Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников и приложения. В первой главе рассмотрена сущность и принципы организации финансового планирования на предприятии, определены подходы, методы и этапы процесса бюджетирования, определено место бюджетирования в системе финансового планирования, описаны формы бюджетов и процесс бюджетирования, а также проведен сравнительный анализ моделей бюджетирования. Вторая глава работы посвящена анализу действующей системы планирования и бюджетирования на предприятии, а также определению влияния государственного оборонного заказа с точки зрения бюджетирования. В третьей главе представлены направления развития, оптимизации, совершенствования системы планирования и бюджетирования. В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, a conclusion, a list of sources used and applications. The first chapter discusses the essence and principles of organizing financial planning at an enterprise, defines approaches, methods and stages of the budgeting process, determines the place of budgeting in the financial planning system, describes the forms of budgets and the budgeting process, and also makes a comparative analysis of budgeting models. The second chapter of the work is devoted to the analysis of the current system of planning and budgeting at the enterprise, as well as the determination of the impact of the state defense order in terms of budgeting. The third chapter presents the directions of development, optimization, and improvement of the planning and budgeting system. In conclusion, the main conclusions are formed.

In this thesis, we investigate how multinational (MNC) parents can use the way they finance their subsidiary firms in order to constrain subsidiary management. In the first essay, we develop a theoretical framework in which we consider a number of alternative decisions related to the financing of MNC subsidiary firms. We show that, from the MNC parent's perspective, the optimal choice is to delegate the monitoring of the subsidiary to host-country banks and finance the subsidiary using short-term and short-term external debt. This arrangement will guarantee that the MNC subsidiary management exerts an optimal amount of effort and abides by the objectives set by the MNC parent. In the second essay, we propose and test four hypotheses addressing how MNC parents can use short-term and short-term external debt to constrain the rent-seeking behaviour of subsidiary management. One set of hypotheses analyses the use of short-term debt. The second set of hypotheses investigates the use of short-term external debt. Moreover, we investigate these two hypotheses in two different settings to measure: (i) the subsidiary effect by comparing between UK domestic and UK subsidiary firms and (ii) the location effect by comparing UK and US subsidiary firms. We find support for our hypotheses, namely that UK subsidiaries have more short-term debt and more short-term external debt as compared to equivalent UK domestic firms, and that US subsidiaries have more short-term debt and less short-term external debt compared to equivalent UK subsidiaries. Our results are both statistically and economically significant and are robust to the use of a matched sample approach to test our hypotheses. The third essay investigates the relationship between the bargaining power of MNC subsidiary firms and the way these firms are financed by analysing the source and the maturity of financing arrangements. We argue that the financing arrangements used to finance the subsidiary are linked to its ability to engage in rent-seeking behaviour and the latter depends on the amount of bargaining power that the subsidiary possesses. We use four different measures of bargaining power, namely age, size, presence of foreign sales and percentage of foreign sales. Using data relating to UK and US MNC subsidiaries between 2001 and 2010, we test two sets of hypotheses linking the bargaining power of the MNC subsidiary firms with the use of short-term debt and the use of external short-term debt. Our results provide strong support for our short-term debt hypotheses while support for our external debt hypotheses is more limited. The results are also economically significant when using the percentage of foreign sales as a bargaining power proxy. We also notice that the use of debt to constrain subsidiary management behaviour appears to differ across UK and US MNC subsidiary firms.

