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This study investigates the effect of human capital, using gross enrolment rate as a proxy, on labor productivity. It also investigates if a larger public effort in providing education opportunities would lead to a more efficient distribution of skills and therefore give a positive effect on labor productivity. We use a panel data approach to estimate an endogenous growth model on countries that are selected as to be reasonably similar. The main results are that growth in gross enrolment rate have a positive effect on labor productivity, while the level of government expenditure on tertiary education (measured as a percentage of GDP) has a negative effect on labor productivity.

The aim of this thesis is to analyse the long-term relationship between the value of the fixed assets and the output of the selected economic activities for the period of the years 1995 and 2009. All economic activities except the industrial ones were selected for the analysis. The thesis contains also evaluation of the assumption of the parametric and Gordon formula for the calculation of the residual value. The output of the thesis is the recommendation of the estimating the investments and alternative practice for the calculation of the residual value. The thesis is also focused on evaluation of the sensitivity of the selected economic activities on the economic conjuncture taking into consideration that economic growth is considered as decisive when planning the future growth rate g of businesses and economic activities.

Thesis (MComm)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: Do firms that have low dependence on physical assets as well as high profitability outperform companies with the opposite characteristics in the market? Despite the lack of empirical research, conventional wisdom would suggest that they should. Conceptually, investors should prefer profitable companies to less profitable companies, and lower capital-intensive to high capital-intensity firms. Using a large sample of global stocks over the period from 1988 to 2010, the effect of using capital intensity and return on capital employed (ROCE) as filters for portfolio inclusion was investigated. A quantitative research approach was followed in this study. This involved dividing the sample into five subsets, or quintiles, according to the specific metric (for example capital intensity). The total return of an equally weighted portfolio was then measured for each quintile for the subsequent 12 months. The portfolio was rebalanced annually and the subsequent 12-month return recorded. Because enhanced performance on new capital investments may take longer than 12 months to be reflected in share prices, quintile performance was also measured over five-year holding periods. The empirical findings of this study reveal that there was no discernible pattern of outperformance by low capital-intensive quintiles using annual rebalancing. However, the lowest capital-intensive firms had the highest average returns using five-year holding periods. The highest ROCE firms performed best with annual rebalancing and with five-year holding periods. Combining both capital intensity and ROCE, a portfolio focused on low capital intensity and high profitability produced a compound annual growth rate that is 9.18 percentage points higher than a portfolio focused on the highest capital intensity and the lowest ROCE. Over five-year holding periods there is a distinct outperformance by low capital-intensive firms with high operational profitability. These results indicate that allocation of investment capital to capital-intensive companies with low operational profitability seems likely to impair long-term returns, and there may be value in a focus on low capital-intensity firms that are able to generate high returns on capital employed. / AFRIKAANSE OPSOMMING: Sal maatskappye met lae afhanklikheid van fisiese bates, asook hoë winsgewendheid, maatskappye met die teenoorgestelde eienskappe uitpresteer in die mark? Ten spyte van ‘n gebrek aan empiriese navorsing, sal konvensionele wysheid voorstel dat dit so moet wees. Beleggers behoort winsgewende maatskappye bo minder winsgewende maatskappye te verkies, en laer kapitaalintensiewe bo hoë kapitaalintensiewe maatskappye. Die gebruik van kapitaalintensiteit en opbrengs op kapitaal aangewend (OOKA) in die beleggingsbesluit word ondersoek deur gebruik te maak van ‘n groot steekproef globale aandele oor die tydperk 1988 tot 2010. 'n Kwantitatiewe navorsingsbenadering was gevolg in die studie. Dit het die verdeling van die steekproef in vyf onderafdelings, of kwintiele, volgens die spesifieke maatstawwe (byvoorbeeld kapitaal-intensiteit) behels. Die totale opbrengs van 'n gelyk-geweegde portefeulje is vervolgens gemeet vir elke kwintiel vir die daaropvolgende 12 maande. Die portefeulje is jaarliks herbalanseer en die daaropvolgende 12 maande se opbrengs is aangeteken. Omdat verbeterde prestasie op nuwe kapitaalbeleggings langer kan neem as 12 maande om in aandeelpryse weerspieël te word, is kwintiel prestasie ook oor vyf jaar hou periodes gemeet. Die bevindinge van hierdie studie dui daarop dat daar geen beduidende verbetering in prestasie onder laer kapitaalitensiewe kwintiele oor een jaar houperiodes was nie. Die laagste kapitaalintensiewe maatskappye het egter oor ‘n hou periode van vyf jaar die hoogste gemiddelde opbrengs gelewer. Die hoogste OOKA maatskappye het die beste gevaar met jaarlikse herbalansering en met 'n houperiode van vyf jaar. 'n Portefeulje gefokus op lae kapitaalintensiteit en hoë winsgewendheid het 'n saamgestelde jaarlikse groeikoers gelewer wat 9,18 persentasiepunte hoër was as 'n portefeulje gefokus op die hoogste kapitaalintensiteit en die laagste OOKA. Oor houperiodes van vyf jaar was daar duidelike uitprestering deur lae kapitaalintensiewe ondernemings met hoë operasionele winsgewendheid. Hierdie resultate dui daarop dat die toekenning van beleggingskapitaal aan kapitaalintensiewe maatskappye met lae operasionele winsgewendheid waarskynlik langtermynopbrengste benadeel en dat 'n fokus op lae kapitaalintensiteit maatskappye, wat in staat is om 'n hoë opbrengs op kapitaal te genereer, moontlik meer lonend kan wees.

