Submitted by ANA PAULA MIOTTO (ana.miotto@uol.com.br) on 2013-03-21T03:07:18Z No. of bitstreams: 1 Tese_Ana Paula Miotto.pdf: 1382771 bytes, checksum: 0e3f0451328dc1c2bd606d93de1e8dea (MD5) / Approved for entry into archive by Eliene Soares da Silva (eliene.silva@fgv.br) on 2013-03-21T13:17:51Z (GMT) No. of bitstreams: 1 Tese_Ana Paula Miotto.pdf: 1382771 bytes, checksum: 0e3f0451328dc1c2bd606d93de1e8dea (MD5) / Made available in DSpace on 2013-03-21T13:47:47Z (GMT). No. of bitstreams: 1 Tese_Ana Paula Miotto.pdf: 1382771 bytes, checksum: 0e3f0451328dc1c2bd606d93de1e8dea (MD5) Previous issue date: 2013-02-25 / All consumer expenditures compete for the same set of limited resources: individual or household income. Decisions about what to buy, how to pay and how much to save are part of families daily activities, regardless of their income. However, in a context of increased resource constraints many of these decisions are crucial. Combining desires and obligations on a limited budget is no easy task. The household finance management is considered an important task and can have positive consequences for consumers, such as the possibility to save resources for the future, or negative, such as default. This thesis argues that consumers manage their budgets differently. Also, they have personal characteristics that impact this management. Through two complementary studies - the first exploratory and qualitative and the second quantitative the thesis aims to understand the way C class households perform the management of their finances, testing relations between personal characteristics and forms of dealing with finance. And investigate how the occurrence of default or savings is influenced by personal characteristics and the way consumers conduct such management. Two distinct components in the household finance management were identified: the mental budget and income and expenses management . Results of qualitative research point to a larger consumer’s effort in controlling post-consumer spending, with little concern for budget planning. Credit card financing is another feature investigated. The installment payment option is often seen as the only form of acquisition. While the credit card use facilitates the control (all expenses in one account), the possibility of minimum payment, and the difficulty to understand the interest rates, are aspects that bring complexity to the process and could lead consumers to uncontrolled budget and default. Results of the quantitative study, however, indicate a positive relationship between the preference for credit and financial management. 11 Self-control has a positive relation with the management of expenses, as well as the propensity to plan. The management of expenditure, in turn, has a negative relation with the occurrence of default. It was found that revenues and expenses management play a role as a mediator between personal characteristics and default and between the propensity to plan and savings. Encouraging better financial management can have a positive impact on reducing default as increasing savings. Critical events, mainly unemployment and sickness in the family, have a direct influence on the occurrence of default. Acting on these events is difficult because, in most cases, they are unexpected situations. However, encouraging savings for such emergencies should minimize the negative impact of a critical event. Contributions to the theory, practice and public policy are offered and discussed. / Praticamente todas as despesas dos consumidores saem do mesmo conjunto de recursos limitados: a renda individual ou familiar. Decisões sobre o que comprar, como pagar e quanto poupar fazem parte do cotidiano das famílias, independentemente da renda. No entanto, em um contexto de maior restrição de recursos muitas dessas decisões são cruciais. Combinar todos os desejos e obrigações em um orçamento limitado não é tarefa fácil. A gestão das finanças domésticas é considerada uma tarefa importante e que pode ter consequências positivas para os consumidores, como a possibilidade de fazer reservas de recursos para o futuro, ou negativas, como o endividamento e a inadimplência. Essa tese argumenta que os consumidores gerenciam seus orçamentos de forma distinta. Além disso, possuem características