Sustainability is a subject that seems to continuously gain popularity and importance in society.Hence, many aspects of the business world also revolve around the matter. One view onsustainability is that the current generation should act in a manner that allows the next generationto have similar foundations to prosper. An important factor in this involves the investment effortsfrom the companies, in particular the industrial companies. Therefore, this thesis aims toinvestigate the potential influence that recently increased interest rates have on sustainabilityefforts within Swedish manufacturing businesses. The responses to this phenomenon have beendiverse, with arguments that sustainability initiatives will remain unaffected, others suggestingadverse effects, and a few proposing that only a reduced demand following increased rates willbe impacted. Consequently, the purpose of this research was to gain valuable insights into theimplications of changing business climates on sustainability work and investments with theresearch question being what insights can be gained regarding sustainability efforts by exploringthe experiences of companies facing increased interest rates? We interviewed six listed Swedishcompanies with a production line to gain a deeper understanding from their experiences on howthey face increased interest rates and balance their sustainability efforts. This thesis draws uponseveral theoretical frameworks, including the stakeholder theory, legitimacy theory, trade-offtheory and corporate social responsibility (CSR). These theoretical perspectives provide acomprehensive foundation for understanding the complexities and dynamics surroundingsustainability efforts in the context of changing interest rates.To gather the necessary insights, this research employed a qualitative approach in theinterpretivist paradigm, conducting semi-structured interviews with a purposive non-probabilitysample of six participants. By capturing the experiences and perspectives of the participants, thestudy aims to generate rich and nuanced data that can improve our understanding of the impactof increased interest rates on sustainability efforts. Our analysis of the empirical results revealedthat these companies, despite potential challenges, remain committed to their sustainability goalsand efforts. They have not perceived any immediate threats to their goals due to increased interestrates.Thus, sustainable investments remain a critical aspect of companies’ strategies to meet globalsustainability goals. Motivated by legitimacy, stakeholder expectations and CSR commitments,companies integrate sustainability into their operations and influence stakeholders to participatein sustainable value creation. While the effects of interest rate hikes are diverse, companiesmaintain their sustainability efforts and strive to achieve their goals although potential risks andchallenges may arise in the future.

