<p><font face="Times-Roman" size="3"><font face="Times-Roman" size="3"><font face="Times-Roman" size="3"><font face="Times-Roman" size="3"> <p align="left">The purpose of this research effort is to contribute to the discussion on consumer indebtedness and poverty, analyse the causes and levels of indebtedness as well as the role played by both the consumer and the credit provider in the growth of consumer indebtedness among the sampled population of the Cape Flats area of West Bank in the Western Cape Province of South Africa. The methodology used in this study included both qualitative and quantitative research approaches. The research methods comprised of a comprehensive literature study and secondary data analysis, immersion in the case study area in order to observe the consumer credit market dynamics and its trends. In-depth informal and semi-formal interviewing, focus group discussions as well as a questionnaire survey were also used to gather primary data.</p> </font></font></font></font></p>

Viele Städte und Gemeinden klagen über ihre hohen Haushaltsdefizite. Nun gibt es Kommunen, die extrem stark verschuldet sind und sehr hohe laufende Defizite besitzen und Kommunen, bei denen das weniger der Fall ist, bis hin zu Städten, die Überschüsse erwirtschaften. Zu diesen Phänomenen existieren in der Fachwelt verschiedene Sichtweisen. In dieser Arbeit werden einige der diskutierten Hypothesen aufgegriffen und mithilfe einer multivariaten OLS-Regressionsanalyse empirisch überprüft. Es zeigt sich, dass der Fokus verstärkt auf endogene statt auf exogene Faktoren gelegt werden muss.

Bakgrund: Oberoende av konjunktur måste ett företag finansiera sin verksamhet med kapital. Kapitalstruktur är ett omdebatterat forskningsområde där det inte råder någon generell gångbar teori som är applicerbar för majoriteten av företag. Detta tillsammans med att kapitalstruktur i konjunkturvändningar är ett relativt outforskat område möjliggör ett intressant kunskapsbidrag. Att företag inom samma bransch visat på större likheter i kapitalstruktur aktualiserar en avgränsning till en specifik sektor. Hur påverkades Sveriges största exportsektor, industriföretagen, med deras relativt höga skuldsättning av den större konjunkturnedgången som rådde år 2006–2009? Syfte: Studien syftar till att analysera hanteringen av, samt vad som påverkade kapitalstrukturen utifrån skuldsättning i de svenska industriföretagen för konjunkturnedgången under åren 2006–2009. Genomförande: I syfte att analysera skuldsättning utifrån konjunkturnedgången användes en kvantitativ strategi med finansiella nyckeltal och värderingsmultiplar från samtliga industriföretag som förklaringsvariabler. I syfte att göra studien mer verklighetsförankrad genomfördes intervjuer med åtta bolag om hanteringen och arbetet med kapitalstrukturen över tiden. Tidigare forskning inom kapitalstruktur, tillsammans med studiens empiri, har legat till grund för analys och jämförelse med konjunkturnedgången år 2006–2009. Resultat: De flesta sambanden vilka påverkade skuldsättningen under åren 2006–2009 gäller oavsett konjunkturläge. Dock råder större inverkan av konjunkturnedgången vid analys av förklaringar till sambanden där lönsamhet, tillväxt och risk är bidragande orsaker. Industriföretagen gör ingen direkt anpassning av strukturen vid en konjunkturvändning då de anses kategoriseras som ”överlevare” utifrån verksamhet och flexibilitet i kapitalstruktursammansättning. / Background: Regardless of the economy, a company must finance its operations with capital. Capital structure is a controversial area of research without any general applicable theory for the majority of companies. This, together with the relatively unexplored area of capital structure in economic turnarounds enables an interesting contribution to knowledge. The fact that companies within the same industry has proven greater similarities in capital structure raises a delimitation into a specific sector. How was Sweden’s largest export sector, industrial companies, affected by the major economic downturn that prevailed during the years 2006–2009, considering their relatively high leverage ratio? Purpose: The aim is to analyse the management of, and what affected the indebtedness in the Swedish industrial companies during the economic downturn the years 2006– 2009. Completion: In order to analyse the indebtedness during an economic downturn the study used a quantitative approach based on financial ratios and valuation multiples as explanatory variables. Interviews were conducted in order to make the study more reality-based regarding management of capital structure over time. Previous research in capital structure, together with the empirical results, has been the basis for analysis and comparisons to the economic downturn during 2006–2009. Results: Most correlations, which affected the indebtedness during 2006–2009, prevails regardless of the economic climate. However, there is a greater impact by the economic downturn when analysing the explanations of the correlations whereby profitability, growth and risk are seen as contributing factors. Furthermore, industrial companies make no direct adaption in structure at economic turnarounds since they are considered “survivors” in their strategy based on their business and flexibility in the composition of capital structure.

