This paper investigates whether Tobin tax would be effective to reduce exchange rate volatility. When the rational speculators observe different temporarily shocks and take Tobin tax into account, the exchange rate will have either stable or unstable path through speculators’ changing optimal holdings. If the effect of current account shock dominates the effect of interest differential shock, the imposition of tax will stabilize the currency. This result is consistent with Tobin’s view. On the contrary, if the effect of interest differential shock dominates the effect of current account shock, the imposition of tax will destabilize the currency. The best policy in this case is to let international capitals move freely.

Syfte: Syftet med studien är att utreda om det finns något samband mellan företags finansiella prestation och hur företagen betygsätts utifrån deras engagemang i aktiviteter som rör företagens sociala ansvarstaganden. Metod: Denna studie har utifrån en positivistisk forskningsfilosofi antagit en deduktiv ansats med hypoteser samt en kvantitativ forskningsdesign med en paneldatametod i form av tvärsnittsdesign. Denna typ av forskningsdesign användes för att samla in sekundärdata från flera år. Studiens population uppgår till 171 företag och urvalet till 130 börsnoterade företag på Stockholmsbörsen. Sekundärdata för CSP för år 2009 till 2013 hämtades från Folksam Index för ansvarsfullt företagande. Sekundärdata för finansiell prestation hämtades från årsredovisningar från Retriever och Datastream. Analysering av all sekundärdata gjordes utifrån deskriptiv statistik och multipla regressionsanalyser i statistikprogrammet SPSS. Resultat och slutsats: Studiens resultat indikerar på att sambandet mellan CSP och CFP är signifikant negativt när Tobin´s Q avser CFP. Detta innebär att företagens marknadsvärde tenderar till att minska när deras sociala prestation ökar. Vidare gällande ROA finner studien inget signifikant samband mellan CSP och CFP. En antydan på ett svagt positivt samband ges dock, om än utan någon signifikans. Resultaten kan förklaras med hjälp av teorier såsom intressentteorin samt den institutionella teorin. Förslag till vidare forskning: Efter det nya EU-direktivet trätt i kraft och applicerats under en period är ett förslag att undersöka effekterna av detta direktiv. Vidare vore det intressant att utföra en undersökning som analyserar och jämför förändringar över de enskilda åren då denna studie endast använt sig av ett genomsnittsvärde för alla variabler under åren 2009 till 2013. Det vore även intressant att undersöka om de branscher som enligt Folksam (2013) löper de största verksamhetsriskerna angående hållbarheten också ökar sin sociala prestation över åren. Vidare bör dessa branscher även undersökas för att se varför vissa branscher uppvisar ett signifikant samband där andra branscher saknar detta samband. Uppsatsens bidrag: Utifrån denna studie får berörda parter ett teoretiskt bidrag som visar en ny mätmetod och ett annat perspektiv på sambandet mellan social- och finansiell prestation, jämfört med tidigare forskning. Studien öppnar även upp ett forskningsområde för undersökning av branscher och varför vissa branscher uppvisar ett signifikant samband där andra branscher saknar detta samband. Det praktiska bidraget i denna studie ger en fingervisning om hur det finansiella resultatet kan komma att påverkas med en högre grad av hållbarhetsarbete för att möta det nya EU-direktivet. / Purpose: The purpose of this study is to investigate the relationship between companies’ financial performance and how the companies are rated on their involvement in Corporate Social Responsibility-activities. Method: This study, based on a positivist research philosophy, adopted a deductive approach with hypothesis testing and a quantitative research design with a panel-data method in the form of a cross-sectional design. This type of research design was used to collect secondary data from several years. The study population amounts to 171 companies while the sample amounts up to 130 listed companies on the Stockholm Stock Exchange. Secondary data for CSP for the year 2009 until 2013 was retrieved from Folksam Corporate responsibility index for each year. Secondary data for the financial performance was retrieved from Retriever and Datastream databases. In addition, analysis of all the collected secondary data was based on descriptive statistics and multiple regression analysis in SPSS. Results and Conclusions: The study’s results indicate that the relationship between CSP and CFP are significantly negative when Tobin’s Q refers to CFP. This means that the companies’ market value tends to decrease as their social performance increases. Furthermore, this study doesn’t find any significant relationship between CSP and ROA as CFP. An indication of a weak positive relationship is provided, however, albeit with no significance. The result can be explained by theories as stakeholder theory and institutional theory. Suggestions for further research: A suggestion is to examine the effects of the relationship of CSP and CFP after the EU directive comes into force. Furthermore, it would be interesting to conduct a study which analyzes and compares the changes over the individual years since this study only adopted an average value for all the variables during the years 2009 until 2013. It would also be interesting to investigate whether the industries according to Folksam (2013) runs the biggest business risks relating to sustainability is also increasing its social performance over the years. Furthermore, these industries should also be examined to see why some industries show a significant correlation where other industries lack this connection. Contributions of the thesis: Based on this study, concerned parties receives a theoretical contribution that shows a new measuring method and another perspective on the relationship of social- and financial performance, compared to previous research. This study also opens a field of research for the study of industries and why some industries show a significant correlation where other industries lack this correlation. The practical contribution in this study gives an indication of how the financial result may be affected by a higher degree of sustainability efforts to meet the new EU directive.

