Ur svårigheterna att förklara företags kapitalstruktur och hur den är förknippad med olika risker för olika ägartyper, är syftet att undersöka vilken av Trade-off-teorin och Pecking order-teorin som bäst kan förklara skuldsättningen hos svenska familjeägda företag på Stockholmsbörsen. Med hjälp av en modell för respektive teori har vi genomfört regressionsanalyser för att besvara vårt syfte. Med grund i tidigare forskning kring familjeägda företag och teoriernas grundläggande synsätt på förändring i skuldsättning, har studien utgått från hypotesen att familjeägda företag i högre utsträckning kommer att finansiera sig med internt genererade medel än extern belåning, vilket ligger i linje med Pecking order-teorin. Studien utgår från både finansiell- och ägardata gällande tidsperioden 2004-2013. Resultaten pekar likt hypotesen förutspått mot ett större stöd för Pecking order-teorin hos svenska familjeägda företag. Studiens slutsats är att Pecking order-teorin, i högre utsträckning än Trade-off-teorin, kan förklara skuldsättningen hos svenska familjeägda företag.

Submitted by Suethene Souza (suethene.souza@ufpe.br) on 2015-03-12T18:55:58Z No. of bitstreams: 2 TESE Edilson dos Santos.pdf: 2187385 bytes, checksum: 63c9e7b94a952fcecca5019849672b1a (MD5) license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) / Made available in DSpace on 2015-03-12T18:55:58Z (GMT). No. of bitstreams: 2 TESE Edilson dos Santos.pdf: 2187385 bytes, checksum: 63c9e7b94a952fcecca5019849672b1a (MD5) license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) Previous issue date: 2014-08-13 / CAPES / Aproximadamente meio século de pesquisas após os trabalhos de Modigliani e Miller (1958), ainda há um amplo debate sobre a composição da estrutura de capital das empresas. Neste contexto, nas últimas décadas os estudos cross-country se destacaram por tentar verificar os determinantes da estrutura de capital nos mais diversos países. Entretanto, vale ressaltar que, em tempos de crise e recessão as decisões de financiamento ganham uma maior importância, visto que os recursos no mercado financeiro podem ficar mais escassos, e assim impactar nos possíveis investimentos e nas atividades de produção das empresas, portanto será que os determinantes da estrutura de capital das empresas que fazem parte dos países emergentes podem ser explicadas por uma das principais teorias de estrutura de capital – trade-off e pecking order? Será que as empresas de Brasil, Rússia, Índia e China mantem suas estruturas de capital mediante o cenário de crise? E as estratégias de financiamento são semelhantes àquelas apresentadas por empresas de países desenvolvidos (países integrantes do G7)? Deste modo, o presente trabalho tem como objetivo principal verificar se as principais teorias sobre estrutura de capital conseguem explicar as estruturas das empresas dos principais países emergentes, mediante o cenário de crise iniciado em 2007, e analisar se elas estão alinhadas ao padrão adotado pelas empresas dos países desenvolvidos. Para tanto foram analisados dados de empresas listadas nas Bolsas de valores do Brasil, Rússia, Índia, China e países representantes do G7, no período de 2003 a 2011. A técnica econométrica chamada regressão quantílica foi utilizada como principal ferramenta de análise, uma vez que suas características permitem uma leitura mais detalhada dos dados, considerando a heterogeneidade das empresas. Os principais resultados obtidos sugerem que entre os países emergentes, as empresas sinalizam mudanças na intensidade dos determinantes clássicos da estrutura de capital, bem como estratégias de financiamento distintas para as empresas de Brasil, Rússia, Índia e China. Com relação às possíveis semelhanças nas estruturas de capital dos países emergentes e desenvolvidos, os resultados sinalizaram estratégias distintas. Por fim, os efeitos da crise das hipotecas subprime proporcionaram uma perspectiva diferente daqueles observados em momentos de menor turbulência econômica mundial.