<p><font face="Times-Roman" size="3"><font face="Times-Roman" size="3"><font face="Times-Roman" size="3"><font face="Times-Roman" size="3"> <p align="left">The purpose of this research effort is to contribute to the discussion on consumer indebtedness and poverty, analyse the causes and levels of indebtedness as well as the role played by both the consumer and the credit provider in the growth of consumer indebtedness among the sampled population of the Cape Flats area of West Bank in the Western Cape Province of South Africa. The methodology used in this study included both qualitative and quantitative research approaches. The research methods comprised of a comprehensive literature study and secondary data analysis, immersion in the case study area in order to observe the consumer credit market dynamics and its trends. In-depth informal and semi-formal interviewing, focus group discussions as well as a questionnaire survey were also used to gather primary data.</p> </font></font></font></font></p>

Currently, the decisions taken by individuals as the act of buying, selling, consuming, saving and debt has been the focus of many scientific lines. From the viewpoint of Behavioral Finance, this study aims to analyze what are the determining factors in the propensity to indebtedness among women in the Mesorregião Centro Ocidental Rio-grandense. For this, a survey was conducted among 2,500 women distributed statistically in 31 municipalities of Mesorregião. Data were collected through questionnaire and analyzed via factor analysis, statistical tests (Anova, Correlation Test) and regression analysis. The results showed seven factors related to the values of money they are: Social Status, Concern, Stability, Pleasure, Power, Budget and Illusion is a factor for materialism and a factor for the debt. The women studied had higher average for the budget factor which indicates a certain empreendedor control of their spending, which agrees with this, it was also found low levels of debt and materialism in women from the middle region studied, however, higher for women living outside Santa Maria. It is emphasized that these low levels of materialism in the area surveyed is strongly linked to aspects of colonization, mainly coming from the Italian culture and the actual level of financial literacy shown by interviews. The ANOVA showed there are differences in the average propensity to factor Indebtedness, when analyzed under the aspects of religion, ancestry, race, debts and other variables. Regression, we obtained a percentage of explanation of the dependent variable (propensity to indebtedness) of 39.1% through the following independent variables: Material Factor, Concern Factor, Factor Budget, Dummy has Debts, Power Factor, Dummy has Liabilities in Delay and Dummy Hourglass. It is noteworthy that the budget factor in the propensity to interfere with Indebtedness negative sign, that is, as this increases the propensity decreases and all other variables have positive sign. Overall, this study showed that on average, women in Mesorregião observed, are little prone to debt and the factors that interfere with this tendency are not only financial and rational, but also psychological and cultural. / Atualmente, as decisões tomadas pelos indivíduos quanto ao ato de comprar, vender, consumir, poupar e se endividar tem sido foco de muitas correntes científicas. Sob a ótica das Finanças Comportamentais, este estudo objetiva analisar quais são os fatores determinantes na propensão ao endividamento nas mulheres da Mesorregião Centro Ocidental Rio-grandense. Para isto, foi realizada uma survey junto a 2.500 mulheres distibuídas estatisticamente nos 31 municípios formadores desta Mesorregião. Os dados foram coletados por meio de questionário e analisados via análise fatorial, testes estatísticos (Anova, Teste t e Correlação) e análise de regressão. Os resultados apresentam sete fatores ligados aos valores do dinheiro são eles: Status Social, Preocupação, Estabilidade, Prazer, Poder, Orçamento e Ilusão um fator para o materialismo e um fator para o endividamento. As mulheres pesquisadas apresentaram maiores médias para o Fator Orçamento o que indica um certo controle finaceiro de seus gastos, corroborando com este aspecto, constatou-se também níveis baixos de materialismo e endividamento nas mulheres da Mesorregião estudada, entretanto, maiores para as mulheres que residem fora de Santa Maria. Ressalta-se que esses níveis baixos de materialismo na região pesquisada está fortemente ligado aos aspectos de colonização, basicamente vindo da cultura italiana e do próprio nível de instrução financeira demonstrado pelas entrevistas. A Anova demonstrou existirem diferenças nas médias do Fator Propensão ao Endividamento, quando analisado sob os aspectos de religião, ascendência, raça, dívidas e outras variáveis. Na regressão, obteve-se um percentual de explicação da variável dependente (Propensão ao Endividamento) de 39,1%, através das seguintes variáveis independentes: Fator Materialismo, Fator Preocupação, Fator Orçamento, Dummy possui Dívidas, Fator Poder, Dummy possui Dívidas em Atraso e Dummy Ascendência. Destaca-se que o fator Orçamento interfere na Propensão ao Endividamentro com sinal negativo, isto é, a medida que este aumenta, a Propensão diminui e todas as demais variáveis apresentam sinal positivo. De maneira geral, este trabalho mostrou que, em média, as mulheres da Mesorregião observada, estão pouco propensas ao endividamento e que os fatores que interferem nessa propensão não são apenas de ordem financeira e racional, mas também de ordem psicológica e cultural.

