Diversas teorias tentam explicar o que determina a política de financiamento adotada pelas empresas. Uma das abordagens existentes, a Teoria de Pecking Order, foca a assimetria de informação como um importante determinante da estrutura de capital. No presente trabalho, busca-se analisar o pressuposto central da referida teoria e verificar se a assimetria de informação influencia nas decisões de financiamento de empresas brasileiras de capital aberto no período 1997-2007. Para tanto, são utilizadas variáveis proxies para assimetria de informação, além de variáveis de controle representativas de características das empresas. Utiliza-se a metodologia de análise de dados em painel. Como resultado principal, encontra-se que empresas consideradas com menor grau de assimetria informacional são mais endividadas que as demais na análise do nível de endividamento total, resultado contrário a teoria de pecking order, onde estas empresas teriam a oportunidade de captar recursos por meio da emissão de ações devido à baixa probabilidade de ocorrência dos problemas derivados da assimetria de informação. No entanto, este resultado apóia a relação esperada alternativa, onde empresas com menor assimetria informacional propiciam maior facilidade de avaliação do seu risco por parte dos credores, o que poderia aumentar a oferta de crédito, favorecendo a utilização de dívidas por meio da redução dos custos de seleção adversa e pelo aumento da capacidade de financiamento destas empresas. Nesse sentido, torna-se importante analisar também o papel do risco ao estabelecer uma hierarquia de preferências por fontes alternativas de financiamento utilizadas por empresas brasileiras. / Several theories try to explain what determines the financing policy adopted by the firms. One of the existent approaches, Pecking Order Theory, focuses on the information asymmetry as an important determinant of the capital structure. In the present work, we try to analyze the central presumption of the referred theory and to verify if the information asymmetry influences the financing decisions of Brazilian open capital firms in the period 1997-2007. In order to do so, proxies variables are used for information asymmetry, besides control variables which represent of firms characteristics. Panel data analysis is the methodology used. As main result, it was found that companies considered to have the lowest degree of information asymmetry are higher leveraged than the others analyzing the level of total debt, the result is contrary to the pecking order theory, where these companies would have the opportunity to raise resources by emitting shares due to the low probability of occurring problems derived from information asymmetry. However, this result supports the expected alternative relation, where companies with lower asymmetric information make it easier to their debt holders to evaluate their risk, what could increase the credit offer, favoring the use of debts by reducing the adverse selection costs and increasing the debt capacity of these companies. In doing so, it becomes important to also analyze the role of the risk when establishing a hierarchy of preferences adopted by Brazilian firms regarding alternative financing sources.

This thesis examines the determinants of capital structure in the MENA coun- tries. The main interest is to investigate both financial firms specially banks and non-financial firms. This study test the main theories of capital structure, namely: trade off theory and pecking order theory. The countries included in this thesis are Saudi Arabia, United Arab Emirates (Include both Abo-Dhabi and Dubai stock indexes), Bahrain, Qatar, Kuwait, Oman, Egypt, Morocco, Tunisia, Palestine and Jor- dan. The characteristics it covers as suggested by previous literature are tangibility, profitability, risk, debt tax shield, growth, dividends,size, cash flow and liquidity. It will also investigate the effect of the industry, credit rating and ownership structure on the capital structure This study also investigates the determinants of capital structure in Islamic and conventional banks. This is one of the first attempts to empirically examine the determinants of capital structure in Islamic and conventional banks in general and in MENA countries in particular. This study fills the gap in this important area of research and can provide a base for future research on capital structure in Islamic banks. This thesis use different models to test the capital structure and these are Panel data models (OLS, Fixed, and Random); Tobit and Dynamical model (Arellano-Bover Blundell-Bond), Structural Equation Modeling (SEM) and Generalised Regression Neural Networks (GRNN). The results suggest that the three methods used in this study lead to similar re- sults with a few exceptions in some countries. This thesis finds that the relation between leverage and the determinants of capital structure is different when using the market or the book leverage. It also finds that the determinants of capital struc- ture between the MENA countries are different. For example, profitability attribute relation with leverage follow the trade-off theory in some countries and follow the picking order theory in other countries. Also, liquidity is significant in all the countries in the sample and have a negative relation to leverage. In addition, tangibility is found to have a mixed results with some countries following the trade-off theory and other countries which follow the trade-off theory but overall it is a key determinant of capital structure. Additionally, the findings show that although that the majority of firms in the MENA countries don’t pay dividends the relation between the long term debt and leverage is negative in all the countries in the sample. The growth opportunities have a negative relation in Bahrain, Egypt, Jordan, Kuwait, Morocco, Palestine, Qatar and Tunisia but positive in rest of the countries. The cash flow attribute have a negative relation with leverage in all the countries in the sample except Saudi Arabia and Qatar when using the short and long term debt. Furthermore, the ownership variable is expected to have a negative relation when the ultimate owner is an institution. The results show that overall when there is an ultimate owner the leverage will have a negative relation. Suggesting that ultimate owners will force managers to keep a low debt in firms capital structure. This PhD also attempt to investigate the capital structure in banks within the MENA countries. A special focus is on the differences between the Islamic banks and conventional banks capital structure. First, the findings show that the banks follow the same determinants of capital structure as non-financial firms and that regulations are not the main determinant of capital structure in banks. Then, This study show that there is a difference in capital structure of Islamic banks in com- parison with conventional banks. The findings for the dividends variable show that Islamic banks do not follow the pecking order theory but conventional banks don’t. The results of the size variable show that when Islamic banks are large they use less debt in their capital structure. Growth variable show mixed results depending on the use of book or market leverage. Ownership structure show that when there is an ultimate owner leverage increase which is the reverse of the relation in the non-financial firms. The age variable is negative in relation to the book leverage and positive with the market leverage. Also, credit rating relation is different between the two banks, as it is positive with the conventional banks and negative with Islamic banks. Therefore, this study conclude that the main capital structure theories are applicable to MENA countries. Also indicate that Islamic banks have a different capital structure to conventional banks.

