Capital budgeting is one of the most crucial organisational tools for executing operational, business and corporate strategy. Manufacturing companies derive their profits from fixed assets that also deteriorate over time. This requires them to invest large amounts of capital to both maintain and expand their asset base. A number of studies both historic and recent produce conflicting results on the relationship between capital budgeting practices and financial performance.This study sets out to identify the current capital budgeting practices in the manufacturing/capital intensive companies operating in the South African environment, and determine the relationship between the financial performance and capital budgeting practices. The implications of the type of capital expenditure (i.e. maintenance and expansionary) are also discussed.The study was completed using primary and secondary data. Primary data consisted of capital budgeting practices data in some of the private and state-owned enterprises that was source using a survey questionnaire. The secondary data was sourced from financial statements on the McGregor BFA® database.The major finding of this research study was that, given the sufficient sub-sector analysis, there is a positive relationship between capital budgeting practices and financial performance. There were no specific individual practices that yielded significantly returns. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

In order to provide enough economic growth so that the majority of individuals within the jurisdiction are satisfied with government services, state governments typically pursue two budgetary choices for economic growth: overall increased production and stabilization (Bivens, 2014). According to two budgetary choices as a path to economic growth, this research investigates the relationship between capital expenditure or savings and economic growth. It covers the years 1990 through 2013 and uses a paneled data set at the state level in the United States. The first model for this study is the structural equation model (SEM), which examines the direct and indirect effects of capital expenditure and state government savings on economic growth by including the volatility of the total expenditure as a mediating factor. Then, this dissertation investigates the relationships among capital expenditures, the total expenditure volatility and savings by using the endogenous growth or the OLS regression model. This dissertation can conclude that both of the two budgetary choices for state governments are effective for economic growth. Under controlling state characteristics, they are positively related to economic growth, which supports the allocation role of government for economic growth. However, this study finds that state governments do not find any supportive evidence on the fact that they can attain the stabilization role of government for economic growth. Even though they spend money on savings or capital expenditure from Keynesian macroeconomic theory, it does not lead to budgetary stabilization of the total expenditure. Thus, this dissertation leaves the missing links of the relationship between both fiscal policies and volatility inconclusive while it supports that volatility can negatively affect economic growth.

Firms' operational restructuring involves information relevant to strategic choices as well as future demand and cost conditions. This study examines the relationship between peer firms' restructuring and a company's responsiveness to its growth opportunities. Peer firm restructuring can increase uncertainty with respect to a company's payoffs regarding its investment projects, leading to decreased responsiveness to growth opportunities. Using a large sample of public companies during 2006–2020, I find that peer firms' restructuring is negatively associated with the responsiveness of capital expenditures (Capex) to growth opportunities. The results suggest that peer firms' restructuring activities provide information about a company's investment projects above and beyond industry shocks reflected in changes in industry sales. Furthermore, these associations are moderated by industry competition. The negative effects of peer firms' restructuring on Capex sensitivity are the strongest in high-competition industries.