Orientador: Jose Roberto Trigo / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Biologia / Made available in DSpace on 2018-08-12T18:54:20Z (GMT). No. of bitstreams: 1 Stanton_MarianaAlves_M.pdf: 682844 bytes, checksum: 36b7ed46fcdc82eacc95256aae48e173 (MD5) Previous issue date: 2008 / Resumo: A produção de defesas contra a herbivoria é essencial para o sucesso reprodutivo das plantas, no entanto pode ser custosa. Esses custos resultam da redução de investimento em outras partes do metabolismo, como o crescimento e a reprodução. Nesse estudo, usamos Asclepias curassavica (Apocynaceae: Asclepiadoideae) como modelo para avaliar como uma planta divide seus recursos entre crescimento, reprodução e defesas. A. curassavica é uma planta anual que possui cardenolidas como defesas. Para verificar como esta responde a herbivoria, simulamos a mesma através de dano artificial (DA) e medimos crescimento (biomassa de folhas e raízes) e reprodução (número de flores, frutos e sementes e biomassa de sementes) em um experimento em longo prazo. Em um experimento em curto prazo, medimos a produção de defesas (concentração de cardenolidas), para avaliar se estas podem estar interferindo no crescimento e reprodução desta espécie. Correlacionamos também, em uma população natural, a concentração de cardenolidas com a percentagem de herbivoria foliar. O hormônio jasmonato de metila (JM) é usado para induzir compostos do metabolismo secundário em plantas, sem o custo adicional da remoção de tecido fotossinteticamente ativo causada por dano artificial ou natural. Usamos esse composto em ambos os desenhos experimentais acima ao invés de remoção da área foliar para avaliar se havia indução de cardenolidas e seu efeito sobre o crescimento e reprodução de A. curassavica. Nossos resultados demonstraram uma redução significativa do número total de frutos, sementes e da massa final de raízes em plantas com tratamento de DA em longo prazo. O crescimento do tratamento DA não diferiu do controle, sugerindo crescimento compensatório das folhas à custa do investimento em raízes e em reprodução. Os custos reprodutivos e de crescimento de raízes detectados no experimento de longo prazo podem resultar da diminuição da capacidade fotossintética em plantas danificadas e investimento simultâneo em crescimento compensatório das folhas. No experimento de curto prazo, não houve alteração da razão de indução de cardenolidas sugerindo que o dano artificial não induz defesas nessa espécie. A ausência de correlação entre cardenolidas e porcentagem de dano natural em plantas coletadas em campo pode sugerir dois cenários excludentes: 1. a indução de cardenolidas não seria importante para a defesa de A. curassavica, ou 2. a ausência de correlação, associada a baixa percentagem de herbivoria implicaria em uma defesa constitutiva eficaz contra herbívoros. O tratamento com JM a longo prazo também mostrou uma tendência à redução do crescimento de raízes e redução significativa da biomassa e porcentagem de germinação de sementes. Nas plantas tratadas com JM a curto prazo, houve um aumento significativo de cardenolidas tardio (384 h após tratamento) sugerindo que estas podem contribuir para a redução de aptidão observada no experimento de longo prazo e que existem custos da produção das mesmas. Dano artificial leva à diminuição da aptidão, através de desvio de investimento em raízes para o crescimento compensatório das folhas. No caso do jasmonato, não houve perda de massa fotossinteticamente ativa (folhas) e a redução do crescimento de raízes pode ser resultado de um efeito direto do tratamento de JM ou indireto causado pela indução de outras partes do metabolismo (p.ex. metabolismo secundário) causada por esse fitohormônio. Experimentos futuros devem comparar os presentes resultados com dano real por um dos herbívoros especialistas para avaliar a eficácia do dano artificial em induzir cardenolidas e o papel dessa indução sobre outras partes do metabolismo da mesma / Abstract: Although the investment in defensive traits against herbivory is essential to the reproductive success of plants, it may be costly. These costs result from reduced investment in other metabolic functions such as growth and reproduction. In the present study, we used the milkweed Asclepias curassavica (Apocynaceae: Asclepiadoideae) as a model to study how a plant divides its resources between growth, reproduction and defense. A. curassavica is an annual weed that uses cardenolides as defenses against herbivory. To evaluate how Asclepias curassavica responds to herbivores, we simulated herbivory by artificial damage (AD) and measured growth (leaf and root biomass) and reproduction (number of flowers, fruit and seeds and seed biomass) in a long term experiment. We also measured defensive traits (cardenolide concentration) in a short term experiment to verify whether there is an investment in defense that may interfere with growth and reproduction. We also correlated cardenolide concentration in a natural population with percent leaf damage. As the plant hormone, methyl jasmonate (MJ) is commonly used to induce secondary metabolism in plants without the additional costs of tissue removal, we used this compound in the same experimental designs instead of AD. Our results from the long term AD treatment showed a significant decrease in final root biomass and in total fruit set and seed number. Plants from the AD treatment did not differ from controls in leaf growth, suggesting that there was a compensatory growth in the former at the expense of root growth. The reproductive and growth costs detected in this experiment may result from reduced photosynthetic capacity in damaged plants and concomitant compensatory leaf growth. In the short term, we found no induction of cardenolides compared to controls, suggesting that artificial damage does not induce defenses. The lack of correlation between cardenolides and percentage leaf damage in plants collected from a natural population suggest two self-excluding scenarios: 1. the induction of cardenolides is not important for the defense of A. curassavica, or 2. the lack of correlation, coupled with low herbivore damage, suggests that this plant has an efficient constitutive defense against herbivores. The long term MJ treatment showed a trend in reduced root biomass and significantly reduced seed biomass and percentage germination. In the short term MJ treatment we found a significant increase in cardenolide concentration (after 384 h) suggesting that the production of these defenses is costly and this may have contributed to observed costs in the long term experiment. Apparently, the artificial damage treatment leads to reduced fitness through reduced root growth which is a consequence of compensatory leaf growth. In the methyl jasmonate treatment, there was no removal of photosythetically active tissue (leaves) and the reduced root growth may be a direct effect of this phytohormone or an indirect effect caused by the induction of other metabolic pathways (such as secondary metabolism) caused by this hormone. Future experiments should compare the present results with natural damage by specialist herbivores to evaluate the efficiency of artificial damage in inducing cardenolides and the role of the induction of these substances on other metabolic functions / Mestrado / Mestre em Ecologia

