TY: THES
T1 - The determinants of leverage: evidence from utility firms of eleven european countries
A1 - Gomes, Ana Sofia Monteiro
N2 - This study analysis the explanatory power of some variables (that have been proposed in the literature) on the financing decisions of companies. In particular, this study investigates the determinants of leverage of firms in eleven countries, all members of Organization for Economic Co-operation and Development (OECD), based on a robust regression set from 2004 to 2008 comprising about 3.320 firms on the utilities industry. The statistical information was performed with the support of the statistical program STATA 10. Since the analysis of the determinants of leverage based only on the total debt could conceal significant differences in the determinants of long and short-term forms of leverage, the study use determinants of total debt ratios as well as determinants of long-term and short-term debt ratios. The results indicate that most of the determinants of leverage suggested by capital structure theories appear to be relevant for the firms used in the sample. The results also show that firms in these countries seem to determine their financing decisions in similar ways as it is evident by the signs of the statistically significant regression coefficients.
UR - http://www.repository.utl.pt/handle/10400.5/2427
Y1 - 2010
PB - Instituto Superior de Economia e Gestão