Do firms with higher levels of innovation output, measured by patent counts and citations, enjoy lower costs of funds? The process to develop and apply for patents involves valuable resources. Thus, applying for a patent is a credible signal that the underlying invention is valuable. This value is validated to some degree when the patent is granted. In addition, patents contain detailed information about the firm's inventions and provide collateral value as they can be sold and licensed. The number of citations a firm receives act as a proxy for high-quality inventions, active networking, and pioneering. These attributes are expected to attract investors and reduce the cost of funds. Univariate and cross-sectional regression analyses of a sample consisting of 404,595 firm-years, involving firms from twenty-eight countries spanning from 1976 to 2012, demonstrate a significant negative association between innovation output and the cost of funds. The evidence suggests that the marginal benefit of innovation diminishes as innovation output increases. The results are robust to different measures of the cost of equity and the cost of debt. The negative association between the cost of equity and innovation output is economically larger for younger and smaller firms. The long-term level of innovation seems to be more important to shareholders than short-term changes of innovation. In addition, shareholders demonstrate an ability to discern between low and high-quality innovations, as they require lower rates of returns when initial patents exhibit a high quality. Shareholders place more value on innovation output when firms operate in countries with legal systems that are more effective in controlling self-dealing practices, in countries that have higher economic freedom, and in countries that have more developed financial markets. The correlation between the cost of debt and innovation output is predominantly derived by larger, more mature, and more leveraged firms. Innovation output and the cost of debt are not correlated for low levels of innovation; however, medium and high levels of innovation output relative to peer firms are associated with lower costs of bonds. The findings suggest that the effect of innovation on the cost of debt is stronger in countries with more developed financial markets and in countries characterized by higher levels of economic freedom. Practices that control for self-dealing do not affect the association between innovation output and the cost of debt.

Because of the non-recurring and transitory nature of discontinued operations, accounting standards require that the results of discontinued operations be separately reported on the income statement. Prior accounting literature supports the view that discontinued operations are non-recurring or transitory in nature, and also suggests that income classified as transitory has minimal relevance in firm valuation. Finance and management literature, however, suggest that firms discontinue operations to strategically utilize their scarce resources. Assuming that discontinued operations are a result of managerial motives to strategically concentrate resources into remaining continued operations, this dissertation examines the informativeness of discontinued operations. In doing so, this dissertation empirically tests the financial performance, investment efficiency, valuation, and analyst forecast accuracy effects of discontinued operations. In 2001, Financial Accounting Standards Board's (FASB) Statement of Financial Accounting Standards (SFAS) 144 (hereafter SFAS 144) replaced Accounting Principles Board's Opinion 30 (hereafter APB 30) and broadened the scope of divestiture transactions to be presented in discontinued operations. Some stakeholders of financial statements argued that discontinued operations were less decision-useful in the SFAS 144 era because too many transactions that do not represent a strategic shift in operations were separately stated as discontinued operations on the income statement. With the possibility that the discontinued operations reported in SFAS 144 era may not reflect a major strategic reallocation of resources, this dissertation examines whether the relationship between discontinued operations, firm performance, investment efficiency, and analyst forecast accuracy are different in the pre-SFAS 144 and SFAS 144 era. Using a sample of firms that discontinued operations between 1990 and 2012, this dissertation study finds limited evidence that firms experience improvement in financial performance following discontinued operations and that such improvement is only observed in pre-SFAS 144 era. The results also suggest that any improvement in financial performance documented is conditional on the profitability of the operations discontinued and provide no support for investment efficiency improvement following discontinued operations. Related to the valuation implications of discontinued operations, this dissertation shows that investors differentially value profitable and loss discontinued operations. However, such valuation differences are not dependent on the performance improvement implications. Finally, results support that analyst forecast accuracy of earnings decreases following the reporting of discontinued operations, but such effect is only observed in the pre-SFAS 144 era. This dissertation makes several contributions to the literature. First, this study extends the literature on corporate divestment by using a large sample of discontinuation decisions and hand-collected data on the profitability of the operations discontinued. Second, this research extends the literature on market studies by analyzing whether market response to a discontinuation decision is dependent upon the profitability of the operation discontinued. Third, based upon a review of the literature, it is believed that this is the first study to examine the possibility that analyst forecast accuracy may change following a discontinuation decision. Finally, this study extends the literature that examines the effects of changes in accounting rules and regulations on the informativeness of financial statement items. These results should be of interest to investors, regulators, and analysts.