pessoais que impactam essa forma de gestão. Por meio de dois estudos complementares – o primeiro exploratório de caráter qualitativo e um segundo quantitativo, procurou-se: entender as formas pelas quais as unidades familiares de classe C realizam a gestão de suas finanças domésticas; testar relações entre características pessoais e formas de lidar com as finanças e investigar como a ocorrência de inadimplência ou poupança é influenciada por características pessoais e pela forma como os consumidores realizam essa gestão. Identificaram-se dois componentes distintos na gestão das finanças domésticas: o orçamento mental e o gerenciamento das receitas e despesas. Resultados da pesquisa qualitativa apontam para um esforço maior das consumidoras em controlar os gastos pós-consumo, com pouca preocupação com o planejamento orçamentário. O uso do cartão de crédito para financiar as compras é outra característica do grupo investigado. O parcelamento do pagamento é visto, muitas vezes, como a única forma de aquisição. Ao mesmo tempo em que o cartão tem o papel de facilitar o controle (todas as despesas em uma única conta), a possibilidade de parcelamento e de pagamento mínimo e, a dificuldade de entender a cobrança de juros, são aspectos que trazem complexidade ao processo de gestão das finanças e que poderiam levar os consumidores ao descontrole do orçamento, ao endividamento e à inadimplência. Resultados do estudo quantitativo, no entanto, apontam para uma relação positiva entre a preferência por crédito e o gerenciamento, sugerindo que indivíduos com essa característica, imprimam um maior esforço no gerenciamento. O autocontrole tem uma relação positiva com o gerenciamento das despesas, assim como a propensão a planejar. O gerenciamento das despesas, por sua vez, tem uma relação negativa com a ocorrência de inadimplência. Testes realizados apontam para o papel mediador do gerenciamento das receitas e despesas na relação entre as três características pessoais investigadas e a ocorrência de inadimplência. O papel mediador do gerenciamento entre a propensão a planejar e a poupança também é apontada pelos testes. É possível considerar que a influência das características pessoais na ocorrência de inadimplência ou poupança, se realiza por meio do gerenciamento das receitas e despesas. Estimular um melhor gerenciamento pode ter um impacto positivo tanto na redução da ocorrência de inadimplência como no aumento da poupança. Eventos críticos, principalmente desemprego e doença na família, têm influência direta na ocorrência de inadimplência. Atuar sobre esses eventos é difícil, já que, na maioria dos casos, são situações inesperadas. No entanto, incentivando a poupança, as reservas para essas situações de emergência estariam asseguradas, minimizando o efeito negativo de um evento crítico. Contribuições à teoria, à prática e para políticas públicas são oferecidas e discutidas.

Tidigare studier har visat att skuldsättning har ökat till resultat av avregleringar och ökad tillgängligheten av olika typer av krediter och lån. Dessutom fanns det få forskning om unga vuxnas syn på skuldsättning och skuldsättning för konsumtion. Därför har författarna valt att studera det på grund av ökat intresse för ämnet. Syftet med studien är att öka förståelse, beskriva och analysera unga vuxnas syn på skuldsättning. Studien fokuserar också på att öka förståelse för unga vuxnas syn på konsumtion som leder till skuldsättning. Studiens målgrupp att rikta sig in är personer mellan 18-25 år i båda kön. Studien är en kvalitativ forskning som använder intervju som metod. Det är 12 respondenter som intervjuades genom telefon, skriftligt form och i verkligheten. Studiens forskningsresultat visar att unga vuxna har en negativ syn på skuldsättning men när det gäller studielån eller bostadslån är det inte inkluderad som skuldsättning. Dessutom saknar unga vuxna en korrekt förståelse för skuldsättning. / Previous studies have shown that indebtedness has increased as a result of deregulation and increased availability of different types of credits and loans. In addition, there was little research on young adults' views on indebtedness and indebtedness for consumption. Therefore, the authors have chosen to study it due to increased interest in the subject. The purpose of the study