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- Os determinantes das decisões de financiamento das empresas cotadas espanholas e portuguesasPublication . Rogão, Márcia; Serrasqueiro, Zélia Maria da SilvaNo presente estudo procedeu-se à análise do efeito dos fatores específicos das empresas e dos fatores específicos dos países, na estrutura de capitais de empresas portuguesas e espanholas utilizando como metodologia os estimadores dinâmicos, analisando uma amostra de 67empresas cotadas não financeiras espanholas cotadas e 35 empresas cotadas não financeiras portuguesas, para o período de análise entre 2008 e 2016. Os resultados obtidos indicam que os determinantes das decisões de financiamento das empresas espanholas e portuguesas baseiam-se nos custos de transação, embora em maior magnitude para as empresas portuguesas, nos custos de agência e nos problemas associados com a informação assimétrica. Além disso, as decisões de financiamento das empresas espanholas também são influenciadas pelas condições do mercado e pelo desenvolvimento do mercado de ações.
- Capital structure of listed portuguese companies: determinants of debt adjustmentPublication . Serrasqueiro, Zélia Maria da Silva; Rogão, MárciaPurpose – This study aims to evaluate the impact of listed Portuguese companies' specific determinants on adjustment of actual debt towards target debt ratio. The specific determinants on adjustment of actual debt towards target debt ratio that we consider are: asset tangibility, size, profitability and market to book ratio. Design/methodology/approach – Dynamic panel estimators are used to determine adjustment of the actual level of debt towards optimal level of debt, revealing the level of transaction costs borne by companies. OLS regressions are also used, in order to estimate the impacts of companies' specific determinants on debt adjustment. Findings – The results suggest that transaction costs are relevant in listed Portuguese companies' access to debt. Tangibility of assets and size are determinants that contribute for a greater adjustment of debt towards optimal level. The results also suggest that the capital structure decisions of listed Portuguese companies can be explained in the light of trade-off and pecking order theories, and not according to what is forecast by market timing theory. Originality/value – Through this study, the level of adjustment of actual debt towards target debt ratio in the context of companies belonging to under-developed capital markets are determined, in the particular case of this study, belonging to the Portuguese capital market. Furthermore, from target debt ratio depending on companies' specific determinants, the explanatory power of trade-off, pecking order and market timing theories are investigated. The results contribute for a deeper understanding about companies' capital structure decisions.
- The influence of the financial system on the puzzle of corporate financing decisions: reviewPublication . Rogão, MárciaThe main purpose of this study is to conduct a literature review on the influence of country-specific characteristics of financial systems on corporate financing decisions, to help complete the complex puzzle on the problematic of capital structure theories. Recently, several international studies have analysed the convergence of firms' financing decisions according to countries' financial system, but, in terms of literature review, it becomes necessary to establish the interconnection between the explanatory theories of capital structure and empirical studies in explaining the financing behaviour of firms in different countries. Following this, the methodology of this paper was based on summarizing the empirical literature in a non-systematic way, verifying in several international studies that the capital structure is influenced by the specific characteristics of the country's financial system, in which the efficiency of the function of financial intermediaries contributes to reducing transaction and information costs, helping to complete the understanding about the similarities and differences in the financing choices of firms in different countries.
- Comportamento das empresas cotadas portuguesas na escolha das fontes de financiamentoPublication . Rogão, MárciaEm torno das decisões de estrutura de capitais surgem duas questões relevantes: será que a política de financiamento seguida pela empresa influencia a sua estrutura de capitais? Na vasta literatura sobre as decisões de estrutura de capitais identificam-se duas predominantes e competitivas correntes teóricas de capitais, sendo elas a teoria do Trade-off estático e a teoria da Pecking Order. Os percursores da teoria do Trade-off estático, defendem a existência duma estrutura de capitais óptima, que maximiza o valor da empresa (Myers e Robicheck, 1965). A teoria da Pecking Order surge com o estudo de Myers e Majluf (1984), no qual sugerem que as decisões de estrutura de capitais reflectem uma ordem hierárquica seguida na selecção de fontes de financiamento. Recentemente com o artigo de Baker e Wurgler (2002), surgiu a teoria do Market Timing, segundo a qual a estrutura de capitais da empresa é o resultado acumulado das tentativas passadas de temporização do mercado de acções pelos gestores. Assim, no presente artigo pretende-se identificar a predominância, de uma das teorias supra mencionadas, recorrendo à utilização de estimadores dinâmicos de painel.
