Thesis (doctoral)--Vrije Universiteit te Amsterdam, 1984. / Includes bibliographical references (p. 359-368).

Thesis (Ph. D.)--Ohio State University, 1985. / Includes vita. Includes bibliographical references (leaves 151-158). Available online via OhioLINK's ETD Center.

No description available.

The purpose of this research was to determine if there is empirical evidence to show that an association exists between the energy usage of manufacturing industries and companies and their risk. This possibility was considered important because of the attention that has been focused on energy problems since the OPEC oil embargo and the interest of investors in the risk of securities. Support for the possibility that an association may exist was based on reviewing the energy problem, public opinion polls, writings by economists and business executives, and the stock market's reaction to the embargo. A review of the recent work of accountants in the areas of energy audits and social accounting was also presented to place this research in perspective with other studies. Various hypotheses were tested using Kendall's Tau Rank Correlation test to see if an association exists between the energy usage of U. S. manufacturing industries and companies and their risk and changes in their risk since the OPEC embargo. Each hypothesis was tested using two different definitions of energy usage and two measures of risk. The definitions consisted of one where energy usage was stated as the total consumption of Btu’s or kwh’s by companies and industries. The second definition was based on energy consumption per dollar of sales or receipts. The risk was measured using the variability in the returns to the common stockholders. Both a measure of the total risk and a measure of the systematic risk were used for the statistical tests. The results of the tests of the hypotheses are difficult to interpret since the correlations are not all in the same direction and most of them are not statistically different from zero at a reasonable level of significance. Only the association between the total energy usage of manufacturing industries and their total risk, and the association between the total energy usage of manufacturing companies and the change in their systematic risk since the OPEC embargo were significant at the .10 level. However, both of these correlations were negative as were the correlations for many of the other hypotheses. None of the correlation coefficients with a positive sign were significant at the .10 level. Based on these results, it was concluded that negative association between energy usage and risk was more likely to exist than positive association. A possible explanation for the negative correlation was then presented. This explanation was based on the characteristics of the assets of the firm and the price elasticity of the demand for a company's product. No empirical data were presented, however, to support this explanation. The limitations of the study and areas for future research were also discussed. / Ph. D.

Thesis (M.B.A.)--University of Hong Kong, 1992.

published_or_final_version / Business Administration / Master / Master of Business Administration

Orientadores: Maryse Farhi, Antonio Carlos Macedo e Silva / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-25T03:29:20Z (GMT). No. of bitstreams: 1 Martins_ItaloPedrosaGomes_M.pdf: 7909400 bytes, checksum: 23a0a28ed75945b72c3a02aa0912289a (MD5) Previous issue date: 2014 / Resumo: O objetivo da dissertação é de avaliar, por meio de um modelo teórico, as interações macroeconômicas entre a dívida privada, o déficit público, a dívida pública e o crescimento econômico num contexto de desalavancagem do setor privado. Para tal, simula-se um modelo stock-flow consistent (SFC) de economia fechada, composto de famílias, firmas, bancos, banco central e governo. As simulações concentram-se na compreensão dos efeitos de diferentes regimes de gasto público na atividade econômica e nas implicações dinâmicas para as variáveis fiscais, com a finalidade de entender quais soluções mais se adequam ao propósito de acelerar a recuperação da atividade econômica e as políticas mais consistentes com a estabilidade fiscal de médio prazo neste contexto de desalavancagem. Os resultados indicam que a deterioração fiscal é um efeito do processo de desalavancagem do setor privado e que políticas de austeridade implicam num tempo maior para a recuperação da atividade econômica e da "normalidade" da situação fiscal. Em oposição, o aumento anticíclico dos gastos permite o restabelecimento mais acelerado da atividade econômica e da situação fiscal. Esses resultados sugerem que a consideração da integração de balanços dos agentes é fundamental para a análise da política fiscal, não somente no contexto de desalavancagem privada / Abstract: The aim of the dissertation is to assess, by means of a theoretical model, the macroeconomic interactions between private debt, public deficit, public debt and economic growth in the context of private sector deleveraging. In order to do so, we simulate a stock-flow consistent model (SFC) for a closed economy composed of households, firms, banks, the central bank and government. The simulations will focus on understanding the effects of different behavioral assumptions for the government spending in the economic activity and in the dynamic implications for the public sector accounts itself, thereby revealing the solutions more likely to accelerate economic recovery and the policies consistent with medium-run fiscal stability in the context of deleveraging. The results indicate that fiscal deterioration is an effect of private sector deleveraging process and that the austerity policies requires more time for the recovery of economic activity, as well as for the improvement of fiscal soundness. These results suggest that the agents¿ balance sheet interconnectedness are critical to the analysis of fiscal policy, not only in the context of private deleveraging / Mestrado / Teoria Economica / Mestre em Ciências Econômicas

