[PDF] Top 20 The capital structure of portuguese firms within a crisis

... de capital através da apresentação do Teorema de Modigliani e Miller (1958), sendo este baseado num mercado de capitais perfeito com o argumento assente na Lei do Preço ...de capital de uma empresa (como os  ... See full document

... that firms set a target level for their debt- equity ratio that balances the tax advantages of additional debt (Modigliani and Miller, 1958) against the costs of possible financial ... See full document

... and Portuguese firms have heavier reliance on bank financing than on financial markets, it is expected that the difficulties imposed by the crisis on banks would cause an impact on ... See full document

... presents the outcomes of the regression performed to assess which capital structure theory would be suitable to describe the behaviour of the observations past ... See full document

... how firms operate in capital market-oriented economies and bank-oriented economies determine their capital structure, taking into account the impact of institutional variables ... See full document

... before, the Fed in response to the financial crisis implemented LSAPs or commonly known as Quantitative Easing ...(QE). The first wave of LSAPs or QE1 commenced on November 25, 2008, ... See full document

... achieve the main purpose of this dissertation, this thesis presents a summary of the empirical research conducted around the capital structure theme, followed by a section ... See full document

... effects of the World Financial Cri- sis on firms in terms of efficiency scores, by measuring how 23K units used inputs and produced outputs, obtained from a set of Portuguese ... See full document

... in the crisis, credit ratings continue to play a very important role in financial markets and many studies have been developed concerning this ...series of empirical tests to prove that credit ... See full document

... affects firms’ level of leverage is growth opportunities. The relation between this factor and leverage is going to be ...at the expense of debtholders, making the latter to ... See full document

... replacing the variables XOE and XIE by dummy variables characterizing the export-oriented firms yielded similar results, that is, the absence of a clear relation between export ... See full document

... area of contribution is related to the financial crisis of 2008: this dissertation can perhaps help materialize the belief that a reduction of firm’s leverage, in this case in ... See full document

... line of thought, firms with a higher growth of their assets tend to have more leverage in their ...For the profitability factor, they expected a negative relation with capital ... See full document

... consensus of previous research is that international diversification is related to the capital structure of firms, although without agreeing on the direction of ... See full document

... lack of capital was referred by three interviewees as reasons of de- ...with the crisis, because banks arrives to firms and inform radically that current accounts are to close ... See full document

... purpose of the present study is to endeavor the explanatory capacity of family ownership in determining the capital structure of the ...for the period ... See full document

... The capital structure of firms has been a widely discussed subject in the world of corporate finance in the last ...decades. The aim of this paper is ... See full document

... have the same level of information and they can use it to their own interest (Vergas et ...to the Pecking Order ...optimal capital structure, due to lack of information. ... See full document

... The research model used includes a dependent binary variable devised to check the initial capital structure (use of outside medium/long-term financing), two groups [r] ... See full document

... between firms’ non-observable individual effects and debt ...to the firm, e.g. entry barriers and competitiveness of the ...and capital structure determinants, the most ... See full document