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THE IMPACT OF FAMILY CONTROL AND SIZE ON CAPITAL STRUCTURE DECISIONS
Ramalho, Joaquim; Rui, Rita; Vidigal da Silva, JacintoThis paper examines the following three hypotheses about which there is some lack of clarification in the financial literature: i) family ownership is a relevant factor in determining firms’ financing decisions; ii) family ownership has a different influence on the use of debt from determining its proportion; and iii) the differentiated influence of the family ownership factor on the decision to use long-term d...
Are financing decisions of family-owned SMEs different? Empirical evidence usin...
Serrasqueiro, Zélia; Nunes, Paulo; Vidigal da Silva, JacintoThis paper analyses if ownership structure is an important determinant of capital structure decisions, on the basis of two sub-samples of family-owned and non-family owned SMEs, and using panel data models. The results suggest that family ownership is an important determinant for: i) the variations of short and long-term debt stimulated by the financial deficit; and ii) the speed of adjustment of short and lon...
NONLINEAR DYNAMICS WITHIN MACROECONOMIC FACTORS AND STOCK MARKET IN PORTUGAL, 1...
Dionísio, Andreia; Menezes, Rui; Mendes, Diana; Vidigal da Silva, JacintoThe main objective of this paper is to assess how mutual information as a measure of global dependence between stock markets and macroeconomic factors can overcome some of the weaknesses of the traditional linear approaches commonly used in this context. One of the advantages of mutual information is that it does not require any prior assumption regarding the specification of a theoretical probability distribut...
The Long-term Financing Decision Process: A Comparative Study Of The Views and...
Ramos, Augusto; Vidigal da Silva, Jacinto; Saraiva, Margarida; Lacerda, PalmiraThis paper reports the findings of a survey conducted in 2005 to study the practices related to the financing decisions of the Chief Financial Officers (CFOs) of the largest firms that operate in Portugal. The results of research confirm similar practices with European and American CFOs, as well as significant differences in the most important determinants of debt decisions. The results show the predominance of...
Economia com Compromisso - Ensaios em Memória de José Dias Sena
Branco, Manuel Couret; Carvalho, Maria Leonor da Silva; Rego, Maria da Conceição; Galego, Maria Aurora; Mira, Natércia; Henriques, Pedro Damião de SousaA expressão grega oikos nomos que deu origem à palavra economia significa a ordem, a regra da casa. Ora a ideia de casa, mesmo na sua interpretação mais restritiva, pressupõe sempre algo mais do que uma simples soma de indivíduos que partilham um mesmo tecto, significa também, e sobretudo, uma partilha de valores. Uma economia ocupada apenas com o destino mais eficaz a dar aos meios de que dispõe não parece, co...
A two-part fractional regression model for the financial leverage decisions of ...
Ramalho, Joaquim J.S.; Vidigal da Silva, JacintoIn this paper we examine the following two hypotheses which traditional theories of capital structure are relatively silent about: (i) the determinants of financial leverage decisions are different for micro, small, medium and large firms; and (ii) the factors that determine whether or not a firm issues debt are different from those that determine how much debt it issues. Using a binary choice model to explain ...
Understanding the microenterprise sector to design a tailor-made microfinance p...
Baptista, José A. G.; Ramalho, Joaquim J.S.; Vidigal da Silva, JacintoTwo of the central challenges faced by Cape Verde at the present are the high level of unemployment and the increasing proportion of the population that lives below the poverty line. Microenterprise development can be an effective means of addressing both problems in a developing country like Cape Verde, where microenterprises account for about 50% of employment. In this paper we provide a detailed profile of m...
Análise da Produção e da Produtividade da Indústria Transformadora Portuguesa n...
Vidigal da Silva, Jacinto; Mira, Natércia Godinho; Galego, AuroraEste trabalho de investigação analisa a evolução da estrutura da produção e da produtividade associada aos factores produtivos.Tendo por objectivo uma análise das alterações estruturais que ao longo da década tiveram lugar na indústria transformadora portuguesa, foi utilizada para o efeito uma metodologia baseada numa função de produção translogarítmica, através da qual foram extraídas as elasticidades de produ...
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