Submitted by Renata Lopes (renatasil82@gmail.com) on 2015-12-08T10:15:14Z No. of bitstreams: 1 erikaburkowski.pdf: 2341345 bytes, checksum: 7283bd13c0d58afa344b806685e77f7f (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2015-12-09T13:34:03Z (GMT) No. of bitstreams: 1 erikaburkowski.pdf: 2341345 bytes, checksum: 7283bd13c0d58afa344b806685e77f7f (MD5) / Made available in DSpace on 2015-12-09T13:34:03Z (GMT). No. of bitstreams: 1 erikaburkowski.pdf: 2341345 bytes, checksum: 7283bd13c0d58afa344b806685e77f7f (MD5) Previous issue date: 2015-04-01 / O objetivo desta pesquisa é verificar os fatores que influenciam a demanda das firmas brasileiras (restritas e irrestritas) por financiamento, e quais os efeitos de choques no setor de intermediação financeira sobre o produto e sobre essa demanda no Brasil. Buscou-se na metodologia Insumo-Produto, e em suas recentes abordagens, elementos que contribuíssem para o entendimento das restrições de oferta na decisão de estrutura de capital das empresas brasileiras. Foram construídas Matrizes de Contabilidade Social e Financeiras, as quais evidenciam a variação de ativos e passivos dos agentes econômicos, e por meio delas, foram extraídos multiplicadores do produto, que representam o efeito de choques exógenos sobre a produção brasileira. O impacto de choques no setor de intermediação financeira sobre o produto dos demais setores de atividade econômica foi denominado: Multiplicador Financeiro Setorial (MFS), por permitir visualizar o impacto de restrições dos fluxos financeiros no nível do setor. O impacto de restrições financeiras no nível da firma foi analisado com o modelo de Almeida e Campello (2010), destacando que a demanda por recursos externos é menos sensível ao fluxo de caixa em firmas mais propensas a sofrer restrições financeiras, o que implica na aceitação de que as decisões de investimento e financiamento são endógenas, ao menos para a firmas restritas, ressalvando as proposições tradicionais da teoria de estrutura de capital, como Dynamic Trade-off (DTO) e Pecking Order Theory (POT), bem como a necessidade de tratamento especial na modelagem econométrica. O modelo de Flannery e Rangan (2006), estimado pelo Método das Variáveis Instrumentais, de forma a considerar a restrição financeira, revela a importância de diversos fatores determinantes do endividamento além do fluxo de caixa, como tamanho, tangibilidade, risco, elementos relacionados a janelas de oportunidades, o custo da dívida e o efeito negativo do MFS, que o destaca como indicador da sensibilidade setorial. Estimando o modelo de Shyam-Sunders e Myers (1999), pelo Método dos Momentos Generalizados, também de forma a considerar a presença de restrição, observou-se que a POT é adequada para explicar a decisão de estrutura de capital somente das empresas irrestritas. / The goal of this research is to analyze the factors influencing the demand of Brazilian firms (restricted and unrestricted) for funding, and what the effects of shocks in the financial intermediation sector on the product and this demand in Brazil. Sought in the input-output methodology, and its recent approaches, elements that contribute to the understanding of supply constraints in the decision of capital structure of Brazilian companies. Were built a Financial and Social Accounting Matrix, which show the variation of assets and liabilities of economic agents, and through them, were extracted product multipliers, representing the effect of exogenous shocks on the Brazilian production. The impact of shocks in the financial intermediation sector about the product from other economic sectors was called: Financial Sector Multiplier (MFS), it allows to visualize the impact of restrictions on financial flows at the sector level. The impact of financial constraints at the firm level was analyzed in accordance with Almeida and Campello (2010). The demand for external funds is less sensitive to cash flow in firms more likely to suffer financial constraints. It implies acceptance that investment and financing decisions are endogenous, at least for constrained firms, safeguarding the traditional beliefs of the capital structure theory, as Dynamic Trade-off (DTO) and Pecking Order Theory (POT) as well as the need for treatment in econometric modeling. In order to consider the financial constraint, the Flannery and Rangan (2006) model was estimated by Instrumental Variables Method. It reveals the importance of various determinants of capital structure beyond the cash flow, such as size, leverage, risk elements related to market timing, the cost of debt and the negative effect of MFS, which stands as an indicator of sectorial sensitivity. Also to take into account the presence of restriction, we estimate the Shyam-Sunders and Myers (1999) model with the Generalized Method of Moments, it was observed that the POT is adequate to explain only the unconstrained firms capital structure decision.

This research focused mainly on the progress of non-governmental organisations (NGOs) and community-driven development projects (CDDs) in assisting the Chris Hani District Municipality (CHDM) community. The research identified the main types of CDDs that are found in the CHDM as agricultural, caregivers, manufacturing, tourism, performing arts, and education services. Thirty-eight NGOs participated in this project with two participants representing each NGO. These NGOs were looked at from a thematic perspective. Three main themes emerged, namely; a) the quality of life in CHDM or specifically in the areas of operation of the NGOs, b) operations of the NGOs where the name and main objectives CDDs were identified, and c) challenges, funding and impact of the CDDs. This research set out to ask the following questions: What is the nature and origin of projects operational in Chris Hani District? What is the impact and sustainability of donor-aided projects on CDD in the Chris Hani District? Can NGO projects be sustained without donor aid? Are there any alternative forms of funding apart from donor funds? To answer these questions, a number of qualitative methods and techniques were used to collect and analyse data. These included focus group discussions with project beneficiaries, observations of projects, activities and individual project participants, and key informant interviews with different categories of respondents depending on their roles and level of involvement in the implementation of projects as well as their experience in the implementation of donor-aided programmes. These discussions were guided by different interview schedules with respective respondents. Random and snowball sampling methods were used to choose the respondents as well as groups that participated in the study. The research also focused on assessing the survivability of donor-aided NGO projects if the donor funds were discontinued for any reason. It sought to determine the continuity and feasibility of developmental projects and their impact on the socio- economic welfare of the rural poor in the Chris Hani District without donations. This research found evidence indicating that, by and large, NGOs in the Chris Hani District play a crucial role in CDD. Be that as it may, this research established that on average, 98 per cent of NGOs had been economically and socially affected by the donor-funded projects. It was established that, on average, the donor dependency ratio was 74 per cent. It was also seen that most donor-funded projects could only survive for 12 days if the funding was withdrawn. However, this hypothetical withdrawal of funds does not cause much concern because of the security found in the funding types of the NGOs in the Chris Hani District. In practical terms, these community-driven projects are likely to continue for decades ceteris paribus.

No description available.