O estudo de estrutura de capital tem se desenvolvido amplamente ao longo do tempo nas finanças corporativas no mundo inteiro. Seguindo essa linha e grande interesse no estudo dos determinantes de estrutura de capital, propôs-se primeiramente analisar os determinantes da estrutura de capital de empresas americanas de capital aberto, seguidamente verificar se os determinantes da estrutura de capital durante a Crise Financeira Global se comportaram de uma maneira diferente antes da crise e, por último, como foram afetadas as emissões de dívidas e ações depois da Crise Financeira Global. Verificou-se que no período 1992-2010 as variáveis Lucratividade, Expectativas de Crescimento, Risco de Falência e Inovação apresentaram relação negativa com o endividamento a longo prazo. Por outro lado, as variáveis Tangibilidade e Tamanho mostraram relação positiva com o endividamento a longo prazo. Também se viu que a Crise Financeira Global teve efeito sobre estes determinantes de maneira que apenas as variáveis Tangibilidade, Tamanho, com relação positiva, e Lucratividade, com relação negativa, foram importantes para determinar o endividamento das empresas na Crise Financeira Global. O resultado mais relevante do trabalho foi a confirmação de mudanças no comportamento dos determinantes de estrutura de capital. Também foram analisadas as emissões de ações e dívidas antes e durante a Crise Financeira Global, sendo elas afetadas pelo choque econômico do momento. Os resultados demonstraram que as inferências são mais eficientes quando as empresas são analisadas por sua situação de caixa ou necessidade financeira. Foram levantadas evidências de que as premissas teóricas funcionam com restrições que devem ser levadas em consideração. / The study of capital structure has been extensively developed over time in the finance business worldwide. Following this line and great interest in the study of the determinants of capital structure was proposed to first analyze the determinants of capital structure of publicly traded U.S. companies, then verify that the determinants of capital structure during the Global Financial Crisis behaved differently before the crisis and finally how the debts and equities issues were affected after the Global Financial Crisis. It was found that in the period 1992-2010 the variables Profitability, Growth Expectations, Risk of Default and Innovation showed negative relationship with long term debt. On the other hand the Size and Tangibility variables showed positive relationship with long term debt. Also saw that the Global Financial Crisis had an effect on these determinants, so that only variables Tangibility, Size, with positive relationship and Profitability, with negative relationship, were important in determining the capital structure in the Global Financial Crisis. The most relevant result of this study was to confirm changes in the behavior of the determinants of capital structure. We also analyzed the shares and debts issues before and during the Global Financial Crisis, which were affected by the economic shock of the moment. The results showed that inferences are more efficient when companies are analyzed for their cash situation or financial constraint. Was raised evidence that the theoretical premises work with restrictions that should be taken into consideration.

Essa dissertação aborda o tema transparência na comunicação do sistema de remuneração aos funcionários (TCSR), que tem sido, por muito tempo, um assunto controverso nas empresas, sendo também considerado um dos tabus da nossa sociedade. O estudo desenvolveu um instrumento de mensuração da TCSR, bem como analisou como um conjunto de empresas no Brasil lida com a comunicação de suas práticas de remuneração e identificou fatores que influenciaram a decisão destas empresas quanto à maior ou menor transparência. Foi realizada uma revisão sistemática da literatura sobre o tema para dar consistência teórica ao desenvolvimento do instrumento de medida. Na etapa empírica, com o objetivo de validar e aprimorar o instrumento, foram realizadas dez entrevistas em profundidade, cinco delas com especialistas no tema de remuneração e em gestão de recursos humanos; e outras cinco com profissionais responsáveis pelo departamento de remuneração das empresas selecionadas. As entrevistas com os responsáveis pelo departamento de remuneração foram também utilizadas para um levantamento exploratório sobre como as empresas faziam a gestão da TCSR e os principais motivos que as levavam a adotar diferentes estratégias de comunicação com seus funcionários. Como resultado, considera-se que esse trabalho gerou uma alternativa promissora para medir as possíveis variações existentes nas práticas de comunicação do sistema de remuneração. O instrumento desenvolvido se restringe à parcela fixa da remuneração, que envolve salário base, aumento no salário base e análise de mercado. Quanto à postura das empresas pesquisadas frente à comunicação do sistema de remuneração, constatou-se que elas se mostram mais transparentes na divulgação de informações gerais sobre a estrutura de remuneração e seus critérios de funcionamento. Percebe-se