How capital structure influences corporate performance and value has been in the interest of researchers and scholars for more than half a century, but an answer is yet to be found. The main objective of the present paper is to contribute with data for this cause and hopefully help to clarify this mystery. The method that was used was by analyzing the impact of debt on profitability and market valuation through linear regression. The study examined 17 Swedish property companies listed on Nasdaq OMX Large Mid and Small Cap over a 6 year period (2007-2012). The authors found a slightly negative relationship between debt-to-equity and profitability measured by return on equity (ROE) as well as by return on assets (ROA). However, significance was only found in terms of return on assets. The authors found no relationship between debt-to-equity and market valuation measured by price-to-earnings (P/E) nor price-to-book (P/B).

La thèse analyse les effets de la régulation sur le risque systématique d’un panel de 17 grands opérateurs de télécommunications européens entre 1997 et 2012. La relation régulation/risque est étudiée sous trois angles : (i) via la modification de la distribution des revenus de la firme, (ii) la promotion de l’intensité concurrentielle, et (iii) les choix de structure financière des opérateurs. Une modélisation de l’impact de la régulation sur la structure financière de la firme met en évidence que la hausse stratégique de l’endettement peut accroitre ou décroitre le risque systématique. Trois méthodologies d’estimations du risque sont utilisées : les MCO et le filtre de Kalman sans et avec effet TGARCH. Les trois aspects de la relation risque/régulation sont ensuite abordés via une étude en données de panel (couvrant les ratios financiers, l’intensité concurrentielle, l’intensité et le régime de régulation) puis en évaluant la réaction du risque aux annonces d’évolutions du cadre réglementaire européen (étude d’évènements). / The thesis analyzes the effects of regulation on the systematic risk of a panel of 17 leading European telecommunications operators between 1997 and 2012. The regulation / risk relationship is studied through: (i) the changes in the firm income distribution, (ii) the promotion of competitive intensity, and (iii) the operators' choice of financial structure. Modeling the impact of regulation on the financial structure of the firm highlights that strategic increase in debt may increase or decrease the systematic risk. Three estimation methodologies of risk are used: OLS and Kalman filter technics with and without TGARCH effect. The three aspects of risk / regulation relationship are then addressed through a panel data study (covering financial ratios, competitive intensity, and regulatory regime index) and then by an events study evaluating market reactions to announcements of changes in the European regulatory framework.

This study investigated the relationship between capital structure, performance and replacement of chief executive officer in firms listed on the Nairobi Securities Exchange (NSE). Data was collected from a sample of 37 firms listed on the NSE over a period of 23 years, from 1990 to 2012. The analysis was conducted at three stages. The canonical correlation technique was employed to investigate the bi-directional relationship between capital structure and performance and to select competing indicators of performance and capital structure. Second, the general linear model (GLM) procedure was used to test the effect of performance and ownership structure and to test the effect of capital structure and ownership structure. Lastly, the generalised estimating equation (GEE) was used to assess effects of performance, capital structure and ownership structure on change in CEO. The results revealed that a bidirectional relationship exists between capital structure and debt capital. The indicators found to be useful in examining the relationship between performance and capital structure are asset turnover ratio and total debt to the total asset ratio. The findings support the efficiency hypothesis but not the franchise hypothesis. The results also indicated that firms with a low asset turnover are with a low asset turnover are 3.045 times likely to change CEO compared to firms with a high asset turnover. The results also indicated that firms with high leverage (debt) are he results also indicated that firms with high leverage (debt) are 3.430 times likely to change CEO compared to firms in low leverage, while the firms with medium leverage are are are are 6.491 times likely to change CEO. Therefore managers should not be passive when it comes to choosing between equity and debt capital played a disciplinary role on firms listed on the NSE. / Business Management / DCom (Business Management)

