Este trabalho de pesquisa objetivou investigar os determinantes do caixa das companhias brasileiras a partir de uma inédita amostra pareada de empresas de capital aberto e fechado. Mais do que explorar as principais vertentes teóricas que tentam explicar os fatores que influenciam a gestão das reservas de caixa, analisou-se conjuntamente os impactos das fricções financeiras e dos custos de agência sobre o nível de caixa, particularmente. Nesse contexto, buscou-se explorar a política de caixa em uma economia emergente como o Brasil, cujo ambiente legal e sistema financeiro ainda não estão plenamente consolidados. Além disso, estudou-se a influência da concentração da propriedade acionária sobre o caixa, assim como a velocidade com que as firmas ajustam seu nível de caixa em direção ao nível alvo em diversas situações. Os principais resultados encontrados apontaram que no período analisado as companhias de capital aberto apresentaram um nível de caixa significativamente superior ao das companhias de capital fechado, isto é, evidenciaram que os efeitos do problema de agência sobre a liquidez corporativa são mais acentuados que os efeitos das fricções financeiras. / This research aimed to investigate the determinants of the cash holdings of Brazilian companies from an unprecedented sample of public and private firms. More than just exploring the main theories that attempt to explain the factors that influence the cash management, the impacts of financial frictions and agency costs on the cash level were analyzed together. In this context, I sought to explore the cash policy in an emerging economy such as Brazil, whose legal environment and financial system are not fully consolidated. In addition, I have also studied the influence of the concentration of equity ownership on the cash holdings, as well as the speed of adjustment with which the firms manage their cash reserves towards a target level in several situations. The main results showed that public companies had a significantly higher cash level than private companies in the analyzed period. In other words, they presented that the effects of the agency problems on corporate liquidity are more pronounced than the effects of the financial frictions.

Inledning Revisorns oberoende är och har varit en omdiskuterad fråga under en lång tid. I Sverige ska en revisor, enligt lag, bekräfta sitt oberoende inför varje nytt uppdrag eller i ett befintligt uppdrag när anledning föreligger, vilket görs med hjälp av analysmodellen. Istället för revisorns uppfattning om sitt oberoende förklarar denna studie hur klienter uppfattar revisorns oberoende med utgångspunkt i analysmodellen. Studien blir unik, dels i och med att klientens uppfattningar är det centrala och dels att studien fokuserar på privata företag. Syfte Syftet med denna studie är att utifrån analysmodellen förklara hur klienter uppfattar revisorns oberoende. Metod Eftersom studien utgår ifrån en deduktiv ansats innebär det att hypoteser har formulerats utifrån tidigare forskning och befintlig teori. En tvärsnittsdesign har använts, då datainsamling har gjorts vid en bestämd tidpunkt. Huvudsakligen har kvantitativ data legat till grund för studien i form av telefonenkäter. Studien har dock kompletterats med kvalitativ data i form av intervjuer med revisorer som har fått ge sin syn på de resultat som framkommit från telefonenkäterna. Slutsats Studiens resultat indikerar att klienter inte uppfattar hotet mot revisorns oberoende som ett problem. Dock har klientens storlek och revisorns ämbetstid signifikanta samband med klientens uppfattning om hotet mot revisorns oberoende. De intervjuade revisorerna förstod våra resultat och tyckte att de stämde väl överens med deras uppfattning om hur det ser ut i praktiken. / Prelude Auditor independence is and has been a contentious issue for a long time. InSweden an auditor shall, by law, confirm its independence before any newassignment or in an existing one when needed, which is done by using thethreats recognized by IESBA. Instead of the auditor’s perception of itsindependence this study explains how clients’ perceive auditor independence onthe basis of the threats recognized by IESBA. This study is unique partlybecause of that the client’s perspective is central and partly because of its focuson private firms. Purpose The purpose of this study is that on the basis of the threats recognized by IESBAexplain how clients’ perceive auditor independence. Method Since the study is based on a deductive method this means that hypotheses havebeen formulated on the basis of previous research and existing theory. A crosssectionaldesign was used, because our data collection was made at a given time.Mainly quantitative data, by telephone surveys, has been the basis for the study.However, the study has been supplemented with qualitative data throughinterviews with auditors, who have been given their views on the resultsobtained from the telephone surveys. Conclusion The results of the study indicates that clients’ don’t perceive the threat againstauditor independence as a problem. However, the size of a client and auditortenure have a significant relation with the client’s perception of the threatagainst auditor independence. The interviewed auditors understood our resultsand said they agreed well with their idea of what it looks like in practice.

