CEEG Seminar Series: Determinants of the Capital Structure of Mozambican Non-Financial Companies


On Wednesday 14 September 2022 Valter Manjate, from the Faculty of Economics of the University of Eduardo Mondlane (UEM), will present his recent study on the determinants of the capital structure of mozambican non-financial companies.

The seminar is part of the CEEG Seminar Series, organized under the Inclusive growth in Mozambique (IGM) programme. The seminars offer a forum to share and discuss ongoing research on topics related to the work of the IGM programme and to foster a culture of research at the faculty and at UEM in general.

The series takes place at the Faculty of Economics of the University of Eduardo Mondlane (UEM). It is a public event open to everyone. The presentation will be given in Portuguese.

About the study

The study aims to identify and analyze the main determinants of the capital structure of Mozambican non-financial companies over a six-year period. To this end, it seeks to investigate whether the factors found are consistent with the predictions of the two main theories of capital structure, namely: trade-off and pecking-order. The study methodology is based on panel data models for the period from 2010 to 2015, whose main sources are secondary data obtained from the financial statements related to the publications of the National Institute of Statistics of Mozambique (INE). The study results are consistent with the trade-off and pecking order theories, suggesting them as the main theories to explain the capital structure decisions of non-financial companies.