Made available in DSpace on 2016-03-15T19:26:02Z (GMT). No. of bitstreams: 1 Thiago Castiglia Gatti.pdf: 882102 bytes, checksum: 0778c77a679720096d008b22a8be77c5 (MD5) Previous issue date: 2013-08-15 / This dissertation focused on studying the relationship between business risk and leverage of Brazilian companies. To this end, six variables were used to represent the business risk (standard deviation of ROA, standard deviation of log of sales, standard deviation of changes in operating income, the unlevered beta, the cyclicality and the operating leverage) and five index of debt (total debt, short term debt, longterm debt, financial debt and net debt) calculated at their book and market values. The method used in the study for the treatment of the data was the panel data and the model that was used to estimate was the static panel. Among the results obtained by the regressions performed, some to be emphasized were the negative relationship of the standard deviation of ROA with financial debts and net debts, the negative relationship of the standard deviation of the log of sales and the standard deviation of the change in operating income with variables of debt in book value and the unlevered beta negative relationship with the variables of debt in market value. This study concluded that the risk of business is relevant to decisions about the capital structure of companies. / Esta dissertação teve como foco estudar a relação entre o risco do negócio e o endividamento das empresas brasileiras. Para este fim, foram usadas seis variáveis para representar o risco de negócio (desvio padrão do ROA, do log das vendas, da variação da receita operacional, o beta desalavancado, o grau de ciclicidade e o grau de alavancagem operacional) e cinco índices de endividamento (endividamento total, endividamento de curto prazo, endividamento de longo prazo, dívida financeira e divida liquida) calculados em seus valores contábeis e de mercado. O método utilizado no trabalho para o tratamento dos dados foi o painel de dados e foi usado o modelo de estimação de painel estático. Dentre os resultados obtidos pelas regressões realizadas, alguns a serem destacados foram a relação negativa do desvio padrão do ROA com as dividas financeira e liquida, a relação negativa do desvio padrão do log das vendas e do desvio padrão da variação da receita operacional com as variáveis de endividamento em valor contábil e a relação negativa do beta desalavancado com as variáveis de endividamento em valor de mercado. Este trabalho concluiu que o risco de negócio é relevante para as decisões sobre a estrutura de capital da empresas.

Project finance is a financing arrangement for projects, and it is characterised by the creation of a legally independent project company financed with non- or limited recourse loans. It is observed that the popularity of project finance is increasing in the recent decades, despite of the impact of Asian financial crisis. Especially in emerging markets, project finance is very common among the public-private partnership projects. It is possible that project finance yields some benefits in project management that other forms of funding are not able to provide. This research aims to explore the impacts of project finance on the risk management of projects, as well as the mechanisms of the effects of various factors on project risk management. The research starts with a quantitative analysis which consists of project data from 32 projects in recent years. The regression analysis on these quantitative data reveals that factors such as the separation of legal entity and existence of third-party guarantees can effectively reduce the borrowing rates of the projects. The borrowing rates, expressed in terms of credit spreads over LIBOR, are regarded as a proxy for the overall risk level of the projects. The qualitative section which involves five structured interviews further explores the relationships of the attributes of project finance on project risk management. The interviewees largely agrees on the effects of the separation of legal entity, non- or limited recourse loans, and the existence of third-party guarantees in managing political and country risks, business risks, and principal-agency risks. The involvement of a larger number of stakeholders in the projects enable the project to enhance its risk management ability by gaining external expertise and knowledge, influences on government policies, and more importantly, closer supervisions on project activities. Apart from revealing the important features of project finance, and the potential benefits it may yield on project risk management, the effectiveness of these features are also discussed. The study also examines the relationships between these features and the common risk factors which may affect all projects. Some recommendations to enhance the benefits of project finance and reduce the associated transaction costs are made based on this study.