- Capital structure decisions of european and U.S. listed firms: is there a unique financial theory?Publication . Serrasqueiro, Zélia Maria da Silva; Rogão, Márcia; Nunes, PauloThis study seeks to verify if financial theories are mutually exclusive in explaining the capital structure decisions of European and U.S. listed firms. To achieve the main objective of this study, for the period between 1996 and 2007, a research sample of 659 listed firms made up as follows is taken into consideration: 92 German, 78 Spanish, 95 French, 91 Italian, 76 Dutch, 45 Portuguese, 91 British and 91 U.S. firms. As method of estimation, we use panel data models, namely the GMM System (1998) and LSDVC (2005) dynamic estimators. The results obtained show that for all the listed firms in Europe and the U.S., the existence of a negative relationship between profitability and debt is in accordance with the assumptions of Pecking Order Theory. Furthermore, the negative relationship between liquidity and debt also suggests that European and U.S. listed firms follow the principles of Pecking Order Theory in their capital structure decisions. However, the results also show that European and U.S. listed firms follow the Dynamic Trade-Off Theory seeking to adjust, albeit with different speeds, the level of current debt towards the target debt ratio.
- Os determinantes do preço da castanha em PortugalPublication . Morais, Fátima; Rogão, MárciaAo longo dos últimos anos a produção de castanha tem vindo a aumentar, quer a nível nacional, quer a nível mundial, bem como a área ocupada com a plantação de castanheiros e a respetiva produtividade, sendo a região de Bragança, em Portugal, uma principais regiões contributivas para a produção nacional. Neste sentido, considerando a evolução do setor da castanha nível nacional e internacional, a formação do preço em função dos fatores impulsionadores de preços e custos dos produtos agroalimentares, o presente estudo tem como finalidade analisar os determinantes do preço da castanha em Portugal, para o período de 1991 a 2016, recorrendo ao método dos mínimos quadrados ordinários (MQO). Os resultados indicam que o preço da castanha em Portugal é influenciado negativamente pela quantidade e positivamente influenciado pelo rendimento, valor acrescentado bruto do setor da castanha portuguesa e preço da castanha italiana.
- Impact of technology revolution on economic development over the past decadePublication . Ribeiro, Maria Isabel; Rogão, Márcia; Lopes, Isabel Maria; Fernandes, AntónioIn the past decade, the exponential development of ICT has generated a fast economic development. So, in order to better understand this phenomenon, a systematic literature review based on the Scopus database was carried out. The majority of the studies was developed in Europe and was secondary (82.4%) and qualitative (64.7%) research. Regarding the microeconomic lev-el, the evidences are: greater efficiency of businesses and companies, im-proved productivity; reduction of transaction costs; improved prof-it/economic performance of businesses; creation of closer ties between com-panies and customers, suppliers and partners/collaborators; changes in the functioning of markets that become more dynamic, challenging and competi-tive; new ways of production organization, changes in the structure of de-mand and supply for goods and services; and, the emergence of new prod-ucts. With regard to the macroeconomic level, the results show that ICT and emerging technologies have positive impacts on innovation, employment, economic and financial development, the human development index, social development, with greater civic participation of citizens in Society, greater social well-being, improvement of living conditions especially in the poorest rural areas, better quality of life, reduction of poverty, although there is also the risk of exclusion of significant parts of Society if not adhered to technol-ogies. There are also researches that highlight the role of ICT in sustainable development (economic, social and environmental). It should be noted that existing studies confirm that the impacts are greater on economic growth when compared to economic development and the human development in-dex.