Assignment (MComm)--University of Stellenbosch, 2001. / ENGLISH ABSTRACT: A definite need exists for a measure which can be used to determine the degree of capital intensity of an enterprise. One of the main reasons why it is important to determine if an enterprise is capital or labour intensive is that the two types of enterprises react to changes in the economic environment in different ways. Some changes in the economic factors will have a totally different effect on a capital intensive enterprise than they would have on a labour intensive one. The degree of capital intensity of an enterprise can therefore be used to predict how it will react to economic changes, and it is therefore a valuable source of information for financial decision-making. The measurement of capital intensity, however, presents a major problem. A large number of different measures have been developed and used in the literature. These measures include the measures of total assets to revenue; property, plant and equipment to revenue; property, plant and equipment to total assets; depreciation as a percentage of revenue; as well as property, plant and equipment per employee. A number of measures are also based on value added figures, and these include salaries to revenue; value added per employee; property, plant and equipment to value added; and salaries to value added. In the literature most researchers provide no or little justification for their preferred measure of capital intensity. The main objective of the study is to determine an appropriate method to measure capital intensity. For this purpose the above-mentioned measures, which are generally used to determine capital intensity, are considered critically and evaluated by classifying enterprises listed in the Industrial Sector of the Johannesburg Stock Exchange during the period 1989 to 1996. During this period the South African economy experienced a decline, followed by an upswing in the economic cycle. Principal component analyses (PCA) are used to analyse the data. These analyses are carried out for each year separately as well as for the period as a whole. Biplots are used to provide a multidimensional graphic representation of the results. The results indicate that the five traditional measures of capital intensity which are not based on value added figures are all suitable to use as measures of capital intensity. Only one of the measures based on value added figures, however, are able to indicate capital intensity. The five traditional measures of capital intensity which are not based on value added figures, as well as the measure property, plant and equipment to value added, are therefore included in the principal component analyses. The principal component scores obtained from the first principal component are proposed as a composite measure of capital intensity. These principal component scores represent a linear combination of the six measures of capital intensity. The relative contributions of the various measures to this composite measure are also investigated, and it is found that all six the measures provide an important contribution. The results indicate that a number of enterprises listed in the Stores and Food sectors are relatively less capital intensive, while enterprises listed in the Building and Construction, Engineering, Steel and Allied, and Electronics sectors are relatively capital intensive. A visual evaluation of the results indicates that the proposed method IS able to distinguish between capital and less capital intensive enterprises. The results of the study provide researchers with a more efficient way of measuring capital intensity, and can be used to provide more information about the effect of changes in the economic cycle on the expected financial performance of enterprises. / AFRIKAANSE OPSOMMING: 'n Duidelike behoefte bestaan VIr 'n maatstaf wat gebruik kan word om die kapitaalintensiteit van 'n onderneming te bepaal. Een van die vernaamste redes waarom dit belangrik is om te bepaal of 'n onderneming kapitaal- of arbeidsintensief is, is die verskillende wyses waarop die twee tipes ondernemings gedurende 'n verandering in die ekonomiese siklus reageer. Sommige veranderinge in die ekonomiese faktore sal die teenoorgestelde effek op 'n kapitaalintensiewe onderneming hê as wat dit op 'n arbeidsintensiewe onderneming mag hê. 