This thesis examines three aspects of capital structure of manufacturing, mining and retail firms listed on Johannesburg Securities Exchange (JSE). Firstly, it tests for the validity of the pecking order, the static trade-off and the dynamic trade-off theories in the context of South African manufacturing, mining and retail firms. The study used data from 42 manufacturing, 24 mining and 21 retail firms with complete data for four or more consecutive years during 2000-2010 (panel 1) to test the validity of these theories. The research hypotheses were formulated and tested using generalised least squares (GLS) random effects, maximum likelihood (ML) random effects, fixed effects, Prais-Winsten regression, Arellano and Bond, Blundell and Bond and the random effects Tobit models. Secondly, the thesis examines the impact of the firm’s key financial performance variables on firm leverage and speed of target adjustment. A panel of 49 manufacturing, 24 mining and 23 retail firms with complete data for two or more consecutive years during the period 2005-2010 (panel 2) was constructed and used in this test. The research hypotheses were formulated and tested using the same regression models used in panel 1. Lastly, the thesis examines the existence of the discounted value premium in manufacturing, mining and retail firms listed on the JSE. This study was done using panel of 47 manufacturing, 31 mining and 20 retail firms with complete data for four or more consecutive years during the period 2006-2010. A simple t-test was used to evaluate the significance of the sample’s discounted value premium. The study documents that firm growth rate, non-debt tax shields, financial distress, profitability, capital expenditure, asset tangibility, price earnings, ordinary share prices and changes in working capital were significant predictors of firm leverage. Dividend paid, capital expenditure, firm growth rate, profitability, cash flow from operations and economic value added were positively correlated to leverage. Asset tangibility, firm profitability, non-debt tax shields, financial distress, liquidity, price earnings, share price and retention rate were negatively correlated to leverage. Asset tangibility, financial distress, firm growth, non-debt tax shields, and long-term debt repaid were negatively correlated to changes in debt issued, whilst profitability, actual dividend paid, capital expenditure and changes in working capital were positively correlated. These results confirm the complementary nature of the trade-off and pecking order theories. Furthermore, the firms had positive and significant speeds of adjustment. In panel 1, the true speed of adjustment for the sample was 57.64% (0.81 years) for book-to-debt ratio (BDR) and 42.44% (1.25 years) for market-to-debt (MDR). The speed for manufacturing firms was 45.08% (1.16 years) for BDR and 44.59% (1.17 years) for MDR; for mining firms, 72.07% (0.54 years) for BDR and 56.45% (0.83 years) for MDR; and for retail firms, 28.42% (2.07 years) for BDR and 42.48% (1.25 years) for MDR. In panel 2, the true speed of adjustment for the sample was 64.20% for book-to-debt ratio (BDR) and 28.11% for market-to-debt ratio (MDR). The true speed for manufacturing firms was 34.42% for BDR and 30.56% for MDR; for mining firms, 69.59% for BDR and 45.77% for MDR; and for retail firms, 9.34% for BDR. These results confirm the validity of the dynamic trade-off theory. Finally, manufacturing, mining and retail firms had a positive discounted value premium. This ranged from 5.16% to 9.48% (on perpetual growth), with mining firms having the largest (9.48%), followed by manufacturing (8.54%) and retail firms (5.16%). Of the observations for the full sample, 92.23% showed a positive discounted value premium. This evidence on the speed of adjustment and discounted value premium suggests the existence of a target capital structure different from the theoretical optimal capital structure hypothesised by the static trade-off theory. / Thesis (PhD)--University of Pretoria, 2013. / Financial Management / unrestricted

