Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal
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| Natura: | Artículo científico |
| Lingua: | en |
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Universidad Nacional Autónoma de México
2017
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| _version_ | 1876473375525699584 |
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| author | António José dos Santos Morão Lourenço |
| author_facet | António José dos Santos Morão Lourenço |
| contents | Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal António José dos Santos Morão Lourenço Eduardo Carmo Oliveira Administración y Contabilidad Debt Determinants Capital structure In recent decades, the theme of the capital structure and its determinants has caused some controversy and aroused great interest in the financial domain. Several theories and studies have emerged applying to this domain. This study aims to test the explanatory power of the determinants of debt which have the greatest support in the financial literature, size, growth, business risk, profitability, tangibility and non-debt tax shields and its validity in accordance with the theories of capital structure, on firms in Santarém's district. The sample contains financial data of 6184 firms for the period 2008-2012. The results indicate that firms in Santarém's district in Portugal have a high level of debt, using mainly short-term debt. The growth and profitability have proved to be determinants of debt, confirming the Pecking Order Theory. 2017 artículo científico 0186-1042 https://www.redalyc.org/articulo.oa?id=39557277010 https://www.redalyc.org/journal/395/39557277010/ https://www.redalyc.org/journal/395/39557277010/html/ https://www.redalyc.org/journal/395/39557277010/39557277010.epub https://www.redalyc.org/journal/395/39557277010/movil 10.1016/j.cya.2016.06.010 en http://www.redalyc.org/revista.oa?id=395 Contaduría y Administración application/pdf Universidad Nacional Autónoma de México Contaduría y Administración (México) Num.2 Vol.62 |
| format | Artículo científico |
| id | redalyc_39557277010 |
| institution | Redalyc |
| language | en |
| publishDate | 2017 |
| publisher | Universidad Nacional Autónoma de México |
| spellingShingle | Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal António José dos Santos Morão Lourenço Administración y Contabilidad Debt Determinants Capital structure Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal António José dos Santos Morão Lourenço Eduardo Carmo Oliveira Administración y Contabilidad Debt Determinants Capital structure In recent decades, the theme of the capital structure and its determinants has caused some controversy and aroused great interest in the financial domain. Several theories and studies have emerged applying to this domain. This study aims to test the explanatory power of the determinants of debt which have the greatest support in the financial literature, size, growth, business risk, profitability, tangibility and non-debt tax shields and its validity in accordance with the theories of capital structure, on firms in Santarém's district. The sample contains financial data of 6184 firms for the period 2008-2012. The results indicate that firms in Santarém's district in Portugal have a high level of debt, using mainly short-term debt. The growth and profitability have proved to be determinants of debt, confirming the Pecking Order Theory. 2017 artículo científico 0186-1042 https://www.redalyc.org/articulo.oa?id=39557277010 https://www.redalyc.org/journal/395/39557277010/ https://www.redalyc.org/journal/395/39557277010/html/ https://www.redalyc.org/journal/395/39557277010/39557277010.epub https://www.redalyc.org/journal/395/39557277010/movil 10.1016/j.cya.2016.06.010 en http://www.redalyc.org/revista.oa?id=395 Contaduría y Administración application/pdf Universidad Nacional Autónoma de México Contaduría y Administración (México) Num.2 Vol.62 |
| title | Determinants of debt: Empirical evidence on firms in the district of Santarém in Portugal |
| topic | Administración y Contabilidad Debt Determinants Capital structure |
| url | https://www.redalyc.org/articulo.oa?id=39557277010 https://www.redalyc.org/journal/395/39557277010/ https://www.redalyc.org/journal/395/39557277010/html/ https://www.redalyc.org/journal/395/39557277010/39557277010.epub https://www.redalyc.org/journal/395/39557277010/movil |