Cette thèse étudie la rencontre et l’appariement entre les entreprises françaises et leurs acheteurs sur les marchés internationaux. La constitution d'un portefeuille d'acheteurs à l'étranger est une composante cruciale de la croissance des exportateurs: les ventes vers de nouveaux acheteurs expliquent près de 50% des différences de taux de croissance à l’export entre les entreprises françaises à moyen terme. Pourtant, sur les marchés internationaux, l'éloignement géographique, les différences culturelles et institutionelles exacerbent les difficultés qu'ont les entreprise à trouver leurs acheteurs potentiels, Rauch (2001), Allen (2014) et Arkolakis (2010). Cette thèse étudie et quantifie l'effet des obstacles informationnels et contraintes financières auxquels les entreprises sont confrontées lorsqu'elles démarchent des acheteurs à l'étrangers.Cette thèse s'appuie sur des données exhaustives détaillant l'ensemble des exportations intracommunautaires françaises sur les vingt dernières années. En particulier pour chaque transaction, l'entreprise française exportatrice, le produit et le montant de la transaction ainsi que l'acheteur par son numéro de TVA introcommunautaire sont identifiés.Le premier chapitre examine comment les frictions de recherche sur les marchés internationaux des biens peuvent fausser la concurrence entre entreprises à productivité hétérogène. Le deuxième chapitre étudie le rôle des contraintes de liquidité dans la construction d’une base de clientèle à l’étranger. Le dernier chapitre étudie l’importance du réseau et des contacts des managers dans l’expansion des entreprises à l'export. / This thesis studies how firms meet and match with their potential buyers in international markets. Buyers accumulation abroad is a crucial component of exporters growth: sales to new buyers explain almost 50% of firms' export growth rate heterogeneity in the medium run. Yet, in international markets, heightened geographical and cultural distances exacerbate search and information frictions making it harder for firms to match with potential buyers. This thesis quantifies the role of search, financial, and network barriers faced by firms while willing to match with buyers abroad.To investigate this question this thesis relies on a unique data set covering the universe of intra-EU trade relationships of French firms in which buyers of French firms are identified. More precisely, for each transaction, the exporting firm, the product and value of the flow as well as the buyer through its European VAT number are recorded.The first chapter explores how search frictions in international good markets distort competition between firms of heterogeneous productivity. The second chapter studies the role of liquidity constraints in preventing firms from expanding their customer base. The last chapter paper investigates the role of managers' networks for the acquisition of buyers in international markets.

Inom finansiell ekonomi finns en seglivad teori om att utdelningsändringar innehåller information om framtida ekonomiska resultat. Aktiemarknaden reagerar i enlighet med teorin på så vis att aktiekursen stiger när utdelningen höjs, och tvärtom, vilket har dokumenterats i ett flertal studier. Bakom aktiemarknadens reaktion på den ändrade utdelningen borde det finnas ett positivt samband mellan utdelningsändringar och framtida ekonomiska resultat. Problemet är att förekomsten av ett sådant samband är högst tveksam; tidigare empiriska studier har trots flerfaldiga försök inte funnit övertygande argument för förekomsten av ett samband mellan utdelningsändringar och framtida ekonomiska resultat. Syftet med denna uppsats är att undersöka om det finns ett positiv samband mellan utdelningsändringar och framtida resultat och lönsamhet. Det empiriska underlaget är företag på Nasdaq Stockholm under perioden 1999–2018. Sambandet eftersöks med hjälp av en regressionsmodell i vilken vi kontrollerar för det icke-linjära beteendeet hos resultat och lönsamhet. Vi finner ett par statistiskt signifikanta resultat som påvisar samband mellan sänkta utdelningar och framtida resultat och lönsamhet; dessa är dock så pass små att de saknar ekonomisk relevans. Vårt resultat är således i linje med tidigare empiriska studier och stödjer därmed inte teori om utdelningssignalering. / Within the area of corporate finance, there exists a persistent theory that revolves around the idea that changes in terms of corporate dividend may yield information regarding future financial results. The stock market is known to fluctuate in accordance with this theory by ways of indicating increased share prices in close correspondence to increased dividend, and vice versa, which has also been documented in several previous studies. This relation between the stock market’s reaction to the change in dividend should by all accounts point to a positive correlation between dividend changes and future financial results. Yet, this relation has to this point been proved to be highly doubtful. Previous empirical studies have not been able to find any convincing arguments that such a relationship exists. The purpose of this essay is to investigate if there in fact exists a relationship between dividend changes and future earnings and profitability. The empirical data for this study consists of the companies listed on the Nasdaq Stockholm during the period of 1999 to 2018. This proposed relationship has been investigated by the use of a regression model, in which we have examined the known non-linear behaviour of earnings and profitability. By this method we have found a few results of statistical significance that do seem to indicate a relation, between lowered dividend and future financial outcomes. However, while still statistically significant, these results are not economically significant. Our results are therefore considered to be in line with previous research and does not offer any further support for the proposed theory of the dividend signaling hypothesis.