Conselho Nacional de Desenvolvimento Científico e Tecnológico / O trabalho identifica quais os fatores sistêmicos e domésticos que influenciam na formulação da política externa brasileira para o setor financeiro, com foco no período posterior à crise financeira de 2008. Para esse fim, a pesquisa analisa os atores domésticos que atuam no processo decisório de formulação da política externa para o setor financeiro, assim como seus interesses. Os órgãos federais ? nomeadamente o Ministério da Fazenda, o Banco Central e o Ministério das Relações Exteriores ? são os atores mais influentes nesse processo. O setor privado, apesar de dispor de capacidades políticas, delega a sua participação ao governo, assumindo uma postura reativa. Por sua vez, a sociedade civil tem pouca influência nesse processo. O cenário internacional tem papel de destaque nesse processo, pois restringe as ações do país, de acordo com a posição na hierarquia de poder. Após a estabilização econômica brasileira e a crise que abalou os mercados do Norte, o Brasil encontra-se mais livre em sua atuação internacional. Com isso, há um processo de repolitização da política externa para o setor financeiro, em que, no plano internacional, o Brasil coopera com outros países emergentes para demandar a redistribuição de poder decisório; e no plano doméstico, atores que antes não exerciam grande influência passam a ter. / The present research identifies systemic and domestic factors that exert influence on the decision making of the Brazilian foreign policy for the financial sector, mainly after the 2008 financial crisis period. To fulfill this aim, the research analyzes the domestic actors who are active in the foreign policy formulation process, as well as their interests. Brazilian federal agencies - including the Ministry of Finance, the Central Bank and the Ministry of Foreign Affairs - are the most participative actors in this process. Despite having political power, the private sector delegates its involvement to the government, assuming a reactive stance. On an opposing way, civil society has little influence in this process. The international order has an important role in this process because it restricts the country actions, according to its position in power hierarchy. After Brazilian economic stabilization and the 2008 financial breakdown which plunged North markets into crisis, Brazil has more freedom to act in the international field. As a result, there is a process of re-politicization of foreign policy for the financial sector, in which, at the international level, Brazil cooperates with other emerging countries demanding the redistribution of decision-making power, and domestically, actors who had not previously had great influence now emerge

<p>The economic policy of the Swedish Social Democrats has undergone major changes during the last thirty years. From using a so-called Keynesian policy to promote full employment in the economy, the Social Democrats have switched to a more monetaristic policy to promote low inflation instead. What I intend to do with this study is to see if the policy change also can be noticed in how the party describe their own policy. Have the Social Democrats been open and transparent with their change in priorities, or have they tried to hide this in their rhetoric?</p><p>The purpose of this thesis is to examine if one can notice a change from a Keynesian to a monetaristic policy in the Social Democrat’s descriptions of their economic policy. The main research question, which I intend to answer, is: "Is it possible to notice a change from a Keynesian to monetaristic policy in the Social Democrat’s descriptions of their economic policy?"</p><p>I have chosen to study the descriptions found in the financial forecasts, presented by the Social Democrats during their time in government rule between 1970 and 1999. The research method I use is the qualitative text analysis.</p><p>After analyzing the descriptions found in the financial forecasts I present an answer to the main research question: Yes, it is partly possible to notice a change from a Keynesian to monetaristic policy in the Social Democrat’s descriptions of their economic policy.</p><p>I only say partly possible because it is possible to notice the policy change that took place between the 1970s and 1980s, when low inflation was given the same priority as low unemployment. Whereas it is not possible to notice the change that took place between the 1980s and 1990s, when low inflation was given the highest priority, above low unemployment.</p>

Conselho Nacional de Desenvolvimento Científico e Tecnológico / O trabalho identifica quais os fatores sistêmicos e domésticos que influenciam na formulação da política externa brasileira para o setor financeiro, com foco no período posterior à crise financeira de 2008. Para esse fim, a pesquisa analisa os atores domésticos que atuam no processo decisório de formulação da política externa para o setor financeiro, assim como seus interesses. Os órgãos federais ? nomeadamente o Ministério da Fazenda, o Banco Central e o Ministério das Relações Exteriores ? são os atores mais influentes nesse processo. O setor privado, apesar de dispor de capacidades políticas, delega a sua participação ao governo, assumindo uma postura reativa. Por sua vez, a sociedade civil tem pouca influência nesse processo. O cenário internacional tem papel de destaque nesse processo, pois restringe as ações do país, de acordo com a posição na hierarquia de poder. Após a estabilização econômica brasileira e a crise que abalou os mercados do Norte, o Brasil encontra-se mais livre em sua atuação internacional. Com isso, há um processo de repolitização da política externa para o setor financeiro, em que, no plano internacional, o Brasil coopera com outros países emergentes para demandar a redistribuição de poder decisório; e no plano doméstico, atores que antes não exerciam grande influência passam a ter. / The present research identifies systemic and domestic factors that exert influence on the decision making of the Brazilian foreign policy for the financial sector, mainly after the 2008 financial crisis period. To fulfill this aim, the research analyzes the domestic actors who are active in the foreign policy formulation process, as well as their interests. Brazilian federal agencies - including the Ministry of Finance, the Central Bank and the Ministry of Foreign Affairs - are the most participative actors in this process. Despite having political power, the private sector delegates its involvement to the government, assuming a reactive stance. On an opposing way, civil society has little influence in this process. The international order has an important role in this process because it restricts the country actions, according to its position in power hierarchy. After Brazilian economic stabilization and the 2008 financial breakdown which plunged North markets into crisis, Brazil has more freedom to act in the international field. As a result, there is a process of re-politicization of foreign policy for the financial sector, in which, at the international level, Brazil cooperates with other emerging countries demanding the redistribution of decision-making power, and domestically, actors who had not previously had great influence now emerge