Esta dissertação analisa os determinantes do investimento na economia brasileira no período compreendido entre 2003 e 2008, com enfoque teórico na teoria das restrições financeiras. Para efetuar tal análise, esse trabalho apresenta as principais teorias do investimento presentes na literatura, assim como os principais trabalhos que abordam a questão da relevância ou não da estrutura de capital no financiamento do investimento, com destaque àqueles que inserem a assimetria informacional no escopo teórico. Em seguida, são apresentados os trabalhos que defendem a importância da restrição financeira na determinação do investimento da firma. Para enriquecer a argumentação, é feita uma análise histórica da trajetória da taxa de investimento brasileira e da estrutura de capital das empresas nacionais, e um resumo dos principais trabalhos que estudaram os determinantes do investimento na economia brasileira, com destaque para os que incorporam as restrições financeiras. Por fim, a partir de dados de balanços patrimoniais e segregando a amostra por porte da empresa, um modelo de dados de painel é desenvolvido para testar a hipótese de restrição financeira nas firmas brasileiras de mercado aberto no período. / This dissertation analyzes the determining factors for investment in the Brazilian economy over the 2003-2008 period, with a theoretical focus on financial constraints. To conduct such analysis, this paper presents the main investment theories in the available literature, as well as the main papers that address the issue concerning the relevance, or not, of capital structure in financing investment, highlighting those that insert informational asymmetry into the theoretical scope. Following this are the works that defend the importance of financial constraints when deciding on a company’s investment. For a more in-depth examination, an historical analysis is carried out on the course not only of the Brazilian investment rate, but also of the capital structure of Brazilian companies. In addition, a summary of the main papers containing studies on the determining factors for investment in the Brazilian economy is presented, highlighting those [papers] that incorporate financial constraints. Finally, based on data from balance sheets and taking samples per company-size, a panel-data model is developed to test the hypothesis of financial constraints in publicly-listed Brazilian firms in the period in question. / Dissertação (mestrado) - Universidade Federal do Rio de Janeiro. Instituto de Economia, Rio de Janeiro, 2010 / Bibliografia: p. 88-94

Made available in DSpace on 2016-03-15T19:30:54Z (GMT). No. of bitstreams: 1 Jose Matias Filho.pdf: 2247216 bytes, checksum: 9f58a8acab229af1da81ea011f6e8bd0 (MD5) Previous issue date: 2012-08-14 / The economic growth is close linked with the growth of the companies. There is a great expectation that the countries of the supposed block BRIC: Brazil, Russia, India and China presented a vigorous growth in the coming decades. The capital structure of these companies will have a key role in providing more financial resources for the increased activity, necessary for this expected growth. The present study investigated the capital structure of the companies in this supposed economic block, in order to identify its determinants, the influence of governmental policies in their training and the alignment with the main theories of capital structure currently discussed in the literature: agency costs, trade-off, asymmetric information and pecking order. Made a comparison with U.S. companies, the leading country in the world economy, and calculate the level of debt off of the sample. The results identified several variables as determinants of capital structure of companies of the sample, with predominance for the variables at the firm level, and to a lesser degree in the macro-economic level. Strongly corroborated the assumptions of the theories discussed, and provided robust evidence of being aligned with U.S. companies. They also showed a reasonable debt off for countries in the sample, which can be applied to increase de activity of enterprises, except Russia. / O crescimento econômico está intimamente ligado com o crescimento das empresas. Existe uma grande expectativa que os países do BRIC: Brasil, Rússia, Índia e China apresentem um crescimento vigoroso nas próximas décadas. A estrutura de capital dessas empresas terá um papel fundamental na oferta de mais recursos financeiros para o aumento da atividade, necessário a esse crescimento esperado. O presente estudo investigou a estrutura de capital das empresas desse suposto bloco econômico, buscando identificar suas determinantes, a influência das políticas governamentais na sua formação e o alinhamento com as principais teorias de estrutura de capital discutidas atualmente na literatura: custos de agência, trade-off, assimetria de informação e pecking order. Efetuou uma comparação com empresas dos EUA, país líder da economia mundial, além de calcular o nível de folga de endividamento das empresas da amostra. Os resultados identificaram diversas variáveis como determinantes da estrutura de capital das empresas da amostra, com predominância para as variáveis no nível da empresa, e em menor grau no nível macro-econômico. Corroboraram fortemente as premissas das teorias discutidas, e forneceram indícios robustos de estarem alinhadas com as empresas dos EUA. Mostraram também uma folga de endividamento razoável para os países da amostra, que pode ser aplicada no aumento da atividade das empresas, com exceção da Rússia.

S’appuyant sur les théories du financement hiérarchique et du compromis, cette recherche se donne pour objectif de tester empiriquement la relation structure financière-institution. Ces deux notions partagent des caractéristiques communes favorisant leur association conceptuelle à travers le ratio d’endettement cible spécifiquement via le comportement de conservatisme financier des entreprises. Cela ouvre de nouvelles possibilités d’analyses de ladite relation, notamment, en mobilisant le néo-institutionnalisme. Un échantillon de 204 entreprises françaises cotées à la bourse de Paris, ayant des données complètes entre 1999 et 2007, a servi à entreprendre le volet empirique de l’étude. Les principaux résultats indiquent que l’ensemble des déterminants traditionnels de la structure financière, à l’exception de la taille, joue un rôle important dans la politique de financement de ces entreprises. Le niveau de corruption et la liquidité du marché boursier français (variables institutionnelles juridico-financières) n’influencent pas le choix du niveau d’endettement, mais jouent plutôt un rôle significatif dans le choix de la maturité de la dette. Par ailleurs, la structure financière de ces entreprises converge lentement mais sûrement vers son niveau cible. / Based on the pecking order and trade-off theories, this research aims to test empirically the relationship between corporate capital structure and institution. Both concepts share common characteristics fostering their conceptual association through the target debt ratio specifically via corporate behavior of financial conservatism. This opens new possibilities for analysis of that relationship, in particular, by mobilizing the new institutionalism framework. A sample of 204 French companies listed on the Paris stock exchange, with complete data between 1999 and 2007, was used to undertake the empirical part of the study. The main results indicate that all the traditional determinants of capital structure, except the size, play an important role in the financing policy of these companies. The level of corruption and the French stock market liquidity (legal and financial institutional variables) do not influence the choice of debt level, but rather play a significant role in the choice of debt maturity. In addition, the financial structure of these companies converges slowly but surely toward its target level.

