Submitted by Maike Costa (maiksebas@gmail.com) on 2017-08-31T13:48:57Z No. of bitstreams: 1 arquivototal.pdf: 1659534 bytes, checksum: 1b2924b9fd8a32a8b34b8c78d7f46089 (MD5) / Approved for entry into archive by Viviane Lima da Cunha (viviane@biblioteca.ufpb.br) on 2017-08-31T15:55:47Z (GMT) No. of bitstreams: 1 arquivototal.pdf: 1659534 bytes, checksum: 1b2924b9fd8a32a8b34b8c78d7f46089 (MD5) / Approved for entry into archive by Viviane Lima da Cunha (viviane@biblioteca.ufpb.br) on 2017-08-31T15:59:01Z (GMT) No. of bitstreams: 1 arquivototal.pdf: 1659534 bytes, checksum: 1b2924b9fd8a32a8b34b8c78d7f46089 (MD5) / Made available in DSpace on 2017-08-31T15:59:25Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 1659534 bytes, checksum: 1b2924b9fd8a32a8b34b8c78d7f46089 (MD5) Previous issue date: 2017-02-23 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / This study sought to analyze the effect of the political connections on the cost and the corporate debt gain, assuming the importance of the benefits tied to the government's political interference in the firms. Based on the model proposed by Bliss and Gull (2012), the political connections were measured in a way adapted to the Brazilian context, following three means in which the government uses to maintain links with the organizations, they are: the connection by property structure , By board of directors and by donations or financing to the electoral campaigns. The sample consisted of 233 companies that had their cost and their debt gain quantified, verified the possible relations with the political connections and some financial characteristics, through regressions by the Weighted Least Squares Method (MQP), a methodology that seeks to assign a lower Weight to the observations that have greater variance of the error. In the results it was possible to observe, from the descriptive analyzes, a median of the debt cost per year of 16.72. It can also be observed that the effective gain of the debt, from the reduction of its cost, is not enjoyed by all the companies in the sample. Based on the regression analysis, it can be observed that the companies that hold the government ownership, with the direct shareholding in their shareholding structure, have a reduced debt cost in relation to the other companies in the sample. In addition, the evidence indicates that companies that have members of their Boards of Directors with political backgrounds earn higher debt gains. Thus, it is possible to emphasize that the main contributions of this study refer to the evidence that the political connections of companies in Brazil are directly related to the reduction of the cost of corporate debt, which is also confirmed by the study of their positive relations With the debt gain, since it is possible to notice that politically connected companies have a greater reduction of their cost of debt than their cost of equity. This suggests that such firms may be having greater access to the reduced interest rates of public banks. / Este estudo buscou analisar qual é o efeito das conexões políticas sobre o custo e o ganho da dívida das empresas, pressupondo a importância dos benefícios atrelados à interferência política do governo nas firmas. Com base no modelo proposto por Bliss e Gull (2012), as conexões políticas foram mensuradas de modo adaptado ao contexto brasileiro, seguindo três meios em que o governo se utiliza para manter elos com as organizações, são eles: a conexão por estrutura de propriedade, por conselho de administração e por doações ou financiamentos às campanhas eleitorais. A amostra contou com 233 empresas que tiveram seu custo e seu ganho da dívida quantificado, verificadas as possíveis relações com as conexões políticas e algumas características financeiras, por meio de regressões pelo Método dos Mínimos Quadrados Ponderados (MQP), metodologia que busca atribuir um menor peso às observações que possuem maior variância do erro. Nos resultados foi possível notar, a partir das análises descritivas, uma mediana do custo da dívida ao ano de 16,72. Também pode ser observado que o ganho efetivo da dívida, proveniente da redução de seu custo, não é desfrutado por todas as empresas da amostra. Com base nas análises de regressão, pode-se observar que as empresas que mantêm em sua estrutura acionária a propriedade do governo, com a participação acionária de forma direta, apresentam um custo da dívida reduzido em relação às demais empresas da amostra. Adicionalmente, as evidências indicam que empresas que possuem membros de seus Conselhos de Administração com antecedentes políticos auferem maiores ganhos da dívida. Dessa forma, é possível destacar que as principais contribuições deste estudo se referem às evidências de que as conexões políticas das empresas no Brasil estão diretamente ligadas à redução do custo da dívida das empresas, o que é ratificado pelo estudo, também, de suas relações positivas com o ganho da dívida, uma vez que é possível notar que empresas conectadas politicamente possuem maior redução de seu custo da dívida do que do seu custo de capital próprio. Isto sugere que tais empresas podem estar tendo maior acesso às taxas de juros reduzidas dos bancos públicos.