This thesis examines the type of Environmental, Social, and Governance (ESG) information that institutional investors seek when making and monitoring investment decisions, as well as the possibilities for this information to be presented in sustainability reports. As a basis, twelve semi-structured interviews were conducted with Swedish state institutional fund holders in the category regions and municipalities. Furthermore, five interviews were conducted with six employees at a large Swedish-Norwegian fund company. The results show that the basic demand for ESG information is governed by the content that the investor's organization's financial policy requires, for example, that the fund company has signed the UN Principles for Responsible Investments (PRI) or follows frameworks such as the Global Reporting Initiative (GRI). Furthermore, sustainability motivations are sought in qualitative form, for example about the fund's sustainability strategy, corporate inclusion and justifications about the fund's actual sustainability impact in the portfolio companies. In addition, motivations for potential future business exclusions is also desired. However, this wish is difficult to cater for as it could potentially create discontent between fund companies and portfolio companies. Such a justification could also contribute to market disorders for the company in question, which could degrade the value of the fund holding. Quantitative data are also requested, such as carbon dioxide emissions for the fund portfolio. However, this cannot always be met in the report as reported data from companies are missing. Furthermore, a necessity for the sustainability reports to be used properly by the investors is that data is presented similarly between funds, so that comparisons between funds are facilitated. Finally, investors point out that much of the ESG information they seek is only useful if all funds report in a similar format, and that the ESG information only becomes truly valuable after a unanimous definition of sustainability is introduced. / I detta examensarbete undersöks vilken typ av ESG-information som institutionella investerare eftersöker när de ska genomföra och övervaka investeringsbeslut, samt hur möjligheterna ser ut för denna information att kunna presenteras i hållbarhetsrapporter. Som underlag genomförs tolv stycken semi-strukturerade intervjuer med svenska statliga institutionella fondinnehavare inom kategorin regioner och kommuner. Vidare genomfördes fem intervjuer med sex stycken anställda på ett stort Svenskt-Norskt fondbolag. Resultaten visar att den grundläggande efterfrågan av ESG information styrs av det innehåll som investerarens organisations finansiella policy kräver, exempelvis att fondbolaget signerat PRI eller följer ramverk såsom GRI. Vidare så eftersträvas hållbarhetsmotiveringar i kvalitativ form, exempelvis kring fondens hållbarhetsstrategi, företagsinkludering samt motiveringar kring fondens faktiska hållbarhetspåverkan i portföljbolagen. Utöver dessa efterfrågas även motivering av potentiella framtida företagsexkluderingar. Denna önskan är dock svår att tillgodose då denna potentiellt skulle kunna skapa osämja mellan fondbolag och portföljbolag. En sådan motivering skulle även kunna bidra till marknadsoroligheter för det aktuella bolaget, vilket kan försämra värdet på fondinnehavet. Slutligen efterfrågas även kvantitativ data, exempelvis koldioxidutsläpp för fondportföljen. Denna kan dock inte alltid tillgodoses i rapporten då nog lång tillbakagången klimatdata saknas. En nödvändighet för att hållbarhetsrapporterna ska nyttjas ordentligt av investerarna är vidare att data presenteras liknande mellan fonder, så att en jämförelse mellan fondalternativ underlättas. Investerarna poängterar slutligen att stor del av den ESG-information de eftersträvar bara är användbar om alla fonder rapporterar på liknande sätt, samt att ESG-informationen först blir riktigt användbar då en samstämmig definition av hållbarhet införs.

