Changes in economic, environmental and social conditions have exposed our society to many challenges such as hunger and poverty, epidemic diseases and dramatic climate changes. As business entities operating within the community, companies have the immense task of assisting the community to address these challenges. To carry out this task, companies use socially responsible investment (SRI) initiatives in the effort to give back to local communities. These initiatives focus on environmental, social and economic activities that seek to improve the wellbeing of the community at large. The theoretical explanations behind SRI strategies tend to stimulate discussions and contestations about the motive behind SRI initiatives and their relevance to the companies and the community concerned. Some theories purport that a company should have a sole social responsibility goal of creating wealth for its shareholders, while others consider SRI initiatives as a means of interaction between a company and its immediate community. Despite these different views, SRI theories concur that companies’ SRI initiatives can contribute to economic development. The study reported in this document used a combination of qualitative and quantitative research methods to analyse the effects of the SRI sector on micro- and macroeconomic development in South Africa. The key empirical objectives of the study were to: assess the effect of SRI initiatives on the financial performance of South African companies; determine the volatility of the SRI Index relative to the overall stock market; establish the interactions between various macroeconomic variables and the South African SRI sector; identify the involvement of the local community in designing SRI initiatives; determine local communities’ perceptions towards implementation of SRI initiatives; and assess how various socioeconomic and demographic characteristics of community members affect their perceptions towards SRI initiatives. Primary data were collected through interviews and quetiapine; while secondary data running from May 2004 to June 2014 was obtained from the JSE, McGregor BFA and SARB. The data include variables such as the share returns of companies in the SRI Index and various macroeconomic variables. The econometric models used to analyse the data included the Johansen co-integration test, vector error correction model (VECM), generalised autoregressive conditional heteroscedasticity (GARCH), autoregressive distributed lag (ARDL) model, Granger causality test, the event study methodology and binary logistic regression. Results of the event study methodology showed that an improvement in companies’ involvement in SRI initiatives is linked with positive returns; however, such positive returns were not statistically significant. On the contrary, a decline in a company’s involvement in SRI initiatives is associated with significant negative abnormal returns. Further analysis showed that the South African SRI index is not exposed to any unique volatility. The analysis on the relationship between the SRI Index (a proxy for the sector) and macroeconomic variables suggests that development of the South African SRI sector is linked with macroeconomic growth and stability. To analyse the effect of SRI initiatives at a microeconomic level, an SRI initiative of implemented by a specific company in Bophelong Township formed the basis of the analysis. Findings revealed that this initiative benefited less privileged community members through the creation of temporary employment and provision of skills that created opportunities for future employment. Households with low economic status, those headed by a female or unemployed head were the most satisfied with the SRI initiative compared to others beneficiaries of the SRI initiative. Thus, the SRI initiative positively impacted the relationship between the company and community members, while at the same time creating expectations for future initiatives within the community. This study concluded that SRI initiatives must be aligned with the needs of the community in order to contribute to both micro- and macroeconomic development. As much as companies are expected to implement socially responsible initiatives, community members should also be encouraged to meet these companies halfway through programmes such as volunteering. Findings of this study can assist policy makers and companies in aligning SRI initiatives with the needs of the community, improving the involvement of community members in SRI initiatives, developing strategies to reduce the costs associated with SRI initiatives and, hence, increasing the impact of SRI initiatives. / PhD (Economics)--North-West University, Vaal Triangle Campus, 2015.

