Resumo O objetivo deste trabalho foi analisar os fatores determinantes que explicam as decisões da estrutura de capital das pequenas e médias empresas (PMEs) na província de Cabinda, Angola. Neste estudo também se analisou a maturidade da dívida e, por isso, o endividamento total foi decomposto nos rácios de endividamento de curto, médio e longo prazos. Considera-se que há um número insignificante de estudos sobre os determinantes da estrutura de capital das PMEs em países em desenvolvimento, mais concretamente em Cabinda, Angola, o que motivou o desenvolvimento deste estudo. Esta pesquisa é relevante na área de Finanças Corporativas, particularmente quanto à estrutura de capital das PMEs situadas num país em desenvolvimento como Angola. Além disso, corrobora os resultados de estudos prévios sobre a aplicabilidade dos princípios da teoria da pecking-order em relação às PMEs localizadas em países desenvolvidos. Esta pesquisa pode ter impacto nas Finanças Empresariais, na medida em que identifica os determinantes da estrutura de capital das PMEs num país em desenvolvimento - considerando a maturidade da dívida -, por meio da análise dos rácios de endividamento total, endividamento de curto, médio e longo prazos. Com base numa amostra de 73 PMEs para o período entre 2011 e 2016, foram utilizados os modelos de dados em painel (pooled OLS, efeitos fixos e aleatórios). Os resultados deste estudo mostram que a tangibilidade, a idade, a liquidez e os benefícios fiscais extradívidas são fatores determinantes nas decisões da estrutura de capital das PMEs na província de Cabinda, Angola. Ademais, sugerem que estas empresas seguem os princípios da teoria da pecking-order nas decisões de estrutura de capital. A pesquisa contribui para aumentar os estudos na área de Finanças Corporativas, particularmente em relação aos determinantes da estrutura de capital das PMEs situadas num país em desenvolvimento.

Abstract The objective of this study was to analyze the determining factors that explain the capital structure decisions of small and medium-sized enterprises (SMEs) in the province of Cabinda, Angola. In this study, debt maturity was also analyzed and, therefore, total indebtedness was broken down into short, medium, and long-term debt ratios. This study is motivated the poor number of studies on the determinants of the capital structure of SMEs in developing countries, more specifically in Cabinda, Angola. This research is relevant for Corporate Finance, particularly regarding the capital structure of SMEs located in a developing country like Angola. Also, it corroborates previous studies on the applicability of the principles of the pecking-order theory to SMEs in developed countries. This research present contributions to Corporate Finance, as it identifies the determinants of the capital structure of SMEs in a developing country - considering the debt maturity -, through the analysis of total debt ratios-, short-, medium- and long-term debt. Based on a sample of 73 SMEs for the period between 2011 and 2016, we used panel data models (pooled OLS, fixed and random effects). The results of this study show that tangibility, age, liquidity, and non-debt tax shield are determining factors in the decisions of the capital structure of SMEs in the province of Cabinda, Angola. Furthermore, they suggest that these firms follow the principles of pecking-order theory in capital structure decisions. The research contributes to increase studies in Corporate Finance, particularly concerning the determinants of the capital structure of SMEs located in a developing country.

ABSTRACT Objective: Establish the association of the weighted average cost of capital with the return on assets, of the alternative cost of capital with the return on equity, and of the average cost of debt with the return on sales in banks operating in Peru. Method: The investigation had a quantitative approach, was non-experimental transversal, and correlational. The population consisted of 18 banks, and it was not necessary to calculate the sample. The data was collected through the documentary analysis of the annual financial statements from 2010 to 2018 of each bank; the hypotheses were tested using the correlation index. Results: The weighted average cost of capital, equity capital, and debt capital were determined; as well as the index of return on assets, on net worth, on sales, and on the added economic value. Conclusion: There is an inverse correlation between the weighted average cost of capital and the return on assets; also, between the cost of debt net of tax shield and the return on sales; however, there is a direct correlation between the alternative cost of capital and the return on equity.

