Este trabalho procura aprofundar o estudo de anomalias ao CAPM no mercado acionário brasileiro e explorar as relações destas anomalias com a característica dificuldade financeira, a qual é representada pela classificação de risco das empresas, usando estratégias de compra e venda a descoberto baseadas nas anomalias. As anomalias estudadas serão o efeito de momento, momento nos lucros, a volatilidade idiossincrática, o crescimento dos ativos, o investimento em capital e o efeito contrário. Nosso objetivo é examinar o impacto da característica dificuldade financeira sobre o retorno esperado das ações de empresas do grupo de menor classificação de risco. Para cumprir nosso objetivo, inicialmente usamos todas as ações da Bolsa de Valores de São Paulo (Bovespa) para comparar estas com a amostra de empresas que possuem classificação de crédito de longo prazo. O período estudado é de Janeiro de 2000 a Dezembro de 2012. Os métodos usados foram baseados em ordenação de carteiras e regressões univariadas e multivariadas de corte transversal. Encontramos algumas evidências de que empresas com classificação de crédito sugerem retornos anormais diferentes daqueles da amostra de todas as empresas. Este resultado foi significante, negativo e persistente em todas as especificações. Evidenciamos também que para empresas do menor tercil de classificação de crédito, o efeito contrário está presente e com retornos anormais positivos e significantes de 2,02% a.m. Isto nos dá alguma evidência de que a deterioração de crédito poderia ter um impacto no retorno ajustado exigido pelos investidores. / In this paper, we extend the CAPM anomalies study field in the Brazilian stock market and we explore the relationship between these anomalies and financial distress, represented by a credit rating classification, using anomaly-based trading strategies. The anomalies selected for this study are: momentum effect, earnings momentum, idiosyncratic volatility, asset growth, capital investment and the reversal effect. Our main goal is to investigate the impact of financial distress on the expected return of companies in lowest credit rating group. To fulfill this goal, first we use all the stocks in the São Paulo Stock Exchange (Bovespa), to compare these with the subset of companies which have a long-term credit rating. We studied the period from January 2000 through December 2012. The procedures carried in this study are based on portfolio sorts and cross-sectional univariate and multivariate regressions. We find evidence that the subsample of companies with a credit rating have abnormal returns different from that of the whole sample. These results are statistically significant, negative and persistent across all specifications. We also find some evidence that for companies in the lowest tercile of credit rating, the reversal effect is present and with positive and statistically significant abnormal returns in the magnitude of 2.02% per month. This gives some evidence that credit deterioration could have an impact on the risk-adjusted return required by investors.

The aim of the thesis is through the selected analysis analyze the functioning and financing of health centre.

The basic aim of this dissertation is to evaluate the predictive ability and accuracy of the existing and until now created corporate models predicting financial distress and verification of multinational force models. Partial goals must be filled to meet the basic objective and therefore the theoretical part is especially mapping models used and developed in the Czech Republic and other European economies, of which the emphasis is primarily on the former transition economies. These now post-transition economies have passed a similar political and economic development as the Czech Republic, and therefore prediction models created and used there could be transferable to the environment of the Czech economy and Czech companies whose financial health and conditions are assessed. The practical part is based on the author's own research, which is dedicated to the evaluation of prediction models when applied to Czech business entities differentiated according to belonging to a particular industry branch. During the models' evaluation the emphasis is on the fact whether they are national (Czech) or foreign models.

This thesis aims to examine what impact the Covid-19 pandemic has on the pay-performance relationship. This study performs an OLS regression analysis of total CEO compensation on accounting and market-based firm performance for 2017-2020 using 233 Swedish listed firms. The results could not find a positive relationship between total CEO compensation and firm performance during 2017-2020. The findings rather indicate that Swedish CEOs are rewarded for failure. Moreover, the results could not find support for a weaker pay-performance sensitivity. These results contribute to the existing research by giving insights into the effects of financial distress on the pay-performance relationship in Sweden.

