A redução da pobreza é um problema amplamente discutido no mundo. Por meio do crescimento econômico, os países podem melhorar seu padrão de vida e alcançar maiores níveis de desenvolvimento. Com a abertura promovida no contexto da globalização, houve aumento no fluxo de bens e capitais externos para os países em desenvolvimento, favorecendo seu crescimento econômico. Este trabalho buscou identificar relações de causalidade entre fluxos externos, crescimento e desenvolvimento econômico. Foram utilizados indicadores trimestrais e anuais sugeridos na revisão teórica. Os dados trimestrais foram utilizados para construir um modelo de auto-regressão vetorial (VAR), que verificou relações de causalidade entre as variáveis. Os dados anuais foram utilizados para a análise de regressão. Os resultados sugerem que o crescimento econômico apresenta relações de causalidade com investimento interno, poupança, abertura econômica e produtividade. A produtividade, por sua vez, é influenciada pelo capital humano, investimento estrangeiro direto e progresso tecnológico. O desenvolvimento econômico apresentou relações de causalidade com educação e renda (aumento e distribuição de renda). / The poverty reduction is widely discussed around the world. Through the economic growth, the countries can improve their pattern of life and reach high levels of development. The commercial overture promoted by globalization increased the international flows of capital and goods into developing countries and promoted economic growth. This study, tried to identify causality relation among international flows, development and economic growth. Quarterly and annual indicators were used as suggested in the theorist revision. The quarterly data were used to built a vector auto regression model (VAR) to verify causality relation among the variables. The annual data were used to the regression analysis. The results suggest that the economic growth has causality relations with internal investment, savings, economic opening and productivity. The productivity is influenced by human capital, external direct investment and technological progress. The development has causality relations with education and income (increase and distribution).

Cross-border M&A’s have been gaining momentum in the past decades. As growth opportunities are becoming scarce, more and more multinational corporations seek their expansion opportunities across the border through M&A’s. Whether these cross-border M&A’s add value has been a heavily debated topic. This research takes a value adding perspective by showing the effect of financial market development and capital dependence on the abnormal returns of acquiring firms from the US. Our results show that the effects of financial development and capital dependence are statistically significant, but their financial significance is small.

In an increasingly competitive environment an organisation‟s intellectual capital is the key to its ability to generate wealth. The intangibility of intellectual capital makes it difficult to replicate and therefore it is a crucial differentiator in the business environment. The objective of the research was to develop and test a model for the managing of intellectual capital. An examination of the literature provided the foundation for developing a model to illustrate the various facets an organisation must consider when managing intellectual capital. The Intellectual Capital Management Model specifies that management of intellectual capital is derived from the corporate vision and strategy. Three sources of intellectual capital – human capital, internal capital and external capital – contribute to the outcomes essential to differentiate the organisation in the marketplace. Within each of the three sources of intellectual capital, aspects of intellectual capital management were identified and described, according to the research literature. A case study approach was used to assess the extent to which an organisation was managing its intellectual capital. Nine chief executives of the independent business units in a large New Zealand company were interviewed to understand why and how they managed the company‟s intellectual capital. Additionally, 18 employees were interviewed and 44 employees were surveyed in a questionnaire, to determine their views about issues relating to intellectual capital, especially sharing knowledge within the company. Findings indicated that although most of the aspects of the Model were present in the company, conscious management of intellectual capital was not occurring. Metrics was one characteristic frequently mentioned in the literature, but not evident in practice. Behavioural changes and socialisation were two characteristics that emerged strongly from the interviews, but were not widely addressed in the literature. From the perspective of the theoretical model greater attention should be given to behavioural changes and the importance of socialisation; and from the view of the practice model, management needs to address the issue of metrics.