本文旨在探討我國上市公司除了盈餘外，資本支出是否具有增額資訊內涵。研究內容分為兩個部份，第一部份在使用狀態空間樣型探討資本支出是否有助於預測未來盈餘；第二部份根據本文推導之模式探討資本支出資訊與股標報酬之關聯。〔分為年度研究與長期研究（兩年及三年）兩個部份〕。研究結果發現： 1.除了盈餘資訊外，資本支出無法幫助吾人預測未來盈餘。 2.無論係長期或年度研究，均呈現股價領先財務報表期間現象。在長期研究中，本文發現大公司之股價有post announcement drift現象。 3.盈餘、資本支出資訊（或財務報表資訊）對股價之解釋能力視股市係屬多空頭市場而定。多頭市場解釋能力較高。 4.長期研究財務報表對股價解釋能力高於年度研究。 5.盈餘水準、資本支出水準均具增額資訊內涵，不論長期或年度研究。 6.非預期土地投資與非預期廠房設備投資對股價均具解釋能力。 7.未預期資本支出反應係數之影響因素： (1)就成長機會而言： 股票市價╱權益比愈大之公司，營收成長率愈高之公司未預期資本支出反應係數愈大。 (2)就系統風險而言： β值愈大之公司，未預期資本支出反應係數愈大。 (3)就資本支出報酬率而言： 盈餘水準、盈餘持續度愈大之公司，未預期資本支出反應係數愈大；而自有資金比率愈低之公司，未預期資本支出反應係數愈大；小公司之資本支出反應係數較大；研發水準愈高之公司，未預期資本支出反應係數愈大。 (4)就資本支出受益年限而言： 本文以產業進入障礙為資本支出受益年限之替代變數。研究結果發現各行業之資本支出反應係數與產業進入障礙正相關。 (5)資本支出型態 規模成長型公司之資本支出反應係數大於汰舊換新型公司。 / This study aims to examine the incremental information content of capital expenditures of Taiwan listed companies. Taiwan listed companies generally have intensive capital expenditure rather then research and development costs in order to sustain the growth of their performance. Thus, this study suspects that the level of capital expenditures could help predict future earnings upon which capital expenditure could incrementally explain the earnings/return relationship. Empirically, this study first investigates the relationship between current capital expenditure and future earnings. Second, in order to select the optimal earnings/return windows, this study simulates the returns window for large and small firms over various long windows. Third, this study extends Collins and Kothari (1989) and Feltham and Ohlson (1995) to investigate whether the capital expenditure would contain an incremental information content in terms of earnings/return relationship. The findings of this study can be summarized as follows. 1.Besides earnings itself, the capital expenditure cannot well predict future earnings. 2.No matter what is temporal or cross sectional study, price leads the realization of earnings. In addition, the large firm sample group demonstrates the phenomenon of post-earnings drift. 3.The capital expenditure has more explanatory power to earnings/return relationship in the bull market than in the bear market. 4.Earnings and capital expenditure level have incremental information contents in terms of earnings/return relationship. 5.Both unexpected property and unexpected plant investments have explanatory power to the stock price. 6.The determinants of capital expenditure response coefficient, including growth opportunity, systematic risk, returns on capital expenditure, beneficial period of capital expenditure, and types of capital expenditure can increase the explanatory power of earnings/return relationship.

Submitted by Eduardo Riedlinger Mont Alverne Bordalo (eduardo.bordalo@gmail.com) on 2017-06-30T15:39:31Z No. of bitstreams: 1 Tese Mestrado Eduardo Bordalo.pdf: 10106773 bytes, checksum: 0fec69b7bac75913d6207b4f15289f3b (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2017-08-29T15:26:16Z (GMT) No. of bitstreams: 1 Tese Mestrado Eduardo Bordalo.pdf: 10106773 bytes, checksum: 0fec69b7bac75913d6207b4f15289f3b (MD5) / Made available in DSpace on 2017-09-06T20:05:13Z (GMT). No. of bitstreams: 1 Tese Mestrado Eduardo Bordalo.pdf: 10106773 bytes, checksum: 0fec69b7bac75913d6207b4f15289f3b (MD5) Previous issue date: 2017-05-31 / This sludy aims to analyze lhe microeconomic variabJes that influence lhe decision af Brazilian companics to makc Capital Expenditure. Four hypothesis related to lhe folJowing investment thesis were tested: Neoclassical theory, Free Cash Flow theory and Agency theory. The motivatian af this study is to understand lhe investment decision process af Brazilian fimls and compare it with similar studics applicd in developed countries outside Latin America. Furtherrnore, lhe govemment influence in lhe inveslment decision process af some ofthe firms was segregated and analyzed separately. The analysis is based on 1.520 data from quarterly financiai statements of 38 finns listed on lhe Brazilian stock exchange from 2006 to 2016. The firrns were a1so separated in two differenl groups. one of them eontaining the firms that the Brazilian govemment ean innuenee lhe Capex deeision. The results show that the sample with ali firms and the sample with fimls that do not suffer from government influenee eonfinn ali investment Iheories and indieate Ihat lhe Free Cash Flow theory is predominam in lhe Brazilian business environment. The independent variables sales. free cash flow and Tobin 's Q ratio have positive efTeet on eapex. while leverage and size have a negative effeet. The results from lhe sample with finns lhal suffer from govemment influence eonfirrn only the Neoclassical theory lhat states that the variab le sales is positively correlated with lhe Capex. / Esse estudo analisa as variáveis microeconômicas que influenciam as empresas brasileiras na tomada de decisão ao realizar investimentos em capital. Foram testadas quatro hipóteses relacionadas as seguintes teorias de investimento: teoria Neoclássica, teoria dos Fluxos de Caixa Livres e teoria da Agência. A motivação do estudo é compreender o processo de decisão de investimento das firmas brasileiras e comparar os resultados com o encontrado em estudos similares realizados em países desenvolvidos fora da América Latina. Além disso, foi analisada a participação do governo em firmas nas quais ele possui poder de influência na política de investimentos. A análise é baseada em 1,520 observações provenientes de dados trimestrais de 38 firmas listadas em bolsa de 2006 a 2016. As firmas também foram separadas e analisadas em dois grupos distintos, um deles contendo as empresas que o governo possui influência na tomada das decisões de investimento e outro de empresas que o governo não possui nenhum tipo de do governo na tomada de decisão de investimento. Os resultados encontrados para a amostra completa e para a amostra com as firmas que não sofrem influência do governo confirmam as três teorias e indicam que a teoria dos Fluxos de Caixa Livres é predominante no ambiente de negócios brasileiro. As variáveis vendas, fluxo de caixa livre e q de Tobin possuem uma relação positiva com o gasto com investimentos, enquanto que as variáveis alavancagem e tamanho possuem uma relação negativa. No caso da amostra com as firmas que sofrem influência do governo a única teoria que pode ser confirmada foi a teoria Neoclássica que prevê uma relação positiva entre a variável vendas e os gastos com investimentos.

