Publicação
Investors along the company life-cycle : evidence for Portugal
| Resumo: | This research work examines the presence of several investor types along the life-cycle of Portuguese firms, alongside the shareholder and capital structure. By using stylized financial growth cycles found in Berger and Udell (1998) and Caselli (2009), it was possible to build an alternative example that sets predictions for the sequencing of investors in the development of firms. Size and age variables of financed Portuguese companies are compared and used to situate each investor type. The empirical analysis shows that, as firms become larger and older, the shareholder and capital structure change. Overall, outside investors increase their presence over the life-cycle. The level of debt tends to grow in the global structure, while, at the same time, the participation of outside investors in the equity also rises. Finally, investors tend to finance companies in the stages of development as expected by literature. |
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| Autores principais: | Carneiro, Miguel Soares da Silva Soares |
| Assunto: | Business angels Venture capital Private equity Public equity Public debt Mercado acionista Mercado obrigacionista |
| Ano: | 2016 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade Católica Portuguesa |
| Idioma: | inglês |
| Origem: | Veritati - Repositório Institucional da Universidade Católica Portuguesa |
| Resumo: | This research work examines the presence of several investor types along the life-cycle of Portuguese firms, alongside the shareholder and capital structure. By using stylized financial growth cycles found in Berger and Udell (1998) and Caselli (2009), it was possible to build an alternative example that sets predictions for the sequencing of investors in the development of firms. Size and age variables of financed Portuguese companies are compared and used to situate each investor type. The empirical analysis shows that, as firms become larger and older, the shareholder and capital structure change. Overall, outside investors increase their presence over the life-cycle. The level of debt tends to grow in the global structure, while, at the same time, the participation of outside investors in the equity also rises. Finally, investors tend to finance companies in the stages of development as expected by literature. |
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