FINANCIAL CRISIS AND CAPITAL STRUCTURE DETERMINANTS: A STUDY OF PORTUGUESE LISTED FIRMS
Inês Lisboa
Pages: 481-498
Published: 18 Oct 2017
Views: 1,685
Downloads: 230
Abstract: Firm’s capital structure is not a new theme but is still relevant in financial literature. This work aims to go a step further, not only because the impact of financial crisis is analyzed, but also because stock repurchase is taken into account. First, the evolution of total, long-term, and short-term debt and loans is analyzed. Then capital structure is regressed against crisis, asset structure, non-debt tax shields, profitability, size, growth, liquidity, cash flow, age, debt serving capacity, own shares, and tax rate. Using an unbalance panel of 53 Portuguese firms from 2003 until 2015, and estimating the models with fixed effects to firms, results suggest that all variables exhibit a significant impact on debt. Although the relationship and significance depend on debt’s proxy used. Results also show that short-term debt is more significant in total debt, and that crisis had a great impact, especially in loans.
Keywords: capital structure, debt, stock repurchase, financial crisis, portugal
Cite this article: Inês Lisboa. FINANCIAL CRISIS AND CAPITAL STRUCTURE DETERMINANTS: A STUDY OF PORTUGUESE LISTED FIRMS. Journal of International Scientific Publications: Economy & Business 11, 481-498 (2017). https://www.scientific-publications.net/en/article/1001603/
Back to the contents of the volume
© 2025 The Author(s). This is an open access article distributed under the terms of the
Creative Commons Attribution License https://creativecommons.org/licenses/by/4.0/, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. This permission does not cover any third party copyrighted material which may appear in the work requested.
Disclaimer: The Publisher and/or the editor(s) are not responsible for the statements, opinions, and data contained in any published works. These are solely the views of the individual author(s) and contributor(s). The Publisher and/or the editor(s) disclaim any liability for injury to individuals or property arising from the ideas, methods, instructions, or products mentioned in the content.
