Luis Rodrigues

Polytechnic Institute of Viseu | IPV · School of Technology and Management of Viseu

This work shows the relevance of guarantees provided by the Mutual Credit Guarantee System as an instrument used in the financing of SMEs, especially in restructuring long-term debt and bank loans. The study provides empirical evidence and puts forward an explanatory model of the influence of the mutual credit guarantees on the financing of SMEs. T...

Our main aim is to explain the key determinants of investment in working capital during a firm's life cycle. We have developed a model where the investment in the working capital (WCI) is adjusted to the desired level, which in turn depends on the ability of the firm's capacity to generate EBITDA, the structure of the maturity of its liabilities an...

We propose a theoretical model that argues that the expected financial distress costs in small- and medium-sized enterprises (SMEs) result from the interaction of the financial distress likelihood and the magnitude of the consequences orne whenever financial failure occurs. The empirical evidence from five European countries, where the insolvency l...

We propose a theoretical model that argues that the expected financial distress costs in small- and medium-sized enterprises (SMEs) result from the interaction of the financial distress likelihood and the magnitude of the consequences borne whenever financial failure occurs. The empirical evidence from five European countries, where the insolven...

We propose a theoretical model that argues that the expected financial distress costs in small-and medium-sized enterprises (SMEs) result from the interaction of the financial distress likelihood and the magnitude of the consequences borne whenever financial failure occurs. The empirical evidence from five European countries, where the insolvency l...

This paper provides an ex ante analysis of the effect of financial insolvency codes on investment by examining the main characteristics embodied in several codes that may cause investment distortions. The results from the estimation of an extended version of the q model of investment show a negative relationship between ex ante insolvency costs and...

This study develops an ex-ante model for estimating financial distress likelihood (FDL), and contributes to the literature by presenting a financially-based definition of distress that is independent of its legal consequences, a theoretically supported model for the FDL, and an appropriate methodology that uses panel data to eliminate the unobserva...

This paper provides new evidence on the financial structure of small firms by emphasizing the role played by financial distress. We specify a model of debt adjustments that allows us to investigate the specific nature of the adjustment process towards target debt levels in small firms, which is then extended to account for the effect of financial d...

This study focuses on developing a new approach to estimating the ex-ante probability of financial distress by means of a model that could be applied to different economic and legal contexts. Our approach first consists of testing for the specification of the proposed model by using panel data methodology to eliminate the unobservable heterogeneity...

This paper provides international evidence on financial distress costs. To achieve this aim, we have developed a model where financial distress costs are determined, on the one hand, by making use of a more accurate indicator of the probability of financial distress and, on the other, by a set of variables that, according to financial theory, expla...

This study examines the determinants of financial insolvency costs, by making use of a more accurate indicator of the probability of insolvency and considering the effect of institutional differences on these costs. We find that insolvency costs are positively related to the probability of financial insolvency, and negatively related to leverage an...

This study is an extension of current research on insolvency diagnosis. We intend to demonstrate that in small firms, the relevant information for the preventive diagnosis of insolvency can be synthesised in a model built upon a more reduced number of economic and financial ratios than the ones generally used in this kind of study. Our approach pro...

This paper studies which characteristics of the financial insolvency codes give rise to two well-known investment problems (underinvestment and overinvestment). The empirical evidence is obtained by estimating the q investment model which incorporates cash flow. Our results show a negative effect of ex-ante costs on investment. Furthermore, the sen...