Changes in economic, environmental and social conditions have exposed our society to many challenges such as hunger and poverty, epidemic diseases and dramatic climate changes. As business entities operating within the community, companies have the immense task of assisting the community to address these challenges. To carry out this task, companies use socially responsible investment (SRI) initiatives in the effort to give back to local communities. These initiatives focus on environmental, social and economic activities that seek to improve the wellbeing of the community at large. The theoretical explanations behind SRI strategies tend to stimulate discussions and contestations about the motive behind SRI initiatives and their relevance to the companies and the community concerned. Some theories purport that a company should have a sole social responsibility goal of creating wealth for its shareholders, while others consider SRI initiatives as a means of interaction between a company and its immediate community. Despite these different views, SRI theories concur that companies’ SRI initiatives can contribute to economic development. The study reported in this document used a combination of qualitative and quantitative research methods to analyse the effects of the SRI sector on micro- and macroeconomic development in South Africa. The key empirical objectives of the study were to: assess the effect of SRI initiatives on the financial performance of South African companies; determine the volatility of the SRI Index relative to the overall stock market; establish the interactions between various macroeconomic variables and the South African SRI sector; identify the involvement of the local community in designing SRI initiatives; determine local communities’ perceptions towards implementation of SRI initiatives; and assess how various socioeconomic and demographic characteristics of community members affect their perceptions towards SRI initiatives. Primary data were collected through interviews and quetiapine; while secondary data running from May 2004 to June 2014 was obtained from the JSE, McGregor BFA and SARB. The data include variables such as the share returns of companies in the SRI Index and various macroeconomic variables. The econometric models used to analyse the data included the Johansen co-integration test, vector error correction model (VECM), generalised autoregressive conditional heteroscedasticity (GARCH), autoregressive distributed lag (ARDL) model, Granger causality test, the event study methodology and binary logistic regression. Results of the event study methodology showed that an improvement in companies’ involvement in SRI initiatives is linked with positive returns; however, such positive returns were not statistically significant. On the contrary, a decline in a company’s involvement in SRI initiatives is associated with significant negative abnormal returns. Further analysis showed that the South African SRI index is not exposed to any unique volatility. The analysis on the relationship between the SRI Index (a proxy for the sector) and macroeconomic variables suggests that development of the South African SRI sector is linked with macroeconomic growth and stability. To analyse the effect of SRI initiatives at a microeconomic level, an SRI initiative of implemented by a specific company in Bophelong Township formed the basis of the analysis. Findings revealed that this initiative benefited less privileged community members through the creation of temporary employment and provision of skills that created opportunities for future employment. Households with low economic status, those headed by a female or unemployed head were the most satisfied with the SRI initiative compared to others beneficiaries of the SRI initiative. Thus, the SRI initiative positively impacted the relationship between the company and community members, while at the same time creating expectations for future initiatives within the community. This study concluded that SRI initiatives must be aligned with the needs of the community in order to contribute to both micro- and macroeconomic development. As much as companies are expected to implement socially responsible initiatives, community members should also be encouraged to meet these companies halfway through programmes such as volunteering. Findings of this study can assist policy makers and companies in aligning SRI initiatives with the needs of the community, improving the involvement of community members in SRI initiatives, developing strategies to reduce the costs associated with SRI initiatives and, hence, increasing the impact of SRI initiatives. / PhD (Economics)--North-West University, Vaal Triangle Campus, 2015.

O objetivo principal do trabalho é analisar a resposta da estrutura de capital agregada das firmas brasileiras às oscilações de variáveis macroeconômicas. A partir da teoria do “Tradeoff”, o escudo de tributos provenientes da despesa financeira e os custos de falência surgiram como fatores importantes para a determinação da estrutura de capital, que busca maximizar o valor da firma, a partir da incorporação do benefício líquido entre esses fatores ao seu valor. Baseado nesse entendimento e aliado a conclusões de trabalhos recentes sobre a influência de fatores macroeconômicos nessa decisão de estrutura ótima, o trabalho busca entender os efeitos, de oscilações na taxa real de juros, no crescimento do PIB, na taxa real de inflação, na taxa de câmbio, no volume de recursos de bancos de fomento e no mercado de ações, nas decisões sobre financiamento das atividades de empresas no Brasil. Foram encontrados resultados significativos para as todas as variáveis macroeconômicas e, para esses resultados, foram apresentadas interpretações a luz das teorias de estrutura de capital existentes na literatura contemporânea em finanças. / This paper intent to analyze the response of firm’s capital structure to fluctuations at macroeconomic variables, in the Brazilian market. The Tradeoff theory introduced the concept that the balance between the tax shield from financial expenses and bankruptcy costs are relevant factors in the determination of Firm’s capital structure. This theory predicts that firms to maximize its value should incorporate the net benefit between these factors to their value. The paper seeks to understand and measure the impacts of oscillations in interest rate, GDP growth, inflation rate, exchange rate, participation of development banks and stock market fluctuations in the decisions about capital structure. The paper presents significant results for all macroeconomic variables and provide interpretations for these findings, based on the current development of capital structure theories.

