Publicação
The influence of public governance in European firm’s capital structure
| Resumo: | The aim of this thesis is to study the influence exerted by public governance in the definition of capital structures of listed companies in 15 European countries - Belgium, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and United Kingdom. In order to do it, we used a sample composed of 23 755 companies that in the period 2013-2018 were listed in the stock indices of the 15 countries. After a review of the most notable capital structure and public governance literature, we analyzed how the determinants of the debt level usually presented in the literature – Tangibility, Profitability, Growth, Size, Non-Debt Tax Shields (NDTS), Taxes, Inflation Rate and Industry – and the worldwide governance indicators – Voice and Accountability, Political Stability and Absence of Violence, Governance Effectiveness, Rule of Law, Control of Corruption, Regulatory Quality – influence companies’ choice of capital structure. According to the results obtained, we can affirm that, with the exception of NDTS, the determinants of the capital structure have an impact in line with what is expected by the existing literature. Regarding public governance, the results show that overall it is a factor influencing the choice of capital structure of companies, with Voice and Accountability, Government Effectiveness and Regulatory Quality having a positive effect on the level of debt and Political Stability and Absence of Violence and the Rule of Law a negative one. |
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| Autores principais: | Gomes, Gonçalo Maia |
| Assunto: | Capital structure Public governance European listed companies Worldwide governance indicators Estrutura de capitais Governação pública Empresas cotadas na Europa Indicadores globais de governação |
| Ano: | 2020 |
| 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: | The aim of this thesis is to study the influence exerted by public governance in the definition of capital structures of listed companies in 15 European countries - Belgium, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and United Kingdom. In order to do it, we used a sample composed of 23 755 companies that in the period 2013-2018 were listed in the stock indices of the 15 countries. After a review of the most notable capital structure and public governance literature, we analyzed how the determinants of the debt level usually presented in the literature – Tangibility, Profitability, Growth, Size, Non-Debt Tax Shields (NDTS), Taxes, Inflation Rate and Industry – and the worldwide governance indicators – Voice and Accountability, Political Stability and Absence of Violence, Governance Effectiveness, Rule of Law, Control of Corruption, Regulatory Quality – influence companies’ choice of capital structure. According to the results obtained, we can affirm that, with the exception of NDTS, the determinants of the capital structure have an impact in line with what is expected by the existing literature. Regarding public governance, the results show that overall it is a factor influencing the choice of capital structure of companies, with Voice and Accountability, Government Effectiveness and Regulatory Quality having a positive effect on the level of debt and Political Stability and Absence of Violence and the Rule of Law a negative one. |
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