Sammanfattning   Titel:                            Externt kapital i samband med investeringar                             - En studie om framgångsrika företag i Gästrikland   Nivå:                     C-uppsats i ämnet företagsekonomi   Författare:            Madelene Bergström                             Mikael Pettersson   Handledare:           Per-Arne Wikström   Datum:                       2012 – 06   Syfte: Syftet är att undersöka vilken inställning framgångsrika företag har till olika externa kapitalkällor vid en investering samt hur dessa företag har finansierat tidigare investeringar.   Metod: Datainsamling har skett dels via en egen webbenkät till 229 stycken framgångsrika företag i Gästrikland samt genom en sammanställning av redan insamlat material från åren 2005 – 2011. Materialet har sammanställts och redovisas i diagramform. Analysen har sedan gjorts genom att jämföra empiri och teori vilket sedan är utgångspunkt för diskussion.   Resultat & slutsats: Studien visar att företagen prioriterar internt kapital framför externt kapital samt att deras inställning till externt kapital varierar med marknadens konjunktursvängningar. Det finns även en skillnad mellan företagens inställning till olika kapitalkällor och de kapitalkällor de faktiskt använt när de har genomfört investeringar.   Förslag till fortsatt forskning: En studie som på ett djupare plan belyser bakomliggande orsaker till skillnaderna i inställning till olika kapitalkällor och vilka källor som faktiskt har använts vid en investering.   Uppsatsens bidrag: Studien bidrar till en ökad förståelse för hur företag finansierar investeringar.   Nyckelord: Pecking order, finansiering, kapitalkällor, externt kapital, internt kapital / Abstract   Title:                               External capital for investments                                       - A study of successful firms in Gästrikland   Level:                             Bachelor-essay in business science   Author:                          Madelene Bergström                                      Mikael Pettersson   Supervisor:                     Per-Arne Wikström   Date:                             2012 - 06   Objective: The aim is to examine successful companies and their attitude towards different sources of external capital in an investment situation, we also exam how these companies have funded previous investments.   Method: Data collection has been made in two steps, we have conducted a web survey to 229 successful companies in Gästrikland and we have used already existing data from the years 2005 - 2011. This data is then compiled and presented in graphical format. The analysis has been done by comparing the empirical evidence and theory which then forms the basis for discussion.   Results & conclusion: This study shows that the companies prioritize internal capital rather than external and that their attitude towards external capital varies with market fluctuations. There is also a difference between the companies attitude to different sources of capital and the capital sources they actually have used for investments.   Suggestions for future research: A study on a deeper level that highlights the underlying causes of differences in attitudes towards different sources of capital and which sources who actually been used for an investment.   Essay contributions: The study contributes to a better understanding of how companies finance investments.   Keywords: pecking order, funding, capital sources, external capital, internal capital

ESSAY 1We examine the effect of governance environment on the composition of a country's external capital structure, specifically foreign equity investment. In addition to the absolute quality of the host country's governance environment, we consider the host country's governance quality relative to that of the source (investor) country. Unlike previous studies, which utilize country totals, we examine foreign investment positions between pairs of individual countries. Our sample includes 3,891 bilateral investment positions among 49 source countries and 69 host countries for years 2009 through 2011. We find that relative governance, rather than absolute governance, plays a role in foreign investment. Specifically, a host country with lower governance quality relative to the source country (a greater difference) attracts less FDI as a share of foreign equity investment. Our results suggest that prior studies, which identified absolute governance as a significant factor, were evaluating an incomplete picture. When the focus is solely on the host country, the policy prescription appears rather straightforward--all countries should pursue higher governance quality to attract more foreign investment from all sources. We challenge this notion by showing that: a) different source countries evaluate host-country governance differently; and b) this evaluation is influenced by the difference between the governance environments of the two countries. ESSAY 2Highly publicized governance failures in recent years have renewed research efforts to investigate the consequences of specific governance mechanisms. A better understanding of executive compensation contracts, specifically golden parachutes, is especially critical given their notorious status in the corporate governance debate. Instead of examining the explicit incentive role of golden parachutes (GPs) in influencing managerial behavior, we study their role as a tool for screening and recruiting reputable CEOs in a situation where recruitment would otherwise be difficult--severe financial distress that eventually leads to Chapter 11 bankruptcy. If GPs enable distressed firms to recruit reputable CEOs, there should be an observable link between the presence of GPs in employment contracts for newly hired CEOs and value-preserving firm outcomes. For our sample of firms, all of which filed for bankruptcy, this can be measured by the outcome of the bankruptcy proceedings, specifically the avoidance of liquidation. Thus, we hypothesize a negative relationship between the presence of GPs for newly hired CEOs and the probability of liquidation in bankruptcy. Consistent with this hypothesis, we find that firms led by newly hired CEOs with GPs are liquidated less often than other firms. This suggests that, regardless of their efficacy as corporate governance mechanisms, GPs can create value for shareholders.

