/revfin/hhl047

Handoo, A., & Sharma, K. (2014). A study on determinants of capital structure in India. IIMB Management review, 26(3), 170-182. https://doi.org/10.1016/j.iimb.2014.07.009

Harris, M., & Raviv, A. (1991). The theory of capital structure. the Journal of Finance, 46(1), 297-355. https://doi.org/10.1111/j.1540-6261.1991.tb03753.x

Ho, C. S. T., & Wilhelmsson, M. (2022). Geographical accessibility to bank branches and its relationship to new firm formation in Sweden via multiscale geographically weighted regression. Review of Regional Research, 42(2), 191-218. https://doi.org/10.1007/s10037-022-00166-1

INE (2023). Statistics of Portugal. Portugal, Instituto Nacional de Estatística. https://www.ine.pt/

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.

Porta, R. L., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of political economy, 106(6), 1113-1155. https://doi.org/10.1086/250042

La Rocca, M., La Rocca, T., & Cariola, A. (2011). Capital structure decisions during a firm's life cycle. Small Business Economics, 37, 107-130. https://doi.org/10.1007/s11187-009-9229-z

Matias, 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. https://doi.org/10.1016/j.ribaf.2016.09.014

Myers, S. C. (1977). Determinants of corporate borrowing. Journal of financial economics, 5(2), 147-175. https://doi.org/10.1016/0304-405X(77)90015-0

Myers, S. C. (1984). Capital structure puzzle. Journal of Finance, 39(3), 575-592.

Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48(3), 261-297.

Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American economic review, 53(3), 433-443.

Mordor Intelligence 2023. Textile Industry Size and Share Analysis - Growth Trends and Forecasts (2023 – 2028). https://www.mordorintelligence.com/industry-reports/global-textile-industry---growth-trends-and-forecast-2019---2024.

Ozturk, H., & Yasuda, Y. (2024). Disentangling prefectural similarities in the capital structure of Japanese SMEs through pairwise testing. The European Journal of Finance, 30(2), 173-204. https://doi.org/10.1080/1351847X.2023.2201470

Palacín-Sánchez, M. J., Canto-Cuevas, F. J., & Di-Pietro, F. (2019). Trade credit versus bank credit: a simultaneous analysis in European SMEs. Small Business Economics, 53(4), 1079-1096. https://doi.org/10.1007/s11187-018-0101-x

Palacín-Sánchez, M. J., & Di Pietro, F. (2016). The role of the regional financial sector in the capital structure of small and medium-sized enterprises (SMEs). Regional Studies, 50(7), 1232-1247. https://doi.org/10.1080/00343404.2014.1000290

Palacín-Sánchez, M. J., Ramírez-Herrera, L. M., & Di Pietro, F. (2013). Capital structure of SMEs in Spanish regions. Small Business Economics, 41, 503-519. https://doi.org/10.1007/s11187-012-9439-7

Pordata (2023). Portuguese Statistics. Lisboa, Portugal: PORDATA, Fundação Francisco Manuel dos Santos.

Portugal 2020. (2021 November 2). PME Pequenas e Médias Empresas - PT2020.

Psillaki, M., & Daskalakis, N. (2009). Are the determinants of capital structure country or firm specific?. Small business economics, 33, 319-333. https://doi.org/10.1007/s11187-008-9103-4

Público (2019, May 4). Portugal disse adeus à troika há cinco anos. https://www.publico.pt/2019/05/04/economia/noticia/portugal-adeus-troika-ha-cinco-anos-1871450.

Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The journal of Finance, 50(5), 1421-1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x

Serrasqueiro, Z., & Caetano, A. (2015). Trade-Off Theory versus Pecking Order Theory: capital structure decisions in a peripheral region of Portugal. Journal of Business Economics and Management, 16(2), 445-466. https://doi.org/10.3846/16111699.2012.744344

Serrasqueiro, Z., Matias, F., & Salsa, L. (2016). Determinants of capital structure: New evidence from Portuguese small firms. Dos Algarves: A Multidisciplinary e-Journal, 28. doi: 10.18089/DAMeJ.2016.28.2

Shahzad, A., Azeem, M., Nazir, M. S., Vo, X. V., & Linh, N. T. (2021). The determinants of capital structure: Evidence from SAARC countries. International Journal of Finance & Economics, 26(4), 6471-6487. https://doi.org/10.1002/ijfe.2132

Terra, P. R. S. (2007). Estrutura de capital e fatores macroeconômicos na América Latina. Revista de Administração, 42(2), 192-204. https://doi.org/10.1590/S0080-21072007000200007

Downloads

Publicado

22-01-2025

Como Citar

Lisboa, I., & Santos, N. (2025). O impacto da heterogeneidade regional na estrutura de capital: O caso da indústria têxtil em Portugal. RPER, (70), 107–123. https://doi.org/10.59072/rper.vi70.686