Submitted by Gilberto Orestis Picareta Giannakopoulos (gopg1990@gmail.com) on 2016-03-01T20:44:02Z
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FGV ver 01-03-16 PicaretaG Effects of Capital Structure on Markups and Competitive Performance - Evidence from Portugal.pdf: 3029750 bytes, checksum: 554d971335d17ca65f845dd8dc441364 (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-03-02T12:25:39Z (GMT) No. of bitstreams: 1
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FGV ver 01-03-16 PicaretaG Effects of Capital Structure on Markups and Competitive Performance - Evidence from Portugal.pdf: 3029750 bytes, checksum: 554d971335d17ca65f845dd8dc441364 (MD5)
Previous issue date: 2016-01-22 / This paper examines the effects of capital structure on markups and competitive performance. It applies theories of markup counter cyclicality and product market outcomes by Chevalier and Scharfstein (1996) to Portuguese data following the methodology from Campello (2001). Using industry level panel data of the Portuguese manufacturing industry, the analysis provides evidence for markup counter cyclicality and a joint effect of leverage and economic downturn on markups. Using a firm level census of Portuguese companies the analysis provides no evidence for a significant relationship between capital structure and competitive performance. / Este estudo avalia os efeitos da estrutura de capital nas margens de lucro e no desempenho competitivo. Aplica teorias relativas à contra ciclicidade das margens de lucro, e aos resultados do mercado do produto de Chevalier e Scharfstein (1996), a dados portugueses, seguindo a metodologia de Campello (2001). Utilizando dados de painel de empresas pertencentes à indústria transformadora Portuguesa, a análise fornece evidencia para a contra-ciclicidade de margens de lucro e de um efeito conjunto de dívida e recessão económica nas margens de lucro. Tendo por base o recenseamento de empresas Portuguesas, a análise não fornece evidência de uma relação significativa entre a estrutura de capital e o desempenho competitivo.
| Identifer | oai:union.ndltd.org:IBICT/oai:bibliotecadigital.fgv.br:10438/15635 |
| Date | 22 January 2016 |
| Creators | Giannakopoulos, Gilberto Orestis Picareta |
| Contributors | Cunha, Igor, Fernandes, Marcelo, Escolas::EESP, Custódio, Cláudia Perdigão Dias |
| Source Sets | IBICT Brazilian ETDs |
| Language | English |
| Detected Language | Portuguese |
| Type | info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis |
| Source | reponame:Repositório Institucional do FGV, instname:Fundação Getulio Vargas, instacron:FGV |
| Rights | info:eu-repo/semantics/openAccess |
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