Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2014. / Unable to load abstract

Finding the suitable capital structure for small and medium size enterprises, SMEs, is vital. A suitable capital structure helps SMEs to stay alive in the competitive market and has a positive effect on the national economy. Wealth maximization is the first objective of the firms, and capital structure proposition shows how a firm plans to finance its projects to meet its first objective. The purpose of this thesis is to investigate the impact of the capital structure determinants on the SMEs borrowing behavior. SMEs in this research are defined as the small independent privately held firm with less than 250 employees. In order to reach the purpose of this thesis, I have consulted the relevant theories of capital structure. By the support of the earlier studies, as well as the related theories, I have developed the testable hypotheses to examine the impact of capital structure determinants on the decomposed leverage level. To conduct this thesis, I have used the deductive approach, which is a similar approach suggested by the key reference of this study, Michaels et al (1999).   Size, age, profitability, growth, operating risk, and asset structure are selected as the determinant of capital structure. With the unique set of data gathered from 201 SMEs in Iran over the period of 2006 to 2010, the statistic panel data regression is used to analyze the empirical data. To investigate the borrowing behavior of the SMEs comprehensively, the observed SMEs were picked up from different manufacturing industries in Iran. The result of this research reveals that the impacts of capital structure determinants on SMEs leverage levels are different in terms of both magnitude and direction. The result indicates that profitability has a strong impact on SMEs borrowing decisions. Besides profitability, size and asset structure appear to have an impact on leverage level in compare with other determinants. This thesis finding shed lights on the necessity of using the maturity structure of debt (short-term debt and long-term debt) as dependent variables. Firms are more willing to finance their projects with short term debt, rather than long term debt. Long term debt is costly, and the probability of bankruptcy is higher with long term debt. Although long term debt is riskier for SMEs, but it shows the management confident in the firm’s future since it obliges the firm’s management to make legally binding future payments of interest. However, the empirical result of this study shows that all the determinants have an effect on the level of leverage in SMEs.

Abstract: There is an ongoing debate on whether risk-taking incentives align risk-averse managers’ interests with those of shareholders or whether such incentives lead to excessively risky firm and leverage policies. In this study, we shed light on this debate by using CEO risk-taking incentives, measured by the sensitivity of CEO wealth to changes in stock return volatility (Vega), and explain how Vega affects firms’ security issuance and repurchase activities. In general, we find that a higher Vega increases (decreases) the likelihood of debt issuance (share issuance) and it decreases (increases) the propensity of debt retirement (share repurchase). However, in high-levered firms, the positive effect of Vega on debt issuance and the negative influence of Vega on debt retirement are diminished. One the other hand, for equity issuance and repurchases, high leverage does not seem to alter the impact of Vega. These findings have three main implications: 1) in general, CEO risk-taking incentives (Vega) do affect the financing decisions of firms by increasing firms’ degree of leverage, (2) when existing leverage is high, CEO risk-taking incentives do not seem to induce CEOs to take excessive financial risks through debt issuance, but such incentives encourage them to continue repurchasing shares that would lead to even higher debt ratios and non-operational risks, and (3) firms with high Vega do not seem to adopt target debt ratios. JEL Classification: G30, G32, J33

Introduction: 1 November 2010  came the amendment about the audit requirement into force. The amendment concerned only micro-enterprises. The most common form offinancing for micro-enterprises are bank loans, therefore the banks play a major role in the business and wellness of micro-enterprises. Purpose: Purpose of this paper is to examine if the credit assessment has been affected by the removal of the audit requirement for micro-enterprises. Method: This study will be conducted by a qualitative study in the form of interviews. Five interviews were conducted, with four respondents from the large banks and    one respondent from Almi Företagspartner. Conclusion: All respondents agreed that the audit is seen as a mark of quality, some lenders will continue to request it from the micro-enterprise while other lenders look at other factors such as ownership, relationship or business concept.

No description available.

Master’s thesis deals with the issue of external financing of a car in trading copany in Czech republic and Austria. It comprieses proposals of optimal solutions of financing in both countries and compares conditions of both systems.

The purpose of the dissertation "An optimalization of an external funding of the prospectus" is to examine financial analyses of particular business connected with the business development. The present study aims to explore actual finance of the particular business and asset of the business. Moreover the analytical report examine Business development strategy. The dissertation is engaged also in analysis of investment credit and finacial leasing offers and benchmarking of both. The main purpose of the financial analyses is suggestion of the financing of the prarticular company.