<p><strong>Syfte</strong> Syftet med uppsatsen är att ta undersöka huruvida det finns någon skillnad mellan skuldsättningsgraden inom produkt- och tjänstebranschen. Ett delsyfte till uppsatsen är att undersöka hur räntekostnaden ser ut och huruvida det finns signifikanta samband mellan de olika branschernas gällande ovanstående faktorer.</p><p><strong>Metod</strong> Undersökningen är en fallstudie med en abduktiv kvantitativ ansats. Empirin består av sekundärdata i form av årsredovisningar.</p><p><strong>Teori</strong> Teorin har utgått ifrån genrens klassiker i form av Modigliani & Millers två teorem, Pecking order teorin samt Trade-off teorin.  Även Hallgrens modell om risk har tillämpats.</p><p><strong>Empiri</strong> Data är insamlad från sex byggföretag samt från sex revisionsföretag. Skuldsättningsgrad, räntekostnader samt omsättning är granskad dels inom branschen och dels jämförande mellan branscherna. Empirin är testad genom signifikansanalyser.</p><p><strong>Resultat </strong></p><ul><li>Det finns inga signifikanta samband mellan bygg- och revisionsbranschens skuldsättning</li><li>Det finns inga signifikanta samband mellan bygg- och revisionsbranschens räntekostnad</li><li>Det finns inga signifikanta samband i byggbranschens skuldsättning</li><li>Det finns inga signifikanta samband i revisionsbranschens skuldsättning</li></ul> / <p><strong>Purpose</strong> The purpose of the assay is to inquire contingent difference between the debt ratio in the businesses of product and service. Another part of the purpose is to inquire what the interest cost looks like and if there are any significant relationships between the different businesses regarding above factors.</p><p><strong>Method</strong> The enquire is a case study with an abductive qualitative approach. The empiric consists of secondary data origin from annual reports.  <strong></strong></p><p><strong>Theory</strong> The theory of the assay emanates from the classics of the genre with the theorems of Modigliani & Millers, the pecking order theory and the trade-off theory. Another theory that as been used is Hallgrens model concerning risk.</p><p><strong>Empirics</strong> Data is collected from six building companies and from six revision companies. Debt ratio, interest cost and turnover are all parameters that are reviewed, partly in its own business, partly compared between the businesses. The empirics are tested through significant analysis.</p><p><strong>Result</strong></p><ul><li>There is no significant correlation concerning the debt ratio of the business of building and revision. </li><li>There is no significant correlation concerning the interest costs of the business of building and revision </li><li>There is no significant correlation concerning the debt ratio of the business of building.</li><li>There is no significant correlation concerning the debt ratio of the business of revision</li></ul>

Syfte Syftet med uppsatsen är att ta undersöka huruvida det finns någon skillnad mellan skuldsättningsgraden inom produkt- och tjänstebranschen. Ett delsyfte till uppsatsen är att undersöka hur räntekostnaden ser ut och huruvida det finns signifikanta samband mellan de olika branschernas gällande ovanstående faktorer. Metod Undersökningen är en fallstudie med en abduktiv kvantitativ ansats. Empirin består av sekundärdata i form av årsredovisningar. Teori Teorin har utgått ifrån genrens klassiker i form av Modigliani &amp; Millers två teorem, Pecking order teorin samt Trade-off teorin.  Även Hallgrens modell om risk har tillämpats. Empiri Data är insamlad från sex byggföretag samt från sex revisionsföretag. Skuldsättningsgrad, räntekostnader samt omsättning är granskad dels inom branschen och dels jämförande mellan branscherna. Empirin är testad genom signifikansanalyser. Resultat Det finns inga signifikanta samband mellan bygg- och revisionsbranschens skuldsättning Det finns inga signifikanta samband mellan bygg- och revisionsbranschens räntekostnad Det finns inga signifikanta samband i byggbranschens skuldsättning Det finns inga signifikanta samband i revisionsbranschens skuldsättning / Purpose The purpose of the assay is to inquire contingent difference between the debt ratio in the businesses of product and service. Another part of the purpose is to inquire what the interest cost looks like and if there are any significant relationships between the different businesses regarding above factors. Method The enquire is a case study with an abductive qualitative approach. The empiric consists of secondary data origin from annual reports.  