Humanitarian logistics is an emerging phenomenon which have been increasingly recognized due to the increase of disasters, where little is still known about the role of companies operating in the private sector for this phenomenon. Furthermore, it is assumed that both natural and man-made disasters will increase in both the occurrence and the effect in the future, which enforces the need for practices and theories to deal with them more effectively. There were 1438 epidemic outbreaks between 2010-2018 according to the World Health Organization. During the COVID-19 pandemic shortages in the medical sector were evident, which had disastrous effects. During these difficult times companies from the private sector implemented drastic production changes to supply the disinfectant, hand sanitizers, and protective personal equipment that was missing. The purpose of this thesis is to investigate how Swedish firms have implemented/ enabled drastic production change in case of humanitarian logistics during COVID-19, for the previously mentioned product types. Sweden was chosen as the empirical setting, as many contributions could be seen amongst the Swedish private companies, where the data collection was done with eight respondents in eight different companies being in multiple industries. By using a qualitative grounded theory approach, the findings suggest that the drastic production change for the private companies in terms of humanitarian logistics is influenced by five different factors. Firstly, its dependent on developing a social motive, with and without economic benefits. Secondly, was coordinating between external and internal stakeholders. Thirdly, was coordinating amongst existing and acquired resources and capabilities. Fourthly, was coordinating product change to legal requirements. Finally, was coordinating and reacting to disruptions through alternative production. This study contributes to humanitarian logistics in several theoretical ways. Initially, it brings new insights specific for private firms in their implementation and enablement for drastic production change. Furthermore, it also extends the knowledge for the private sector and their involvement in humanitarian logistics. Additionally, it also extends the knowledge specific to products for companies within the private sector related to disaster relief in humanitarian operations. Subsequently, the study also contributes with findings from Sweden, which is an empirical setting that has not been researched within the area previously. Moreover, the study also has practical recommendations which might be useful for future crisis scenarios. Where it was evident that the involvement of private firms in humanitarian logistics was driven both by social and economic motives. Additionally, private firms should also be aware of their existing resources and capabilities which could enable an alternative production when society needs it the most. Lastly, firms should not be intimidated by regulation and production requirements, as there have been a common force among stakeholders to solve such issues.

Bakgrund: Om tio till tolv år väntas 40 % av Sveriges 500 000 familje- och ägarledda bolag att säljas enligt en uppskattning gjord av PwC år 2012. Många små och medelstora onoterade bolag kommer därför inom den närmaste tiden att behöva värderas inför försäljning. De modeller som används vid företagsvärderingar är i dagsläget inte  anpassade för mindre onoterade bolag och dess företagsspecifika risker varför författarna valde att utföra studien. Syfte: Syftet med studien är att ta fram en praktiskt användbar modell för att skatta ett mindre onoterat bolags avkastningskrav. Modellen ska ta hänsyn till de företagsspecifika risker som är kopplade till mindre onoterade bolag. Metod: Studien bygger på en kvalitativ undersökning där intervjuer med personer som dagligen arbetar med värdering av eller rådgivning för alternativt arbetar inom mindre bolag. Utifrån data insamlad från studiens intervjuer samt teorier kring ämnet har en praktiskt funktionell modell utformats för att stödja företagsvärderares arbete i praktiken. Slutsats: BRACE-modellen (Business Risk Adjusted Cost of Equity) består av två huvudkomponenter, en CAPM-premie som mäter marknadsrisken samt en företagsspecifik riskpremie. Den företagsspecifika risken hänförs till bolagets storlek och illikviditet samt kvantifieras i en poängbedömningsskala där ett mindre bolags specifika risker tas hänsyn till. / Background: In ten to twelve years, 40 % of Sweden's 500 000 family- and owner led firms will be up for sale according to an estimation done by PwC in 2012. Many small and medium sized firms will therefore need to be valued within the near future. The models and theories used in todays' business valuations are not applicable for small private firms why the authors chose to conduct this study. Purpose: The purpose of this study is to design a practically useful model in terms of assessing the owners' required rate of return in a small private firm. The model should include the firm-specific risks that are linked to private firms. Methodology: This study uses a qualitative research method where data is collected through interviews with people who on a daily basis, work with, value and advise small private firms. From the data collected through the interviews as well as theories regarding the subject the authors have designed a practical model with the intentions to support private firm valuations. Conclusion: The BRACE-model (Business Risk Adjusted Cost of Equity) consists of two main components, a CAPM-premium and a firm-specific risk premium. The firm-specific risk premium is derived from the firm's size and illiquidity and is further quantified with a point system where a small private firm's specific risks are considered.