El presente trabajo de investigación tiene como propósito analizar una propuesta de indicadores macroeconómicos y financieros para un sistema de alerta temprana en la tasa de morosidad de las Cajas Municipales de Ahorro y Crédito del sistema financiero peruano, durante el periodo 2006-2017. El objetivo principal de este estudio es demostrar la influencia de las variables seleccionadas con respecto a la tasa de morosidad y determinar el efecto producido por cada una sobre la variable dependiente como un sistema de alerta o prevención. Las variables escogidas para el análisis son PBI sector comercio, tasa de desempleo, ratio de solvencia, ratio de liquidez, número de agencias, créditos directos y créditos directos por empleado. Para este caso, la información estadística se analizará a través del modelo econométrico vector autorregresivo (VAR) para determinar los efectos que presentan las variables sobre la tasa de morosidad y el modelo vector autorregresivo estructural (VARS) para analizarlo de forma estructural de largo plazo. Así mismo, se determina los efectos dinámicos de las variables macroeconómicas y financieras con respecto a la tasa de morosidad. Dentro de los resultados obtenidos tenemos que las variables macroeconómicas y financieras estudiadas sí influyen en la tasa de morosidad, lo cual corroboran nuestras hipótesis y funcionan como un sistema de alerta temprana para las Cajas Municipales. Con respecto al efecto de las variables, se observa que el efecto de cada una varía o se mantiene en la fase corta y en la fase permanente. / The purpose of this research is to analyze a proposal of macroeconomic and financial factors for an early warning system for the default rate of Municipal Savings and Credit of the Peruvian financial system, during the period 2006-2017. The objective of this study is to demonstrate the influence of selected variables on the default rate and also, as a complement, know the effect produced by each one as a prevention system. The variables chosen for the analysis are GDP trade sector, unemployment rate, solvency rate, liquidity, number of agencies, direct credits and direct credits per employee. For this, the statistical information will be analyzed through the autoregressive vector (VAR), an econometric model that determine the effects of the variables on the default rate and the structural autoregressive vector model (VARS) to analyze it in a long-term structural manner. Additionally, the dynamic effects of the macroeconomic and financial variables are determined in relation to the default rate. The results of this study are that macroeconomic and financial factors have an influence in the default rate, which are in order with our hypotheses and it works as an early warning for Municipal Savings. About the effect of each variable, there are cases that it changes or remains in the short term and long term. / Tesis

O objetivo principal do trabalho é analisar a resposta da estrutura de capital agregada das firmas brasileiras às oscilações de variáveis macroeconômicas. A partir da teoria do “Tradeoff”, o escudo de tributos provenientes da despesa financeira e os custos de falência surgiram como fatores importantes para a determinação da estrutura de capital, que busca maximizar o valor da firma, a partir da incorporação do benefício líquido entre esses fatores ao seu valor. Baseado nesse entendimento e aliado a conclusões de trabalhos recentes sobre a influência de fatores macroeconômicos nessa decisão de estrutura ótima, o trabalho busca entender os efeitos, de oscilações na taxa real de juros, no crescimento do PIB, na taxa real de inflação, na taxa de câmbio, no volume de recursos de bancos de fomento e no mercado de ações, nas decisões sobre financiamento das atividades de empresas no Brasil. Foram encontrados resultados significativos para as todas as variáveis macroeconômicas e, para esses resultados, foram apresentadas interpretações a luz das teorias de estrutura de capital existentes na literatura contemporânea em finanças. / This paper intent to analyze the response of firm’s capital structure to fluctuations at macroeconomic variables, in the Brazilian market. The Tradeoff theory introduced the concept that the balance between the tax shield from financial expenses and bankruptcy costs are relevant factors in the determination of Firm’s capital structure. This theory predicts that firms to maximize its value should incorporate the net benefit between these factors to their value. The paper seeks to understand and measure the impacts of oscillations in interest rate, GDP growth, inflation rate, exchange rate, participation of development banks and stock market fluctuations in the decisions about capital structure. The paper presents significant results for all macroeconomic variables and provide interpretations for these findings, based on the current development of capital structure theories.