Do companies that are involved in ventures at the bottom of the pyramid (BOP) achieve both profit and an increase in the welfare of the poor as proposed by Prahalad and Hart (2002), or is there is a trade-off between profit and welfare as argued by critics of this proposition such as Karnani (2005). Research is lacking in the field, something that this investigation seeks to fill through qualitative research thereon. A central finding of this research was that the paradigms that the companies followed, impacted their views on welfare, profit and the trade-off. The findings reflect that companies have poor indicators of welfare and that there is very little evidence of companies measuring welfare. The findings in respect of a trade-off between profit and welfare is inconclusive, indicating that for some companies there is a trade-off but for others not. The trade-off may be explained by the view that capital should be patient and that the required profit will be achieved in the future. An alternative model of social entrepreneurship is suggested as a bridge between profit and welfare. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

Hur stor påverkan skattemässiga hänsyn har på bolags kapitalstrukturer har i forskningen länge varit omdebatterat. Sverige införde 2019 en begränsning av de avdrag bolag tidigare har kunnat göra på sina negativa räntenetton, vilket i sin tur minskat den skattemässiga fördelen av en hög skuldsättning. Denna studie undersöker hur svenska bolag anpassat sin kapitalstruktur vid införandet av de nya ränteavdragsbegränsningsreglerna som infördes 2019. Genom att studera data från alla bolag från Stockholmsbörsen, göra ett urval utifrån relevanta faktorer och konstruera jämförelseindex som mäter förändringen av ett flertal relevanta kvoter har förändringen av bolagens kapitalstruktur observerats mellan åren 2018 och 2019. Studiens resultat visar att de svenska börsbolagen överlag inte anpassat sina kapitalstrukturer efter att de nya ränteavdragsbegränsingarna införts 2019. Istället har en procentuell ökning av skuldsättningsgrad och räntekostnader som andel av både tillgångar och EBITDA kunnat observerats, i motsats till vad tidigare forskning visat på.