[pt] Esta dissertação teve como objetivo verificar se grandes acionistas – blockholders, não pertencentes ao bloco de controle, em um cenário de baixa proteção ao investidor e alta concentração de capital, como o brasileiro, atuam como um mecanismo de governança corporativa, reduzindo os custos de agência devido ao monitoramento dos gestores/controladores. A base de dados compreendeu as empresas não financeiras de capital aberto no Brasil, pelo período de 2010 até 2019, totalizando 1.091 empresas-ano. Foi utilizada regressão por efeitos fixos para dados em painel, e, como análise de robustez, o Propensity Score Matching, tendo como resultado um impacto negativo no Q de Tobin para as empresas que possuem blockholder em sua estrutura. Tal resultado apesar de divergir da literatura internacional, encontra eco em outros trabalhos realizados no cenário brasileiro, e justifica-se pela alta concentração acionária das empresas, pois blockholders não representariam ameaça real aos controladores, que geralmente possui mais que 50 por cento do capital votante, pela baixa qualidade das leis de proteção aos investidores e a fatores culturais, que incentivam a passividade dos acionistas brasileiros. A existência de blockholders neste cenário demonstra uma diluição do capital acionário e do fluxo de caixa que aumenta os incentivos que os gestores/controladores possuem para expropriar a empresa. Com relação a heterogeneidade dos blockholders, verificou-se que empresas com blockholders do tipo familiar apresentam Q de Tobin inferior aos demais tipos. Este resultado é explicado pois os blockholders do tipo familiar teriam maior propensão a formação de alianças com o controlador para expropirar valor dos demais acionistas minoritários. / [en] This dissertation aimed to verify whether large shareholders - blockholders, not belonging to the control block, in a scenario of low investor protection and high concentration of capital, such as the Brazilian, act as a corporate governance mechanism, reducing agency costs due to the monitoring of managers / controllers. The database comprised non-financial publicly traded companies in Brazil, from 2010 to 2019, totaling 1,091 company-years. Fixed effects regression was used for panel data, and, as a robustness analysis, the Propensity Score Matching, resulting in a negative impact on Tobin s Q for companies that have blockholders in their structure. This result, despite diverging from the international literature, is echoed in other works carried out in the Brazilian scenario, and is justified by the high shareholding concentration of the companies, as blockholders would not represent a real threat to controller s, which generally has more than 50 percent voting capital, due to the low quality of investor protection laws and cultural factors, which encourage the passivity of Brazilian shareholders. The existence of blockholders in this scenario demonstrates a dilution of share capital and cash flow that increases the incentives that managers / controllers have to expropriate the company. Regarding the heterogeneity of the blockholders, it was found that companies with family-type blockholders have Tobin s Q lower than the other types. This result is explained by the fact that family-type blockholders would be more likely to form alliances with the controlling shareholder to expropriate other minority shareholders.