is to increase understanding, describe and analyze young adults' views on indebtedness. The study also focuses on increasing understanding of young adults' views on consumption that lead to indebtedness. The study's target group people between 18-25 years in both sexes. The study is qualitative research that uses interviews as a method. There are 12 respondents who were interviewed by telephone, in writing and in real life. The study's research results show that young adults have a negative view of indebtedness, but when it comes to student loans or housing loans, it is not included as indebtedness. In addition, young adults lack a proper understanding of indebtedness. Keywords:

Background: Immigrant entrepreneurship (IE) has emerged as a vital component of Sweden's economy. However, Vietnamese Immigrant Entrepreneurs are playing an increasingly prominent role in the country's financial landscape, but there seems to be an underexplored research gap. The influence of cultural, and national heritage on financial decision-making specifically towards the Vietnamese Immigrant Entrepreneurs is an underestimated topic, as many entrepreneurs come from backgrounds where their expertise was cultivated, enabling them to operate uneffectively in the financial sector. This paper examines the impact of cultural and national aspects and other characteristics on the financial decision-making of Vietnamese immigrant entrepreneurs. Purpose: This thesis investigates how the cultural and national characteristics influences the financial decision-making of Vietnamese Immigrant Entrepreneurs in Sweden. The research aims to comprehend the impact of cultural values and societal norms of the home country, and its influences on their financial strategies and its process made by these entrepreneurs. It offers profound insight on how cultural identity, cultural background and cultural legacy impacts their entrepreneurial endeavor, specifically in the financing scope. The primary objective is to provide information that can contribute to the academic and practical world. Method: This research uses a qualitative methodology that combines exploratory and interpretative design with relativism ontology, interpretivism, social constructionist epistemology, and an abductive approach. Six Vietnamese IEs who are employed in Sweden were the purposive sample, chosen according to certain sampling criteria, and semi-structured and e-mail interviews were used to collect the data. In order to find, understand, and interpret significant themes and patterns in the transcripts and interviews, the data was further examined using a thematic content analysis. Conclusion: The findings demonstrate the fact that the national and cultural aspects of the Vietnamese IE’s have a significant influence on their financial decision-making in their entrepreneurial endeavor. Their trust and familiarity in informal networks and financing sources, and deeply-rooted risk-averse attitudes in financing based on history and culture exerts aprofound effect that ultimately shapes their financial strategies towards informal financing over formal financing. Furthermore, this research emphasizes the importance of culturally responsive financial products and services in effectively assisting immigrant businesses. Moreover, it emphasizes the significance of comprehending the cultural subtleties that influence financial conduct, hence fostering enhanced economic assimilation and achievement for immigrant entrepreneurs.

本文建立一公司稅、累進個人稅、非債稅盾和破產可能之不確定經濟模型，探討公司的投資理財決策行為。和以前文獻最大的不同點，在於公司風險債利率水準明顯且完全的內生化處理，此內生化利率不僅受公司舉債額度的財務決策影響，也會反應公司現行投資或資本存量的實質決策，模型中的財務和實質決策具有完全互動之特性。 累進個人稅下，只要存在一組投資人間的邊際稅率結構，能排除套稅資產配置，則市場無套稅價格和競爭均衡便存在。此一結果，使本文模型中的資產評價得以建立於競爭財務市場均衡的基礎。市場均衡下，公司債利率會隨公司舉債額度而同向、投資額度而反向調整，此時股東與債權人間的代理成本問題完全消失、市場具有公平保護債權人的機能。如果公司債利率外生而無法依市場均衡評價，則由於代理成本問題存在，使公司最適投資相對低於、舉債額度則高於利率內生之最適水準。另外，傳統一些稅制分析法的資本結構決定理論，只是本文之特例。 稅盾變化，如投資減免率或定額減免等，對公司最適投資和舉債的影響，除以前文獻之結果外，還包含一利率回饋效果，後者可能改變以前文獻之結論。例如，本文發現獎勵投資之折舊率或投資扣抵的政策美意，可能反而造成抑制投資的結果，本文這部分之結論，或可提供有關公司資本結構決定之實證研究新的詮釋，另外在稅制設計上亦具政策上的含意。