'n Onderneming se graad van kapitaalintensiteit kan dus gebruik word om te voorspel hoe die onderneming op ekonomiese veranderinge sal reageer, en is dus 'n belangrike bron van inligting by finansiële besluitneming. Die meting van kapitaalintensiteit is egter 'n belangrike probleem. 'n Groot aantal verskillende maatstawwe van kapitaalintensiteit is ontwikkel en word algemeen in die literatuur gebruik. Hierdie maatstawwe sluit totale bates tot inkomste; eiendom, aanleg en toerusting tot inkomste; eiendom, aanleg en toerusting tot totale bates; depresiasie as 'n persentasie van inkomste; asook eiendom, aanleg en toerusting tot aantal werknemers in. 'n Aantal maatstawwe wat op waarde toegevoeg gebaseer is, is ook ontwikkel, en sluit die maatstawwe salarisse tot inkomste; waarde toegevoeg per werknemer; eiendom, aanleg en toerusting tot waarde toegevoeg; asook salarisse tot waarde toegevoeg in. In die literatuur verskaf die meeste navorsers min of geen motivering vir die spesifieke maatstaf wat hul voorkeur geniet nie. Die primêre doelstelling van die studie is om 'n geskikte metode te vind om kapitaalintensiteit te meet. Ten einde hierdie doelstelling te bereik, word die bogenoemde maatstawwe, wat algemeen gebruik word as maatstawwe van kapitaalintensiteit, krities ondersoek en geëvalueer deur ondernemings wat genoteer is in die Industriële Sektor van die Johannesburgse Aandelebeurs gedurende die periode 1989 tot 1996 te klassifiseer. Gedurende hierdie periode het die Suid-Afrikaanse ekonomie 'n afname, gevolg deur 'n opswaai in die ekonomiese siklus beleef. Hoofkomponent analises word gebruik om die verskillende maatstawwe te evalueer. Die analises word individueel uitgevoer vir elke jaar, sowel as vir die periode as 'n geheel. Bi-stippings word gebruik om 'n meerdimensionele grafiese voorstelling van die resultate te verskaf. Die resultate toon dat die vyf tradisionele maatstawwe van kapitaalintensiteit wat nie op waarde toegevoeg gebaseer is nie almal geskik is om as maatstawwe van kapitaalintensiteit gebruik te word. Slegs een van die maatstawwe wat op waarde toegevoeg gebaseer is, is egter in staat om kapitaalintensiteit aan te toon. Die vyf tradisionele maatstawwe van kapitaalintensiteit, sowel as die maatstaf eiendom, aanleg en toerusting tot waarde toegevoeg, word derhalwe ingesluit in die hoofkomponent analises, en die hoofkomponenttellings wat verkry word uit die eerste hoofkomponent word as 'n saamgestelde maatstaf van kapitaalintensiteit voorgestel. Hierdie hoofkomponenttellings verteenwoordig 'n liniëre kombinasie van die ses maatstawwe van kapitaalintensiteit. Die relatiewe bydraes van die verskillende maatstawwe tot die saamgestelde maatstaf word ook ondersoek. Die resultate dui aan dat 'n aantalondernemings wat in die Winkels en Voedsel sektore genoteer is relatief minder kapitaalintensief is, terwyl ondernemings wat in die Boubedryf, Ingenieurswese, Staal en Bedrywe, asook die Elektronika sektore genoteer is, relatief kapitaalintensief is. 'n Visuele evaluasie van die resultate toon aan dat die voorgestelde maatstaf in staat is om tussen kapitaalintensiewe en minder kapitaalintensiewe ondernemings te onderskei. Die resultate van die studie stel navorsers in staat om 'n meer effektiewe meting van kapitaalintensiteit te verkry, en kan ook meer inligting verskaf oor die invloed van veranderinge in die ekonomiese siklus op die verwagte finansiële prestasie van ondernemings.