En el Perú, el sistema financiero es fundamental para fomentar el desarrollo económico, por lo que la adopción de las buenas prácticas de gobierno corporativo tiene un impacto positivo, permitiendo la estabilidad del sistema, generando nuevas inversiones y el desarrollo del mercado de capitales. La presente investigación, tiene como principal objetivo analizar si existe una relación entre la adopción de las prácticas de buen gobierno corporativo y el grado de solvencia económica que mantienen los Bancos del Sistema Financiero Peruano. La investigación busca obtener evidencia con relación causal entre variables y su efecto. Además, fue necesario realizar una investigación de tipo cuantitativa, utilizando el scoring establecido por el índice de buen gobierno corporativo, y la medición de solvencia económica. Se analizaron diversos modelos de medición de solvencia y valor económico como; el Modelo Z de Altman, el Valor Económico Agregado y la Q de Tobin, determinándose como indicador el modelo Z de Altman lo que permite ser una herramienta útil en la evaluación de la viabilidad de las empresas. Además de ser considerado por expertos como un modelo de calificación para mercados emergentes como el Perú. La investigación comprende desde el año 2012 al 2018 y se analizaron a 15 Instituciones Financieras. Finalmente, los resultados hallados permiten asociar el buen uso de prácticas del gobierno corporativo con un impacto positivo para el fortalecimiento de la solvencia económica en el Sector Financiero del Perú. / In Peru, the financial system is essential to promote economic development, so the adoption of good corporate governance practices has a positive impact, allowing the stability of the system, generating new investments and the development of the capital market. The main objective of this research is to analyze whether there is a relationship between the adoption of good corporate governance practices and the degree of economic solvency maintained by the Banks of the Peruvian Financial System. The research seeks to obtain evidence with a causal relationship between variables and their effect. In addition, a quantitative investigation was necessary using the scoring established by the good corporate governance Index, and the measurement of economic solvency. Various solvency and economic value measurement models were analyzed, such as the Altman Z Model, the Added Economic Value and the Tobin Q. The Altman Z model was the indicator chosen, which allows it to be a useful tool in the evaluation of the viability of the companies. In addition, many experts consider it as a rating model for emerging markets such as Peru. The research includes the periods from 2012 to 2018 and 15 Financial Institutions were analyzed. Finally, the results found allow us to associate the good use of corporate governance Practices with a positive impact for the strengthening of economic solvency in the Financial Sector of Peru. / Trabajo de investigación

Housing investment plays a vital role in the real estate market. Although the housing investment has been extensively investigated, the application of Tobin¡¦s Q theory is relatively minor. Hence, the purpose of this study is to apply Tobin¡¦s Q theory to analyze housing investment, using quarterly data for Taipei City from 1973 Q2 to 2010 Q4. The Q ratio numerator is the pre-sale housing price and the denominator represents the value of the rent. The empirical model is estimated by using building permits and use permits as measures of housing investment. Moreover, because the housing market is imperfect, this study applies the threshold regression model to test whether different effects exist in the Q ratio. Finally, this study also compares housing investment in five cities. In conclusion, these findings imply that the Q ratio has a positive relationship with housing investment, as well as a threshold effect. Furthermore, the local housing investments are affected differently by local variables.

Utdelningar är ett relativt välkänt och utforskat område men ingen accepterad förklaring till dess påverkan på företagsvärde finns och tidigare studier tyder på att forskare till stor del har kommit fram till olika resultat. Men forskning kring utdelningsfrekvensernas betydelse och dess påverkan på företagsvärde är begränsad vilket leder oss in på ett område som är relativt outforskat. Syftet med detta arbete är att kvantitativt undersöka om utdelningsfrekvenserna påverkar ett företagsvärde. Undersökningen baseras på de två amerikanska listorna Nasdaq och New York StockExchange. För att göra studien så aktuell som möjligt grundar sig undersökningen på observationer mellan 2009 och 2013 och innehåller totalt 11 144 observationer. Bolag på den amerikanska marknaden använder sig av främst fyra utdelningsfrekenser: årliga,halvårsvis, kvartalsvis eller månadsvis. Slutligen finns det de bolag vars ledning beslutat att inte tillämpa utdelning som en av sin policy. Samtliga fem av dessa är inkluderade i studien. All data har samlats in via databasen Datastream och samtliga statistiskaberäkningar har gjorts i SPSS. Fyra hypoteser skapades med grund från agentteorin, Miller och Modiglianis (1961) artikel om utdelningarnas irrelevans, bird in hand och prospektteorin. Resultatet av undersökningen blev att den utdelningsfrekvens som resulterade i det högsta företagsvärde var kvartalsvis utdelning, vilken även är den frekvens som bolagen tillämpar mest. En summering av medelvärdena påvisar att månadsvis utdelning uppvisar det lägsta företagsvärde medan regressionsanalysen visar på att årsvis utdelning gav det sämsta resultatet på företagsvärdet. Genom hela resultatet kunde det med flera olika tester påvisas att kvartalsvis utdelning var den signifikant bästa utdelningspolicyn. / Dividend is a relatively well known and researched topic, however, no definite explanation seems to exist for the effect on a firm’s value. Previous studies suggest that researchers have reached a grasp variety of different results throughout time. As a result of an inconclusive and broad range of results this area of studies can be defined as unexplored which leads to the purpose of this essay of quantitatively analyze the impact and effect of dividend frequency on a company’s value. The survey used for analysis is based on two charts: Nasdaq and New York Stock Exchange. For more updated results this survey included 11144 observations in which were registered between the years of 2009 and 2013. The U.S. market uses mainly four different types of periodicity when it comes to appliance of dividends, those distributions consist of the following: annual, half-yearly, quarterly or monthly. There are also companies registered whose management does not apply the dividend strategy as part of their policy. All five types of dividend appliance were considered for the purpose of this study. All the data collection was made through the Datastream database and all the statistical calculations were created through SPSS. Four hypotheses were created based on agency theory, Miller and Modigliani's (1961) article about the irrelevans of dividend, the bird in hand and prospect theory. As a conclusion, the survey determines that the firms with the highest value apply the quarterly dividend which has proven to be the most used method. A summary of the mean values shows that the monthly dividend distribution leads to the lowest enterprise value while the regression analysis clearly determines that the yearly dividend has the least successful result on valuations. Based on several different tests throughout the entire study, it was shown that the quarterly dividend was the significantly best dividend policy.