The topic of capital structure has been one that has plagued the academic world for a number of years. There have been numerous works published on the subject which have presented such theories as the Modigliani and Miller Propositions, the Trade-off Theory, Pecking Order Theory, Signaling Theory and Agency Cost Theory to name a few. However, little research has been done on the application of these and other theories to banking institutions located in Southern Africa. This adds increased complexity to the determining of a local bank’s capital structure policy and the difficulty is further exacerbated by the increased application of regulatory control. In the wake of the recent global financial crisis, banking institutions have been placed under the spotlight and their capital adequacy levels come into question. A need was identified to investigate the impact that capital adequacy has on a bank’s performance and whether it achieves its purpose of increasing stability amongst banks. This study analysed the determinants of the capital structure of banks in South Africa based on secondary financial data and by performing this analysis attempted to establish trends in capital structure policy and regulatory compliance. The study also attempted to identify best practices that contribute to the overall value and performance of the banking institution. The expectation is that the correct application of capital structure theory and compliance with regulations will decrease a bank’s risk profile and in turn result in a more stable monetary system and economy. Overall, the results of the analysis were inconclusive, but lay the basis for potential future research. Conclusions drawn from the results and literature create greater understanding of the dynamics of capital structure and its implications to South African Banks. Copyright 2011, University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. Please cite as follows: Naidu, W 2011, The implications of capital structure theory and regulation for South African banking institutions, MCom dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://upetd.up.ac.za/thesis/available/etd-01272012-122305 / > C12/4/97/gm / Dissertation (MCom)--University of Pretoria, 2011. / Financial Management / unrestricted

Entrepreneurship plays an integral role in innovation, job creation and economic growth, and financing is a key component in facilitating this process. In recent years, the financing industry has taken significant technological leaps forward—perhaps most notably through the introduction of alternative solutions to institutional investors, such as crowdfunding. At the same time, the distinct economic role of these new technologies is still largely unknown. The study aims to examine why growth-oriented entrepreneurs in Sweden choose equity-based crowdfunding. The findings are analyzed through the lens of the pecking order theory, i.e., the notion that entrepreneurs select the cheapest and least risky way to finance a given solution. This article builds on qualitative research with a multiple case study with five cases. The primary data is collected through semi-structured interviews following a topic guide and secondary data from investment material. Further, entrepreneurs choose external equity because of growth and network, and specifically crowdfunding is selected due to ambassadors, marketing, credibility, control keeping, and as a process to become a listed company. The results show that crowdfunding interrupts the pecking order theory.

Gröna obligationer, ett obligationslån där lånet måste knytas till ett hållbart projekt, är ettväxande begrepp i världen. Sverige är ett av de länder i framkant vad gäller användandet avdenna typ av obligationer. Allt fler investerare är måna om att investera i hållbara alternativ,där just gröna obligationer dykt upp som ett möjligt val. Men vilka motivationsfaktorer finnsdet som får företagen att vilja emittera dessa? Denna studie syftar till att besvara frågan om detråder några skillnader i lönsamhet för bolag som har emitterat gröna obligationer gentemot desom inte har.Utifrån författarnas kännedom finns det ingen liknande studie genomförd på den svenskamarknaden för tillfället. En tidigare studie har dock genomförts på den kinesiska marknadenmed ett resultat som påvisar en positiv relation mellan lönsamhet och gröna obligationer tillföljd av bolagets möjlighet att sänka sin kapitalkostnad.Studien genomfördes utifrån data mellan 2019-2021 på den svenska Large Cap marknaden.Både för hela men också specifikt för sektorer där gröna obligationer har tillämpats merfrekvent. Avkastning på totalt kapital (ROA) har använts som lönsamhetsmått medan grönaobligationer utgjorts av en binär variabel där de olika bolagen tilldelats en etta eller nollaberoende på om de haft gröna obligationer under hela det mätta året respektive inte. Studienhar tagit avstamp från trade-off och pecking-order theory som har sina synsätt på hur bolag börhantera sin skuldsättningsgrad och prioritera sina valmöjligheter att ta in ny finansiering.Studien har även använt sig av aktieägarteorin och intressentteorin för att återkoppla tillbolagens bakomliggande motiveringar att fatta de beslut de tar.Resultatet från studien visade inget signifikant samband mellan lönsamhet och grönaobligationer för svenska Large Cap eller för de branscherna som testades enskilt. Denna studiehar trots det bidragit med ny kunskap om hur relationen mellan gröna obligationer ochlönsamhet ser ut på en marknad där det inte testats förut.