[pt] O crescente interesse em estimar o custo de capital e, consequentemente, o valor da firma é fundamental para que a empresa conheça o risco do negócio em que atua. Nesse sentido, os problemas na estimativa de empresas de capital fechado, devem-se ao fato de não possuírem ações negociadas na Bolsa de Valores. A inexistência de valor de mercado para elas faz com que dados contidos nos seus demonstrativos financeiros sejam utilizados. A não obrigatoriedade de divulgação de resultado faz com que essas empresas operem sob normas contábeis mais brandas, o que pode acarretar distorções da realidade. A presente pesquisa tem por objetivo apresentar as dificuldades na adoção de premissas e as oscilações que essas provocam nos resultados, fazendo um estudo de caso da LBQ Engenharia Ltda., empresa privada atuante no setor de construção civil. / [en] The growing interest in estimating the cost of capital and thus, the firm value, is critical for the company to know the risk of the business in which it operates. In this sense, the problems in estimating private firms, are due to the fact they do not have shares traded on the Stock Exchange. The lack of market value for them makes the data contained in their financial statements are used instead of. They are not obliged to disclosure their results, therefore operates by loose accounting standards, which may result in distortions of reality. This study aims to present the difficulties in the adoption of assumptions and fluctuations that these cause the results, making a case study of LBQ Engenharia Ltda., a private company that operates in the construction industry.

Title: Which factors affect the timeliness of private companies’ accounting reports?Level: Bachelor’s Thesis, Business AdministrationAuthors: Lucinda Jonsson and Sarah EdlundSupervisor: Fredrik HartwigDate: 2024 - JanuaryAim: To study which factors affect the timeliness of private companies regarding thepublication of accounting information. Timeliness is a decisive qualitative criterion thataffects the usefulness of financial reporting. Information that is not current is less relevant tostakeholders. The majority of previous studies regarding the timeliness are made on listedcompanies. This is despite the fact that the proportion of private companies in Sweden aresignificantly greater than the public ones, that 99% of all European companies are private andthat private companies account for more than half of Europe's GDP. There are alsodifferences between unlisted and listed companies.Method: In this quantitative study, secondary data have been used from previous scientificarticles concerning the timeliness of private companies, in order to do a meta-analysis. Theeight articles used in the meta-analysis were suggested by our supervisor. Some articles weregathered by independent searches and chain searches. To present and interpret the resultsfrom the meta-analysis, a forest plot was generated for each result.Result & conclusion: Companies with high debt ratio will to a greater extent submit theiraccounting reports late, rather than companies with low debt ratio. Larger companies will to agreater extent submit their accounting reports late, compared to smaller companies. Therewas no significant relationship regarding audit, gender on the board and bankruptcy risk (taxdebt). Size and debt ratio do not affect the lead time.Contribution of the thesis: Doing a meta-study on private companies regarding factors thataffect timeliness, which has never been done before.Suggestion for future research: Doing a meta-analysis with values from both private andpublic companies in one meta-analysis. It’s only been done separately before. Anothersuggestion is to do this study again, but to use raw data directly from the researchers insteadof data from published articles. It’s not the same information that appears in publishedarticles, which can contribute to more precise results.Key words: Timeliness. Accounting information. Private firms. Determinants. Financialaccounting regulation. / Titel: Vilka faktorer påverkar aktualiteten gällande onoterade företagsredovisningsrapporter?Nivå: Examensarbete på grundnivå (kandidatexamen) i ämnet företagsekonomi.Författare: Lucinda Jonsson och Sarah EdlundHandledare: Fredrik HartwigDatum: 2024 - januariSyfte: Att studera vilka faktorer som påverkar aktualiteten för onoterade företag gällandeoffentliggörandet av redovisningsinformation. Aktualitet är ett avgörande kvalitativtkriterium som påverkar den ekonomiska redovisningens användbarhet, då information sominte är aktuell är mindre relevant för intressenter. Majoriteten av tidigare studier är utförda pånoterade företag. Detta trots att andelen onoterade företag i Sverige är betydligt större än denoterade, att 99% av alla europeiska företag är onoterade samt att de onoterade företagen stårför mer än hälften av Europas BNP. Skillnader finns mellan onoterade och noterade företag.Metod: I denna kvantitativa studie har sekundärdata använts från tidigare vetenskapligaartiklar rörande aktualiteten i onoterade företag, för att kunna utföra en metaanalys. De åttaartiklar som är använda i metaanalysen är föreslagna av handledare. En sökning av artiklarhar sedan gjorts på egen hand genom kedjesökning och självständig sökning. För attpresentera och tolka resultaten från metaanalysen genererades en forest plot för respektiveresultat.Resultat & slutsats: Företag med högre skuldsättningsgrad lämnar in sinaredovisningsrapporter sent i större utsträckning än företag med låg skuldsättningsgrad. Störreföretag kommer i högre utsträckning lämna in sina redovisningsrapporter för sent, jämförtmed mindre företag. Det fanns inget signifikant samband gällande revision, kön i styrelsenoch konkursrisk (skatteskuld). Storlek och skuldsättningsgrad påverkar inte ledtiden.Examensarbetets bidrag: Att utföra en metastudie på onoterade företag gällande faktorersom påverkar aktualiteten, vilket aldrig har utförts tidigare.Förslag till fortsatt forskning: Att utföra en metaanalys med värden från både onoteradeoch noterade företag i en och samma metaanalys. Ett annat förslag är att utföra denna studieigen, men att använda rådata direkt från forskarna istället för data från publicerade artiklar.Nyckelord: Aktualitet. Redovisningsinformation. Onoterade företag. Determinanter.Finansiell redovisningsreglering.