Syfte: Företagens miljömässiga ansvar har blivit en allt mer central fråga för företagets intressenter. Tidigare studier som har behandlat relationen mellan Corporate Environmental Performance CEP och Financial Performance FP har resulterat i varierande utfall. Två faktorer som anses påverka denna relation är olikheter mellan branscher och brister i det interna organisationsarbetet. För att få en tydligare bild av relationen mellan CEP och FP behöver forskningen utvecklas för företag som agerar i en ur miljösynpunkt tung bransch. Syftet med studien är att förklara om det finns ett samband mellan CEP och FP i fossila bränsleintensiva företag och se om sambandet är starkare eller svagare om företaget använder en CSR-kommitté. Metod: Studien utgår från en positivistisk forskningsfilosofi med en deduktiv ansats. Studien har en kvantitativ strategi och har formats av en longitudinell design, där sekundärdata har inhämtats för åren 2014-2017 från databasen Thomson Reuters Datastream. Detta har genererat ett urval bestående av 827 publika bolag från hela världen vars data har analyserats i statistikprogrammet SPSS och presenteras i tabeller. Resultat & slutsats: Studiens resultat visar att det finns ett positivt samband mellan miljödimensionen CEP och den finansiella prestationen mätt utifrån både redovisningsmåttet ROE och marknadsmåttet Tobins Q för fossila bränsleintensiva företag. För de fossila bränsleintensiva företagen med en CSR-kommitté visade även resultatet ett starkare samband mellan CEP och FP än för företag utan CSR-kommitté. En jämförelse mellan olika sektorer visade en tydlig variation mellan resultaten, där vissa sektorer hade ett negativt samband mellan CEP och FP. Examensarbetets bidrag: Studien bidrar till den empiriska forskningen och utökar förståelsen för relationen mellan CEP och FP genom att studera fossila bränsleintensiva företag, som är en miljömässigt tung bransch. Studien bidrar även med teoretisk information om huruvida kontinuerligt arbete via CSR-kommittéer påverkar denna relation. Vidare ger studien ett praktiskt bidrag genom att uppmuntra företag att engagera sig i CEP-aktiviteter, istället för uppkomsten av tvingande miljöregleringar, för att nå lönsamhet. Förslag till fortsatt forskning: Ett förslag till fortsatt forskning är att gå djupare ner bland fler sektorer för att kunna se skillnader mellan branscher och göra djupare analyser mellan dessa för att få en större förståelse om relationen mellan CEP och FP. Det kan också finnas skillnader mellan företag av olika storlek, därför är ett andra förslag att dela upp och jämföra resultaten mellan stora och små företag. / Aim: The company's environmental responsibility has become an increasingly central issue for the company's stakeholders. Earlier studies that have addressed the relationship between Corporate Environmental Performance CEP and Financial Performance FP have resulted in varying outcomes. Two factors that are considered to affect this relationship are differences between industries and shortcomings in internal organization work. In order to get a clearer picture of the relationship between CEP and FP, research needs to be developed for companies acting in an environmentally heavy industry. The purpose of the study is to explain if there is a connection between CEP and FP in fossil fuel firms and see if the association is stronger or weaker if the company uses a CSR committée. Method: This study is based on a positivistic research philosophy with a deductive approach. The study has a quantitative strategy and has been formed of a longitudinal design, where secondary data has been collected for the years 2014-2017 from the Thomson Reuters Datastream database. This has generated a sample of 827 public companies worldwide whose data has been analyzed in the SPSS statistics program and presented in tables. Result & Conclusions: The result of the study shows that there is a positive correlation between the environmental dimension CEP and the financial performance, measured based on both the accounting measure ROE and the market measure Tobins Q for fossil fuel firms. For the fossil fuel firms with a CSR committée, the result also showed a stronger relationship between CEP and FP than for companies without a CSR committée. A comparison between sectors showed a clear variation between the results, where some sectors had a negative link between CEP and FP. Contribution of the thesis: The study contributes to empirical research and understanding of the relationship between CEP and FP by studying fossil fuel firms, which is an environmentally heavy industry. The study also contributes with theoretical information about whether continuous work through CSR committees affects this relationship. The study also provides a practical contribution by encouraging companies to engage in CEP activities, instead of the emergence of compelling environmental regulations, to achieve profitability. Suggestions for future research: A proposal for further research is to go deeper into more sectors to see differences between industries and to make deeper analyzes between them to gain a better understanding of the relationship between CEP and FP. There may also be differences between companies of different sizes, so a second proposal is to divide and compare the results between large and small companies.

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.

