Determinantes da Estrutura de Capital das Empresas Familiares Portuguesas – Evidência Empírica

Authors

  • Telma Correia ESGHT, Universidade do Algarve

Keywords:

Determinants of Capital Structure, Family Business, Total Debt, Capital Structure.

Abstract

This study aims to examine the explanatory capacity of the main determinants identified by several theories of capital structure in the financial behaviour of family businesses, as well as identifying other determinants based on their specific characteristics. The investigation focus on a set of portuguese family businesses that constituted themselves as founder-members of the Associação Portuguesa de Empresas Familiares (APEF), and the information were collected through a specific questionnaire. The empirical evidence of this study suggests that the decision of financing a family business is influenced not only by financial factors but also by other internal specificities. The results of multiple linear regression adjusted reveals that the variables profitability, collateral value of assets, volatility of earnings, reputation, non-debt tax shield, dimension, generation and the antiquity of financial manager influenced the financing decisions of owner/mangers of the considered businesses.

Author Biography

  • Telma Correia, ESGHT, Universidade do Algarve

    Master in Corporate Finance

    Adjunct Professor, ESGHT/Universidade do Algarve

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Published

31.12.2006

Issue

Section

Business/Management: Research Papers

How to Cite

Determinantes da Estrutura de Capital das Empresas Familiares Portuguesas – Evidência Empírica. (2006). Tourism & Management Studies, 2, 21-32. https://www.tmstudies.net/index.php/ectms/article/view/32