Custódio, CláudiaFernandes, MarceloGiannakopoulos, Gilberto Orestis Picareta2021-06-292021-06-292016-01-222016-01-08http://hdl.handle.net/10362/120205This paper examines the effects of capital structure on markups and competitive performance. It applies theories of markup counter cyclicality and product market outcomes by Chevalier and Scharfste in (1996) to Portuguese data following the methodology from Campello (2001). Using industry level panel data of the Portuguese manufacturing industry, the analysis provides evidence for markup counter cyclicality and a joint effect of leverage and economic downturn on markups. Using a firm level census of Portuguese companies the analysis provides no evidence for a significant relationship between capital structure and competitive performance.engCapital structureMarkupCompetitive performanceCrisismaster thesis201524759