Submitted by Noeme Timbo (noeme.timbo@metodista.br) on 2017-01-18T13:47:38Z No. of bitstreams: 1 Fátima Penha Leone.pdf: 1274991 bytes, checksum: 0608f2984cd5de26527877fe43d76fba (MD5) / Made available in DSpace on 2017-01-18T13:47:38Z (GMT). No. of bitstreams: 1 Fátima Penha Leone.pdf: 1274991 bytes, checksum: 0608f2984cd5de26527877fe43d76fba (MD5) Previous issue date: 2016-08-25 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / This study aimed to verify the existence of relationship between the indebtedness of companies and the earnings management, trying to analyze if the debt influences somehow this kind of practice used by companies in order to change the perception of users of accounting statements. The objective includes: (i) to verify if companies with higher debt levels incurred with greater intensity in the earnings management practice; ii) to identify whether the companies practiced earnings management in the period prior to fundraising through debentures or financial debt; (iii) check for differences in earnings management practices in companies that own debentures and those that do not have debentures; and (iv) to investigate whether there is difference in the practice of earnings management regarding short-term or long-term debts. The sample was collected in the Economatica database, considering the period from 2008 to 2015. After using Model KS (1995) and Model Dechow et al (2012) it was possible to verify the relationship between earnings management practices and indebtedness of companies. A positive relationship between the short-term financial debts and the earnings management practices was found, suggesting that companies with higher debt levels close to maturity, would have a greater concern with funding costs. As for the long-term debt, no relationship was found between the variables, denying the expectation that companies that need third-party capital to maintain their operations manage results to meet requirements linked to contracts loans. Regarding total indebtedness, relationship between debt and management results was found, indicating that companies incur in earnings management practice to change the perception of risk and raise funds with lower rates. / O presente estudo teve como objetivo verificar a existência de relação entre o endividamento de empresas e o gerenciamento de resultados, buscando analisar se a dívida influencia de algum modo esse tipo de prática utilizada por empresas com o intuito de alterar a percepção de usuários das demonstrações contábeis. Quanto aos objetivos propostos para a pesquisa têm-se: (i)verificar se empresas com maiores níveis de endividamento incorrem com maior intensidade na prática de gerenciamento de resultados; (ii) identificar se as empresas praticaram gerenciamento de resultados no período de captação dos recursos por meio de debêntures e ou dívidas financeiras; (iii) verificar se há diferenças quanto ao gerenciamento de resultados em empresas que possuem debêntures e aquelas que não possuem debêntures; e, (iv) investigar se existe diferença quanto à pratica de gerenciamento de resultados e dívidas de curto prazo e ou dívidas de longo prazo. A amostra foi coletada no banco de dados da Economática, considerando o período de 2008 a 2015 e, após a utilização do Modelo KS (1995) e do Modelo Dechow et al (2012), foi possível verificar a relação entre o gerenciamento de resultados e endividamento de empresas. Foi encontrada relação positiva entre as dívidas financeiras de curto prazo e o gerenciamento de resultados, sugerindo que empresas que possuem maiores níveis de endividamento próximos ao vencimento, teriam maior preocupação com os custos de captação. Quanto ao endividamento de longo prazo não foi verificada relação entre as variáveis, não confirmando a expectativa de que empresas que necessitam de capital de terceiros para a manutenção de suas operações possuam motivação para gerenciar os resultados visando atender as exigências de cláusulas restritivas atreladas aos contratos de empréstimos. Em relação ao endividamento total, verificou-se a relação entre o endividamento e gerenciamento de resultados, indicando que empresas incorrem no gerenciamento de resultados para alterarem a percepção de risco e captarem recursos com menores juros.