RESUMEN Objetivo: Establecer la asociación del costo promedio ponderado de capital con el rendimiento sobre los activos, del costo alternativo de capital con el rendimiento sobre el patrimonio, y del costo promedio de deuda con el rendimiento sobre las ventas en los bancos que operan en el Perú. Método: Investigación de enfoque cuantitativo, no experimental-transversal y correlacional. La población estuvo formada por 18 bancos, no fue necesario calcular la muestra; se recolectaron los datos mediante el análisis documental de los estados financieros anuales de 2010 a 2018 de cada banco; las hipótesis se probaron mediante el índice de correlación. Resultados: Se determinaron el costo promedio ponderado de capital, de capital propio y de capital por deuda; también el índice de rendimiento sobre los activos sobre el patrimonio neto, sobre las ventas y el valor económico añadido. Conclusión: Existe una correlación inversa entre el costo de capital promedio ponderado y el rendimiento sobre los activos; también entre el costo neto de la deuda de escudo fiscal y el rendimiento sobre las ventas; sin embargo, existe correlación directa entre el costo alternativo de capital y el rendimiento sobre el capital propio.

Abstract In the traditional version of the discounted cash flow model, the contingent values of tax savings are not considered, assuming, instead, deterministic values for tax shields. In this sense, this paper proposes a model that incorporates the contingent nature of tax savings in relation to the degree of leverage and expected profits. Using the Options Theory as a basis, the valuation model for tax savings is developed. Next, through the case and sensitive analyses of the profits, the main results are achieved. The contingent nature of tax savings in the firm’s value is evidenced, avoiding the discussion about tax shield interest rates.

Resumen En la versión tradicional del modelo de descuento de flujos de fondo, no son considerados los valores contingentes de ahorros fiscales, suponiendo, por el contrario, valores determinísticos para escudos fiscales. En tal sentido el trabajo propone un modelo que incorpore la naturaleza contingente de los ahorros fiscales, relacionado con el grado de apalancamiento y resultados esperados. Empleando la Teoría de Opciones como base, es desarrollado el modelo de valuación de ahorros fiscales. Seguidamente, mediante el análisis de caso y sensibilidad de resultados, se alcanzan los principales resultados. Se evidencia la naturaleza contingente de los ahorros fiscales en el valor de la firma, evitando el debate sobre tasas de interés de escudos fiscales.

BACKGROUND: This article seeks to complement the previous literature and clarify the particularities of the capital structure policy of firms with foreign direct investment in Angola. AIM: This article seeks to identify the determinants of the capital structure of Portuguese firms with direct investment in Angola and to understand whether the determinants normally considered by standard finance theory are in line with those used by firms when structuring their capital structure policy to participate in the specific market of Angola. SETTING: This article examines 26 large Portuguese firms with investments in Angola using econometric panel data for the period 2006-2010. METHODS: The study applied fixed and random effects methods and panel-corrected standard errors that maintain efficiency and unbiased behaviour even in the presence of panel-level heteroscedasticity and contemporaneous correlation of observations among panels. RESULTS: The results provide evidence that the determinants normally considered by standard finance theory are in fact - in terms of sign and coefficient dimension - those used by firms for structuring their capital structure policy when involved in the internationalisation process of entering Angola. Specifically, age, asset structure, return on assets and tangibility have a positive influence on the capital structure of Portuguese firms that have invested in Angola, while non-debt tax shields and liquidity have a negative influence on these companies' leverage ratios. When comparing our results with studies that have analysed the capital structure determinants of listed Portuguese firms - firms belonging to the PSI 20 Index and large firms in the Portuguese corporate sector - we found similarities in the sign and coefficient dimension of the determinants of capital structure. However, the profitability coefficient sign is in line with the trade-off framework (i.e. profitability is positively related to debt) but not with pecking order theory (i.e. profitability is negatively related to debt. CONCLUSION: Our results suggest that the high-growth Angolan market is seen by larger Portuguese firms as a low-risk diversification process because of the economic hardship Portugal has gone through, as well as cultural and linguistic similarities to Portugal. As such, the Angolan market is seen as an extension of the Portuguese domestic market that has increased potential. This scenario potentially reduces the firm default probability and the cost of debt. Maintaining the tax shield benefits of debt and decreasing the cost of debt - through a reduction in the default probability - have induced profitable firms to use more debt.

