A estrutura de capital e as crises do século XXI
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2014
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A presente dissertação tem como principal objectivo avaliar as alterações na estrutura de capital das empresas não financeiras durante as três principais crises financeiras que ocorreram durante a primeira década do século XXI. Para um conjunto de 43 países concluiu-se que a presença de uma crise tende a aumentar alavancagem das empresas. Estimou-se que este efeito foi mais pronunciado em 2008, no contexto da subprime crisis, com o peso da dívida no balanço, a valores de mercado, a aumentar 5,5 pontos percentuais. Outro efeito relevante foi o maior recurso a dívida de curto prazo, o que reflecte a dificuldade de angariar dívida com uma maior maturidade num contexto de crise. Também este efeito foi mais significativo durante a subprime crisis, e praticamente ausente na sovereign debt crisis, sugerindo que durante a última crise o ajustamento em favor de dívida de curto prazo não fosse necessário, uma vez que a subprime crisis se deu pouco antes.
The main objective of this dissertation is to evaluate the changes in the capital structure of non-financial companies during the three main financial crisis that have occurred during the first decade of twenty-first century . Based on a sample of 43 countries, one concludes that the presence of a crisis tends to increase a firm’s leverage. This effect has been more pronounced in 2008 , in the context of the subprime crisis , increasing the relative weight of debt on the balance sheet, at market prices , by 5.5 percentage points. Another relevant effect was a larger preference for short term debt ,indicating the difficulty in raising long term debt during a crisis. This effect has also been more evident during the subprime crisis , and insignificant during the sovereign debt crisis , suggesting that during the most recent crisis the adjustment towards short term debt has not been necessary , since the subprime crisis had occurred just shortly before .
The main objective of this dissertation is to evaluate the changes in the capital structure of non-financial companies during the three main financial crisis that have occurred during the first decade of twenty-first century . Based on a sample of 43 countries, one concludes that the presence of a crisis tends to increase a firm’s leverage. This effect has been more pronounced in 2008 , in the context of the subprime crisis , increasing the relative weight of debt on the balance sheet, at market prices , by 5.5 percentage points. Another relevant effect was a larger preference for short term debt ,indicating the difficulty in raising long term debt during a crisis. This effect has also been more evident during the subprime crisis , and insignificant during the sovereign debt crisis , suggesting that during the most recent crisis the adjustment towards short term debt has not been necessary , since the subprime crisis had occurred just shortly before .
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Orientação : Paulo Alves
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CONTABILIDADE, CRISES ECONÓMICAS, EMPRESAS, CAPITAL, SÉC. 21, ECONOMIA EMPRESARIAL, MESTRADO EM CONTABILIDADE E FISCALIDADE, ACCOUNTING, ECONOMIC CRISIS, COMPANIES, CAPITAL, 21ST CENTURY, BUSINESS ECONOMICS