The existing audit risk model does not take business risk into account. The aims of this study are, firstly, to do research on the necessity of taking business risk into account in the audit risk model, and secondly, to indicate the influence of business risk on the audit risk model and on the scope of an audit. In this study, both audit and business risks were researched and it was determined that the existing audit risk model only considers the probabilities that auditors can give incorrect opinions. This study proposes a method whereby an auditor can consider both his own business risk and that ofhis client in determining an audit risk that is acceptable to him and in determining the scope ofhis audit. In addition to the probabilities of incorrect decisions by auditors the consequences thereof are also considered, thus limiting the auditor's engagement risk. / Die huidige ouditrisikomodel neem nie besigheidrisiko in ag nie. Die doel van hierdie studie is eerstens, om die noodsaaklikheid van die inagnerning van besigheidsrisiko in die ouditrisikomodel te ondersoek en tweedens, om die invloed van besigheidsrisiko op die ouditrisikomodel en op die omvang van 'n oudit aan te dui. In hierdie studie is literatuur oor ouditrisiko en besigheidsrisiko ondersoek waaruit aan die lig kom dat die huidige ouditrisikomodel net die waarskynlikhede in ag neem dat ouditeurs foutiewe menings kan uitspreek. Gevolglik stel die studie 'n metode voor waardeur 'n ouditeur beide sy eie besigheidsrisiko asook die van sy klient in ag kan neem tydens die bepaling van 'n ouditrisiko wat vir hom aanvaarbaar is en tydens die vasstelling van die omvang van sy oudit. Daardeur word nie alleen die waarskynlikhede nie, maar ook die gevolge van foutiewe besluitnemings deur ouditeurs oorweeg en 'n ouditeur se aanstellingsrisiko sodoende beperk. / Auditing / MCom (Ouditkunde)

Donnée à la fois économique et juridique, l’apport en société demeure de façon constante une condition indispensable à la formation du contrat de société. Ces dernières années l’obligation d’apporter a pu être réduite à son strict minimum. Cela signifie-il pour autant son éradication du droit des sociétés ? À vrai dire, ce serait plutôt l’inverse. Une telle affirmation implique cependant de comprendre les évolutions subies par cette notion centrale du droit des sociétés. Pour cela, il importe d’en comprendre sa définition. L’apport en société désigne un acte et un objet. Il est un acte juridique d‘affectation de ressources permettant à la société de réaliser son objet social. En outre, il désigne un objet, ce qui correspond à la substance de ce qui est mis en société, du numéraire, un bien ou l’industrie. Le droit français des sociétés entretient un attachement historique à la corporalité des biens. Pour preuve, une hiérarchie des apports s’instaure et relègue l’apporteur en industrie, exclu du capital social, au rang du plus petit des associés. Faisant fi de sa contribution économique, cette approche peut être dépassée. Autrement dit, l’essor de l’économie dématérialisée suppose de rétablir la place de l’apporteur en industrie dans le contrat de société. En outre, affirmer qu’une société peut fonctionner sans apport ignore la contribution économique des apports non formalisés, tel est le cas de la notoriété. Cette évolution du droit suscite une exacerbation de la difficulté à évaluer son contenu. Elle implique la mise en œuvre de solutions nouvelles. La sophistication à l’infini des méthodes d’évaluations ne saurait constituer une réponse adaptée à cette problématique émergente. La contrepartie de l’apport constituée par la remise de droits sociaux peut s’adapter, notamment par la reconnaissance d’une contrepartie formée d’options de souscriptions d’actions. Ces titres répondent à l’indétermination de la valeur de certains biens et appréhendent de façon plus satisfaisante le potentiel économique. Il demeure donc possible de rémunérer un apport en nature par des bons de souscription d’actions. / Being an economic and a legal data, the capital contribution remains a prerequisite for the creation of the partnership agreement. In recent years, the obligation to bring such contribution has been reduced to a minimum. Does this mean it was removed from company law ? The French company law maintains ahistorical attachment to the physicality of the goods. As proof, the different kinds of contributions are ranked. According to this hierarchy, sweat equity contributor is not recognized in the share capital, and is even relegated to the rank of the smallest partner. Ignoring its economic contribution, this contribution may be considered as out of fashion. In other words, the rise of cloud economy implies reconsidering the position of sweat equity in the partnership agreement. Moreover, asserting that a company may operate without any input ignores the economic contribution of non-formal inputs, such as notoriety. This evolution of the law creates an exacerbation of the difficulties in assessing its content and implies finding new solutions. The infinite sophistication of assessment methods shall not constitute an appropriate answer to this arising issue. The consideration for the contribution made by the procurement of social rights can be adapted, as an instance by providing share purchase warrants. These securities follow the principle of indeterminacy of the value of certain goods and apprehend more satisfactorily the economic potential. Thus, it remains possible to compensate a contribution in kind with share purchase warrants.