Taking in account the need of financing of inversions to be done by the concessionaires on the frame of concession contracts, this article develops the treatment of Guaranteed Indebtedness Allowed in the concession contracts on airport matter, which general concepts are also applicable to other types of public use transport infrastructure. In this way, the concept of Creditor Allowed is explained, and the guarantees that can be given in the frame of the referred Indebtedness are analyzed, making a comparison of these concepts in the different concession contracts. / Teniendo en consideración la necesidad de financiamiento a las inversiones a ser realizadas por los concesionarios en el marco de los contratos de concesión, en el presente artículo se desarrolla el tratamiento de los Endeudamientos Garantizados Permitidos en los contratos de concesión de infraestructura aeroportuaria, siendo los conceptos generales desarrollados en el mismo, aplicables a los demás tipos de infraestructura de transporte de uso público.De esta manera, se explica, además, el concepto de Acreedor Permitido y se analizan las garantías que pueden ser otorgadas en el marco de los citados Endeudamientos, realizando una comparación sobre el tratamiento de estos conceptos en los distintos contratos de concesión.

[pt] O mercado de cartão de crédito no Brasil cresce ano após ano e as formas de utilização dos cartões também estão se modificando com o passar do tempo. Na atualidade, o cartão de crédito se tornou um meio de pagamento capaz de multiplicar a capacidade financeira de seu usuário, ou seja, se tornou um instrumento de alavancagem financeira. Dentro deste contexto, os estudantes universitários são um nicho extremamente atraente para a indústria dos cartões de crédito. Este estudo piloto objetivou elaborar um questionário para avaliar as variáveis determinantes do endividamento de estudantes universitários no cartão de crédito, adaptando a literatura estrangeira para a realidade do mercado de cartão de crédito brasileiro. O questionário elaborado foi aplicado em seis diferentes universidades no estado do Rio de Janeiro, no Brasil, e resultou em uma amostra de trinta e dois estudantes. Os dados coletados foram tabulados e tratados estatisticamente através do método de regressão linear múltipla. Os resultados apontaram que apenas uma das variáveis independentes elencadas teve significado estatístico e pode ser considerada como preditora do grau de alavancagem financeira dos estudantes. Esta variável foi o meio de pagamento de preferência. Em resumo, os estudantes que declararam preferir o cartão de crédito como meio de pagamento de preferência apresentaram maiores níveis de endividamento. / [en] The credit card market in Brazil is growing year after year and the way to use the cards is also changing over the time. Currently, the credit card has become a payment method which can multiply the financial capacity of its holder, in other words, it became an instrument of financial leverage. In this context, college students are a very attractive niche for the credit card industry. This initial study aimed to develop a questionnaire to evaluate the determinant variables of college student`s indebtedness in credit cards by adapting the foreign literature to the Brazilian credit card market reality. The questionnaire developed was distributed to students of six different colleges in the State of Rio de Janeiro, in Brazil, and resulted in a sample of thirty-two students. The collected data were tabulated and statistically treated by the multiple linear regression method. The results showed that only one of the independent variables listed was statistically significant and could be considered a predictor of the degree of financial leverage of the students. This variable was the preferred payment method. In short, students who expressed the preference for credit cards as a payment method had higher levels of indebtedness.

This diploma thesis is focusing on analysis of indebtedness and productivity at company level. The main aim is to analyse these two variables and find their relationship. The thesis is divided into two main parts, theoretical and practical. The theoretical part includes information about indebtedness and productivity issues, whereas the practi-cal part is focusing on analysing of these two variables and finding their relationship. It is focused on companies producing furniture. In the introduction of the practical part is a characteristics of furniture manufacturing industry according to the CZ-NACE and a summarization from a macroeconomic perspective. These companies are than cate-gorized by their size into micro, small, medium and large companies. The following chapters are aimed on a produc-tivity and indebtedness analysis according to each category and on analysis of their relationship. The last chapter is aimed on hypothesis that is supposed to find out, if the companies, that have long-term asset and indebtedness growth, have also a productivity growth. The conclusion includes a summary of all the analysis. According to the analysis was found out, that in some small groups of companies exist a significant relationship between productivity and indebted-ness. It is mainly about a medium and large companies.