L'objectif de cette thèse est de décrire et d'expliquer le comportement du marché et des entreprises dans les pays émergents du Moyen-Orient et de la région du Golfe dont les économies ont engagé avec vigueur des programmes de réformes systématiques pour s'intégrer au marché mondial. Le risque politique est l'une des données majeures de cette région et pourrait avoir un impact significatif sur le domaine financier. Dans les faits cependant, le potentiel de ces économies, conjugué à la volonté des gouvernements de libéraliser l'économie et de développer le domaine de l'investissement, attire les investisseurs étrangers soucieux de rediriger leurs investissements après les dérives de la crise financière mondiale. La thèse se compose de trois essais. Le premier traite de l'effet des caractéristiques des entreprises et des pays concernés sur la structure du capital. Il se subdivise en deux parties: l'une concerne les seuls groupes d'entreprises, l'autre porte sur l'ensemble des entreprises cotées en bourse. Le deuxième essai s'intéresse à la gouvernance d'entreprise sur les marchés boursiers ainsi qu'à l'impact de l'application des normes de communication financière sur les valeurs boursières et sur les asymétries d'information. Le troisième essai est consacré à l'impact des facteurs liés à l'entreprise et au pays concerné sur les dépenses en capital de l'entreprise. Un chapitre introductif fait préalablement au lecteur une présentation de la région quant aux opportunités, obstacles et risques. Il en ressort au final d'intéressants résultats qui expliquent pour partie le comportement des entreprises et des investisseurs dans la région et qui ouvrent la voie à d'autres questions méritant investigations et explications. Cette thèse peut constituer, pour les économies émergentes, une aide à la planification de leur processus de développement. Elle représente un maillon important dans les recherches financières portant sur une région qui n'avait jamais été étudiée auparavant sous cet angle de façon aussi large, profonde et systématique. / The objective of this thesis is to describe and to explain corporate and market behavior in the emerging markets of the Middle East and the Gulf States region. These economies have started enthusiastically extensive reform programs to integrate into the world market. Political risk is a main feature in the region and can hold a significant effect on financial aspects. Meanwhile, the rich capabilities and capacities of these economies along with the governments' intent to liberalize the economies and develop their investment arena attract, in fact, foreign investors who want to redirect their investments to emerging markets after the deteriorations of the world financial crisis. The thesis is comprised of three essays: the first is about the effect of company and country characteristics on capital structure. This article is divided into two sub-articles; one is applied only on the group corporations and the other is applied on all the listed companies in all the markets. The second essay is about corporate governance in stock markets, and the effect of applying disclosure standards on stock prices and on asymmetric information. The third essay is about the effect of firm and country factors on firm's capital expenditure. Also an introductory article is prepared to introduce the region to the reader within the context of opportunities, obstacles, and risks. Very interesting findings evolved which explain some aspects of the behavior of corporations and investors in the region. The results open the gate to specific important questions and topics that need to be explained and investigated. This thesis can assist these emerging economies in the planning for the development process. It will be an important stone in our future financial researches on the region which has never been explored before so widely, deeply, and extensively.

