Global ETD Search

1	IPO審查階段的公司盈餘管理初探：以中國大陸之國營企業及民營企業之比較為例 / A comparative analysis of pre-IPO earnings management between SOE and NSOE in China Takashi Miura Unknown Date (has links) This study investigates an appropriate accrual-based model in detecting earnings management (EM) of Chinese firms undergoing initial public offering (IPO) process. The mainstream literatures show that state-owned enterprise (SOE) has involved with less earnings management (EM) than non-state-owned enterprise (NSOE) in pre-IPO market from 2003 to 2009. The reason is that SOE could borrow money from bank, compared to NSOE. However, SOE has been proven to conduct stronger EMs in pre-IPO market during 2011 to 2013 by manipulating with property plant and equipment (PPE), the flows of account receivable (AR) and long-term debt (LTD). Besides, I also suggest a new accrual-based model that could better fit into the unique features of Chinese firms in their process of IPO application. Earnings management State-owned enterprise Non-state-owned enterprise IPO market Property plant and equipment Long –term debt Account receivable Long –term debt
2	Financování schodku státního rozpočtu prostřednictvím emise dluhopisů / Financing government deficits by emission of government bonds Schiller, Jan January 2011 (has links) The aim of this thesis is to point out recent development in the field of debt creation, its concordance with academic practice and to outline feasible utilization of financial modeling in the area of government deficits. The effort is to put institutional operation of debt management into context of recent history of financial markets and to verify its success. The process of debt portfolio management with use of advanced financial tools is shown on the sample of Czech debt manager. From the observation of the overall environment we can state the effort to develop efficient domestic debt market and the conception of long-term strategies based on risk management principles and to draw a set of specific recommendations applicable both to local and general conditions.
3	Strategic Choice and Financial Structure in Casual Themed Restaurants Kim, Joung-Eun 07 December 2008 (has links) Capital structure is one of the most frequent topics in the finance literature. This literature has its origins in studies of the manufacturing industry. Much of the results of this work have been applied indiscriminately to other industries without thorough validation. Only limited studies have considered financial structure in hospitality industry. The service industry is different than manufacturing industry, and even the hospitality industry is not homogeneous. The restaurant industry and lodging industry are quite different from each other. Of interest to this present study is to seek to understand how the patterns of capital structure are shaped within the context of the multi-unit casual themed restaurant industry. Restaurant industry is well known for a high bankruptcy rate. Many multi-unit restaurants exist in the casual themed restaurants strategic group in the Unites States, and many small independent restaurants are also present. The firm's strategic choice and its relationship with financial structure became a topic for my research. Publicly traded casual themed restaurants have been selected in this study. Hypothetically a common capital structure exists among firms within this strategic group. In this study, an investigation can consider the relationship among financial ratios as well as the uniqueness of the financial structure of the casual themed restaurants. / Master of Science Financial Ratio Working Capital Financial Structure Firm Value Short-term Debt Long-term Debt Strategy
4	Capital Structure, Credit Ratings, and Sarbanes-Oxley Carter, Kelly E. 01 January 2011 (has links) Since Sarbanes-Oxley (SOX) is an exogenous shock to the information environment of U.S.-listed firms, those firms might adjust their capital structures to reflect the new information environment. Using univariate and multivariate tests, including differences-in-differences, I examine SOX's effect on the capital structure of U.S.-listed firms relative to Canadian firms listed in Canada, which are treated as control firms since they are not subject to SOX. The results indicate that, after the passage of SOX, U.S.-listed firms raise their long-term debt ratios by two to three percentage points, relative to the control group. U.S. firms listed in the U.S. drive this result, while Canadian firms cross-listed in the U.S. do not alter their long-term leverage ratios after SOX. The higher debt ratios do not occur because of lower rates of growth in equity and short-term debt after SOX for U.S.-listed firms, relative to control firms. In addition, firms that heavily (lightly) manage earnings prior to SOX use less (more) debt after SOX. Previous research argues that the Sarbanes-Oxley Act (SOX) could require managers to reveal bad news about their firms. Bad news may cause market participants, including credit rating agencies, to update their beliefs about those firms and conclude that their outlook is not as profitable as initially thought. In this paper, I examine short- and long-term credit ratings after SOX. The main finding is that, in the SOX era, aggressive earnings management is associated with lower short- and long-term credit rating levels. This result is robust to size and suppliers' outlook on the economy. Corporate Governance Earnings Management Long-Term Debt Sarbanes-Oxley American Studies Arts and Humanities