- The puzzle of capital structure theories and the financial system: reviewPublication . Rogão, MárciaThe main objective of this paper relates to conducting a synthesis of the various studies that have used country-specific factors, especially macro-financial factors related to the countries' financial system, to explain the understanding of firm's capital structure choices. Several international studies have approached the explanation of the capital structure problem by resorting to determinants related to country-specific factors and, more recently, several studies have emerged that analysed the convergence of the financing decisions of companies according to the financial system of their countries. However, in terms of literature review, it can be seen that there are no studies to make the interconnection between the explanatory theories of capital structure and the innovative character of some researchers who resorted to the characteristics of the financial system to explain the financing behaviour of companies from several countries. And, as such, the present paper consisted in summarizing the empirical literature in a non-systematic way and found that various studies indicate that the capital structure is influenced by the concept of the financial system, where financial intermediaries play a key role in reducing transaction costs and information costs, and the efficiency of capital markets contributes to reducing the information costs of the hierarchy of the firm's financing sources.
- The determinants of the capital structure of Spanish and Portuguese listed companiesPublication . Rogão, Márcia; Serrasqueiro, ZéliaIn order to analyse the convergence of capital structure decisions of Spanish and Portuguese listed firms, using dynamic estimators to analyse the effect of firm-specific and country-specific determinants, with a sample composed of and 67 Spanish listed non-financial Spanish listed firms and 35 Portuguese listed non-financial firms, for the period of analysis between 2008 and 2016. The results obtained indicate that capital structure decisions of Portuguese and Spanish listed companies converge in terms of transaction costs, however in greater magnitude for Portuguese companies, since the coefficient of adjustment of current debt towards the optimal level of leverage varies between 0.662 and 0.695 for Spanish firms and between 0.674 and 0.834 for Portuguese firms. The results also indicate a convergence in the behaviour of Spanish and Portuguese firms' financing decisions in the context of agency costs, as the results indicate the existence of a significant positive relationship between the tangibility of firms' assets. Similarly, this convergence is also evident for the determinants of information asymmetry problems, with profitability and liquidity variables negatively influencing Spanish and Portuguese firms' leverage. However, only the financing decisions of Spanish firms are influenced by market conditions and stock market development.
- Influência das características specíficas e do sistema financeiro dos países na estrutura de capitais das empresasPublication . Rogão, Márcia; Serrasqeiro, Zélia; Nunes, PauloNo presente estudo procedeu-se à análise do efeito dos factores específicos das empresas e dos factores específicos dos países, na estrutura de capitais de empresas europeias e americanas, num contexto nacional e num contexto do sistema financeiro, utilizando como métodos de estimação os modelos estáticos de painel e estimadores dinâmicos, analisando uma amostra de 659 empresas não financeiras cotadas de 7 países Europeus e dos Estados Unidos da América, para o período de análise entre 1996 e 2007. Os resultados obtidos num contexto nacional indicam que, os custos de agência entre os credores e gestores / accionistas são menos severos para as empresas alemãs e espanholas e mais severos para as empresas francesas, italianas, britânicas e americanas. Por sua vez, os problemas de subinvestimento parecem ser mais severos para as empresas italianas e britânicas. Além disso, as empresas europeias e americanas suportam diferentes custos de transacção nas suas operações de financiamento, e os intermediários financeiros intervêm na estrutura de capitais das empresas alemãs e italianas através de títulos representativos do capital próprio e, pelo contrário, intervêm na estrutura de capitais das empresas britânicas por intermédio de títulos representativos de capital alheio. Os resultados obtidos num contexto do sistema financeiro indicam que, tanto os problemas de subinvestimento como os custos de agência entre os credores e os gestores / accionistas, são mais severos para as empresas de países com um sistema financeiro baseado no mercado de capitais (SFMC), enquanto os custos de agência entre os credores e gestores / accionistas são menos severos para as empresas de países com um sistema financeiro baseado no sector bancário (SFSB). Os países com um SFMC proporcionam às empresas custos de transacção mais baixos. Os intermediários financeiros intervêm, na estrutura de capitais das empresas de países com um SFMC através da aquisição de título representativos de capital alheio e, pelo contrário, intervêm na estrutura de capitais das empresas de países com um SFSB por intermédio de títulos representativos do capital próprio.