There has been a rapid increase in the number of women entrepreneurs during the last decade. Yet, the number is still rather low why the Swedish Government is performing encouraging efforts. The encouragement of female‟s entrepreneurship is a necessity since women account for a rather new group of entrepreneurs who contributes to the growth of the economy. For most entrepreneurs, the success or failure depends on the ability to create a network of support and access to external capital. Previous research has shown that women entrepreneurs have a harder time to access external capital. These researchers have, however, mostly focused on individual traits and through these explained the financial situation of women entrepreneurs. This research, on the contrary, adopts a sociological research perspective where the everyday experiences of women entrepreneurs are emphasized. The purpose of this study is to understand and describe the financial situations faced by women entrepreneurs within the region of Jönköping. This will be achieved by examining the women‟s experiences in asking for banks‟ capital and the perceptions of the banks in supplying the capital. The study takes on an ethnomethodological research approach and applies a narrative data collection method. Due to the adopted ethnomethodological perspective, the study engages in the mapping of the everyday reality of the researched participants. The narrative data collection method allows the participants to express their stories and experiences. On the basis of an a priori model, the narratives were systematically studied and the financial situation of women entrepreneurs analyzed. The study applies a micro- and a macro analysis under which narratives of two different structures are examined. The micro analysis takes account of the narratives produced by the researched participants without involving any theory. It is found that the women entrepreneurs‟ narratives are more varied and action-oriented whereas the narratives of banks are more conformative and gen-eral. The macro analysis puts the narratives into a broader framework by in-volving both earlier research and a theory developed by Bourdieu. This analysis contributes to an understanding of that the social setting affects the structure, rules and norms of the entrepreneurial field. This may act as hin-ders for women entrepreneurs in terms of accessing capital, networking and overall feeling exhorted to be entrepreneurs. Hence, the reality of women entrepreneurs can be argued to be socially constructed where the women are unfairly seen through influenced eyes.

<p>There has been a rapid increase in the number of women entrepreneurs during the last decade. Yet, the number is still rather low why the Swedish Government is performing encouraging efforts. The encouragement of female‟s entrepreneurship is a necessity since women account for a rather new group of entrepreneurs who contributes to the growth of the economy. For most entrepreneurs, the success or failure depends on the ability to create a network of support and access to external capital. Previous research has shown that women entrepreneurs have a harder time to access external capital. These researchers have, however, mostly focused on individual traits and through these explained the financial situation of women entrepreneurs. This research, on the contrary, adopts a sociological research perspective where the everyday experiences of women entrepreneurs are emphasized.</p><p>The purpose of this study is to understand and describe the financial situations faced by women entrepreneurs within the region of Jönköping. This will be achieved by examining the women‟s experiences in asking for banks‟ capital and the perceptions of the banks in supplying the capital.</p><p>The study takes on an ethnomethodological research approach and applies a narrative data collection method. Due to the adopted ethnomethodological perspective, the study engages in the mapping of the everyday reality of the researched participants. The narrative data collection method allows the participants to express their stories and experiences.</p><p>On the basis of an a priori model, the narratives were systematically studied and the financial situation of women entrepreneurs analyzed. The study applies a micro- and a macro analysis under which narratives of two different structures are examined. The micro analysis takes account of the narratives produced by the researched participants without involving any theory. It is found that the women entrepreneurs‟ narratives are more varied and action-oriented whereas the narratives of banks are more conformative and gen-eral. The macro analysis puts the narratives into a broader framework by in-volving both earlier research and a theory developed by Bourdieu. This analysis contributes to an understanding of that the social setting affects the structure, rules and norms of the entrepreneurial field. This may act as hin-ders for women entrepreneurs in terms of accessing capital, networking and overall feeling exhorted to be entrepreneurs. Hence, the reality of women entrepreneurs can be argued to be socially constructed where the women are unfairly seen through influenced eyes.</p>