O Impacto da Heterogeneidade Regional na Estrutura de Capital: O Caso da Indústria Têxtil em Portugal

• Inés Margarida Cadima Lisboa ^[1] ; Nídia Maria Marquês Santos
  1. [1] Centre of Applied Research in Management and Economics, School of Technology and Management, Polytechnic of Leiria, PortugalPostal address: Campus 2 | Morro do Lena, Apartado 4163 -2411-901 Leiria
• Localización: Revista portuguesa de estudos regionais, ISSN-e 1645-586X, Nº. 70, 2025, págs. 107-123
• Idioma: portugués
• DOI: 10.59072/rper.vi70.686
• Títulos paralelos:
  • Regional Heterogeneity Impact on Capital Structure: The Case of the Textile Industry in Portugal
• Enlaces
  • Texto completo
• Resumen
  • English

    This study aims to analyze the impact of regional heterogeneity on micro, small and medium enterprises (MSMEs) capital structure. Specifically, this paper studies the regional impact on firms’ indebtedness through indicators that measure regional social, economic, and financial development, and also if the determinants that explain firms’ debt levels are different across regions belonging to the same country. Fixed effect models are applied to an unbalanced panel data of 1,566 firms of the manufacturing textile industry in Portugal, over the period 2015-2020. The data is collected from the SABI and Pordata databases. Results suggest that regional development, namely regional expansion, and the number of bank branches impact firms’ indebtedness. These differences influence the firm’s access to different financial funds and can justify the geographical concentration of firms in some regions. We also found a substitute effect of bank and trade credit but only to firms located in the Centre region.

  • português

    Este estudo tem como objetivo analisar o impacto da heterogeneidade regional na estrutura de capital das micro, pequenas e médias empresas. Especificamente, este trabalho analisa o impacto regional no endividamento das empresas através de indicadores que medem o desenvolvimento social, económico e financeiro regional, e também se os determinantes que explicam o endividamento das empresas são diferentes entre regiões pertencentes ao mesmo país. Para tal são analisados dados em painel não balanceado de 1.566 empresas da indústria transformadora têxtil em Portugal, no período 2015-2020, através de modelos com efeitos fixos. Os dados foram recolhidos nas bases de dados SABI e Pordata. Os resultados sugerem que o desenvolvimento regional, nomeadamente o crescimento regional e o número de agências bancárias têm impacto no endividamento das empresas. Estas diferenças influenciam o acesso da empresa a diferentes formas de financiamento e podem justificar a concentração geográfica das empresas em algumas regiões. Encontrámos também um efeito substituto do crédito bancário e comercial, mas apenas para empresas localizadas na região Centro.

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