PARREIRA, Eliana V.; M.M. PIRES, Amelia    ODETE FERNANDES, Paula. IMPACT OF INVESTMENT INCENTIVE SYSTEMS ON CAPITAL STRUCTURE AND RESULTS: THE CASE OF PORTUGUESE COMPANIES. []. , 33, 88, pp.101-116.   01--2024. ISSN 0121-5051.  https://doi.org/10.15446/innovar.v33n88.106273.

This study examines whether the incentive systems by the Portuguese State are beneficial to the point that companies feel motivated to resort to them in order to develop and grow. In this context, the main objective is to verify if investment subsidies have a positive impact on companies’ capital structure and results after they are allocated. The authors adopted a quantitative methodology to study information collected from a sample of 184 Portuguese companies through the Sabi platform, for the period 2010-2017. Additionally, six research hypotheses were formulated. The first two hypotheses address the main objective in this research, that is, to understand whether there are positive impacts on the results and capital structure of companies. The remaining four, proposed in a complementary way, seek to identify differences in the outcomes according to the business sector or company size. To test the proposed hypotheses, we used linear regressions and non-parametric tests. The results confirm the existence of positive effects thanks to the delivery of subsidies, both for business results and for the structure of capitals, even though they are not statistically significant. Findings also show there are differences by sector and size in the hospitality and large companies restauration sectors, respectively.

: Capital structure; impacts; results; investment subsidies; incentive systems.

        · | | |     ·     · ( pdf )