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Purpose: The study aimed to investigate how a delivery lead-time reduction impacts returnon-investment (ROI), and through the study create a decision support that quantitatively demonstrates the impact of the delivery lead-time reduction on manufacturing companies' ROI. To fulfill the purpose of the study two research questions were created: How is ROI affected by a delivery lead-time reduction? How can the impact of the delivery lead-time reduction on ROI be quantified? Method: A literature review was conducted to explain how a delivery lead-time reduction affects the ROI components. The literature review formed the theoretical framework, from which a proposition was created. With the proposition as a basis, a case study of one-case-design was carried out. The data for the first research question was collected through interviews with respondents from the focal company's market and production departments. The collected data was then pattern matched against the proposition, to develop the proposition. The answer from the first research question was then used as a basis for the quantification of the impact of the delivery lead-time reduction on ROI. During the empirical collection, there were limitations in data availability, therefore fictitious data was estimated to carry out the quantification and fulfill the second research question. Results: The study shows that there are many ways in which ROI can be affected by a delivery lead-time reduction, depending on the context, the starting point, and the approach in which the reduction is implemented. Therefore, an 8-scenario typology was created for how a delivery lead reduction can be implemented based on the six strategic lead times (SLT). Research question 1 shows, based on the data and the proposition, how delivery lead-time reduction impacts ROI in the typology’s scenario 7. Scenario 7 means a reduction in delivery lead-time, along with a reduction of the supply lead-time by reducing the external lead-time. The quantification of fictitious data, which answered the second research question, showed that it is possible to quantify the effect of the delivery lead-time reduction on ROI. Based on the approach of quantification, a decision support for investment in delivery lead-time reduction was created. Implications: The study contributes to the opportunity for practitioners to evaluate investment in delivery lead-time reduction, against other investment candidates, to strengthen the company's competitiveness. Theoretically, the study contributes with the typology for how a delivery lead-time reduction can be implemented. Also, a contribution through the proposition which shows how a delivery lead-time reduction generally affects ROI, versus the developed proposition that shows the influence based on scenario 7. Limitations: The quantification was based on fictitious data, which gave a limited result. Although it’s not the result of itself that is of interest, it is the logic of quantification, since the purpose is to develop a decision support. Also, the study is of one-case-design, whereupon the developed proposition cannot be applied on other companies without scrutiny and compared with their specific contexts. / Syfte: Studien syftade till att undersöka hur det finansiella prestandamåttet return on investment (ROI) påverkas vid en leveransledtidreduktion och genom studien skapa ett beslutsstöd som kvantitativt påvisar leveransledtidsreduktionens påverkan på tillverkandeföretags ROI. För att uppnå studiens syfte upprättades två forskningsfrågor: Hur påverkas ROI av en leveransledtidsreduktion? Hur kan leveransledtidsreduktionens påverkan på ROI kvantifieras? Metod: En litteraturgenomgång genomfördes för att förklara hur ROI komponenter påverkas av en leveransledtidsreduktion. Litteraturen sammanställdes sedan i en teoretisk referensram, utifrån vilken en proposition skapades. Med propositionen som grund utfördes en fallstudie av enfallsdesign. Empiri till den första forskningsfrågan samlades in genom intervjuer med respondenter från marknads- och produktionsavdelningen på fallföretaget. Empirin mönsterpassades mot den framtagna propositionen, som genom mönsterpassningen utvecklades. Svaret från första forskningsfrågan användes sedan som grund för kvantifieringen av leveransledtidsreduktionens påverkan på ROI. Under empiriinsamlingen visade det sig finnas begränsningar i tillgängliga data, varpå fiktiva data uppskattades för att kunna genomföra kvantifieringen och