This paper proposes a binomial model for company valuation, projecting scenarios of continuity or insolvency of the company, and comparing it with the discounted cash flow model. The Real Option Theory is used for estimating the value of the company, which results in an explicit trade-off between the advantages and the risk of taking on debts. The work is organized as follows: the model is introduced and developed, and then it is illustrated with the application of a case, comparing the results obtained with the discounted cash flow model. Variables like: leverage, tax rate and volatility are sensitive when analyzing the impact on the value of the company. Finally, the document describes the advantages of the proposed model.

En este documento se propone un modelo binomial para valorar empresas, proyectando y condicionando escenarios de continuidad o liquidación de la firma. El modelo se basa en la Teoría de Opciones Reales para estimar el valor de la firma, que resulta de un balance explícito de las ventajas y riesgos de tomar deuda. El trabajo se estructura de la siguiente manera: Primeramente, la introducción y desarrollo del modelo teórico; luego se ilustra mediante un caso de aplicación, comparando los resultados obtenidos con el modelo de descuento de flujos de fondos. Se sensibilizan variables como: endeudamiento, tasa de impuesto y volatilidad para analizar el impacto en el valor de la empresa. Finalmente, se describen las ventajas del modelo propuesto.

As proposições seminais de Modigliani e Miller iniciaram um campo novo de estudos na moderna teoria de finanças. Com o passar do tempo, suas premissas básicas foram sendo relaxadas, de tal sorte que atualmente são raras as situações em que podem ser aplicadas plenamente, obtendo resultados satisfatórios e consistentes. Por outro lado, pelo fato de esse conjunto simples de proposições ter-se tornado mundialmente conhecido e de fácil aplicação, acabou sendo adotado como receita geral para a avaliação de empresas. Todavia, em situações em que não existe viés de metodologia, os valores resultantes de avaliação de empresa por metodologias tradicionais são herméticos, não possibilitando a análise e administração dos elementos individuais que compõem o valor da firma e do capital próprio. Para se evitar esse tipo de hermetismo na avaliação de empresas, metodologia alternativa de avaliação de empresa é aqui deduzida analiticamente, em que é possível a identificação do valor dos ativos, independentemente da sua forma de financiamento; além disso, são identificados o valor do ganho que a dívida pode proporcionar para o acionista, o benefício fiscal da dívida e a perda de valor do ativo e do benefício fiscal da dívida pelo acréscimo de risco do capital próprio em função de estrutura de capital alavancada. Portanto esse trabalho é teórico.

The seminal propositions by Modigliani and Miller started a new study area in modern finance theory. Over time, their basic assumptions were relaxed, to the extent that, nowadays, situations in which they can be fully applied, with consistent and satisfactory results, are rare. On the other hand, as this simple set of propositions became known worldwide and was easily applicable, it was adopted as a rule of thumb for general enterprise valuation. However, in situations without methodological bias, the resulting enterprise values obtained by traditional methodologies are abstruse and do not allow for the analysis and management of the individual values that make up the firm and own capital values. In order to avoid this kind of abstruseness in company valuation, this study theoretically deducts an alternative valuation methodology, which permits the identification of assets' value independently of their financing; moreover, we identify the gain on debt value that the debt provides to the shareholders, the debt tax shield and the value loss of assets and tax shield due to the increase in shareholder risk because of the leverage capital structure.

Uno de los tópicos más importantes en valoración es la relación apropiada entre flujos de caja y tasas de retorno. Yo reviso esta relación con la premisa, por Myers (1974), de que el costo de la deuda es la tasa de descuento apropiada para el escudo fiscal. Diferentes hipótesis han sido estudiadas para el riesgo del escudo fiscal; cada una de ellas produce diferentes resultados de valoración, especialmente cuando el crecimiento está presente. Una diferencia entre los resultados que yo obtengo y los resultados de otros es la presencia del crecimiento en las expresiones para las tasas de descuento, lo cual puede ser utilizado para estimar la validez empírica de cada uno de los métodos propuestos.

One of the most important topics on valuation is the appropriate relationships between cash flows and rate of returns. I review those relationships under the premise, by Myers (1974), of the cost of debt as the right discount for the tax shield. Different hypotheses have been advanced for the tax shield risk, each one producing different valuation results, especially when growth is present. The consequences of some common mistakes on valuation are explored. One difference between the results I obtain and results by others is the presence of growth in the expressions for the discount rates, which can be used to asses the empirical validity of each of the approaches.