This Master’s Thesis deals with the analysis of current situation in company AŽD, s.r.o. and of its financial planning model. On the basis of findings, the work includes the proposal of improvement this model.

The thesis assesses the financial and economic situation of the company Balky, s. r.o. based on selected methods of financial analysis. For financial analysis, business data is used from the period 2007 - 2009. It includes proposals of solutions to improve the current financial situation.

Hybrid securities do not constitute a new phenomenon in the Swedish capital markets. Most commonly, hybrids issued by Swedish real estate companies in recent years are preference shares. Corporate hybrid bonds on the other hand may be considered as somewhat of a new-born child in the family of hybrid instruments. These do, as all other hybrid securities, share some equity-like and some debt-like characteristics. Nevertheless, since 2013 the interest for the instrument has grown rapidly and has become a well-accepted, as well as a fairly standardized, source of financing for many well-established corporations around the world. Yet, we have seen very few issues in Sweden and no issues by Swedish real estate companies. Corporate hybrid bonds could in a rather simplified manner be explained as a subordinated bond with some equity characteristics. Examples of such equity characteristics are perpetual maturity (or at least very long), coupon deferability and the fact that it due to its subordination provides significant loss absorption. Yet, it also holds typical debt-like characteristics such as regular coupon payments and seniority to equity. The outcome of this research has shown that issuing corporate hybrid bonds could be beneficial to a firm. Coupon payments are, unlike dividend payments to holders of preference shares but alike interest payments on a standard bank loan, tax deductible. Other probable advantages with corporate hybrid bonds are; a stronger credit profile (which potentially could improve the (shadow)credit-rating and thus also the terms of other sources of finance), a diversified investment base as well as diversification from a capital structure perspective. However, despite the many advantages, numerous obstacles remain. The main shortcoming highlighted among potential issuers is the high pricing of the instrument in relation to other alternatives. Moreover, the lack of Swedish investors investing in hybrid bonds, the assumingly poor liquidity of the product along with the high denomination (piece price) due to regulatory legislations make up for topics of concern among both potential investors and issuers. Although, considering the many benefits, we believe that the weaknesses can be overseen and that there is a potential future use for the product in event of further expansion and acquisition or if the access to capital markets is limited. After all, all good things take time. / Hybrid-instrument är i sig inget nytt fenomen på den svenska kapitalmarknaden. Mest förekommande bland svenska fastighetsbolag under de senaste åren är preferensaktier. Hybrid-obligationer å andra sidan kan betraktas som något av ett nyfött barn i familjen av hybridinstrument. Dessa delar, likt alla andra hybrid-papper, några eget-kapital-liknande och vissa skuld-liknande egenskaper. Sedan 2013 har intresset för instrumentet dock vuxit snabbt och blivit en väl accepterad, liksom en relativt standardiserad, finansieringskälla för många väletablerade företag runt om i världen. Ändå har vi sett mycket få emissioner i Sverige och inga av svenska fastighetsbolag. Hybridobligationer skulle på ett förenklat sätt förklaras som en underordnad obligation med vissa eget-kapital-egenskaper. Exempel på sådana egenskaper är evig löptid (eller åtminstone mycket lång), möjlighet att ställa in kupong-utbetalningar utan att vara i default och det faktum att det på grund av dess underordnad erbjuder betydande säkerhet för senior kreditgivare. Samtidigt innehar instrumentet också typiska skuldliknande egenskaper såsom regelbundna kupongbetalningar och senioritet till eget kapital. Resultatet av denna uppsats har visat en emission av hybridobligationer kan vara till nytta för ett företag. Kupongbetalningarna är, till skillnad från utdelning till innehavare av preferensaktier men likt räntebetalningar på ett vanligt banklån, skattemässigt avdragsgilla. Andra troliga fördelar med hybridobligationer är en starkare kreditprofil (som skulle kunna förbättra ett företags kreditbetyg och därmed också villkoren för andra finansieringskällor), en diversifierad investerarbas samt diversifiering ur ett kapitalstruktur-perspektiv. Trots de många fördelar består många hinder. Huvudsakligen lyfts den höga prissättningen av instrumentet i förhållande till andra alternativ fram bland potentiella emittenter som ett hinder. Dessutom utgör bristen på svenska investerare som investerar i hybridobligationer, den tänkbart dåliga likviditen samt den höga denomineringen (styckepris) skäl till oro bland både potentiella investerare och emittenter. Med bakgrund i de många fördelarna, anser vi att de brister som kvarstår går att kringgå och att det finns en potentiell framtida användning för produkten i händelse av ytterligare expansion och förvärv eller om tillgången till kapitalmarknaderna är begränsad. Trots allt, alla goda saker tar tid.