Thesis (M.Com. (Accounting)) -- University of Limpopo, 2022 / For organisations to be successful, they need key stakeholders like shareholders, customers, employees, banks and the community. These stakeholders are essential in any profit-based organisation. All stakeholders have needs, which have to be balanced. However, it is difficult to balance the needs of different stakeholders as they have different preferences. This study seeks to determine how different needs of stakeholders can be balanced and which of these stakeholders an organisation can prioritise to create value in the organisation. The study used a quantitative method to extract secondary data from the Johannesburg Stock Exchange. The judgemental sampling method was utilised to selected 68 organisations from the JSE, which were utilised to determine which stakeholder has an impact on the value of an organisation. The study did not choose any industry but generalised. The results of the study indicate that shareholders, customers and banks (debtholders) have no effect on the financial performance of the organisation. This means that stakeholders do improve value in an organisation. However, the results further revealed that the community and employees have a positive influence on financial performance. Future researchers can choose one industry to determine how these particular stakeholders influence the financial performance of organisations in a particular industry. In addition, more stakeholders can be identified that are key to organisations. / National Research Fund through Risk and Vulnerability Science Centre

This study examines the divide between finance theory and practice by analysing the significance of the determinants of capital structure choice among 123 listed firms on the JSE, to determine whether these firms follow the trade-off theory or the pecking-order theory. Data obtained from McGregor’s Bureau of Financial Analysis database was analysed using standard multiple regressions, stepwise regressions and ANOVA techniques to test for financing behaviour. The results indicated that the trade-off model has both cross-sectional and time-series explanatory power for explaining the financing behaviour, while tests on the pecking-order model were weak. The results further revealed a significant positive correlation between debt financing and financial distress, and a significant negative correlation between debt financing and the collateral value of assets during the period under study (1995-2005). These findings suggest a divergence between finance theory and practice for JSE listed firms and manifest conflicting ideologies between finance practices of developed and developing economies. / Business management / M. Com. (Business Management )

Submitted in fulfillment of the requirements of the Master of Technology Degree in Cost and Management Accounting, Durban University of Technology, Durban, South Africa, 2014. / Small businesses are vital for employment and job creation in South Africa. The implementation of sound cash management practices is essential to ensure to profitability and sustainability of any successful business. The commonly used expression, “Cash is king” cannot be contested as its validity was more prevalent in this research study. The aim of the study was to identify the current cash management practices of small retail businesses in the Tongaat area and identify the impact of such practices on their profitability and sustainability. This descriptive, cross sectional study, using a quantitative research paradigm and a non-probability sampling method targeted a sample of 69 businesses in the chosen area. The sample structure consisted of small retail businesses in the Tongaat area of KwaZulu-Natal. There was a significant relationship between drawing budgets and sustainability. This finding suggests that the more often the business draws up cash budgets, the more viable and sustainable the business is. 78.3% of the respondents acknowledged the importance of keeping records in the business, however, only 29.9% drew up cash budgets. The findings of this study could be useful to potential, emerging and established owners of all types of businesses since effective and efficient cash management is an integral component of any successful business. There should be more emphasis placed on the impact of how proper cash management practices can affect profitability and sustainability of a small retail business. A recommendation that adds value to the study was to engage the final-year, National Diploma: Cost and Management Accounting students in an integrated project, where they can provide cash management advice to these businesses. This will enhance the small businesses’ knowledge of cash management and encourage implementation of these procedures to assist in increasing profitability and sustainability in their business.