Cette thèse s’intéresse à la construction de carrières des chercheurs et universitaires effectuant de la recherche dans un « petit » pays, le Niger. Cette étude cherche en particulier à comprendre les principaux déterminants des choix de carrières et les moyens mobilisés pour réaliser leurs études et poursuive leur activité de recherche. Cette recherche est fondée sur une enquête qualitative réalisée au Niger au sein de trois institutions où se déroulent des activités de recherche : l’Université Abdou Moumouni de Niamey (UAM), l’Institut National de Recherche Agronomique du Niger (INRAN) et le Laboratoire d’Etudes et de Recherche sur les Dynamiques Sociales et le Développement Local (LASDEL). Au moyen d’entretiens semi-directifs et de récits de vie auprès de plus de 15% des chercheurs et universitaires nigériens, cette étude met en relief leurs trajectoires, leur leurs expériences, leurs points de vue sur leur profession.Les principaux résultats de cette recherche montrent que l’Etat nigérien, à travers sa politique de programmation menée jusque dans les années quatre-vingt avait promu la formation d’une grande quantité de jeunes ver l’enseignement supérieur. Ces personnes ont poursuivi le travail de recherche qu’ils avaient, à quelques exceptions près, réalisé lors de leurs études à l’étranger. Ainsi, alors que l’Etat s’intéressait avant tout à former des enseignants pour l’Université en les envoyant se former à l’étranger, en finançant leurs bourses et choisissant l’institution dans laquelle ils devraient exercer leur métier à leur retour, la recherche prenait racine au sein de l’Université. Après la crise de la dette et des programmes d’ajustement structurel, l’Etat a du abandonner cette forme de soutien dirigée avant tout à renforcer le personnel employé dans les administrations publiques, les écoles et l’université. La bourse ne devient plus synonyme d’emploi et moins encore d’orientation vers l’enseignement supérieur ou la recherche.Pourtant la situation dramatique de l’université changera de manière importante. C’est à cet instant aussi que, grâce à la lutte syndicale menée par les universitaires, l’Etat nigérien porte de nos jours un grand intérêt à la recherche et se concentre l’UAM qui bénéficie désormais de financements nationaux de recherche. Même si ces derniers ne sont pour l’instant pas suffisants, ils permettent de créer de véritables projets de recherche. La thèse examine les conditions de ce changement.Il découle aussi de cette étude que recherche se développe, en dépit des difficultés auxquelles est confrontée, et manifestement augmente si on en juge par les publications en croissance. / This thesis is investigating the construction of scientific careers of researchers and academics in Niger, a « small » scientific country. We try to understand the main determinants of career choices et means used to do their studies and continue in performing research. Our investigation is based on qualitative field work done in Niger in three institutions : Université Abdou Moumouni de Niamey (UAM), Institut National de Recherche Agronomique du Niger (INRAN) and the Laboratoire d’Etudes et de Recherche sur les Dynamiques Sociales et le Développement Local (LASDEL).With interviews and life stories in a sample that represents around 15% of researchers of the country, we examine their trajectories and professional experiences, as well as their opinions on the institutions and research activities in the country.The main research results show that the State of Niger, through its programming policy until the early eighties had promoted training of a great quantity of young people in foreign countries towards higher education, in order to create its own public service. These persons continue their research activities in the same disciplinary domains they were trained, when returning in Niger. When programming existed, the State chose the domains and the institutions in which they would pursue their professional activity. In this way research slowly took roots in the national institutions and the university. After the crisis and structural adjustment programmes, the State had to abandon this programming activity. Scholarships were no more a means to secure a job and didn’t guarantee one would find a position into the higher education system or research.Nonetheless, the very bad salaries and working conditions have changed, largely because of the pressure of the professional union of university personnel. Today the State of Niger is paying close attention to the working conditions of the university and attributes also funding to research, and even if these funds are insufficient, they permit to undertake some research, often in close collaboration with foreign partners as is evidenced by the growth of scientific publications.

The dissertation describes the issue of purchase financing of a long-term property from external financial sources in the concrete company. The dissertation is engaged in analysis of investment credit and finacial leasing offers and benchmarking of both. On the basis of the selected decision-making method there is chosen one financial product in the dissertation, which is most suitable product for financing of new equipment in the defined company.

The Master's thesis solves the question of financing an acquisition of fixed assets from external resources. It deals with a detailed analysis of products offered by leasing companies and banking institutions. It primarily examines financial leasing and investment credits. The essence of the thesis is to find the most appropriate external financing option for a purchase of cargo trucks, based on the analysis of particular offers.