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Resumo : No corrente estudo analisaram-se os fatores explicativos das decisoes de estrutura de capital das Pequenas Empresas (PEs) portuguesas, dado a estrutura de capital destas ter um interesse relevante ao nivel economico-social geral. Neste trabalho centrou-se na teoria Pecking-order ( POT ) e na teoria do Trade-off , considerando-as mutuamente explicativas e complementares, para avaliar o papel de um conjunto de fatores divididos em tres niveis: os internos a empresa, os ligados ao mercado e os ligados ao sistema fiscal. Com base em uma amostra de 2.329 PEs portuguesas, os dados foram sujeitos a uma regressao multivariada. Os resultados obtidos mostram que a rentabilidade, a liquidez e a idade tem um impacto negativo e significativo no endividamento, evidenciando a importância dos principios da teoria Pecking-order para as decisoes de estrutura de capital das empresas portuguesas de menor dimensao. O relacionamento positivo entre a variavel dimensao da empresa e o endividamento da algum suporte a importância da teoria do Trade-off em contexto das decisoes de estrutura de capital das pequenas empresas. Palavras-chave : Teoria Pecking-order . Teoria do Trade-off . Endividamento. Portugal. The small firms’ capital structure in Portugal: an approach to the Trade-off and Pecking-order theories Abstract : The present study analyzes the explanatory factors of the capital structure decisions of the Portuguese Small Companies (PEs), given that the capital structure of these companies has a relevant interest in the general economic-social level. This paper focuses on the Pecking-order (POT) theory and the Trade-off theory, considering them mutually explanatory and complementary, to evaluate the role of a set of factors divided into three levels: the internal to the company, market and the tax system. Based on a sample of 2.329 portuguese PEs, data were submitted to a multivariate regression. The results obtained show that profitability, liquidity and age have a significant impact on indebtedness, evidencing the importance of the principles of the pecking-order theory for the capital structure decisions of smaller portuguese firms. The positive relationship between the firm's variable size and indebtedness supports the importance of Trade-off theory in the context of the capital structure decisions of the companies analyzed. Keywords : Pecking-order theory . Trade-off theory . Debt . Portugal .

A estrutura de capital de empresas de pequena dimensão em Portugal: uma abordagem segundo as teorias do Trade-off e da Pecking-order