Theory The theory of the assay emanates from the classics of the genre with the theorems of Modigliani &amp; Millers, the pecking order theory and the trade-off theory. Another theory that as been used is Hallgrens model concerning risk. Empirics Data is collected from six building companies and from six revision companies. Debt ratio, interest cost and turnover are all parameters that are reviewed, partly in its own business, partly compared between the businesses. The empirics are tested through significant analysis. Result There is no significant correlation concerning the debt ratio of the business of building and revision. There is no significant correlation concerning the interest costs of the business of building and revision There is no significant correlation concerning the debt ratio of the business of building. There is no significant correlation concerning the debt ratio of the business of revision

Submitted by GUSTAVO OKUYAMA (gus_okuyama@yahoo.com.br) on 2014-09-08T18:50:02Z No. of bitstreams: 1 DISSERTAÇÃO_-_GUSTAVO_PI_OKUYAMA.pdf: 3558280 bytes, checksum: acaa9096fa2c3acd422630503354a330 (MD5) / Approved for entry into archive by JOANA MARTORINI (joana.martorini@fgv.br) on 2014-09-08T19:40:52Z (GMT) No. of bitstreams: 1 DISSERTAÇÃO_-_GUSTAVO_PI_OKUYAMA.pdf: 3558280 bytes, checksum: acaa9096fa2c3acd422630503354a330 (MD5) / Made available in DSpace on 2014-09-08T19:42:44Z (GMT). No. of bitstreams: 1 DISSERTAÇÃO_-_GUSTAVO_PI_OKUYAMA.pdf: 3558280 bytes, checksum: acaa9096fa2c3acd422630503354a330 (MD5) Previous issue date: 2014-08-07 / This study examines how the variables of interest, inflation, exchange rates and economic activity influences the cost of issuing public debt fixed rate bonds in Brazil from 2006 to 2014, for four different maturities. To achieve this objective, variables with constant duration were created, by using the fixed rate costs of bonds in the sovereign debt. The econometric models are based on the estimation of the relation between basic interest rates, exchange rates, inflation, retail sales and the created fixed income bonds, using the autoregressive vector as the statistic model. We have concluded that, the present raise in SELIC implies in fixed rate debt costs decreasing, with the market pricing a future decreasing movement in SELIC. Also, dollar appreciation increases the debt cost in up to one (1) year, in response of a relative local and external interest rate adjusts, and as a possible expectation of a rise in inflation. The increase in inflation generates an interest rate hike in short term, causing interest rates of terms from two and four years to decrease. Retail Sales increase is a response of the market pricing; a need of an interest rate hike in the near future to control the economic activity. / Este trabalho teve como objetivo verificar como as variáveis de juros, inflação, câmbio e atividade econômica influenciam no custo de colocação da dívida pública pré-fixada nos horizontes de um semestre, um, dois e quatro anos. Com este objetivo, empregou-se a construção de variáveis de duration constante a partir das taxas dos títulos pré-fixados da dívida pública. Os modelos possuem como base a estimação da relação entre a taxa básica de juros, taxas de câmbio e de inflação, vendas no varejo e custo da dívida pré-fixada, utilizando como ferramenta estatística o modelo de vetores autorregressivos. Como resultado concluímos que um aumento na taxa básica de juros no presente gera uma queda no custo da dívida pré-fixada, com o mercado precificando um futuro movimento de queda nos juros. Já uma apreciação do dólar impacta negativamente a dívida, de até um ano, pela necessidade de correção da taxa de juros relativa local e estrangeira e como possível resposta a um aumento de inflação. O aumento na inflação gera a necessidade de aumento dos juros básicos em um prazo mais curto, refletindo então na diminuição das taxas pré-fixadas mais longas a partir de dois anos. A consistente resposta à variável vendas no varejo resulta da precificação de um aumento futuro na taxa básica de juros com o objetivo de desaquecer a atividade econômica.