Denna studies syfte är att undersöka huruvida det finns ett samband mellan andel kvinnliga styrelseledamöter och total risk i svenska onoterade aktiebolag. Tidigare forskning har riktats mot noterade aktiebolag och då huruvida det finns ett samband mellan andel kvinnliga styrelseledamöter och företags finansiella- respektive rörelserisk. Dessa två komponenter utgör tillsammans total risk varför det ter sig intressant att undersöka hur denna påverkas av andel kvinnliga styrelseledamöter. Utifrån detta formas studiens tre hypoteser, vilka är att det finns ett samband mellan andel kvinnliga styrelseledamöter och total risk, respektive finansiell risk samt rörelserisk i ett svenskt onoterat aktiebolag. Studien genomförs i positivistisk tradition, och därmed utförs statistiska tester utifrån kvantitativ data. Detta för att kunna urskilja ett eventuellt samband mellan den beroende variabeln, total risk, och den oberoende variabeln andel kvinnliga styrelseledamöter. Den empiriska datan samlas in via databasen Retriever, där information från onoterade aktiebolags årsredovisningar samlas in för bokslutsåret 2015.   Studiens resultat visar ett mycket svagt positivt samband mellan andel kvinnliga styrelseledamöter och total risk- respektive finansiell risk samt rörelserisk. Följaktligen förkastas studiens samtliga nollhypoteser. Sambanden mellan beroende och oberoende variabel är dock mycket svaga, vilket gör att resultaten skiljer sig från en svensk studie på svenska noterade aktiebolag av Adams och Funk (2012). Studien lämnar bidraget att andel kvinnliga styrelseledamöter inte har någon betydande inverkan på total risk i svenska onoterade aktiebolag.   Denna studie undersöker endast ett bokslutsår. Förslag till vidare forskning är därmed att undersöka en längre tidsperiod för att således jämföra flera bokslutsår med varandra. Studien finner att kontrollvariabeln, bolagets ålder, har störst inverkan i samtliga regressioner och ytterligare förslag till vidare forskning inom området är därmed att undersöka sambandet mellan bolagets ålder med de olika riskmåtten. / The aim of this study is to examine a possible correlation between the proportion of women on corporate boards and firm risk in an unlisted Swedish corporation. Recent studies have focused on listed companies, and whether there is a correlation between the proportion of women on corporate boards and financial risk respectively business risk. These two measures of risk together defines as firm risk. How women effect firm risk is therefore by interest to investigate further. This study is computed with a positivistic approach through statistical tests and analysis to discover an eventual correlation between the proportion of women on corporate boards and firm risk in an unlisted Swedish corporation. All empirical data is collected from the database Retriever The results of this study show that the proportion of women on corporate boards correlates with the firm, financial- and business risk correlates in Swedish unlisted corporations. Whether the results actually show a greater impact in practice can be further discussed. The contribution of this study is therefore that the gender diversification does not impact the firm risk in Swedish unlisted corporations. For future studies we suggest to do more research on how the time aspect impact the relation between women on corporate boards and firm risk. As a suggestion, the age of the corporations can be examined, since this factor had the greatest impact on the risk measures.

