ABSTRACT
Over the last few decades, there have been several theories about the capital structure of companies, namely Trade-off, Pecking order and Signaling. The present study aims to identify the determinants of the capital structure of hotel units in Portugal, as well as to analyze the application of those theories in these companies. The choice of this sector is justified by the importance it represents in terms of the Portuguese economy. For this purpose, a sample of 240 companies was used, and multiple linear regression analysis based on panel data was applied. For this purpose, a sample of 240 companies belonging to the hotel sector was used. The data obtained were processed in the STATA statistical program, using the multiple linear regression analysis based on panel data. After the pooled, fixed effects and random effects models were tested, the latter was selected and used.