besvara andra forskningsfrågan. Resultat: Studien visade att det finns många olika sätt som ROI kan påverkas vid en leveransledtidsreduktion beroende på kontexten, utgångsläget och tillvägagångssättet som reduktionen genomförs i. Därför skapades en typologi med 8 scenarios för hur en leveransledtidsreduktion kan genomföras utifrån de sex strategiska ledtiderna (SLT). Forskningsfråga 1 visar utifrån empirin och propositionen påverkan på ROI vid scenario 7 i typologin. Scenario 7 innebär en reduktion av leveransledtiden och försörjningsledtiden genom att reducera den externa ledtiden. Kvantifieringen med fiktiva data påvisade att det är möjligt att kvantifiera leveransledtidsreduktionens påverkan på ROI. Utifrån tillvägagångssättet av kvantifieringen skapades ett beslutsstöd för investering i leveransledtidsreduktion. Implikationer: Studien bidrar till praktikers möjlighet att utvärdera en investering i leveransledtidsreduktion mot andra investeringskandidater för att stärka företags konkurrenskraft. Teoretiskt bidrar studien med typologin över hur en leveransledtidsreduktion kan genomföras. Även genom propositionen som visar hur en leveransledtidsreduktion påverkar ROI generellt, kontra den utvecklade propositionen som visar påverkan utifrån scenario 7. Begränsningar: Kvantifieringen baserades på fiktiva data vilket gav ett begränsat resultat. Det var istället logiken i kvantifieringen som var intressant, eftersom syftet var att utveckla ett beslutsstöd. Studien är en enfallsstudie, varpå den utvecklade propositionen inte kan appliceras för andra företag utan granskning och jämförelse med deras specifika kontexter.

El principal objetivo del presente trabajo de investigación es reconocer el uso de la Norma Internacional de Información financiera 7: Estado de Flujos de Efectivo y su impacto en la toma de decisiones financieras de las empresas del Sector Inmobiliario de Lima Top, en el año 2019. El Estado de Flujos de Efectivo es analizado con la finalidad de reconocerlo como herramienta en el momento de la toma de decisiones financieras en las empresas del Sector inmobiliario. El presente trabajo se dividió en cinco apartados, en el Capítulo I, Marco teórico, en el cual se precisaron las palabras claves vinculadas al tema de investigación. Posteriormente, en el Capítulo II, Plan de investigación, se detallaron el problema principal y los problemas secundarios, como también los objetivos e hipótesis generales y específicas. Asimismo, en el Capítulo III, se desarrolla la Metodología de trabajo, en el cual se especifica el tipo de investigación, se determina la población y el tamaño de la muestra, para llevar a cabo el análisis cuantitativo y cualitativo. Luego, en el Capítulo IV, Desarrollo, en donde se realizó la aplicación de los instrumentos cuantitativos y cualitativos mencionados anteriormente. Finalmente, en el Capítulo V, Análisis de Resultados, se presentaron las conclusiones y recomendaciones finales de todo el trabajo de investigación. / The main objective of this research work is to recognize the use of the International Financial Reporting Standard 7: Statement of cash flows and its impact on the financial decision making of real estate companies in Lima Top, in the year 2019. The State Cash flow is analyzed in order to recognize it as a tool at the time of making financial decisions in companies in the real estate sector. The present work was divided into five sections, in Chapter I, Theoretical Framework, in which the keywords related to the research topic were specified. Subsequently, in Chapter II, Research Plan, the main problem and the secondary problems were detailed, as well as the general and specific objectives and hypotheses. Also, in Chapter III, the Working Methodology is developed, in which the type of research is specified, the population and the sample size are determined, to carry out the quantitative and qualitative analysis. Then, in Chapter IV, Development, where the application of the quantitative and qualitative instruments mentioned above was made. Finally, in Chapter V, Analysis of Results, the final conclusions and recommendations of all research work were presented. / Tesis