Actualmente en el Perú, muchas empresas se han visto impactadas económicamente a raíz de la crisis mundial originada por el Covid-19. Esto obligó a las empresas a crear nuevas formas de poder seguir operando sus negocios pese al crítico e incierto panorama que les impidió seguir adelante con sus planes, claro ejemplo son las empresas del sector comercio, las cuales tuvieron que buscar nuevos medios para poder llegar al público consumidor y satisfacer la demanda pese a las restricciones interpuestas por los Gobiernos de cada país, afectando así la cadena de suministros. Los planes de respuestas no planificados de estas empresas derivaron consigo una serie de riesgos que no fueron identificados, evaluados ni gestionados al momento de replantearse las nuevas estrategias. Es por este motivo que el presente trabajo tendrá como finalidad demostrar el impacto de la aplicación de un sistema de gestión de riesgos basado en COSO ERM 2017 en la gestión empresarial de empresas importadoras de productos ópticos de cadena en la ciudad de Lima por el año 2020, los cuales serán desarrollados en seis capítulos donde su elaboración se fundamenta en el marco teórico desarrollado según fuentes académicas e investigaciones en temas de gestión empresarial, COSO ERM 2017, gestión de riesgos y análisis del sector de estudio. Esta investigación será de tipo explicativo, no experimental, de corte transversal debido a que nuestro tema aborda y busca explicar la relación entre las dos variables de investigación (COSO ERM 2017: Gestión de riesgos y su impacto en la gestión empresarial) por el periodo de análisis año 2020. La metodología empleada es de carácter mixto de enfoque cualitativo y cuantitativo aplicados en las entrevistas a profundidad y encuestas realizadas a las personas conocedoras del tema. / Currently in Peru, many companies have been economically impacted in the wake of the global crisis caused by Covid-19. This forced companies to create new ways of being able to continue operating their businesses despite the critical and uncertain outlook that prevented them from moving forward with their plans, clearly example it is the companies in the trade sector, which had to look for new means to reach the consumer public and meet the demand despite the restrictions put forward by the governments of each country, thus affecting the supply chain. The unplanned response plans of these companies led to a series of risks that were not identified, evaluated or managed at the time of rethinking the new strategies. It is for this reason that this work will aim to demonstrate the impact of the application of a risk management system based on COSO ERM 2017 on the business management of companies importing optical chain products in the city of Lima by the year 2020, which will be developed in six chapters where its elaboration is based on the theoretical framework developed according to academic sources and research on business management issues , COSO ERM 2017, risk management and analysis of the study sector. This research will be explanatory, non-experimental, cross-cutting because our topic addresses and seeks to explain the relationship between the two research variables (COSO ERM 2017: Risk Management and its impact on business management) for the period of analysis year 2020. The methodology used is of a mixed nature of qualitative and quantitative approach applied in in-depth interviews and surveys of the people who know the subject. / Tesis

Insurance has been considered as a useful tool for farmers to mitigate income volatility. However, there remain concerns that insurance may distort crop production decisions. Positive mathematical programming (PMP) models of farmers’ cropping decisions can be applied to study the effect of agricultural business risk management (BRM) policies on farmers’ decisions on land use and their incomes. Before being used to examine agricultural producer responses to policy changes under the expected utility framework, the models must first be calibrated to obtain the values of the risk aversion coefficient and the cost function parameters. In chapter 2, three calibration approaches are compared for disentangling the risk parameter from the parameters of the cost function. Then, in chapter 3, to investigate the impacts on production incentives of changes in Canada’s AgriStability program, farm management models are calibrated for farms with different cost structures for three different Alberta regions. Results indicate that farmers’ observed attitudes towards risk vary with cost structure. After joining the program, all farmers alter their land allocations to some extent. The introduction of a reference margin limit (RML) in the AgriStability program under Growing Forward 2 (2013-2018), which was retained in the replacement legislation until 2020, has the most negative impact on farmers with the lowest costs. The removal of RML significantly increases the benefits to low-cost farmers. Traditional insurance products provide financial support to farmers. However, for fruit farmers, the products’ quality can be greatly affected by the weather conditions during the stage of fruit development and ripening, which may lead to quality downgrade and a significant loss in revenue with little impacts on yields. Hence, chapters 4 and 5 investigate the conceptual feasibility of using weather-indexed insurance (WII) to hedge against non-catastrophic, but quality-impacting weather conditions to complement existing traditional insurance. Prospect theory is applied to analyze a farmer’s demand for WII. The theoretical model demonstrates that an increase in the volatility of total revenue and the revenue proportion from blueberries increases the possibility of farmers’ participation in WII. On the other hand, the increase in the value loss aversion coefficient and WII’s basis risk leads to less demand for WII. To design a WII product for blueberry growers to hedge against quality risk, a quality index must be constructed and the relationship between key weather conditions, such as cumulative maximum temperature and cumulative excess rainfall, and the quality index should be quantified. The results from a partial least squares structural equation modeling (PLS-SEM) show that the above goals are achievable. Further, rainfall and temperature can be modelled via a time-series model and statistical distributions, respectively, to provide reasonable estimates for calculating insurance premia. / Graduate / 2022-08-05

