Made available in DSpace on 2016-04-26T20:48:56Z (GMT). No. of bitstreams: 1 Thatiana de Barros Valentino.pdf: 567967 bytes, checksum: bb3b9d377372817fb67be186122bb7dd (MD5) Previous issue date: 2009-06-05 / This dissertation analyzes the pattern of financing of 105 medium-sized enterprises of processing industry of the State of São Paulo, with capital closed. The methodology used in the analysis is the construction of economic-financial indicators using information from Balance Sheets published on the Gazeta Mercantil newspaper. The study covers the period from 2003 to 2007 to analyze the behavior of indebtedness and the pattern of financing of medium-sized enterprises in the years of significant expansion in credit to industry and fluctuations in the growth of the economy. The sample was constructed by the selection of companies that had net operating revenue between R$10.5 millions and R$60 millions in 2007 and published their balance sheets in the Gazeta Mercantil newspaper from 2003 to 2007, regardless of the net operating revenue presented in the other years of the period be in the range of the classification of company average. The predominance of self-financing and the assumption of the existence of an order in the use of funding sources, with internal resources as the first option, followed by debt, they are favorable to the assumptions of the pecking order theory. Despite the increase in supply of credit, it is observed in the companies of the sample to maintain high utilization of internal resources and the low level of indebtedness / Esta dissertação analisa o padrão de financiamento de 105 empresas de médio porte da indústria de transformação do Estado de São Paulo, de capital fechado. A metodologia utilizada na análise é a construção de indicadores econômicofinanceiros a partir dos dados dos Balanços Patrimoniais publicados no jornal Gazeta Mercantil. O estudo compreende o período de 2003 a 2007, de modo a analisar o comportamento do endividamento e do padrão de financiamento de empresas médias em anos de expressivo aumento do crédito para a indústria e de oscilações no crescimento da economia. A amostra foi construída pela seleção de empresas que apresentaram receita operacional líquida entre R$10,5 milhões e R$60 milhões no ano de 2007 e publicaram seus balanços patrimoniais na Gazeta Mercantil de 2003 a 2007, independente de a receita operacional líquida apresentada nos demais anos do período estar no intervalo de classificação de média empresa. A predominância do autofinanciamento e a hipótese da existência de uma ordem na utilização das fontes de financiamento, tendo os recursos internos como primeira opção, seguida do endividamento, favoráveis às hipóteses da teoria de pecking order. Apesar do aumento na oferta de crédito, verifica-se nas empresas da amostra a manutenção de elevada utilização dos recursos internos e de baixo grau de endividamento

The thesis discusses the possibilities of development finance company with a view to optimizing its capital structure. In the practical part are applied the theoretical findings, is done analysis of the selected company by absolute and relative indicators, is calculated the value of the necessary capital, subsequently determined the most appropriate financing option with respect to the optimal capital structure of the company and recommended what resources the firm should finance the development.

The primary objective of this study was to examine how and to what extent entrepreneurial orientation, firm internal resources and capital structure decisions affect growth of small enterprises, following the resource- based view on determinants of growth and static trade-off theory of capital structure as theoretical frameworks. Regardless of the number of earlier study, there is no consensus among scholars on determinants of growth due to the existence of different theories and metrics of growth. Moreover, as the earlier studies were undertaken in developed countries, their research findings could not permit generalization on the effect of the explanatory variables on growth in less developed countries like Ethiopia. Therefore, this research tried to fill the gap in the existing body of knowledge on determinants of growth by contextualizing the association of growth with firm specific factors and EO from the Ethiopian context, more specifically from the context of Tigray Regional State. Besides, extra variables that were either not considered or might have been tested separately in earlier studies in Ethiopia were integrated into the regression model. In this mixed explanatory cross-sectional research, systematic random sampling techniques and structure questionnaire were applied to collect primary data from 333 small enterprises operating in five urban towns of Tigray region. Dependent variable of the study was growth of small enterprises, defined as logarithm of change in number of employees at the time of establishment and time of survey. The explanatory variables comprise of entrepreneurial orientation with three dimensions, tangible and intangible resources under the control of a given enterprises, capital structure decisions, external factors such as marketing related problems cost and accessibility of infrastructure, government policies and bureaucracy, business development services were also included in the regression model. Descriptive statistics, statistical difference tests, multiple regression analysis and Propensity Score Matching were applied for the purpose of data analysis with the help of Stata version 12 software. Majority of the small enterprises demonstrated moderate degree of entrepreneurial orientation and location nearer to major customers, entrepreneurial orientation, strong financial position, access to credit and leverage have statistically significant positive effect on growth of small enterprises which support the resource based view and static trade-off theory of capital structure as well as the perceived hypothesis. On the other hand, consistent to the hypothesis, age and size of small enterprises showed negative significant effect on growth, that supports Jovanovich’s learning model but against the Girbat’s law of proportionate effect. Moreover, the relationship between education and growth was found to be non-linear or volatile-growth of SEs tend to declined until certain level, reached a minimum level after which SEs with more educated owners tend to grow faster. This implies that unless owners’ years of education reach a very high level of schooling, a given increase in years of schooling could not necessarily result into higher growth rate. Based on the findings, the researcher suggests (i) in order to solve financial constraints of SEs, stakeholder need introduction of National Credit Guarantee Fund, Promotion of non-bank financial services, introduce Mandatory Minimum Bank Loan to small enterprises, establish specialized banking system that specifically support the small enterprise sector, (ii) provide working premises such as shades at concessional cost, (iii) facilitate establishment of small enterprise commercial centers, (iv) strengthen the clustering practices,(v) facilitate provision of adequate infrastructure at reasonable price, (vi) as TVET completed individuals outperform in growth rate, educational institutions in Ethiopia need to incorporate competence based training system and entrepreneurship into their syllabus by strengthening the industry university linkages / Business Management / DBL