Entscheidungsunterstützungssysteme in der Finanzwirtschaft sind nicht nur für die Wis-senschaft, sondern auch für die Praxis von großem Interesse. Um die Finanzmarktüber-wachung zu gewährleisten, sehen sich die Finanzaufsichtsbehörden auf der einen Seite, mit der steigenden Anzahl von onlineverfügbaren Informationen, wie z.B. den Finanz-Blogs und -Nachrichten konfrontiert. Auf der anderen Seite stellen schnell aufkommen-de Trends, wie z.B. die stetig wachsende Menge an online verfügbaren Daten sowie die Entwicklung von Data-Mining-Methoden, Herausforderungen für die Wissenschaft dar. Entscheidungsunterstützungssysteme in der Finanzwirtschaft bieten die Möglichkeit rechtzeitig relevante Informationen für Finanzaufsichtsbehörden und Compliance-Beauftragte von Finanzinstituten zur Verfügung zu stellen. In dieser Arbeit werden IT-Artefakte vorgestellt, welche die Entscheidungsfindung der Finanzmarktüberwachung unterstützen. Darüber hinaus wird eine erklärende Designtheorie vorgestellt, welche die Anforderungen der Regulierungsbehörden und der Compliance-Beauftragten in Finan-zinstituten aufgreift.

MCom (Economics) / Department of Economics / This study assesses the level of financial literacy and its impact on financial decision making exercised by the tertiary students in South Africa, using the University of Venda (Univen) as a case study. The study does this in three steps. First, it provides the financial literacy levels of students at Univen assessed through an evaluation score that the sampled students responded to. Second, it analyses the relationship between the demographic and socio-economic characteristics of students and their financial literacy levels. Third, it assesses the possible effects of financial literacy on financial decision making among students using correlation and regression analysis. The study uses primary data gathered by the author from the University of Venda registered students in the form of questionnaires. A stratified random sampling method was used to identify the students to form the sample of the study, which is 373. Percent slightly above 50 per cent of these students were found to be financially literate and there were more female students who were financially literate compared to male counterparts. Using the odds ratios, the study compared the financial literacy levels of all schools to the school of Management Sciences, respectively. Only students in Environmental Sciences and Law have higher literacy levels, which are statistically significant, compared to the students in the school of Management Sciences. The results also show that the age and the parent’s educational background have a statistically significant relationship with the student being financial literate. Furthermore the results indicate that there is a statistically significant relationship on good financial decision making (that is, budgeting, savings and investments) and being financial literate, compared to being financial illiterate. This result is not true when borrowing is used as a measure of financial decision making. / NRF

Bakgrund: Efter många år av högkonjunktur är den svenska ekonomin prognostiserad att föras in i en lågkonjunktur under 2023. Hög inflation hanteras med stigande räntor vilket påverkar investerare på flera sätt, men det finns också en rad börspsykologiska faktorer som kan ha en inverkan på investerare och deras beslut. En åldersgrupp som aldrig investerat under en lågkonjunktur är generation Z. Det är därför intressant att undersöka hur börspsykologiska faktorer påverkar generation Z:s investeringsbeslut under ingången av en lågkonjunktur. Syfte: Syftet med arbetet är därför att undersöka och åskådliggöra vilka börspsykologiska faktorer som har en påverkan på generation Z:s beslutsfattande i ingången av en lågkonjunktur.  Metod: Studien har antagit en kvantitativ insamlingsmetod med en deduktiv ansats, detta genom en genomgripande litteraturstudie följt av en enkätundersökning. Analysen har antagit ett deskriptivt förhållningssätt men har också bestått av enkel linjär regression. Slutsats: Resultatet av undersökningen visar att det finns tendenser av samtliga börspsykologiska biaser i generation Z. Av regressionsanalysen att döma går det dock endast att utläsa signifikanta samband mellan biaserna overconfidence, herding behaviour och anchoring bias mot generation Z:s investeringsbeslut under ingången av en lågkonjunktur.