The implementation of the South African Schools Act (Act 84 of 1996) has placed additional financial management responsibilities on school principals and school governing bodies. Financial management has created several challenges for school principals and members of school governing bodies who do not have the necessary financial knowledge, skill and expertise to perform this function. This research was undertaken primarily to determine how principals and members of school governing bodies, in public primary schools, implement financial policy. The research is supported by a detailed literature study covering financial policy, the budget process, approaches to budgeting, the advantages of a budget system and requirements for effective financial control. In order to determine the financial management practices at public primary schools a questionnaire was designed and administered amongst twenty five public primary schools in the Ekurhuleni South District of the Gauteng Department of Education. The findings suggest that there is a need for schools to communicate resolutions adopted at parents’ meetings and other consultative procedures to parents of learners and in this way ensure the dissemination of pertinent information. There is a need for early intervention by schools concerning outstanding school fees to prevent the exacerbation of the problem. Educational institutions should prepare their budgets on the basis of their main objectives and policies in order to ensure an efficient allocation of funds. / Education / M. Ed. (Education Management)

Notre thèse compte trois articles. Premièrement, nous analysons de manière systématique les articles publiés dans les journaux à comité de lecture en finance qui font référence à la culture. Il s’agit de faire émerger les définitions en usage, à partir d’une analyse du terrain académique. Nos résultats sont les suivants : l’usage est généralement lié à l’énigme pays, il concerne un champs d’investigation large, il est marqué par une forte polarisation disciplinaire, et aucun cadre théorique accepté n’est identifiable. En conséquence nous nous attachons à l’étude d’un sujet où l’énigme pays prévaut : l’analyse des structures de capitaux. Notre échantillonnage - les sociétés européennes cotées sur 20 ans - procède directement de nos conclusions : nous nous efforçons de circonscrire les effets du développement économique, et de la variété qualitative dans les institutions légales, politiques, socio-économiques. Deuxièmement, nous analysons les interactions entre la politique financière des entreprises et les cycles d’affaire anticipés. Nous mettons en évidence deux mécanismes opposés, l’un pro-cyclique et l’autre contra-cyclique, caractérisant respectivement les sociétés à actionnariat dispersé et concentré. Notre argumentation se fonde sur les corollaires de la dispersion de l’actionnariat : elle entraine un équilibre d’agence particulier, une variation dans les coûts d’opportunité de l’agence et de la latitude managériale, un rôle disciplinaire spécifique pour l’endettement, un rapport de signaux altéré.Troisièmement, nous démontrons que ce mécanisme principalement financier, - de polarisation de la politique financière en fonction des cycles d’affaires anticipés - est associé à un contexte institutionnel et à des comportements financiers différents. En particulier nous démontrons que la même polarisation empirique, observée pour la cyclicité du levier d’endettement des entreprises, est observée en relation aux politiques de dividende, au « market timing », concerne l’ancrage institutionnelle des sociétés, leur profil de transparence, certaines de leurs caractéristiques structurelles, l’environnement contractuel, ainsi que des variables culturelles. / This thesis is composed of three essays. The first is composed of a screening process that has been performed on peer-reviewed journals in finance, to investigate the recent rise in interest for cultural approaches. The aim has been to let definitions emerge in order to build a field-based analysis about culture in finance. The results include the following: the use of culture is mainly connected to the country puzzle; it concerns a very large range of topics; there is a marked polarization in approaches; and, finally, no consensual framework emerges from the screening process. As a result, the focus has been on a subject where the country puzzle is looming large: i.e. capital structures. A sample has been taken, consistent with the first essay findings and recommendations. The variability of the sample is limited in terms of: economic development, and judicial, political, institutional quality, and has focused upon European listed firms over a 20-year period.In the second essay, the interactions between firms’ financial policies and expected business cycles have been investigated. Two conflicting mechanisms have been evidenced, finding: firms with dispersed ownership lead pro-cyclical policies, while firms with concentrated ownership lead contra-cyclical policies. The theoretical considerations unfold from the idea that ownership dispersion implies a different mix in agency relations, and entails specificities in agency costs and the benefits of managerial discretion, while it fosters differing needs for such things as, disciplining through debt and signaling. The third essay shows that, both, the pro- and contra-cyclical mechanisms are mediated by structural, cultural and institutional factors. Specifically, it is demonstrated that the pro-cyclical effects are observed in contexts similar akin the “U.S Role Model”; furthermore, the effects encompass varying dimensions of capital structures, such as, cyclicality of leverage, market timing or still dividend policies, and they extend to varying contextual dimensions, including ownership dispersion, institutional anchoring, transparency, risk, structural variables for firms, the contracting environment, and measures of national cultures.