O objetivo principal do trabalho é analisar a resposta da estrutura de capital agregada das firmas brasileiras às oscilações de variáveis macroeconômicas. A partir da teoria do “Tradeoff”, o escudo de tributos provenientes da despesa financeira e os custos de falência surgiram como fatores importantes para a determinação da estrutura de capital, que busca maximizar o valor da firma, a partir da incorporação do benefício líquido entre esses fatores ao seu valor. Baseado nesse entendimento e aliado a conclusões de trabalhos recentes sobre a influência de fatores macroeconômicos nessa decisão de estrutura ótima, o trabalho busca entender os efeitos, de oscilações na taxa real de juros, no crescimento do PIB, na taxa real de inflação, na taxa de câmbio, no volume de recursos de bancos de fomento e no mercado de ações, nas decisões sobre financiamento das atividades de empresas no Brasil. Foram encontrados resultados significativos para as todas as variáveis macroeconômicas e, para esses resultados, foram apresentadas interpretações a luz das teorias de estrutura de capital existentes na literatura contemporânea em finanças. / This paper intent to analyze the response of firm’s capital structure to fluctuations at macroeconomic variables, in the Brazilian market. The Tradeoff theory introduced the concept that the balance between the tax shield from financial expenses and bankruptcy costs are relevant factors in the determination of Firm’s capital structure. This theory predicts that firms to maximize its value should incorporate the net benefit between these factors to their value. The paper seeks to understand and measure the impacts of oscillations in interest rate, GDP growth, inflation rate, exchange rate, participation of development banks and stock market fluctuations in the decisions about capital structure. The paper presents significant results for all macroeconomic variables and provide interpretations for these findings, based on the current development of capital structure theories.

As apparent from the name of my diploma thesis I am trying to find a relation between the political and the economical cycle in the Czech Republic. It is evident that the political events are motivated by the personal interests of the politicians to be re-elected. Also the development of the economy does not need to be spontaneous but influenced by the populist intentions. In the theoretical part I am trying to explain the relations between the political and the economical cycle and also the behaviour of several macroeconomic variables which I have chosen for the analytical part of my work. These are: GDP development, inflation, unemployment rate, social migration of the population, consumption and balance of the state budget. In the analytical part I am analysing the behaviour of the selected variables in the election period 1996-1998, 1999-2002, 2003-2006 and in the first two years of the postelection period 2007 and 2008. Based on the behaviour of the variables within the political cycle I am trying to find the possible reason of their development, whether it is a spontaneous process characterized by the current phase of the economical cycle or whether it is a result of the implemented populist measures.

This paper deals with FDI in the Western Balkan countries with an emphasis on the determinants that influence FDI inflow. First, the conditions for investing in the region are examined, and then specific variables are chosen to be analyzed in the second part of the thesis. In the empirical part of the paper, the statistical significance of institutional and macroeconomic variables on the FDI inflow is researched. The concluding chapter evaluates the relationship between the accession process and FDI volume, and potential areas for FDI placement are recommended. As overall follow up to the preceding deductions, the investment outlook is finally presented.

Happiness is a well-researched and complex field of science. The complexity creates results that are diverse from study to study. Macro-economic variables such as income inequality, inflation and unemployment are frequently occurring. Because studies in happiness are diverse in their conclusions, we hypothesise that time-series regressions on separate western European countries will create different results. In order to find out if same macroeconomic variables affect nations average happiness differently. We created time-series regressions with robust standard errors between 1983-2020 for Denmark, Netherlands, Belgium, and France separately. Using initially mentioned variables in order to determine their effects on average happiness, taken from Veenhoven´s World Database of Happiness, our results were as diverse as previous research. The only variable that displayed consensus in its effect was inflation. Income inequality (GINI) and unemployment rate depicts all possible hypothesis, negative, positive, and no correlation depending on nation. This indicates that every country might react differently and perhaps should not be bundled together and generalized. Future research needs to be conducted in similar manner as the time-series data increases, and to further analyze if happiness is a practical and nation-comparable measure of welfare.

Previous research has shown that expected market returns vary over time and that this variation can be predicted by variables such as dividend yields and book-to-market ratios (Fama and French (1989); Campbell and Thompson (2008)). Further, macroeconomic variables affect asset returns (Flannery and Protopapadikas (2002)). We investigate whether the investment decisions of mutual fund investors incorporate information about future stock returns contained in predictive and macroeconomic variables. If investors incorporate this information, then variation in flows should be related to that in predictive variables and macroeconomic variables. Using quarterly flow data from 1951Q4 to 2007Q4, we find that both predictive and macroeconomic variables have a relatively small impact on flows. Our results suggest that fund investors, as a group, fail to adequately incorporate the information contained in these variables. Existing literature documents that (i) an asymmetric low-performance relationship creates an incentive for managers to extract rents from shareholders, and (ii) managers respond to such incentives by strategically altering portfolio risk. Using the semiparametric regression model proposed by Chevalier and Ellison (1997), we show that the flow-performance relationship has become linear in recent years (2000-2009) and fund managers no longer respond to such incentives. Fund managers, however, change portfolio risk in response to past performance; such changes have a positive impact on fund performance and are indicative of a better alignment of interests between managers and shareholders. / Ph. D.