The master’s thesis analyses financial health of the company IFE-CR, a.s. in the years 2004 – 2008 at the basis of selected methods of the financial analysis. It comprises proposals of possible of identified problems which should result in the improvement of financial situation of the firm in future years.

Master’s thesis “Valid cost reduction in tender offers price” is divided into a theoretical part and practical part. The theoretical part deals with the issue of public tenders, process theories of tenders and company’s ownership structure. The practical part explores the cost reduction in the already specified offer to a public tender. The aim of this work is a compilation of the checklist steps for the process of preparation contract in the offer stage, which could lead to a reduction in the cost price and increase the probability of success in the public tender.

Le financement à court terme est le parent pauvre de la théorie financière. Pourtant, les moyennes entreprises françaises utilisent fortement ce financement. Ce travail a pour objectif d’analyser les déterminants du financement à court terme pour ces entreprises. La première partie vise à établir une revue de littérature des théories permettant d’expliquer l’utilisation du financement à court terme. La deuxième partie vient tester empiriquement ces théories sur deux échantillons, à savoir 201 entreprises familiales et 1 453 entreprises managériales. Il s’agit, d’une part, de caractériser les moyennes entreprises non cotées et d’autres part, de mettre en évidence les déterminants à l’utilisation de financement à court terme. Les principaux résultats indiquent que le financement à court terme est un outil de gestion au service de la moyenne entreprise. Il peut aussi assumer deux rôles, un compensatoire et/ou un de trésorerie passive. Par ailleurs, on met en évidence que les entreprises managériales et familiales exploitent différemment le financement à court terme. / Short-term financing is forgotten by theory of corporate finance. However, French medium-sized firms use a lot this source of funding. The objective of this thesis is to analyze the determinants of short-term financing for these firms. The first part aims to establish a literature review of theories to explain the use of short-term financing. The second part empirically checks these theories on two samples, specifically 201 family businesses and 1,453 managerial firms. On the one hand, it is a question of characterizing the unlisted medium-sized enterprises and on the other hand, highlighting the determinants of the use of short-term financing. The primary results indicate that short-term financing is a management tool for the medium-sized enterprise. It can also have two functions, one compensatory and / or one passive cash. Furthermore, it brings out that managerial and family businesses exploit short-term financing differently.

[pt] Finanças Corporativas tem como objetivo encontrar a política de investimentos e financiamentos que maximize o valor para o acionista. Baseada no modelo estático de Modigliani e Miller, a literatura recente apresenta modelos dinâmicos que buscam maior aderência à realidade. No entanto, para obter uma metodologia de solução computacionalmente tratável, duas simplificações são usualmente adotadas: (i) agentes financeiros são neutros a risco; (ii) custo de financiamento são fixos e independentes da alavancagem da empresa. Neste trabalho, é proposto um modelo de programação dinâmica estocástica para a determinação da política ótima de investimentos e financiamentos considerando acionistas avessos a risco e empresas que enfrentam incerteza na receita e custos marginais de financiamentos não-decrescentes com o nível de alavancagem da empresa. O modelo proposto é resolvido de maneira eficiente utilizando o algoritmo de Programação Dinâmica Dual Estocástica. Ao final do trabalho, são realizados estudos empíricos e análises de sensibilidade para melhor compreensão das políticas de investimentos e financiamentos das corporações. / [en] Corporate Finance is the study of investment and financing policies in order to maximize shareholder value. Based on the static model of Modigliani and Miller, recent literature presents dynamic models that seek greater adherence to reality. However, to obtain a computationally treatable solution methodology, two simplifications are usually adopted: (i) financial agents are risk neutral; (ii) cost of financing is static and independent of the company s leverage. In this work, a dynamic stochastic programming model is proposed to determine the optimum investment and financing policy, considering risk-averse shareholders and companies that face uncertainty on income and non-decreasing marginal costs of financing. The proposed model is efficiently solved using the Stochastic Dual Dynamic Programming algorithm. At the end of the study, empirical studies and sensitivity analyzes are carried out to the better understanding of corporate investment and financing policies.