Made available in DSpace on 2015-12-03T18:35:25Z (GMT). No. of bitstreams: 1 Claudineia_Boaventura_de_Sousa.pdf: 1035768 bytes, checksum: 8a5ab56ab58fb67088df2de635ac7c91 (MD5) Previous issue date: 2013-06-17 / This study examined the relationship between the market value (measured by Tobin's Q) and voluntary disclosure economic, social and environmental sustainability reports of companies listed on the BM&FBovespa. We analyzed the Standardized Financial Statements (SFS), Annual Reports (AR) and Sustainability Reports (SR) in the period from 2007 to 2011. The results indicate the existence of significant and positive relationship between voluntary disclosure economic and market value of companies, the same is not true with regard to voluntary disclosure environment that has a significant relationship, but negative in relation to Tobin's Q, demonstrating a trade vision-off between the investor and the manager, as such disclosure is strategically important from the viewpoint of business management. No evidence of a significant relationship between social voluntary disclosure and market value of companies. The study could help to encourage companies to voluntarily disclose information of an economic, social and environmental both quantitative and qualitative, as a strategic, yet aligned their mission and values as a way to communicate with their stakeholders and through that channel as to obtain benefits efficiency in management and business continuity expectations, given the enforcement of regulatory bodies, society and other agents that interfere in business and have direct legitimate. This incentive represents compensatory and contingency measures can reduce risks and transmit corporate responsibility and follow a global trend, which considers factors involving actions of a social and environmental function as extensions of social enterprises / Este estudo analisou a rela????o existente entre o valor de mercado (mensurado pelo Q de Tobin) e a divulga????o volunt??ria de informa????es econ??micas, sociais e ambientais, em relat??rios de sustentabilidade das companhias listadas na BM&FBovespa. Foram analisados, as Demonstra????es Financeiras Padronizadas (DFPs), os Relat??rios Anuais (RA) e os Relat??rios de Sustentabilidade Empresarial (RSE), no per??odo de 2007 a 2011. Os resultados apontam a exist??ncia de rela????o significante e positiva entre a divulga????o volunt??ria econ??mica e o valor de mercado das empresas; o mesmo n??o se d?? em rela????o ?? divulga????o volunt??ria ambiental que possui rela????o significante, por??m negativa em rela????o ao Q de Tobin, demonstrando um trade-off entre a vis??o do investidor e do gestor, pois tal divulga????o ?? estrategicamente relevante do ponto de vista da gest??o dos neg??cios. N??o h?? evid??ncia de rela????o significante entre a divulga????o social volunt??ria e valor de mercado das companhias. O estudo poder?? contribuir para incentivar as companhias a divulgar informa????o volunt??ria de natureza econ??mica, social e ambiental tanto quantitativa como qualitativa, como medida estrat??gica, por??m alinhada ?? sua miss??o e valores como forma de se comunicar com seus stakeholders e atrav??s desse canal obter vantagens quanto ?? efici??ncia na gest??o e nas expectativas de continuidade dos neg??cios, atendendo ao enforcement de ??rg??os reguladores, da sociedade e de demais agentes que interferem nos neg??cios e possuem direitos leg??timos. Tal incentivo representa medidas contingenciais e compensat??rias capazes de reduzir riscos e transmitir responsabilidade corporativa e acompanham uma tend??ncia global, a qual entende os fatores que envolvem a????es de car??ter ambiental e social como extens??es da fun????o social das empresas