Titel: Leder rapportering om hållbarhet till ännu bättre resultat? En global studie om 4 288 bolag och kostnad för räntebärande skulder Datum: 2018 – maj Syfte: CSR är ett välutforskat ämne med många olika inriktningar. Vårt val föll på att studera dess inverkan på kostnaden för räntebärande skulder. Antalet tidigare gjorda studier i samma inriktning är inte lika omfattande och de vi hittat har både varierande utfall och design. Vårt syfte har varit att undersöka relationen mellan CSR-aktiviteter, CSR-rapportering och skuldkostnad. Vi har även delat in CSR-aktiviteter i de fyra dimensionerna miljö, den sociala dimensionen, företagsstyrning och kontroversdimensionen för att kunna studera respektive dimensions relation gentemot CSR-aktiviteter och skuldkostnad. Metod: Vår studie har en positivistisk forskningsfilosofi med en hypotetisk-deduktiv utgångspunkt. Vi har ett tidsperspektiv som har en longitudinell design med data från 4 288 företag under en åttaårsperiod. Studien har ett års förskjutning framåt för skuldkostnaden. Studien baseras på sekundärdata inhämtad från Thomson Reuters Datastream som sedan har analyserats i statistikprogrammet IBM SPSS. Resultat &amp; slutsats: Våra resultat ger bevis för att det finns ett negativt samband mellan dimensionen för kontroverser och skuldkostnad. Företag som på ett bra sätt hanterar och undviker kontroverser genererar också en lägre skuldkostnad. Total CSR samt dimensionerna social, miljö och företagsstyrning visade alla positiva samband med skuldkostnad, vilket betyder en högre skuldkostnad. CSR-rapportering har full medieringseffekt för den sociala dimensionen samt för total CSR medan resultaten visade på delvis mediering för miljö, företagsstyrning och kontroversdimensionen.   Examensarbetets bidrag: Studien har bidragit med ny kunskap till förhållandet mellan CSR och värdeskapande, med inriktning på kostnaden för räntebärande skulder. Resultaten signalerar ett behov av en uppstyrd definition och reglering av CSR-aktiviteter och dess rapportering samt hur viktigt det är för ett företag och dess skuldkostnad att inte förknippas med negativa händelser i media. Förslag till fortsatt forskning: Eftersom vår studie bygger på sekundärdata tagen från företag som redovisar sina CSR-aktiviteter hade vi, om mer tid funnits, velat komplettera vår forskning med fältstudier. Detta för att fånga in företag som inte redovisar CSR och möjligen även se till vilken grund bankerna gör sina riskbedömningar på. Vårt första förslag till fortsatt forskning blir därför att utföra fältstudier, framförallt mot företag som inte redovisar sina CSR-aktiviteter. Ett andra förslag till fortsatt forskning är att använda sig av alternativa mått för att mäta CSR-aktiviteter. Vidare föreslår vi också att utföra en liknande studie med längre tidsförskjutning än ett år. / Title: Does disclosure about doing good lead to doing better? A global study on CSR, CSR disclosure and cost of debt Date: 2018 - May Aim: CSR is a well-researched subject with many different approaches. Our perspective is to study its impact on the cost of debt. The number of previous studies in the same direction as our is not extensive, and those we have found have both varying outcomes and designs. Our purpose is to investigate the relationship between CSR activities, CSR disclosure and cost of debt. We have also divided CSR activities into four dimensions; the environmental dimension, the social dimension, the corporate governance dimension and the controversial dimension in order to study the relation between each dimension, CSR disclosure and cost of debt. Method: Our study has a positivistic research philosophy with a hypothetical-deductive starting point. We have a time perspective that has a longitudinal design with data from 4 288 companies over an eight-year period. The study has a one-year lag for the cost of debt. The study is based on secondary data obtained from Thomson Reuters Data Stream. We have analyzed the data in the IBM SPSS statistics program. Result &amp; Conclusions: Our results provide evidence that there is a negative correlation between the controversial dimension and the cost of debt. Companies that manage and also avoid controversies also generates a lower cost of debt. Total CSR and social, environmental and corporate governance dimensions all showed a positive correlation with cost of debt, which means higher cost of debt. CSR reporting has full mediation effect for the social dimension as well as for total CSR activities, while the results showed partial mediation for environment, corporate governance and the controversial dimension. Contribution of the thesis: The study has contributed new knowledge to the relationship between CSR and the creation of value, focusing on the cost of debt. The results indicate the need for a defined definition and regulation of CSR activities and its reporting, and the importance of a company and its cost of debt to not be associated with destructive media events. Suggestions for future research: Since our study is based on secondary data taken from companies reporting their CSR activities, we wanted, if we had more time, to supplement our research with field studies. This to capture companies that don't report CSR and possibly also to see why and how banks make their risk estimations. Our first suggestion to further research will therefore be field studies, especially against companies that do not report their CSR activities. A second suggestion for further research is to use alternative measures to measure CSR activities. Furthermore, we also suggest that future researchers carry out a similar study with longer time shifting than one year.