In order to maximize fitness, individuals must partition their limited resources among competing physiological processes, creating negative statistical associations between processes known as “life-history trade-offs”. Evidence indicates that individuals tend to decrease their reproductive investment when confronted with a significant immunological challenge in order to increase investment in immune defense. This trade-off is often accompanied by a significant decrease in the sexual signal, which provides an honest signal of the male’s infection status to potential mates. However, if individual residual reproductive value is low, they may instead increase their reproductive investment to maximize reproductive success before the end of their life (a.k.a. terminal investment). Here, we investigate the potential for terminal investment in the ground cricket Allonemobius socius by inoculating males with varying dosages of an immune challenge. We predicted that both high dose and advanced male age would induce terminal investment. Furthermore, we predicted that terminally investing males would produce a dishonest signal by increasing their signaling effort. We found that upon infection We found that upon infection, young males and old males differentially alter their reproductive strategy. Young males exhibited the classic deceleration of reproductive effort. However, old males increased their calling song energetics and decreased their parental investment (nuptial gift size), suggesting that old males are dishonestly signaling their condition to the female.

When to reproduce for the first time is a key question in evolutionary ecology. Indeed, age at first reproduction has clear impacts on population dynamics and fitness. Breeding early in life may impair survival due to a resource allocation trade-off between survival, growth, and reproduction. Postponing reproduction, however, reduces reproductive opportunities and increases the chances of dying before reproducing. Here, I investigate the consequences of age at first reproduction on both survival and lifetime reproductive success by using long-term monitoring data of a population of yellow-bellied marmots (Marmota flaviventer) at the Rocky Mountain Biological Laboratory (Colorado, USA). Mixed models were employed to analyze the relationships between age at first reproduction in females and their lifetime reproductive success, as well as three survival components: longevity, the number of years after first reproduction, and annual survival probability. The results showed that postponing reproduction until 2 years of age increased longevity, but delaying it beyond 2 years did not yield additional survival benefits. Females reproducing for the first time after 3 years exhibited high rates of actuarial senescence. Furthermore, delaying first reproduction beyond 3 years old did not lead to a compensatory increase in lifetime reproductive success that would offset the reduction in survival associated with postponing first reproduction. These results suggest that the optimal age at first reproduction, in terms of survival and reproductive success, is 2 years. The reproductive strategy might be governed by body condition or environmental factors. These findings shed light on the trade-offs between early reproduction and survival, as well as reproductive success, illustrating the complexity of reproductive strategies in relation to individual fitness.

Titel: Hur finansierar företagaren sig i en högriskbransch. En studie om hur krögare finansierar sin verksamhet  Författare: Hannes Herlin, Kevin Jaeger Handledare: Per-Ola Ulvenblad Examinator: Hans Landström  Nivå: Civilekonomuppsats, 30hp   Nyckelord: Pecking order, Trade-off, Bootstrapping, Restaurang, Entreprenörskap.   Problemformulering: Hur finansierar krögare sin verksamhet och hur kan det förstås?   Syfte: Studiens syfte är att beskriva hur krögare finansierar sin verksamhet. Studien skall även analysera vad som påverkar finansieringsvalen. Slutligen ska studien resultera i utveckling av ett begrepp eller påbyggnad av redan existerande teorier gällande finansiering.  Litteraturgenomgång och teoretisk referensram: Litteraturgenomgången och den teoretiska referensramen ger en förståelse för hur tidigare forskning har behandlat hur krögare finansierar verksamheten och vad det beror på.   Metod: Studien är induktiv med deduktiva steg genom en kvalitativ forskningsstrategi varpå empirin har insamlats med semistrukturerade intervjuer. En tematisk analysmetod har tillämpats.   Slutsats: Resultatet visar att krögarna väljer det finansieringssätt som minst inskränker på deras kontroll av bolaget samt dess vision för bolaget. Om en delägare skall göra tillträde väljs hellre en delägare som kan bidra i den dagliga verksamheten via komplimenterande kompetenser än att ta in en ren finansiär. / Title: How does the business owner finance their enterprise in a high-risk industry. A study about how restauranteurs finance their business.  Author: Hannes Herlin, Kevin Jaeger   Supervisor: Per-Ola Ulvenblad Examiner: Hans Landström  Key words: Pecking order, Trade-off, Bootstrapping, Restaurant, Entrepreneurship  Research questions: How do restauranteurs finance their enterprise and how can it be understood?  Purpose: The purpose of this study is to describe how restauranteurs finance their enterprises. The study shall also analyze what affects the restauranteurs choices of finance. The study will result in the development of a term or a further development of an existing theory.   Literary review and Theoretical framework:  The literary review and the theoretical framework will give an understanding of how the earlier research has treated how restauranteurs have financed their enterprise and what it depends on.   Method: The study is inductive with deductive steps through a qualitative research strategy hence the empirical data has been collected through semi-structured interviews. A thematic method of analysis has been used. Conclusion: The result shows that restauranteurs choose the type of finance that will impact their control of the company and their vision of it the least. If a partner makes an entrance the restauranteur will choose the partner which will provide more competence in the daily operations than the one who will provide more capital.