5	En empirisk kvantitativ studie om förändringen av kapitalstruktur före ochunder Covid-19 : Med bevis från svenska SMF Flores, Danilo, Mourad, Adrian January 2024 (has links) Den här studien undersöker hur den senaste finansiella krisen (Covid-19) har motiveratsvenska små och medelstora företags kapitalstruktur, genom att jämföra kapitalstrukturen förekris (2015-2018) och under kris (2019-2022). För att genomföra detta undersöktes fyrabranscher i 328 små och medelstora företag i Sverige och hur deras hävstång har förändratsunder studieperioden. Resultaten av denna studie visar att de undersökta svenska små ochmedelstora företagen sänkte sin hävstång under krisperioden, ökade kortfristiga skuldkvotenoch sänkte långfristiga skuldkvoten. / This study examines how the recent financial crisis (Covid-19) has motivated the capitalstructure of Swedish small and medium-sized enterprises, by comparing the capital structurebefore the crisis (2015-2018) and during the crisis (2019-2022). To carry this out, fourindustries in 328 small and medium-sized enterprises in Sweden were investigated and howtheir leverage has changed during the study period. The results of this study show that thesampled Swedish small and medium-sized enterprises lowered their leverage during the crisisperiod, increased the short-term debt ratio and lowered the long-term debt ratio. Small and medium enterprises financial crisis capital structure pecking order theory short-term debt long-term debt Business Administration Företagsekonomi
6	Kapitalstrukturens påverkan vid val av kapitalbudgeteringsteknik i stora bolag Lagergren, Cajsa, Persson, Emil January 2018 (has links) Studien avser att förklara hur kapitalstrukturen, bestående av eget kapital, kortfristiga skulder och långfristiga skulder påverkar valet av kapitalbudgeteringsteknik inom stora svenska bolag vid strategiska investeringar. Genom Trade Off teorin och Principal Agent teorin formulerades studiens hypoteser. Empirin samlades in via enkäter som skickades ut till 325 bolag listade på Nasdaq OMX Small, Mid och Large Cap, där svarsfrekvensen blev ca 19 %. För att kartlägga kapitalstrukturen inhämtades årsredovisningar för att sedan beräkna nyckeltal som mäter de olika delarna i kapitalstrukturen. Resultatet har analyserats med hjälp av statistiska analyser, vilket visar att kapitalstrukturen påverkar valet av kapitalbudgeteringsteknik inom stora bolag. En hög andel kortfristiga skulder har en positiv association med osofistikerade tekniker medan en hög andel långfristiga skulder inte har någon association med varken osofistikerade eller sofistikerade tekniker. Vidare påvisas det inte att högt eget kapital har en positiv association med sofistikerade tekniker, däremot finns en negativ association med osofistikerade tekniker. Tidigare studier har inte delat upp skuldstrukturen och menar att en hög andel skulder ökar användandet av osofistikerade tekniker. Studier som är baserade på stora företag har inte tidigare påvisat ett samband mellan hög skuldsättning och osofistikerade tekniker, vilket gör skäl för uppdelningen. Denna studien har bidragit med att dela upp skuldstrukturen i kortfristiga skulder respektive långfristiga skulder. / The study intends to explain how the capital structure, consisting of equity, short-term liabilities and long- term liabilities, affects the choice of capital budgeting techniques in large Swedish companies in strategic investments. Through the Trade Off theory and Principal Agent theory, the study's hypotheses were formulated. Empirical was collected true surveys sent to 325 companies listed on Nasdaq OMX Small, Mid and Large Cap, where the response rate was about 19 %. To chart the capital structure, annual reports were obtained to calculate key ratios that measure the various components of the capital structure. The result has been analyzed using statistical analyzes, which shows that the capital structure affects the choice of capital budgeting techniques in larger companies. A high proportion of short-term liabilities has a positive association with unsophisticated techniques, while a high proportion of long-term liabilities has no association with neither unsophisticated or sophisticated techniques. Furthermore, it is not shown that high equity has a positive association with sophisticated techniques, but there is a negative association with unsophisticated techniques. Previous studies have not broken up the debt structure and mean that a high proportion of debt increases the use of unsophisticated techniques. Studies based on larger companies have not previously demonstrated a link between high leverage and unsophisticated techniques, which makes the division possible. This study has helped to break down the debt structure in short-term liabilities and long-term liabilities. Capital budgeting techniques Sophisticated techniques Unsophisticated techniques Capital structure Equity Long-term debt Short-term debt Strategic investment Large Companies Kapitalbudgeteringstekniker sofistikerade tekniker osofistikerade tekniker kapitalstruktur eget kapital långfristiga skulder kortfristiga skulder strategiska investeringar stora bolag Business Administration Företagsekonomi