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In recent times some economists and politicians in the context of financial crisis dusted off again the idea of introducing the so-called Tobin tax, or financial transaction tax (FTT), respectively. This thesis briefly reviews the existing literature on FTT. Two case studies of Sweden and Great Britain show in some respects two different experiences with FTT. The theses analyzes in detail the economic implications of the European Commission proposed FTT from the perspective of economic theory and economic policy. Partial conclusions of the thesis reveal some drawbacks and pitfalls of FTT. While the benefits of FTT remain rather controversial. The theses therefore concludes that FTT is not due to the severity of its impacts appropriate economic measure.

The impact of Security Transaction Taxes (STTs) on the financial market has been studied by authors for decades, showing mixed results between positive, negative, or insignificant relations between STTs and financial volatility. This thesis adds a new approach to previous studies by taking an innovative long-term approach to the topic, analysing the effect of both the New York State STT (1905 – 1981) and the United States STT (1914 – 1966) on volatility in the New York Stock Exchange (NYSE) and NASDAQ as measured by the S&P500 Index. The period of investigation is from 1950 to 2019. This analysis reveals a negative relation between the NY STT and volatility when those are computed in long periods of time, implying that the presence (and increase) of STTs lead to a reduced volatility in the financial market. When breaking the analysis down into shorter periods of time the relationship between STTs and financial volatility proved to be insignificant. At the same time, the US STT is not statistically significant neither in the long-term nor in any of the separated shorter analysed periods. This thesis therefore highlights the relevancy of performing long-term studies rather than short-term ones which has been the focus of previous research.

With respect to foreign currency exchange markets, most governments would favour a stable exchange rate over a volatile exchange rate. This is also true for South Africa where volatile movements in the South African Rand pose challenges to industries, businesses and Government alike. There are a multitude of factors that affect the volatility of the South African Rand. These factors are difficult to identify, manage individually and measure. There are several tools that are available to manipulate and control foreign exchange rates in an attempt to reduce volatility; one such tool is the currency transaction tax. Spahn tax is one such form of currency transaction tax. The precursor to Spahn tax is Tobin tax. As a result of many criticisms levelled against Tobin tax, Spahn expanded on this original idea and made a few modifications to address some of the concerns. Spahn focused on creating a two-tier tax base where transactions falling within a normal and reasonable trading range would be taxed at a nominal amount and transactions that fall outside of the band would be taxed at a higher punitive rate. The trading band, or range, would be adjustable though market dynamics on a daily basis using a moving average. No country has implemented Spahn tax yet. The implementation of such a tax would have strong revenue-generating potential. A modification of such a tax with only a punitive rate and a wide trading band could be considered for South Africa. However, in being prudent South Africa does not appear to be in a position to be the first country to implement Spahn tax. There are too many market risks associated with the introduction Spahn tax that cannot be ignored. / Dissertation (MCom)--University of Pretoria, 2012. / Taxation / unrestricted