The implementation of the South African Schools Act (Act 84 of 1996) has placed additional financial management responsibilities on school principals and school governing bodies. Financial management has created several challenges for school principals and members of school governing bodies who do not have the necessary financial knowledge, skill and expertise to perform this function. This research was undertaken primarily to determine how principals and members of school governing bodies, in public primary schools, implement financial policy. The research is supported by a detailed literature study covering financial policy, the budget process, approaches to budgeting, the advantages of a budget system and requirements for effective financial control. In order to determine the financial management practices at public primary schools a questionnaire was designed and administered amongst twenty five public primary schools in the Ekurhuleni South District of the Gauteng Department of Education. The findings suggest that there is a need for schools to communicate resolutions adopted at parents’ meetings and other consultative procedures to parents of learners and in this way ensure the dissemination of pertinent information. There is a need for early intervention by schools concerning outstanding school fees to prevent the exacerbation of the problem. Educational institutions should prepare their budgets on the basis of their main objectives and policies in order to ensure an efficient allocation of funds. / Education / M. Ed. (Education Management)

Made available in DSpace on 2014-07-29T15:27:27Z (GMT). No. of bitstreams: 1 Flavio Pereira Diniz.pdf: 691928 bytes, checksum: 95066f9ce29e7a1301600c0ed10dfe07 (MD5) Previous issue date: 2012-03-27 / This work presents the results of an investigation, which had as its objective understand the building and development process of an academic extension conception defined and required as a potential instrument for social public policies. The information sources defined for the research were textual materials produced within the Brazilian Public Universities Extension Pro-Rectors Forum (EXPROFOR); documents from the Academic Extension Programme of Education Ministry (PROEXT/EM); texts from Extension Projects Methodology Seminar (EPMSEM) and reports of experiences presented on the Academic Extension Brazilian Congress (AEBC). The theoretical background comes from elements of Bakhtin s enunciation theory, highlighting this author s ideology and dialogism concepts. The results of the research indicate the existence of an imbrication between the guidelines elaborated by EXPROFOR and the financial policy of PROEXT/EM which, associated to the contributions in the methodological field and reports of extension experiences, elucidate the main characteristics of academic extension as an instrument of public policy. / Este trabalho apresenta os resultados de uma investigação que teve como objetivo compreender o processo de construção e desenvolvimento de uma determinada concepção de extensão universitária, definida e requerida como potencial instrumento de políticas públicas sociais. As fontes de informação definidas para a pesquisa foram materiais textuais produzidos no âmbito do Fórum de Pró-Reitores de Extensão das Universidades Públicas Brasileiras (FORPROEX), documentos do Programa de Extensão Universitária do Ministério da Educação (PROEXT/MEC), textos do Seminário de Metodologias para Projetos de Extensão (SEMPE) e relatos de experiências apresentados no Congresso Brasileiro de Extensão Universitária (CBEU). O aporte teórico e metodológico fundamenta-se em elementos da teoria da enunciação de Bakhtin, com destaque para os conceitos de ideologia e dialogismo neste autor. Nesta perspectiva, a contextualização e interposição dos materiais textuais pesquisados foram fundamentais para o êxito deste estudo. Os resultados da pesquisa indicam a existência de uma imbricação entre as diretrizes elaboradas pelo FORPROEX e a política de financiamento do PROEXT/MEC que, associada às contribuições no campo metodológico e relatos de experiências extensionistas, elucida as principais características daextensão universitária como instrumento de política pública.