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This thesis examines the capital structure choice of Australian firms with an emphasis on the impact of market timing and liquidity considering 1438 available firms for the period, 1997 to 2005. The relationship between capital structure and its determinants is the main focus of this thesis, with four empirical analyses. These analyses are all conducted within the Baker and Wurgler (2002) and Hovakimian (2006) models with both pooled ordinary least squares (OLS) and fixed effect panel analysis. The theory of market timing introduced by Baker and Wurgler (2002) has received considerable attention in recent years. Baker and Wurgler (2002) contend that past market timing has a long lasting impact on capital structure and thus, capital structure is the cumulative outcome of the past attempts at equity market timing. This thesis examines the Baker and Wurgler (2002) argument in an Australian context. It is found that the variation in leverage was explained by the market-to-book ratio and the effect of market-to-book ratio was explained by equity issues as market timing theory implies. However, the results are sensitive to data sample choice with variation in the strength of the negative relationship observed between external finance weighted average market-to-book and leverage. This suggests that while market timing appears to affect capital structure choice, it does not support the hypothesis that past market timing decisions have a long lasting impact on Australian firm capital structure. Hovakimian ( 2006) questions the Baker and Wurgler (2002) conclusion about firm behaviour and finds evidence that past market-to-book ratio has a significant impact on current financing decisions because it contains information about growth opportunities, not captured by the current market-to-book ratio. This thesis also examines the Hovakimian (2006) argument and finds evidence to support the argument of Hovakimian (2006) that, growth opportunities provide a reasonable explanation for the past market-to-book ratio effect for Australian firms. Analysis also focuses on broad industry differences. And it is found that there are significant differences between mining and non-mining firm in the determinants of capital structure. Finally, the impact of liquidity on Australian capital structure choice is analysed within the context of the Baker and Wurgler (2002) and Hovakimian (2006) models. It is found that liquidity is important to a firm's leverage choice. There is evidence that liquid firms tend to have lower leverage. Further, while liquidity has little effect on the sensitivity of leverage to market-to-book for Baker and Wurgler (2002) filtered data, a liquidity effect is evident in a broader set of four standard deviation filtered data. It is also found that greater liquidity is associated with less sensitivity of leverage to cash flows and that the asset tangibility relation with leverage is also sensitive to liquidity. Finally, there is evidence that more liquid firms are more sensitive in their tendency to revert to some long run leverage value.

Submitted by CARLOS EDUARDO MACHADO (cadumachado@ymail.com) on 2017-12-06T16:24:37Z No. of bitstreams: 1 CarlosEduardoMachado_Dissertação_Mestrado_Pertencimento_e_Mudança.pdf: 3927828 bytes, checksum: 213863d54d32a3cbefefec3614efa31f (MD5) / Approved for entry into archive by Satie Tagara (satie@marilia.unesp.br) on 2017-12-07T13:37:12Z (GMT) No. of bitstreams: 1 machado_ce_me_mar.pdf: 3927828 bytes, checksum: 213863d54d32a3cbefefec3614efa31f (MD5) / Made available in DSpace on 2017-12-07T13:37:12Z (GMT). No. of bitstreams: 1 machado_ce_me_mar.pdf: 3927828 bytes, checksum: 213863d54d32a3cbefefec3614efa31f (MD5) Previous issue date: 2017-02-10 / Não recebi financiamento / O enfoque desta dissertação reside no tema das temporalidades, pensadas aqui em suas múltiplas dimensões, construções, percepções, representações e usos. Para abordar esse universo, parto das narrativas dos habitantes de Borá, um pequeno município localizado no interior do Estado de São Paulo (região Oeste), considerada pelo IBGE (2010) como a menor população do Brasil, somando o total de 805 habitantes, à época. A maior parte da população boraense (como se identificam) é composta por famílias descendentes dos pioneiros que povoaram a localidade nas primeiras décadas do século XX. Ao longo dos anos, mais famílias chegaram à cidade constituindo uma sociabilidade baseada em laços de parentescos e em alianças pautadas nas relações de vizinhança. Esse universo aparentemente coeso estava marcado por um processo de transformação demográfica, econômico, social e cultural, decorrente do avanço do agronegócio sucroalcooleiro na região. Anos antes, entre 2003 e 2004, uma antiga usina processadora de açúcar e álcool situada nos limites do município retomou suas atividades. Além da força de trabalho local, nas temporadas de safras, a usina contratava trabalhadores de outros estados, gerando um movimento migratório para Borá. Em 2013, foi inaugurado um conjunto habitacional para acolher esses trabalhadores e suas famílias. No mesmo ano, foi registrado em Borá um significativo aumento populacional, deixando de ser a menor do país. Diante disto, voltamos nosso olhar para o universo de compreensão dos habitantes locais (refiro-me as famílias mais antigas e aos demais moradores anteriores a retomada das atividades da usina), com o objetivo de refletir sobre as formas narrativas das mudanças e os significados temporais envoltos nas noções de pertencimento. Para realizar este estudo, lanço mão dos dados etnográficos produzidos no trabalho de campo realizado em Borá entre os anos de 2011-2013, da pesquisa bibliográfica e análises empreendidas entre 2014-2016. / The focus of this dissertation lies in the theme of temporalities, thought here in its multiple dimensions, constructions, perceptions, representations and uses. To approach this universe, I start from the narratives of the inhabitants of Borá, a small municipality located in the interior of the State of São Paulo (West region), considered by IBGE (2010) as the smallest population in Brazil, totaling 805 time. Most of the Boraan population (as they are identified) is composed of families descendants of the pioneers who populated the locality in the first decades of the twentieth century. Over the years, more families have come to the city by forming a sociability based on kinship ties and alliances based on neighborhood relations. This apparently cohesive universe was marked by a process of demographic, economic, social and cultural transformation due to the advance of the sugar-alcohol agribusiness in the region. Years earlier, between 2003 and 2004, an old sugar and alcohol processing plant located in the limits of the municipality resumed its activities. In addition to the local workforce, in the harvest seasons, the mill hired workers from other states, generating a migratory movement to Borá. In 2013, a housing complex was inaugurated to accommodate these workers and their families. In the same year, a significant increase in population was registered in Borá, being no longer the smallest in the country. In view of this, we turn our gaze to the universe of understanding of the local inhabitants (I refer to the older families and other residents prior to the resumption of the activities of the plant), with the purpose of reflecting on the narrative forms of the changes and temporal meanings involved in the notions of belonging. To carry out this study, I draw on the ethnographic data produced in the field work carried out in Borá between the years 2011-2013, the bibliographical research and analyzes undertaken between 2014-2016.