政府預算是政府施政的參考，民主國家的民意機關無不以控制預算，做為 監督行政機關的重 要手段。政府預算對納稅義務人而言，具有最直接的 影響；行政機關是否以人民的福祉作為最高目標，總決算可以將一切透明 化。因此，研究政府歷年預決算，以了解政府預算執行效能，遂成為本文 撰寫的動機。本文首先探討我國、美國（總統制）、日本（內閣制）的財 務機關，比較其預算籌編的權限；並且研析先進國家如何統一事權，以增 進財務行政效能，同時提供我國主計處作為改革的參考。繼之，分析我國 、美國（總統制）、日本（內閣制）的預算週期，預算週期是預算籌編、 審議、執行、決算等步驟的總和，預算週期中可以明瞭行政、立法兩部門 權力的消長；透過研究外國預算週期的長處，可以提供我國增進預算執行 效能的參考。最後，實際探討我國各級政府（中央政府、各級地方政府） ，民國７６∼８０年預算執行效能，並分析各級政府預算效能低落的原因 ，同時建議政府未來改革參考。本文的研究發現：各級政府因為行政資源 豐沛程度不一，所以，財務行政效能也有相當差異，中央政府因為擁有完 整的行政資源，其預算執行效能，較各級地方政府為優；資本支出的運用 效率，也是以中央政府與較高層級之地方政府為優，除了近年重大公共建 設陸續推動外，中央政府也因具有較完備的法令，而在資本支出的運用較 其他各級政府為優。層級越高的政府則對預算經費的估列，有較佳的預估 能力，以致於經資門的差異能較合理。資本門的保留狀況，地方政府有逐 年遞增的趨勢，使得資本支出的運用有惡化的現象，地方建設的延遲發包 及工程進度的落後，都使得地方民眾的權益受損；多數地方政府並未確實 辦理歲出應付款，省政府與各縣市政府的權責發生轉入數及未結清數，正 逐年增加中。 ~i;

The aim of this thesis is to compare economic investment in passive houses and conventional construction of a house. Furthermore, this thesis is focused on introducing problematics connected to construction of passive house, main characteristics, differences in used materials including review of advantages and disadvantages of their implementation. Assessment is based on return ability of initial investments generated by lowering operational costs. Main part of this thesis is aimed on compression of costs both before and in use of a house.

Floating offshore wind power is a relatively new technology that enables wind turbines to float above the sea level, tied by anchors at the seabed. The purpose of this work is to develop an economic model for the technology in order to calculate the total cost of a planned wind farm. Cost data are retrieved from reports and academic journals available online. Based on these data, a model in Microsoft Excel is developed which calculates the Levelized cost of energy (LCOE) for floating wind power plants as a function of several input values. As an addition to this model, financing offshore projects are described using literature study and by doing interviews with three major companies, currently investing in offshore wind. As a result, the model allows the user to calculate Capital expenditures, Operating expenditures and LCOE for projects at any given size and at any given site. The current LCOE for a large floating offshore wind farm is indicated to be in the range of 138-147 £/MWh. The outline from interviews was that today there is no shortage of capital for funding wind projects. However, in order to attract capital, the governmental regulatory of that market has to be suitable since it has a crucial impact on price risks of a project.

Thesis (M. Com. (Accounting)) -- University of Limpopo, 2022 / South Africa has seen an increase in population over the years and that has resulted in the increase in waste which has created problems in waste collection. Waste management service delivery has become one of the essential services provided by local municipalities. It is essential for local municipalities to effectively provide waste management services to the public. Therefore, this study aims to examine the effect of the waste management budget on waste management service delivery. A quantitative research approach is used in the study and secondary data was sourced from local municipalities' websites for 12 years, that is, the reporting period from 2010 - 2021. The study tests the correlation between waste capital expenditure, waste operating expenditure, waste collection revenue, Budget performance and municipal waste management service delivery in selected municipalities in South Africa. Using the Generalised Method of Moment (GMM) the results indicated that there is a significant correlation between municipal waste management service delivery and waste capital expenditure, waste operating expenditure, waste collection revenue and budget performance. The study suggests that local municipalities should increase their municipal waste budget to improve the quality of waste management service delivery.