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Main factors influencing the debt of firms: A Survey of Portuguese Retail Companies
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Orientador(es)
Resumo(s)
This work aims to analyse the determinants of Portuguese firm’s level of debt. Through a survey with the financial managers of several mature Portuguese retail firms, I find that the pecking order appears to be a good description of financing behaviour for smaller firms, while the trade-off theory seems better explain the financial conduct of larger companies. I also noticed that small entrepreneurs prefer to maintain financial structures simpler, so as to avoid exposing its business to risks that they can not control.
Descrição
A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the Faculdade de Economia da Universidade Nova de Lisboa.
Palavras-chave
Pecking order theory Trade-Off Theory Capital structure Survey