Background: While technologies are progressing exponentially and inevitably becoming an essential as a means for business to adapt and survive, no exception is the finance division. Digitalization activities have become do or die tasks for many companies and have been a challenging process for finance departments. Yet, in the context of Finance 4.0 it is barely researched. Due to evolving understanding of how finance departments should look, the Chief Financial Officer (CFO) as the leader of the whole finance division is going through a lot of changes surrounded by uncertainty. The expectations for CFO and finance department are increasing and it becomes unclear what financial specialists should actually deliver for business. Hence, this paper aims to identify how CFO’s role is changing because of Finance 4.0, otherwise known as finance function digitalization, and what skills will be needed to successfully work as CFO in the new environment that seeks to become fully digital and automated. Purpose: The purpose of this master thesis research is to identify and analyze how the CFO’s role is changing because of Finance 4.0 and what skills will be required in future for the CFO position.  Method: A qualitative study with interpretivism philosophy, inductive approach and narrative inquiry strategy is taken as the best options for this particular study. Semi-structured interviews with Chief Financial Officers (CFOs) is a method for primary data collection as well as thematic data analysis for gathered data analysis are chosen in order to answer research questions. Conclusion: This research investigates how Finance 4.0 is changing the role of CFO as well as explores what future skills are required for the profession. The research clearly reveals that digitalization is affecting CFO’s role significantly and brings more uncertainty. Research results show that fundamental responsibilities of a CFO will not undergo changes any time soon as well as the skills required for work will remain largely the same. This is because the professional skills of a CFO directly reflect the responsibilities and working tasks, and, moreover, the finance departments are not completely undigitized. However, even though the foundation of the CFO role remains the same, digital disruption causes expansion and increased complexity. While existing academic knowledge is focused mostly on the change process itself and the benefits of digitalization, CFOs revealed what is challenging for them during this digital journey and what negative effect they have experienced.

Utdelningspolitiska beslut representerar ett väsentligt ställningstagande för företag avseende kapitalallokering. Ekonomiska utsikter tenderar att föregå fluktuationer i den ekonomiska aktiviteten, som i slutändan samspelar med företags operationella verksamhet och förmåga att generera kapital. Informationen kan således vara betydelsefull på bolagsnivå för att bedöma om utdelningspolitiska beslut är genomförbara med hänsyn till framtida förväntningar. Studien undersöker empiriskt hur ekonomiska utsikter påverkar företags benägenhet att betala kontant utdelning och återköpa aktier i Sverige under perioden 2000–2019. Mer specifikt undersöks det med hjälp av att tillämpa en logistisk regressionsanalys för att beräkna sannolikheten att företag betalar kontant utdelning, höjer den kontanta utdelningen, sänker den kontanta utdelningen och återköper aktier när de ekonomiska utsikterna är positiva alternativt negativa. Ekonomiska utsikter baseras på data från Konjunkturinstitutets konjunkturbarometer. Finansiell bolagsdata och återköpsdata inhämtas från Thomson Reuters Eikon och Nasdaq. Resultatet indikerar att ekonomiska utsikter endast är positivt relaterat till svenska företags kontanta utdelningsökningar. / Economic outlook provides substantial information about future economic activity, information that could be used to decide whether payout policies will be implementable given future expectations. Dividend policy represents a major commitment from firm decision-makers regarding capital planning. Economic outlook predicts future economic activity, which ultimately interacts with firm’s future operational activities, and in the end, firm’s ability to generate future capital that could be used to fund payouts. This paper empirical examines how economic outlook affects the propensity for firms to pay cash dividends and repurchase shares using public available data from The National Institute of Economic Research in Sweden, financial statement data from Thomson Reuters and repurchase data from Nasdaq. Our results suggest that economic outlooks are positively related to dividend increase.