När företag väljer att ta in kapital genom en nyemission måste beslut fattas om det ska göras genom en företrädesemission eller riktad emission. Tidigare studier har visat att nyemissioner generellt genererar en negativ avvikelseavkastning. Ny forskning finner dock underlag för att både motiv och typ av emission kan påverka hur offentliggörandet av nyemissionen uppfattas av marknaden. Syftet med studien är att undersöka hur riktade emissioner uppfattas av marknaden och om det kan hänföras till motivet med emissionen. Vi studerar 40 riktade emissioner på Stockholmsbörsen under åren 2020-2021. 7 av dessa riktade emissioner klassificerades som positiva och 33 som negativa. Vi fann en negativ genomsnittlig kumulativ avvikelseavkastning för urvalet i stort samt för de negativt klassificerade emissionerna. De positivt klassificerade riktade emissionerna genererade en signifikant positiv genomsnittlig kumulativ avvikelseavkastning. Resultatet indikerar att motivet har en effekt på hur marknaden uppfattar offentliggörandet av en riktad emission.

Det här är en kvantitativ studie av hur kreditpreferenser hos mikrobolag med en årsomsättning om mindre än 10 miljoner SEK beror av branschtillhörighet och företagsstorlek. Mikrobolag är små bolag med mindre än 10 personer anställda och en årsomsättning på mindre än 2 miljoner euro. Det teoretiska ramverket utgår från asymmetrisk informationsteori och mer specifikt från pecking order theory, POT samt trade off-teorin. Kreditpreferenserna mäts genom två olika parametrar, dels genom mikrobolagens avsättning till periodiseringsfonder vilket kan ses som ett mellanting mellan extern och intern finansiering, dels genom förekomsten av externa lån från kreditinstitut. Branscherna som undersöks är tillverkning samt tjänster vilka anses skilja sig åt vad gäller kreditpreferenser. Tillverkningsbranschen har större anläggningstillgångar vilket anses göra det lättare för dem att få extern kredit enligt trade off-teorin. Tjänstebranschen däremot, med mer immateriella tillgångar skulle då föredra periodiseringsfonder eftersom enligt POT så föredrar mindre företag internt genererat kapital. Ett antal hypoteser ställs upp som sedan testas med chi-två. Resultatet motsäger delvis teorierna. Från studien framgår dock att de undersökta företagen i tjänstebranschen har större preferenser för användning av periodiseringsfond än tillverkningsbranschen. En slutsats från studien är alltså att branschtillhörighet har betydelse för kreditpreferenserna. För företagsstorlek går inte att dra några säkra slutsatser.

I denna studie testas tio hypoteser som relaterar till finansiell teori för att se hur väl teorin kan förklara skuldsättningsgraden i små börsnoterade bolag. De teorier som testas är avvägningsteorin (trade-off theory), hackordningsteorin (pecking order theory) samt teorier relaterade till asymmetrisk information och agentkostnader. Testen genomförs med multipel linjär regressionsanalys och de undersökta bolagen är samtliga bolag med färre än 200 anställda på tre av de mindre börslistorna i Sverige. Resultatet visar stöd för åtta av de tio undersökta hypoteserna och är i flera avseenden tydligare än i tidigare studier som testar onoterade små bolag eller ett bredare urval av bolag. / This study tests ten hypotheses related to financial theory in order to determine how well the theory can explain capital structure in small public SMEs. The tested theories are trade-off theory, pecking order theory and theories related to asymmetric information and agent-principal costs. Multiple linear regression analysis is used to test the theories on SMEs with fewer than 200 employees listed on three of Sweden’s smaller stock-exchange lists. The results show statistical significant support for eight out of ten hypotheses, and these results are in many aspects clearer than in studies that test unlisted SMEs as well as studies with broader samples of listed firms.

