DETERMINANT FACTORS OF CAPITAL STRUCTURE: A STUDY FOCUSED ON THE ANGOLAN BANKING SECTOR
DOI:
https://doi.org/10.47820/recima21.v7i1.6865Keywords:
financial determinants, capital structure, Angolan banking sectorAbstract
This study analyses the determinants of capital structure in Angolan commercial banks, aiming to understand how variables such as size, growth opportunities, asset tangibility, profitability, and liquidity influence leverage levels. A quantitative approach was adopted, using financial data from 2022 to 2023, with statistical treatment performed through SPSS software. Descriptive and inferential analyses were conducted to identify behavioural patterns of the variables and to test the significance of the proposed model. Empirical results indicate that profitability and asset tangibility have a positive and statistically significant effect on leverage, partially confirming theoretical predictions from capital structure literature, especially the Trade-Off and Agency Cost theories. In contrast, bank size, liquidity, and growth opportunities did not show significant effects. It is concluded that, in the Angolan context, profitability and tangible assets stand out as the main determinants of capital structure in commercial banks, highlighting particularities of the financial sector in emerging economies.
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