Die vorliegende Dissertation untersucht empirisch das Auftreten und die Konsequenzen von Bilanzpolitik deutscher nicht-kapitalmarktorientierter Unternehmen. Sie besteht aus drei separaten Forschungsarbeiten, in denen Jahres- bzw. Konzernabschlüsse nach der Umstellung der handelsrechtlichen Rechnungslegung auf den Stand des Gesetzes zur Modernisierung des Bilanzrechts (BilMoG) in den Jahren 2009 und 2010 analysiert werden. Die Arbeiten verdeutlichen, dass neben dem vergleichsweise gut dokumentierten Anreiz zur Vermeidung von Steuerzahlungen weitere bilanzpolitische Motivationen bei deutschen nicht-kapitalmarktorientierten Unternehmen einschlägig sind. Die Ergebnisse enthalten Evidenz dafür, dass von der Bundesnetzagentur für Elektrizität, Gas, Telekommunikation, Post und Eisenbahnen regulierte Gasnetzbetreiber Wahlrechte in Erlösobergrenzen maximierender Art und Weise ausüben. Darüber hinaus geben die Ergebnisse Hinweise darauf, dass Ergebnisglättung betrieben wird, Berufsmanager das Periodenergebnis maximieren und Unternehmen mit geringer Eigenkapitalausstattung gezielt ihr Eigenkapital erhöhen. / This cumulative PhD-thesis consists of three papers. Using the adoption of new German GAAP in 2009 and 2010 the three studies investigate earnings management of private firms in the absence of the well documented incentive to minimize tax payments. The results show that in regulated industries regulation mechanisms can be a main driver for earnings management. Furthermore, the studies indicate that (i) private firms engage in earnings smoothing, (ii) outside-managers use income increasing accounting methods, and (iii) firms with a higher likelihood to violate debt covenants use equity increasing accounting methods.

本文所使用信用風險評價模型為KMV公司用以衡量未上市公司之違約風險的PFM模型(Private Firms Model)，主要的研究標的為美國未上市產險公司。此模型最主要的目的在求出公司的資產市值及資產市值報酬率波動度，並假設資產市值的變動遵循標準幾何布朗運動，因此在產險公司的資產市值小於某值後，該公司即算違約，其中資產市值平均與該值的距離稱為違約距離。而未上市產險公司缺少股價資訊，因此無法用一般的選擇權評價公式求得資產市值及資產市值報酬率波動度，所以先使用可以衡量上市產險公司資產市值的KMV模型(Moody's KMV EDF□)，找出上市公司的資產市值及資產市值報酬率波動度，再找出財務比率與兩者的關係，最後再將這層關係套用到未上市產險公司，如此可以求得未上市產險公司之資產市值及資產市值報酬率波動度。 本文經過實證研究過後，發現套用從1991年到2000年上市產險公司資料中找出的關係，代入2000年的未上市產險公司資料來預測公司於2001年是否違約，其結果發現準確度並不高；接著且再以違約距離和少部份財務變數做為預測模型，代入2001年資料，以預測2002年未上市產險公司的違約與否，其準確率也與先前相近，兩者的解釋能力約都只有六成到七成，雖然如此，還是可以發現違約距離在解釋能力上還是有一定之貢獻，如果可以將違約的樣本群數量□加，應該可以提升預測的準確度。 / This theme is to measure the default probabilities of private P&C firms’ default in the U.S A. The model this paper used is called PFM (Private Firms Model). The asset value and asset volatility could be found by this model, but we must assume that the asset value will follow General Brownian Motion. After finding asset value and asset volatility, the next step is to find the default point. The distance between the expected asset value and the default point is DD (Distance to Default). However, the private P&C firms lack the relative stock information, so the Black-Scholes Option Pricing Model couldn’t be used. In order to find the relationship between the private firms’ asset value and asset volatility, we can use Moody's KMV EDF□ (Expected Default Frequency) credit risk pricing model to measure the public P&C firms’ asset value and its volatility and find the relationship between those and firms’ financial ratios. Using the public firms’ relationship on private firms, the distance to default of the private firms can be found. Through the empirical research, the correct rate of this model on the private P&C firms in the U.S.A is low. Besides, let DD and other financial ratios be the variables to forecast the next year, the correct rate is still low, but we can find that DD’s ability to explain the default probability is 60~70%. Therefore, we can say DD is still the useful variable and if the sample size of default firm can be increase, the correct rate may be promoted.