En la actualidad, es una prioridad nacional fomentar la participación de las empresas MYPEs con contrataciones para el estado, teniendo en cuenta la producción nacional y el desarrollo económico local. Según fuente SUNAT, más de 2,2 millones de MYPEs formales operan en el mercado peruano al 2020. Este segmento empresarial representa el 96,0% del total de empresas formales en la economía peruana; el 96.04% son microempresas, 3.44% pequeña y 0.12% mediana; de las cuales el 87.9% se dedican a la actividad de comercio y servicios, y el resto (12.1%) a la actividad productiva (manufactura, construcción, agropecuario, minería y pesca). Sin embargo, a través de un estudio realizado por medio de encuestas a personal que haya laborado y/o participado en los proyectos de construcción ejecutados como parte de la presente investigación y con singularidad MYPE, se ha logrado identificar la ausencia de una adecuada gestión de riesgos, lo cual es atribuido a personal inadecuado y a una escasez de políticas en la empresa. Es por este motivo que la presente tesis tiene por finalidad presentar un diseño y los resultados de la aplicación de una metodología para la gestión de riesgos en las MYPEs. / Nowadays, promoting the participation of MYPEs (companies with less than 10 employees) in order for them to be able of contracting with the state, considering both national production and local economic development is a national priority. According to SUNAT (the national tax revenue agency in Peru), more than 2.2 million formal MYPEs have been operating in the Peruvian market by 2020. This business segment represents 96.0% of the total number of formal companies in the Peruvian economy; 96.04% are microcompanies, while 3.44% are considered small and 0.12% medium, of which 87.9% are dedicated to a commercial activity and/or service, and the rest (12.1%) to a production activity (manufacturing, construction, agriculture, mining and fishing). However, through a study carried out by means of surveys of personnel who have worked and/or participated in construction projects executed as part of this research and with MYPE singularity, it has been possible to identify the absence of an adequate management of risks, which is attributed to inadequate personnel and a lack of company policies. This is the reason why this thesis aims to introduce a design and results of the application of a methodology for risk management in MYPEs. / Tesis

Investerare har blivit alltmer intresserade av hållbara investeringar som stöttar rättigheter för alla människor. I och med Parisavtalet, klimatförändringar och George Floyds död har ett uppsving för hållbarhet fått ESG att ligga högst upp på agendan både för investerare, företag och myndigheter. Denna studie har genom en kvantitativ metod undersökt ESG´s påverkan på risk och lönsamhet under år 2021 inom OMX Stockholm 30. Resultatet tyder på att ett högre ESG-betyg leder till minskad risk i form av volatilitet samt ett skiftande tankesätt hos investerare som grundar sig i ökade klimatförändringar och sociala orättvisor som uppmärksammades under 2021. Resultatet visar även att ett högre ESG-betyg leder till fler långsiktiga investeringar. Dessutom har studien identifierat att olika sektorer satsar olika mycket och på olika delar inom ESG, vilket studien pekar på främst beror på vilka krav sektorerna har från marknaden och från sina investerare. / Investors are becoming more interested in sustainable investments. The Paris-agreement, climate change and George Floyds death made ESG become a relevant topic for future sustainable investments, this applies for investors as well as companies and government. This study has carried out a quantitative method to investigate the impact ESG has on risk and profitability in 2021 within OMX Stockholm 30. The results indicate that a higher ESG-rating leads to reduced risk known as volatility as well as changing the mindset of investors due to increased climate change and social injustice that were brought to attention in 2021. In addition, a higher ESG rating also leads to more long-term investments. The study has identified that different sectors invest differently and in different parts of the ESG, which mainly depends on the requirements of the sectors from the market and their investors.

一、本文共一冊，分六章，約五萬字。 二、本文藉美國學者William E•Fruhan 的著作一財務策略一創造價值、轉移價值、 破壞價值來研究中化合併案的財務績效。 三、研究方法為個案法，採非結構一直接訪問法，直接到中化進行訪問，不使用問卷 。 四、中化奉令於七十一年起陸續合併中台、台 及中磷等三公司經營，以便於各公司 原物料調撥、擴大營運規模……等。合併時承受鉅額債務約新台幣六十九億元，合併 後以「轉虧為盈」為首要目標，配合整體性策略及功能性政策，所產生的具體效益如 下：生產成本降低、管理費用降低、營業風險減少……等。 五、最後以創造價值證明中化合併成功，即藉著合併使總價值大於個別價值的加總， 故中化合併案例實為國營事業改善經營之範例。