Divestitures have grown in importance and popularity over the years, rivaling other strategic transactions in mergers and acquisitions. The dominating opinion in academic research is that divestitures overall generate an abnormal return for the parent company stock. This thesis will focus on how Swedish companies perform in the short-term around the announcement of a divestiture. A multiple linear regression analysis finds significance for divestiture gains being attributed to companies focusing on core competencies and to companies with low returns on assets and high returns on equity. However, no significance is found for the size of the companies or financial distress. / Avknoppningar är idag en populär företagstransaktion. Den dominerade åsikten i den globala forskningen kring avknoppningar gör gällande att de generar en överavkastning för företaget i förhållande till marknaden. Denna kandidatuppsats ämnar undersöka vilka faktorer som kan påverka denna överavkastning genom att studera svenska företag på Nasdaq Stockholm. En multipel regressionsanalys visar att företag som säger sig utföra avknoppningar för att fokusera på kärnverksamheten generar en överavkastning. Vidare blir det en överavkastning på företag som har låg avkastning på totalt kapital och hög avkastning på eget kapital. Ingen verkan hittas dock för att storleken på företaget eller skuldstrukturen har en inverkan på överavkastningen.

本研究將財務危機分為『經營不善型財務危機』以及『掏空型財務危機』兩種類型，運用離散時間涉險方法，分析公司在不同財務狀況以及公司治理機制下，發生『經營不善型財務危機』的可能性。另外，本研究也探討『經營不善型財務危機』對公司獲利能力的敏感性，是否也受到公司治理的影響。 以民國85-94年上市櫃公司為研究對象，實證結果顯示當公司治理機制強，而財務狀況弱時，最有可能發生『經營不善而非掏空型』財務危機。再者，公司治理機制，會增強財務危機對財務狀況的敏感程度。 / This study classifies financial distress into two types: operating-failure financial distress and fraud financial distress. Based on business performance and corporate governance while employing discrete-time survival model, it analyzes the probability of the operating-failure financial distress. Furthermore, this study also examines if the sensitivity of operating-failure financial distress to profitability is moderated by corporate governance. Firms listed in Taiwan Stock Exchange during 1996-2005 are selected as sample. The empirical results indicate that firms with good corporate governance and bad business performance are most likely to encounter operating-failure financial distress. Furthermore, the corporate governance moderates the sensitivity of the operating-failure financial distress to profitability.

This study examines the divide between finance theory and practice by analysing the significance of the determinants of capital structure choice among 123 listed firms on the JSE, to determine whether these firms follow the trade-off theory or the pecking-order theory. Data obtained from McGregor’s Bureau of Financial Analysis database was analysed using standard multiple regressions, stepwise regressions and ANOVA techniques to test for financing behaviour. The results indicated that the trade-off model has both cross-sectional and time-series explanatory power for explaining the financing behaviour, while tests on the pecking-order model were weak. The results further revealed a significant positive correlation between debt financing and financial distress, and a significant negative correlation between debt financing and the collateral value of assets during the period under study (1995-2005). These findings suggest a divergence between finance theory and practice for JSE listed firms and manifest conflicting ideologies between finance practices of developed and developing economies. / Business management / M. Com. (Business Management )

本研究利用離散時間涉險模型，分析台灣上市公司之多角化程度、公司治理與財務危機之關係。本研究分為三階段逐步加入多角化程度變數、公司治理與多角化程度之交叉相乘項及控制變數。首先探討相關或非相關多角化程度是否與公司發生財務危機之可能性具有關聯性。接著納入公司治理之考量，探究公司治理、相關或非相關多角化程度與公司發生財務危機可能性間之關係。 實證結果顯示，無論是相關多角化或是非相關多角化均可顯著降低公司發生財務危機之可能性。當納入公司治理之考量後，實證結果顯示，當公司的董監質押比率、控制股東持股比率、關係人進貨比率、關係人融資比率、席次控制比率、董事席次等6項公司治理指標愈差時，公司的相關多角化程度愈高，發生財務危機的可能性也會提高；而當公司的控制股東持股比率、關係人進貨比率、關係人融資比率、席次控制比率、董事席次等5項公司治理指標愈差時，公司的非相關多角化程度愈高，發生財務危機的可能性也會愈高。 / This study employs discrete-time hazard model to investigate how the distress-diversification sensitivity is moderated depending on the level of corporate governance in nested models which sequentially incorporate diversification and then corporate governance as a moderator. The findings show that diversification reduces the possibility of financial distress while corporate governance moderates the diversification effect on financial distress.