Made available in DSpace on 2016-03-15T19:31:12Z (GMT). No. of bitstreams: 1 Marcos Robertoprot.pdf: 3270286 bytes, checksum: 656412122410522073af0f0ac5a7066e (MD5) Previous issue date: 2015-08-03 / Universidade Presbiteriana Mackenzie / The aim of this study is to verify the influence of the sector of activities, economic and market factors and business performance in the definition of capital structure. It uses data from Economática with 415 Brazilian companies that operated in the capital market (BM&FBOVESPA), between 2001 and 2014, to examine the behavior to such dimensions and their adherence to the wider theoretical set today. Inappropriate decisions of capital structure raises the cost of capital, hindering acceptable investments that maximize the wealth of the owners. Many studies regarding the indebtedness of companies were made in recent decades, but so far has no obvious response of relevance or lack thereof. In this sense, one can conclude that we do not have a theory fully accepted on the capital structure. It is difficult to generalize about funding policies because they differ widely from company to company and in the various sectors of activity. The specific variables to business performance continue to be used exhaustively to seek underpin a theoretical framework on the subject. Other studies, on a smaller scale, mainly in Brazil, investigate a possible influence of the sectors of activity and the economics and market conditions / restrictions in the choice of capital structure. In this sense, realizing the gap of capital structure studies in Brazil, that address sectors of activity and economic and market variables, it opens up the opportunity for this research project. As a result it appears that, after robust regression problems correct order autocorrelation of errors and heteroscedasticity, the variables average leverage of sector, investment of sector, Ibovespa, GDP, inflation, market-to-book, Tobin's Q, profitability, liquidity, growth and business risk were statistically significant in order to explain the variations dependent variable, ie, leverage the market value. Other variables, such as concentration of the sector, interest rate, size and tangibility, did not show, after the robust regression, statistical significance. As a result it appears that, after robust regression correct order autocorrelation problems of errors and heteroscedasticity, the average leverage variables sector, industry investment, Ibovespa, gdp, inflation, market-to-book, Tobin's Q, profitability, liquidity, growth and business risk were statistically significant in order to explain the variations of the dependent variable, ie, leverage at market value. Other variables, such as concentration of the sector, interest rate, size and tangibility, did not show, after the robust regression, statistical significance. / O objetivo principal deste estudo é verificar a influência do setor de atividades, dos fatores econômicos e de mercado e do desempenho empresarial na definição da estrutura de capital. Utiliza-se de dados da Economática com 415 empresas brasileiras que atuaram no mercado de capitais (BM&FBOVESPA), no período entre 2001 e 2014, buscando examinar o comportamento de tais dimensões e sua aderência ao conjunto teórico mais difundido atualmente. Decisões inadequadas de estrutura de capital eleva o custo de capital, dificultando investimentos aceitáveis que maximize a riqueza dos proprietários. Muitos estudos em relação ao endividamento das empresas foram realizados nas últimas décadas, mas, até agora, não foi encontrada uma resposta de relevância ou falta dela. Neste sentido, pode-se concluir que não temos ainda uma teoria totalmente aceita sobre a estrutura de capital. É difícil generalizar sobre políticas de financiamento, pois elas diferem bastante de empresa para empresa e nos diversos setores de atividades. As variáveis específicas de desempenho empresarial continuam sendo usadas de forma exaustiva para buscar alicerçar um arcabouço teórico a respeito do tema. Outros estudos, em menor escala, principalmente no Brasil, investigam uma possível influência do setor de atividade e das condições/restrições econômicas e de mercado na escolha da estrutura de capital. Neste sentido, percebendo a lacuna de estudos de estrutura de capital no Brasil, que contemplem setor de atividades e variáveis econômicas e de mercado, abre-se a oportunidade para a contribuição deste projeto de pesquisa. Como resultado constata-se que, após regressão robusta visando corrigir problemas de autocorrelação dos erros e heterocedasticidade, que as variáveis alavancagem média do setor, investimentos do setor, Ibovespa, pib, inflação, market-to-book, Q de Tobin, lucratividade, liquidez, crescimento e risco do negócio apresentaram significância estatística, no sentido de explicar as variações da variável dependente, ou seja, a alavancagem a valor de mercado. Outras variáveis, como concentração do setor, taxa de juros, tamanho e tangibilidade, não apresentaram, depois da regressão robusta, significância estatística.