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-08-17T13:20:22Z No. of bitstreams: 1 Daniele Santos Damascena.pdf: 306408 bytes, checksum: cfaff55e28fcf427b3a4ae8e026ea99c (MD5) / Made available in DSpace on 2018-08-17T13:20:22Z (GMT). No. of bitstreams: 1 Daniele Santos Damascena.pdf: 306408 bytes, checksum: cfaff55e28fcf427b3a4ae8e026ea99c (MD5) Previous issue date: 2018-07-23 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / Starting in 2014, due to the uncertainties caused by political and economic instability, the Brazilian GDP began to show negative signs and to impact the entire economy. The performance of the building industry was one of the first to be compromised. The main objective of this research was to identify and analyze the factors determining the capital structure of the five largest companies in the building sector listed on the São Paulo Stock Exchange, from 2010 to 2017, considering the assumptions of three capital structure theories: Pecking Order, Agency and Trade off. The period studied was between the first quarter of 2010 and the first quarter of 2017, totaling 29 quarters for each company. The accounting data was extracted from the Economática database. First, a graphical analysis of the accounting and financial performance of these companies was carried out. Afterwards, panel data analysis was performed, considering indebtedness indices as dependent variables and the factors of profitability, tangibility, growth and liquidity as independent variables. The evident result was the observation of adherence to the precepts of the Pecking Order Theory for the variables of profitability and liquidity in the period prior to the political-economic crisis. During the Crisis, it was observed that the variables Growth and Tangibility were the most affected by the fact that they served as collateral in credit operations / A partir do ano de 2014, em função das incertezas causadas pela instabilidade política e econômica, o PIB brasileiro começou a apresentar sinais negativos e a impactar toda a economia. O desempenho do setor de edificações foi um dos primeiros a ser comprometido. O objetivo principal desta pesquisa foi identificar e analisar os fatores determinantes da estrutura de capital das cinco maiores empresas do setor de edificação listadas na Bolsa de Valores de São Paulo, no período de 2010 a 2017, considerando os pressupostos de três teorias de estrutura de capital: Pecking Order, Agência e Teoria Trade off. O período estudado foi o compreendido entre o primeiro trimestre de 2010 e o primeiro trimestre de 2017, totalizando 29 trimestres para cada empresa. Os dados contábeis foram extraídos da base dados Economática. Primeiramente, foi efetuada uma análise gráfica do desempenho contábil e financeiro dessas empresas. Logo após, foi feita a análise de dados em painel, considerando índices de endividamento como variáveis dependentes e os fatores lucratividade, tangibilidade, crescimento e liquidez como variáveis independentes. O resultado evidente foi a constatação de aderência aos preceitos da Teoria Pecking Order para as variáveis lucratividade e liquidez no período anterior à crise política e econômica. Durante a crise, observou-se que as variáveis crescimento e tangibilidade foram as mais afetadas em função de servirem como garantias nas operações de crédito

by Yam Kam Shing. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 43-45). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- LITERATURE REVIEW --- p.2 / Chapter III. --- EQUITY FINANCING --- p.4 / Listing Equity Shares In Hong Kong --- p.4 / Listing Equity Shares In Overseas Market --- p.10 / Venture Capital / Investment Funds --- p.15 / Private Placement --- p.21 / Chapter IV. --- DEBT FINANCING --- p.22 / Issuing Debt Securities --- p.22 / Project Finance --- p.29 / Borrowing from Local Banks --- p.32 / Borrowing from PRC Banks --- p.32 / Chapter V. --- OTHER METHODS --- p.33 / World Bank and its affiliates --- p.33 / Export Credit --- p.35 / Suppliers' Financing --- p.37 / Customer Financing --- p.38 / Franchising --- p.38 / Leasing --- p.38 / Counter-Trade --- p.39 / Staff Financing --- p.41 / Chapter VI. --- SUMMARY --- p.42 / BIBLIOGRAPHY --- p.43 / APPENDICES --- p.46 / Abbreviations / SEHK the Stock Exchange of Hong Kong Ltd / HKMA Hong Kong Monetary Authority / PBOC the People's Bank of China (the central bank of China) / MOFTEC the Ministry of Foreign Trade & Economic Cooperation of China / "Listing Rules ""Rules Governing the Listing of Securities"", SEHK"

Chan Kai Yiu. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1992. / Includes bibliographical references. / Chapter 1. --- Introduction: Big Business Financing in Modern China --- p.1 / Chapter 2. --- The Demand for Capital and Credit --- p.18 / Chapter 3. --- Internal Financing --- p.30 / Chapter 3.1. --- Shareholders' Initial Investment / Chapter 3.2. --- Accumulated Capital / Chapter 4. --- External Financing --- p.56 / Chapter 4.1. --- Economic Background and Rationale behind External Financing / Chapter 4.2. --- Loans and Credits from Qianzhuang / Chapter 4.3. --- Loans from Modern Chinese Banks / Chapter 4.4. --- Loans from the Foreign Banks in China / Chapter 4.5. --- Credits in Machinery Buying / Chapter 5. --- Attempts of Closed Financing --- p.110 / Chapter 5.1. --- Guangsheng Qianzhuang: The First Attempt / Chapter 5.2. --- Gechang Wanglai: A Channel of Closed Financing / Chapter 5.3. --- The Headquarters Company: An Institutional Device / Chapter 5.4. --- Staff's Savings Department: One Step Further / Chapter 6. --- "Conclusion: Entrepreneurship, Social Networking, and Economic Rationalization" --- p.136 / Chapter 6.1. --- Entrepreneurship / Chapter 6.2. --- Social Networking / Chapter 6.3. --- Economic Rationalization / Appendix --- p.148 / Glossary --- p.150 / Selected Bibliography --- p.157