Titel: Är hållbarhet lönsamt? – En undersökning av cirkulära orsakssamband mellan hållbarhetsprestationer och lönsamhet Nivå: Examensarbete på Grundnivå (kandidatexamen) i ämnet företagsekonomi Författare: Clara Lundell och Jenny Olofsson Handledare: Jan Svanberg Datum: 2018 – januari Syfte: Hundratals forskare har studerat om ett företags engagemang i Corporate Social Responsibility (CSR) har positiv inverkan på dess lönsamhet, den finansiella prestationen (FP). CSR är inget kvantitativt mått och därför används begreppet Corporate Social Performance (CSP). De tidigare studierna har resulterat i varierande utfall och för att tydliggöra relationen mellan CSP och FP har ett fåtal forskare även undersökt FP:s effekt på CSP, vilket genererar en dubbelriktad relation. För att en gång för alla kunna förklara relationen mellan CSP och FP samt urskilja existensen av eventuellt dubbelriktade relationer mellan dem har vi delat in CSP i de tre dimensionerna miljö, den sociala dimensionen och företagsstyrning. Vi undersöker sedan om det existerar en god cirkel mellan dessa dimensioner och FP. Metod: Studien antar en positivistisk forskningsfilosofi med en hypotetisk-deduktiv ansats. Tidsperspektivet består av en longitudinell design som genomförts med data över tio år på 546 bolag över hela världen. Studien är enbart baserad på data av sekundär art och variablernas information har inhämtats från databasen Thomson Reuters Datastream. Datan har analyserats i de två statistikprogrammen SPSS och Stata. Resultat & slutsats: Resultatet ger bevis för att det existerar en positiv dubbelriktad relation mellan total CSP och FP samt mellan CSP-dimensionen företagsstyrning och FP. Företag som har en hög nivå av FP väljer att spendera mer på CSP, CSP-investeringar som i sin tur genererar högre nivå av FP, det existerar en god cirkel. CSP-dimensionen miljö och den sociala CSP-dimensionen visar negativa dubbelriktade relationer med FP. Examensarbetets bidrag: Studien ger bevis för att den positiva cirkeln mellan total CSP och FP tycks erhållas enbart genom CSP-dimensionen företagsstyrning. De andra två CSP-dimensionerna genererar negativa dubbelriktade relationer. Resultatet bidrar med värdefull teoretisk information avseende varför tidigare studier visat olika resultat för relationen mellan CSP och FP, men också praktiska bevis för hur CSP ska implementeras för att bli lönsam. Förslag till fortsatt forskning: Ett förslag till fortsatt forskning är att använda förmedlande variabler för att urskilja orsakssamband, att det verkligen är ökade CSP-aktiviteter som leder till ökat FP. Eftersom studien inte kan generaliseras till mindre bolag är ett andra förslag till framtida forskning att genomföra en liknande studie på sådana bolag. Vidare föreslår vi att en liknande studie genomförs men med en tidsförskjutning mellan variablerna för CSP-dimensionerna och FP för att se om ett annat resultat erhålls. / Title: Is sustainability profitable? – An examination of circular causation between sustainability performance and profitability. Level: Student thesis, final assignment for Bachelor Degree in Business Administration Author: Clara Lundell and Jenny Olofsson Supervisor: Jan Svanberg Date:  2018 – january Aim: Hundreds of scientists have studied companies commitment in Corporate Social Responsibility (CSR), if it has any positive effect on its profitability, the financial performance (FP). CSR is not a quantitative measure, and therefore the term Corporate Social Performance (CSP) is used. Previous studies have varying outcomes and to clarify the relationship between CSP and FP, a few researchers have also investigated FPs effect on CSP, which generates a bidirectional relationship between them. To explain the relationship between CSP and FP once and for all and to distinguish the existence of potentially bidirectional relationships between them, we have divided CSP into the three dimensions of environment, the social dimension and corporate governance. We then examine if a good circle between these dimensions and FP exists. Method: The study assumes a positivistic research philosophy with a hypothetical-deductible approach. The time perspective consists of a longitudinal design, implemented with ten-year data of 546 companies worldwide. The study is only based on data of secondary art and the variables information have been collected from the database Thomson Reuters Datastream. The data have been analyzed in two statistical programmes called SPSS and Stata. Result & Conclusions: The result gives evidence that positive bidirectional relationships between total CSP and FP, and CSP for corporate governance and FP, exists. Companies whom have a high level of FP choose to spend more money on CSP, CSP-investments in turn generates higher levels of FP, a good circle exists. The CSP dimension environment and the social CSP dimension show negative bidirectional relationships with FP. Contribution of the thesis: The study that we have done gives evidence that the entire positive circle between the total measure of CSP and FP appears to be obtained only through the CSP dimension corporate governance. This is when the other two CSP dimensions generated negative bidirectional relationships. The result gives valuable theoretical information as to why earlier studies have different results for the relationship between CSP and FP, but also practical evidence of how CSP should be implemented to become profitable. Suggestions for further research: One suggestion for further research is to use intermediary variables to separate causation and that it really is the increased CSP-activities that leads to increased FP. The study cannot be generalized to smaller companies, therefore a second proposal for future research is to do a similar study but on data obtained from these. Furthermore, we suggest that a similar study is made with a time-lag between the CSP dimensions and FP to see if it shows different results.

