O impacto da heterogeneidade regional na estrutura de capital: O caso da indústria têxtil em Portugal
DOI:
https://doi.org/10.59072/rper.vi70.686Palavras-chave:
Estrutura de capital, Endividamento, Heterogeneidade regional, Desenvolvimento regional, PortugalResumo
Este estudo tem como objetivo analisar o impacto da heterogeneidade regional na estrutura de capital das micro, pequenas e médias empresas. Especificamente, este trabalho analisa o impacto regional no endividamento das empresas através de indicadores que medem o desenvolvimento social, económico e financeiro regional, e também se os determinantes que explicam o endividamento das empresas são diferentes entre regiões pertencentes ao mesmo país. Para tal são analisados dados em painel não balanceado de 1.566 empresas da indústria transformadora têxtil em Portugal, no período 2015-2020. Os resultados sugerem que o desenvolvimento regional, nomeadamente o crescimento regional e o número de agências bancárias têm impacto no endividamento das empresas. Estas diferenças influenciam o acesso da empresa a diferentes formas de financiamento e podem justificar a concentração geográfica das empresas em algumas regiões. Encontrámos também um efeito substituto do crédito bancário e comercial, mas apenas para empresas localizadas na região Centro.
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