This dissertation explores the role of information frictions in the design of financial securities, the pricing of securities, and their business cycle implications. The first essay studies the risk- shifting problem between bondholders and shareholders, and the moral hazard problem between shareholders and the manager. Although, these two problems have been studied separately, my model is the first tractable frame-work to study these two frictions jointly. Using my model, I explore: i) How the presence of managerial moral hazard affects the risk-shifting problem, and ii) How optimal policies of the firm change in terms of leverage, managerial compensation, and investment decisions when the two problems are considered jointly. I show that the optimal amount of risk-shifting is amplified in the presence of managerial moral hazard. Moreover, my model delivers a non-monotonic relation between risk-shifting and leverage. This non-monotonicity has the potential to reconcile seemingly contradictory empirical evidence on the sign of this relation. The second essay (coauthored with Jianjun Miao) studies the design of an optimal contract for the manager when the shareholders are concerned about model misspecification. The model delivers counter-cyclical firm level equity premium, and has interesting implications for security design. The third essay incorporates accounting practices into models that generate business cycles through borrowing constraints. I show that the interaction of accounting frictions with the borrowing constraint has implications for the persistence and amplification of macroeconomic shocks.

This master's thesis analyzes the impact of euro implementation on corporation finance of a particular company. Czech Republic's accesion to the monetary union will entail positive and negative changes that will affect all entities in the economy. In this thesis, these impacts are analyzed and their expected net effect on the company is determined. The conclusion is focused on the evaluation of the impact of the single currency on the company, identification of the main risks associated with the necessary transformations and suggestion of the recommendations that will help the company to a successful transition to the euro.

This dissertation consists of three chapters. First two chapters examines how nonprofit organizations (NPOs) react to the state level minimum wage increases, and the third chapter studies the effect of board interlock on the diffusion of innovation.In the first chapter, I investigate the impact of minimum wage increases on employment. I extend the literature by hypothesizing and showing a differential impact of state-level minimum wage increases on nonprofit organizations relative to for-profit organizations. While I find that increases in minimum wages reduce employment growth in both types of organizations, this decrease is substantially larger for nonprofit organizations. I also find that investment in automation, i.e., information technology, rises in nonprofits post minimum wage increase, consistent with the substitution of capital for labor. Minimum wage increases also increase the likelihood of nonprofit exit. In the second chapter, I investigate how CEO pay in nonprofit organizations responds to an exogeneous increase in labor cost resulting from state-level minimum wage hikes. I find that these increases in labor cost, which constrain budgets, are followed by declines in the total pay of NPO CEOs. In contrast, I do not find an impact on CEO pay in for-profit companies. I attribute the differential response between NPO and for-profit organizations to NPO CEOs acting as stewards of the NPO, whereby they are willing to take less to ensure the continued existence of the enterprise, as well as fulfillment of its mission. This phenomenon has previously been observed in the nonprofit sector and termed labor donation, whereby individuals who work for NPOs are intrinsically motivated and consequently, are willing to work for less money. Cross-sectionally I find the declines in compensation are larger in NPOs headquartered in smaller counties, in counties with higher levels of religiosity, and in counties with greater levels of social capital, and in NPOs that are run by their founders. In the last chapter, I propose that board interlocks can act as a channel of information transmission and social learning, hence enhancing the diffusion of innovation among firms. I find that a firm’s patents are more likely to be cited by patents from firms that have common directors (i.e., interlocked firm). The result is robust under a difference-in-differences setting, where the death or retirement of interlocking directors is used as an exogeneous shock to board interlock. The effect is more pronounced for interlocking directors who have longer experience in R&D-intensive industries, have a larger network, and have a higher compensation delta. While I find that board interlock enhances the diffusion of innovation across industries, it has no effect on within-industry knowledge diffusion. Finally, I document that board interlock enhances firms’ overall innovation output, measured by patent counts and citation counts per patent. The paper sheds light on an important role played by board of directors in promoting knowledge spillover and innovation. / Business Administration/Finance