7	Kapitalstruktur i den svenska modebranschen : En kvantitativ studie om finansiering inom små och medelstora företag Hasan, Hagar, Abushiere, Roaa January 2022 (has links) Kapitalstruktur avser förhållandet mellan eget kapital och skulder i form av kortfristiga- och långfristiga skulder inom ett företag. Studien har analyserat huruvida det existerar ett samband mellan ett företags kapitalstruktur och följande oberoende variabler; lönsamhet, tillgångsstruktur och tillväxt. Ålder och storlek har därutöver använts som kontrollvariabler. Dessutom har användningen av kortfristiga- och långfristiga skulder analyserats hos studiens urval som består av 89 små- och medelstora företag (SME) verksamma inom den svenska modebranschen under tidsperioden 2016–2019. Tidigare studier har analyserat dessa samband med ett stort urval som omfattar flera olika branscher och industrier medan modebranschen samt andra delbranscher lämnats relativt outforskat. Utifrån en multipel regressionsanalys har resultatet visat ett positivt samband med statistisk signifikans mellan kortfristiga skulder och storlek. Likaså har resultatet uppvisat en negativ statistisk signifikans mellan kortfristiga skulder och ålder, respektive lönsamhet. Resultatet påvisar inget samband mellan kortfristiga skulder och tillväxt respektive tillgångsstruktur. Studien överlag fann inget samband mellan långfristiga skulder och samtliga oberoende- och kontrollvariabler. Utöver detta har resultatet analyserats och diskuterats utifrån Pecking order teorin och tidigare forskning. Sammanfattningsvis illustrerar studien ett varierat resultat som både bestred och var i enlighet med ställda hypoteser. / Capital structure refers to the relationship between equity and debt in the form of short-term debt (STD) and long-term debt (LTD) within a company. The study analyzed whether there is a relationship between a company's capital structure and the following independent variables; profitability, asset structure and growth. In addition, age and size have been used as control variables. Furthermore, the use of STD and LTD has been analyzed by the sample, which consists of 89 small and medium-sized enterprises (SME) that have operated in the Swedish fashion industry during the period 2016-2019. Previous studies have analyzed these relationships with a large sample that includes several different industries, but the fashion industry and other sub industries are still relatively unexplored areas. Based on a multiple regression analysis, the results have shown a positive relationship with statistical significance between STD and size. The result has also shown a negative statistical significance between STD and age as well as profitability. However, there was no relationship between STD and growth as well as asset structure. The study overall found no relationship between LTD and all independent- and control variables. The results were analyzed based on Pecking order theory and previous research. The study showed a varied result that both disputed and was in line with the hypotheses. Corporate finance capital structure fashion industry pecking-order theory small- and medium sized enterprises short-and long-term debt regression analysis Finansiering kapitalstruktur modebranschen pecking-order teorin små- och medelstora företag kortfristiga- och långfristiga skulder regressionsanalys Economics and Business Ekonomi och näringsliv Business Administration Företagsekonomi
8	The Law BusinessmanTM : Five Essays on Legal Self-efficacy and Business Risk Jörgensen, Fredrik January 2013 (has links) The thesis challenges the notion of effectiveness of law as being based on the formal institutions of courts, law enforcement and written law. It argues that the best way to measure the effectiveness of law is the legal self-efficacy of laymen who are the end users of law. It presents a new perspective on the effectiveness of law. It turns the traditional perspective of studying the effects of legal institutions around and instead studies the effect of how individuals perceive their own ability to use law. This self-reflexive ability - legal self-efficacy - is the answer to the question “How comfortable are with communicating with legal terminology?”. The thesis makes several comparisons using the traditional perspective and legal self-efficacy and finds that legal self-efficacy is a better measure of legal effectiveness. This thesis analyzes 246 businesspeople in Russia and their risk behavior with regards to economic transactions in relation to legal self-efficacy. The theory behind legal self-efficacy is a combination of Luhmann’s theory of law as communication and Bandura’s concept of self-efficacy. The first paper applies the traditional approach. It analyzes the effect of legal efficiency on leverage and debt maturity for listed and non-listed companies. The second paper is describes the conceptual foundation of the legal effectiveness based on the individual. The third paper compares the effect of private order (including legal self-efficacy) and public order institutions on the granting of trade credit. The fourth paper analyzes the impact of legal self-efficacy and formal legal institutions on sanctions against clients in a comparative perspective. The final paper seeks out possible sources of legal self-efficacy. Legal self-efficacy can be used to better understand the interaction of individuals and law including such fields of research as behavioral accounting, behavioral law and finance, legal sociology and legal studies. legal self-efficacy legal effectiveness legal terminology trade credit institutional effectiveness mechanisms of risk reduction public order private order legal family leverage long term debt legal efficiency trade sanctions debt maturity creditor rights corporate governance Luhmann Russia Central and Eastern Europe legal sociology law and finance law and economics legal studies legal consciousness self-efficacy rättssjälvtillit rättseffektivitet kreditrisk handelskredit sanktioner institutionell effektivitet redovisningssjälvtillit rättsfamilj handelssanktioner långsiktiga skulder kortsiktiga skulder borgenärsrättitgheter handelssanktioner corporate governance Luhmann Ryssland Central och Östeuropa rättssociologi rätt och finans rättsekonomi juridik rättsmedvetandet självtillit

Search results