Determinantes da Estrutura de Capital das Empresas Familiares Portuguesas – Evidência Empírica

Telma Correia


This study aims to examine the explanatory capacity of the main determinants identified by several theories of capital structure in the financial behaviour of family businesses, as well as identifying other determinants based on their specific characteristics. The investigation focus on a set of portuguese family businesses that constituted themselves as founder-members of the Associação Portuguesa de Empresas Familiares (APEF), and the information were collected through a specific questionnaire. The empirical evidence of this study suggests that the decision of financing a family business is influenced not only by financial factors but also by other internal specificities. The results of multiple linear regression adjusted reveals that the variables profitability, collateral value of assets, volatility of earnings, reputation, non-debt tax shield, dimension, generation and the antiquity of financial manager influenced the financing decisions of owner/mangers of the considered businesses.


Determinants of Capital Structure, Family Business, Total Debt, Capital Structure.

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