A presente dissertação de mestrado serve para refletir acerca das questões concernentes à crise financeira mundial, as modificações legislativas acerca da regulação do crédito ao consumidor e o os novos deveres das instituições financeiras diante de tal cenário. Considerando a necessidade urgente de uma regulação mundial, seja nacional ou em blocos econômicos, acerca do fenômeno do superendividamento, valemo-nos de exemplos de outros países para buscar uma conexão possível, considerando a cultura da sociedade de consumo, leis vigentes e necessidades específicas, entre os deveres dos consumidores e, principalmente, das instituições financeiras. Se o consumidor brasileiro paga atualmente as maiores taxas de juros no mundo, com a justificativa do mercado que tal prática é reflexo de sua inadimplência, deve-se atentar para a razão de tal inadimplência. A inadimplência do consumidor, muitas vezes o levando ao superendividamento, é um reflexo tanto da cultura do imediatismo, fomentada pela publicidade, quanto da ausência de limites e informações adequadas à este consumidor quando da concessão do crédito, o levando a subestimar os riscos da operação. O consumidor não tendo conhecimento necessário para gerir sua vida financeira, ao receber ofertas de crédito com informações deficientes, incompletas, obscuras e até mesmo com ilusões que rodeiam apenas seus benefícios e não seus riscos, é um forte candidato ao superendividamento. Muito embora existam muitas ações, tanto no Brasil quanto no mundo, para tratamento do superendividamento, buscando a ressocialização do consumidor na sociedade, devemos preocupar-nos igualmente com a prevenção deste superendividado, que deve ser realizada com a tomada da responsabilidade [neste sentido como um dever, uma postura a ser adotada pela instituição financeira previamente] no sentido de qualificar seus prepostos a igualmente terem condições de informar, clara e adequadamente, o consumidor dos riscos e benefícios do crédito. Para tanto, analisaremos alguns pressupostos que permeiam nossas hipóteses, passando no primeiro capítulo pelos benefícios e riscos do crédito e, no segundo capítulo, abordando os contratos por adesão, os princípios que norteiam tais pactos, especialmente a boa-fé, chegando ao dever geral de informação, o qual abrigaria o dever de informação formal como esclarecimento, o aconselhamento e advertência, passando igualmente pela necessidade de um prazo de reflexão ao consumidor como condutor de tais deveres. / The present dissertation serves to reflect on the issues that concerned the global financial crisis, the legislative changes regarding the regulation of consumer credit and the new duties of financial institutions faced with this scenario. Considering the urgent need of global regulation, whether national or in economic blocks, around the phenomenon of over-indebtedness, we may use examples from other countries to seek a possible connection, considering the culture of the consumer society, laws and specific needs between the consumers duties and especially, the financial institutions. If the Brazilian consumer currently pays the highest interest rates in the world, with the market justification that such practice is a reflection of its own default, we should look for the reason of such default. The consumer default, often leading him to over-indebtedness, is both a reflection from the culture of immediacy, fostered by advertising, and the absence of limits and suitableinformation for the consumer when granting credit, leading to underestimate the risks of this operation .When consumers do not have the knowledge to manage their financial lives, andreceives credit offers with disabilitiesinformation, incomplete, unclear and even illusions that surround only its benefits and not its risks, became a strong candidate for over- indebtedness. Although there are many actions, both in Brazil and around the world for over-indebtedness treatment, seeking the consumer rehabilitation in the consumer society, we must also concern ourselves about the over-indebtedness prevention, which should be performed with taking responsibility [in this sense as a duty, an attitude to be adopted by the financial institution previously] in order to qualify their agents and also having the conditions to inform clearly and properly, the risks and benefits of consumer credit. To do so, we are going to analyze some assumptions that permeate our chances, passing in the first chapter of the benefits and risks of credit and, in the second chapter, addressing the adhesion contracts, the principles guiding such pacts, especially the good faith, even to the general information duty , which would protect the duty as formal clarification of information, advice and warning, by also passing for theconsumer period for reflection as a driver of such duties.