Research question- This thesis investigates the determinants of capital structure of the Swedish companies. In order to do so, the two dominant theories of the corporate structure are studied and their assumptions are tested. Thus, the study researches which one of the two theories is more appealing for the Swedish market. Methodology-The study follows a purely quantitative study, by conducting an econometric analysis. The data are collected from a secondary source and more particularly the "Retriever" database, which contains financial data of the Swedish companies. Findings- The findings indicate that the determinants of the corporate structure for the Swedish market do not differ from other studies which have been conducted in other countries. However, there is a difference when it comes to tax and non-tax shields. The results suggest that in most cases the Pecking Order Theory appears to be more representative for the Swedish market, since most of the coefficient appear to be in favour of it. Moreover, the significance of the effect of the industry for the financial leverage is confirmed.

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.

Författare: Narina Bengtsson och Victor Friis-Liby Handledare: Eva BerggrenTitel: Fastighetsbolagens finansiering – En studie om fastighetsbolagens nyafinansieringsalternativ Bakgrund och problem: Kapitaltunga bolag som fastighetsbolag är ständigt i behov avkapital. Bankkredit som alltid varit det vanligaste och mest använda finanseringsalternativethar i större utsträckning ersatts med företagsobligationer och preferensaktier. Marknaden försvenska företagsobligationer har växt de senaste åren och fastighetsbolagen står idag för tvåtredjedelar av de totala preferensaktierna på Stockholmsbörsen. Efter den senaste finanskrisensvarade myndigheterna med att ta fram Basel III – regelverket, som ställer striktarekapitaltäckningskrav för bankerna. Med anledning av hur marknaden har utvecklats med nyafinansieringsalternativ och införandet av Basel III - regelverket vill vi undersöka hurfastighetsbolagen resonerar kring finansiering i nuläget. Syfte: Syftet med studien är att undersöka om de svenska börsnoterade fastighetsbolagens valav finansiering har förändrats efter finanskrisen 2008.Avgränsning: Studien bortser från fastighetsbolag som inte är börsnoterade och verksamheterutanför Sverige. Studien bortser också från de delar av kapitalmarknaden som inte berörfastighetsbolag och därför inte är aktuella för studien. Studien går igenom Basel III -regelverket som en följd av finanskrisen men vi kommer inte gå in djupare på orsaken tillfinanskrisen. Metod: Vi har gjort en kvalitativ studie på tre svenska börsnoterade fastighetsbolag. Slutsats: Basel III har enligt vår studie inte påverkat fastighetsbolagens tillgång till kapital pådet sättet som tidigare studier pekat på. Förändringen på marknaden beror på flera faktorer isamverkan som alla påverkat fastighetsbolagens val av finansiering. Vi kommer fram till attPecking order teorin inte är aktuell längre eftersom olika finansieringsalternativ idagkombineras för att diversifiera finansieringsrisken. Marknaden har förändrats sedan Peckingorder teorin utvecklades och det är därför inte längre möjligt att göra analyser på samma sättsom tidigare. Idag påverkas marknaden av flera faktorer samtidigt, vilket innebär attfastighetsbolagens finansieringsbeteende bara är en del av informationen att ta hänsyn till. Anledningen tros bland annat vara att vi idag är mer globalt integrerade än tidigare vilketinnebär att tillgången till information är större. Dessutom påverkas marknaden av flerstörningar nu än tidigare. Räntederivat, certifikatprogram och preferensaktier är alla nyafinansieringsalternativ som används av fastighetsbolagen och som inte tas upp i Pecking order teorin.

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.

The object of this work is to define the role of the EU in the global economy and especialy to identify important features of the development of foreign trade of commodities of EU countries in the years 2008-2013 in the context of the global economic crisis and determine how it has changed commodity trade due to the global economic changes caused by the crisis. This thesis informs about the EU's position and changes in its trade both in terms of extra-trade and intra-trade.