The primary objective of this study was to examine how and to what extent entrepreneurial orientation, firm internal resources and capital structure decisions affect growth of small enterprises, following the resource- based view on determinants of growth and static trade-off theory of capital structure as theoretical frameworks. Regardless of the number of earlier study, there is no consensus among scholars on determinants of growth due to the existence of different theories and metrics of growth. Moreover, as the earlier studies were undertaken in developed countries, their research findings could not permit generalization on the effect of the explanatory variables on growth in less developed countries like Ethiopia. Therefore, this research tried to fill the gap in the existing body of knowledge on determinants of growth by contextualizing the association of growth with firm specific factors and EO from the Ethiopian context, more specifically from the context of Tigray Regional State. Besides, extra variables that were either not considered or might have been tested separately in earlier studies in Ethiopia were integrated into the regression model. In this mixed explanatory cross-sectional research, systematic random sampling techniques and structure questionnaire were applied to collect primary data from 333 small enterprises operating in five urban towns of Tigray region. Dependent variable of the study was growth of small enterprises, defined as logarithm of change in number of employees at the time of establishment and time of survey. The explanatory variables comprise of entrepreneurial orientation with three dimensions, tangible and intangible resources under the control of a given enterprises, capital structure decisions, external factors such as marketing related problems cost and accessibility of infrastructure, government policies and bureaucracy, business development services were also included in the regression model. Descriptive statistics, statistical difference tests, multiple regression analysis and Propensity Score Matching were applied for the purpose of data analysis with the help of Stata version 12 software. Majority of the small enterprises demonstrated moderate degree of entrepreneurial orientation and location nearer to major customers, entrepreneurial orientation, strong financial position, access to credit and leverage have statistically significant positive effect on growth of small enterprises which support the resource based view and static trade-off theory of capital structure as well as the perceived hypothesis. On the other hand, consistent to the hypothesis, age and size of small enterprises showed negative significant effect on growth, that supports Jovanovich’s learning model but against the Girbat’s law of proportionate effect. Moreover, the relationship between education and growth was found to be non-linear or volatile-growth of SEs tend to declined until certain level, reached a minimum level after which SEs with more educated owners tend to grow faster. This implies that unless owners’ years of education reach a very high level of schooling, a given increase in years of schooling could not necessarily result into higher growth rate. Based on the findings, the researcher suggests (i) in order to solve financial constraints of SEs, stakeholder need introduction of National Credit Guarantee Fund, Promotion of non-bank financial services, introduce Mandatory Minimum Bank Loan to small enterprises, establish specialized banking system that specifically support the small enterprise sector, (ii) provide working premises such as shades at concessional cost, (iii) facilitate establishment of small enterprise commercial centers, (iv) strengthen the clustering practices,(v) facilitate provision of adequate infrastructure at reasonable price, (vi) as TVET completed individuals outperform in growth rate, educational institutions in Ethiopia need to incorporate competence based training system and entrepreneurship into their syllabus by strengthening the industry university linkages / Business Management / DBL