by Shum Sze Kei. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 43-46). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / CHART --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Objectives Of The Study --- p.2 / Methodology Of The Study --- p.2 / Chapter II. --- MNCs IN CHINA --- p.4 / Leading MNCs In China --- p.4 / MNCs' Investments In China --- p.5 / Different Entry Modes & Impact Upon Financing --- p.6 / The Trend Of Entry Mode To China --- p.6 / Joint Venture --- p.7 / Wholly Foreign Owned Enterprise --- p.8 / Joint-stock Company --- p.8 / Holding Company --- p.9 / Group Finance Company --- p.10 / Chapter III. --- FINANCING NEEDS OF MNCs IN CHINA --- p.11 / General Financing Environment In China --- p.11 / Financing Concerns Of MNCs In China --- p.12 / Political Risk --- p.12 / Exchange Rate Risk --- p.13 / Foreign Exchange Control --- p.13 / General Financing Criteria Of MNCs In China --- p.14 / Maximizing Debt And Minimizing Equity --- p.14 / Maturity Matching --- p.14 / Currency Matching --- p.15 / Financing Needs Of MNCs In China --- p.15 / Short-term Domestic Currency Financing --- p.15 / Long-term Domestic Currency Financing --- p.16 / Short-term Foreign Currency Financing --- p.16 / Long-term Foreign Currency Financing --- p.16 / Hedging Instruments --- p.16 / Chapter IV. --- HOW MNCs IN CHINA CURRENTLY FINANCE THEIR OPERATIONS? --- p.18 / Availability Of Financing --- p.18 / Domestic Banks --- p.19 / Foreign Banks --- p.19 / Foreign Currency Financing --- p.20 / Trade Financing --- p.20 / Working Capital Financing --- p.21 / Long-term Financing --- p.22 / Syndicated Financing --- p.22 / Domestic Currency Financing --- p.22 / Working Capital Financing --- p.23 / Long-term Financing --- p.24 / Syndicated Financing --- p.24 / Hedging Instruments --- p.25 / Case Study - --- p.25 / Background Information --- p.25 / Financing Requirements --- p.26 / How The Company Currently Finance Their Operations? --- p.27 / A Few Observations From The Case Study --- p.27 / Chapter V. --- RESTRAINTS OF THE FINANCIAL MARKETS IN MEETING MNCs NEEDS --- p.29 / Lack Of Support From Domestic Banks --- p.29 / Lack Of RMB Financing From Foreign Banks --- p.30 / Lack Of Long Term Financing --- p.31 / Lack Of Access To Equity Financing --- p.31 / Lack Of Bond Market --- p.32 / Lack Of Hedging Instruments --- p.33 / Chapter VI. --- ANTICIPATED FUTURE CHANGES OF THE FINANCIAL MARKETS IN MEETING MNCs NEEDS --- p.34 / Impacts Of WTO --- p.34 / Impact On Banking Sector --- p.34 / Impact On Equity Markets --- p.35 / Impacts Of Banking Reform --- p.35 / Impact On Domestic Banks --- p.35 / Impact On Equity And Bond Markets --- p.37 / Chapter VII. --- RECOMMENDATIONS TO MNCs IN CHINA AS REGARDS FINANCING --- p.39 / Explore Other Entry Modes When Setting Up Operations In China --- p.39 / Centralize Finance Activities For Efficient Management --- p.39 / Cultivate Relationship With Domestic Bank --- p.40 / Maintain Good Relationship With Foreign Banks --- p.41 / Improve Financial Accounting And Reporting Of China's Operations --- p.41 / BIBLIOGRAPHY --- p.43