As decisões relacionadas à configuração da estrutura de capital das empresas impulsionam as pesquisas há mais de cinqüenta anos. Muito embora o assunto seja recorrente e atual no meio acadêmico, ele se mantém bastante controverso. Neste trabalho são exploradas diretamente duas bases teóricas distintas: a Static Trade off Theory (STT), a partir do modelo proposto por Frank e Goyal (2003) e a Pecking Order Theory (POT), a partir do modelo proposto por Shyam-Sunder e Myers (1999). Os resultados destes testes são comparados aos modelos propostos por Qiu e Smith (2007) e Bahng e Jeong (2012) para analisar a estrutura de endividamento das empresas a níveis diferentes de alavancagem. A amostra selecionada consiste de empresas brasileiras de capital aberto, não-financeiras e não-regulamentadas, listadas na Bolsa de Valores Mobiliários de São Paulo (BM&FBovespa) no período entre 2002 e 2011. Utilizou-se como metodologia as técnicas Regressão Múltipla por meio do método dos Mínimos Quadrados Ordinários (MQO) comparativamente à Regressão Quantílica. Como resultados destacou-se uma velocidade de ajuste à estrutura de capital alvo entre 6% e 14% ao ano, nos teste da teoria trade off. Quanto aos testes da teoria pecking order, constatou-se que as empresas brasileiras se orientam conforme esta teoria na tomada de decisão sobre estrutura de capital, financiando-se em grande parte com capital de terceiros. / Decisions related to the configuration of the capital structure of companies drive research for over fifty years. Although it is recurrent and current in academia, it remains quite controversial. This paper explored directly two different theoretical bases: the Static Trade off Theory (STT), from the model proposed by Frank and Goyal (2003) and the Pecking Order Theory (POT), from the model proposed by Shyam-Sunder and Myers (1999). The results of these tests are compared to the models proposed by Qiu and Smith (2007) and Bahng and Jeong (2012) to analyze the debt structure of firms at different levels of leverage. The sample consists of Brazilian companies traded, non-financial and non-regulated, listed on the Securities Exchange of São Paulo (BM & FBovespa) between 2002 and 2011. It was used as a methodology techniques Multiple Regression by the method of Ordinary Least Squares (OLS) compared to Quantile Regression. The results pointed to a speed of adjustment to target capital structure between 6% and 14% per year, the trade off theory test. As for testing the pecking order theory, it was found that Brazilian companies are oriented according to this theory in decision making on capital structure, financing itself largely with debt capital.

<p>The bachelor's thesis is to examine the explanatory factors affecting the choice of capital structure in real estate companies. The analysis is based on data collected from the main financial reporting from 2007; all listed real estate companies listed on Swedish, Norwegian, Danish and Finnish stock market. Based on previous research and theories, we have defined five independent variables that are linked to the debt ratio, which are: profitability, growth, firm size, cost of debt and operational risk. The statistical tests have resulted in that we can say with certainty that profitable firms tend to have a lower debt to equity ratio. We can also say with certainty that property companies with high interest costs have a high level of indebtedness.</p> / <p>Kandidatuppsatsen har i syfte att undersöka de förklarande faktorer som påverkar valet av kapitalstruktur inom fastighetsbranschen. Analysen grundar sig på data insamlad från i huvudsak 2007 års bokslutsrapporter från alla börsnoterade fastighetsbolag som finns på den svenska, norska, danska och finska börsen. Utifrån tidigare forskning och teorier har vi definierat fem oberoende variabler som har en koppling till skuldsättningsgraden vilka är: lönsamhet, tillväxt, företagsstorlek, räntekostnad och operativ risk. De statistiska undersökningarna har resulterat i att vi kan med säkerhet säga att lönsamma företag tenderar att ha en lägre skuldsättningsgrad. Vi kan även med säkerhet säga att fastighetsbolag med låga räntekostnader har en högre skuldsättningsgrad och vice versa.</p>