Recent failure of such companies as Enron, Worldcom and Parmala showed that there are internal reasons contributing to company’s financial distress. Financial distress is a condition when a company fails to meet its debt obligations. Board of directors is liable for long-term decisions and their ineffective work in monitoring and controlling management can influence companies’ performance. With that in mind, in this degree project, we would like to answer the following research question: “What is the relationship between characteristics of Board and probability of financial distress, measured by Altman’s Z-score models in Sweden and Denmark?”   The epistemological and ontological choices for our study were positivism and objectivism with deductive approach. We have calculated Z-scores of Swedish and Danish companies in order to detect distressed and healthy companies. Further on, the information about board composition in each company was collected; mainly we were interested in board independence, board size, board ownership, COB ownership, CEO duality and employee representatives.   In order to examine if there is a relationship between board composition and financial distress, we have done Multiple and Binary Regression analyses. Based on the results we can state that board independence, board ownership and employee representatives and market capitalization (control variable) have significant relationship with probability of financial distress. Our study is interesting since we have looked at employee representatives, as a board characterectic that is specific for Nordic countries and that was not studied before. In addition, we have found that there is no CEO duality in Sweden and Denmark, since all companies in our sample followed the Companies’ Acts. COB ownership, the additional variable we wanted to test and board size have shown no significant relationship.

Dans un contexte où l'importance de la Responsabilité Sociale des Entreprises (RSE) va croissante, cette thèse explore la relation entre la RSE et plusieurs attributs financiers des entreprises comme l'information spécifique incorporée dans le prix des actions, le risque de détresse financière des entreprises et le niveau de crédit commercial. Les chercheurs en finance d'entreprise présentent deux points de vue opposés sur la RSE: "Faire le bien est bon pour les affaires" et "La RSE crée des problèmes d'agence". Le premier chapitre aborde brièvement les théories analysant les répercussions financière de la RSE et met en évidence les avantages financiers concomitants aux pratiques responsables. Les entreprises socialement responsables améliorent l'environnement informationnel ce qui complète l'information financière. Dans le deuxième chapitre, nous montrons que la RSE joue un rôle important dans l'amélioration de l'information incorporée dans les cours boursiers. Une meilleure performance RSE est appréciée par les investisseurs et les gestionnaires d'actifs et améliore la disponibilité des financements. Le troisième chapitre explique que les entreprises peuvent atténuer leur risque de détresse financière (Z-score) en améliorant leur performance en matière de RSE. Des entreprises plus responsables promeuvent de meilleures relations avec les parties prenantes grâce à un objectif de confiance et de maximisation de la valeur. Dans le quatrième chapitre, nous constatons que les entreprises socialement responsables ont un meilleur accès au financement (côté fournisseur du crédit commercial) et font plus confiance à leurs clients (côté acheteur du crédit commercial). Par conséquent, cette dissertation fournit un ensemble de résultats soulignant la pertinence et l'importance de "Faire le bien est bon pour les affaires". / In the context of the rapidly growing importance of Corporate Social Responsibility (CSR), this dissertation explores the relationship between CSR and firm financial attributes, like stock price informativeness, financial distress risk, and trade credit. First chapter briefly discusses the theories of CSR and highlights the financial advantages of favorable CSR practices. Corporate finance researchers present two opposite views on CSR, “Doing good is good for business” and “CSR creates agency problems”. In the second chapter, we testify this association and find that CSR plays an important role to improve the information impounding in stock prices. Socially responsible firms improve the financial information environment. Third chapter elaborates that firms can mitigate their financial distress risk (Z-score) through improved CSR performance. Firm better CSR performance is appreciated by the investors and asset managers and it improves the availability of finance. In fourth chapter, we find that socially responsible firms have better access to finance (supplier side of trade credit) and have more trust on their stakeholders (buyer side of trade credit). Better CSR firms promote the better relationship with stakeholders through trust and value maximization goal. Therefore, this dissertation provides evidence on the importance of “Doing good is good for business”.