Syfte: Företags kassaflöden och vinster samt staters inkomster påverkas av hur mycket skatt som betalas av företag. Resultat i tidigare forskning om företagsstorlekens betydelse för effektiva skattesatser är motstridiga. Utelämnande av andra variabler som i vissa studier har visats ha signifikanta effekter på effektiva skattesatser kan vara en anledning till denna motstridighet. Sådan forskning har inte genomförts i Sverige enligt författarnas kännedom. Därför undersöks i denna studie effekterna av variabler som mäter storlek, skuldsättning, kapitalintensitet, forsknings- och utvecklingsintensitet samt lönsamhet på effektiva skattesatser hos företag med svensk företagsledning eller koncernledning. Syftet med detta är att ge en bild av vilka faktorer som kan förklara variationer mellan dessa företags skattebörda. Metod: Fem hypoteser om samband mellan variabler deduceras utifrån teorier och tidigare forskning. 3 593 kvantitativa observationer från 702 noterade företag och 6 år samlas in från databasen Retriever Business. Den longitudinella datan används i en regressionsanalys som testar de fem hypoteserna. Resultat: Denna studie bidrar med empiriskt bevis för ett positivt och signifikant samband mellan företagsstorlek och effektiva skattesatser. Däremot visas inte effekterna av skuldsättning, kapitalintensitet, FoU-intensitet och lönsamhet på effektiva skattesatser vara signifikanta. Slutsatser: Den slutsats som dras är att företagsstorlek är en indikation på storleken på effektiva skattesatser för företag med svensk företagsledning eller koncernledning. Teorin om politiska kostnader kan användas för att förklara sambandets riktning. / Aim: Cash flows and profits in firms as well as government revenue are affected by how much is paid in corporate taxes. Results in prior research concerning the effect of firm size on effective tax rates are inconsistent. Omitting other variables that have in some studies been proven to have significant effects on effective tax rates can be one cause of this inconsistency. Such research has not been conducted in Sweden to the extent of the authors’ knowledge. Therefore, this study examines the effects of variables that measure size, leverage, capital intensity, research and development intensity, and profitability on effective tax rates for firms with Swedish management or group management. The aim of this is describing which factors that can explain variations between these firms’ tax burdens. Method: Five hypotheses regarding associations between variables are deduced from theories and prior research. 3 593 quantitative observations from 702 publicly listed firms and 6 years are collected from the database Retriever Business. The longitudinal data is used in a regression analysis that tests the five hypotheses. Results: This study provides empirical evidence for a positive and significant association between firm size and effective tax rates. However, the effects of leverage, capital intensity, R&D intensity, and profitability on effective tax rates are not shown to be significant. Conclusions: It is concluded that firm size is an indicator of the size of effective tax rates for firms with Swedish management or group management. The political cost theory can be used in explaining the direction of the association.

Les flux financiers internationaux ont connu un développement accéléré au cours des quatre dernières décennies, et le rôle du secteur bancaire dans la transformation de ces flux en moyens de financer la demande s’est accru. Or le passage d’un choc de flux, à un choc de revenu, puis à un choc de demande, génère des ajustements de type «Syndrome Hollandais»; avec variation des prix relatifs et ajustement de la structure de production, mouvement des facteurs de production, et variation des rémunérations absolues et relatives de ces facteurs. Le phénomène est d’importance pour les petites économies ouvertes preneuses de prix et exposées aux chocs exogènes. Nous conceptualisons la transmission du choc et les ajustements sur différents horizons temporels pour une économie à deux secteurs; l’un produisant des biens échangeables et l’autre des biens non-échangeables. L’économie dispose de deux facteurs de production, le travail et le capital, substituables et mobiles avec le temps. Nous testons ce cadre conceptuel sur le Liban, le Luxembourg, et l’Islande; trois pays bénéficiant de larges flux financiers internationaux avant la crise de 2008 et ayant des secteurs bancaires de tailles importantes. Nous trouvons que la direction et l’intensité des ajustements de moyen terme vont dépendre du différentiel d’intensité capitalistique entre secteurs. Sur le long terme, l’offre des facteurs va se modifier. Nous testons aussi l’impact des politiques de réserves et du marché de la monnaie et du crédit, et des politiques fiscales et structurelles. La combinaison de mesures produit de meilleurs résultats sans toutefois mettre le poids de l’atténuation des ajustements sur un seul instrument. / Foreign financial inflows have developed quickly in the past 40 years. These inflows have increased the ability of the banking sector to further finance domestic demand. The transformation of foreign financial inflows into an income and demand shock generates Dutch Disease adjustments; with change in relative prices and adjustments in the productive system, resources movement, and change in the absolute and relative remunerations of factors of production. The phenomenon is of great importance in the case of small open economies that are price takers in the international market and exposed to exogenous shocks. We conceptualize the transmission of the shock and the adjustments over different time horizons for an economy composed of two sectors; one producing traded goods and the other producing non-traded goods. This economy is endowed with two factors of production, labor and capital, substitutable and mobile as time elapses. We experiment this conceptual framework in the cases of Lebanon, Luxemburg, and Iceland; the three economies having large banking sectors and benefiting from large foreign financial inflows prior to the 2008 crisis. We find that the direction and intensity of adjustments over the medium term depend on the differential of capital intensity between sectors. Over the longer term, the supply of factors of production would change. We also simulate the impact of policy choices, with focus on reserves policies, policies of money and credit, fiscal policies, and structural policies. The combination of measures leads to better results without putting the burden of the mitigation of adjustments on one single policy instrument.