também que as organizações suprem os gestores com informações sobre a remuneração de suas equipes, mas não é comum disponibilizar informações sobre a remuneração de outras equipes. O nível de transparência nas empresas declina quando se trata de comunicar para o funcionário informações específicas da estrutura remuneratória sobre o próprio profissional (ex. sua faixa salarial), ou sobre o cargo que representa seu próximo passo de carreira e, principalmente, sobre a remuneração dos demais cargos da empresa. Vale destacar que nenhuma das empresas pesquisadas divulga os salários dos funcionários para todo o quadro, limitando-se a informá-los unicamente ao gestor direto da equipe e àqueles que trabalham na própria área de RH. Por fim, foi possível identificar que os motivos que levam as empresas a serem mais transparentes na comunicação sobre remuneração são: estímulo a uma cultura organizacional participativa; crença no desenvolvimento do capital humano, manutenção de um clima organizacional positivo no que se refere à percepção de justiça dos critérios adotados para definição dos salários na empresa; a necessidade de alinhar as pessoas aos objetivos de negócio; a intenção de deixar claro que a empresa pratica salários acima do mercado. Já os fatores que influenciam as empresas a manterem sigilo sobre as práticas de remuneração foram: as organizações manterem uma cultura organizacional mais paternalista em que se acredita que as pessoas não têm condições de entender toda a complexidade envolvida no sistema de remuneração; a crença interna de que salários são confidenciais por definição; e, por fim, a necessidade de não divulgar inconsistências que persistem no sistema de remuneração para não fragilizar a imagem da empresa internamente. / This dissertation addresses the issue of transparency in compensation system communication to employees (TCSC), which has been, for a long time, a controversial issue in the companies, and is also considered one of the taboos of our society. The study developed a measurement instrument for TCSC, as well as analyzed how a group of companies in Brazil handles the communication of its compensation practices and identified factors that influence the decision of these companies as the greater or lesser transparency. A systematic review of literature on the subject was held to give theoretical consistency to the development of the measurement instrument. In the empirical step, in order to validate and refine the instrument, ten in-depth interviews were performed, five of them with experts on the subject of compensation and human resources management; and five with professionals responsible for the selected companies compensation department. Interviews with those responsible for the compensation department were also used for an exploratory research on how companies were managing TCSC and the main reasons that led to adopt different communication strategies with their employees. As a result, it is considered that this paperwork has generated a promising alternative to measure the possible variations existing in the compensation system practices communication. The instrument developed is limited to the fixed part of compensation that involves base salary, its increase and market analysis. As for the attitude of the companies researched about the compensation system communication, it was found that they are more transparent in the disclosure of general information about the compensation structure and its operating criteria. It is also noticed that organizations supply managers with information of their staff\'s compensation, but it is not common to provide information of other teams\' compensation. The companies\' level of transparency declines when it involves communicating to employees specific compensation structure information about the professional itself (for example, their salary range), or the position that represents the next step in employee\'s career and, especially, on the remuneration of other positions in the company. We must emphasize that none of the analyzed companies disclose for all staff the amounts of individual wages, this information is restricted only to direct manager of the team and HR staff. Finally, it was possible to identify the reasons that lead companies to be more transparent in the compensation communication: the encouragement of a participatory organizational culture; belief in the development of human capital, maintaining a positive organizational climate as it relates to the perceived fairness of the criteria adopted for the wages definition in the company; the need to align people to business goals; intent to make clear that the company is paying above-market wages. The factors that influence companies to maintain the secrecy of the compensation practices were: organizations maintenance of more paternalistic organizational culture in which it is believed that people is not able to understand all the complexity involved in the compensation system; the internal belief that wages are confidential by definition; and, finally, the necessity not to disclose inconsistencies that persist in the compensation system to not undermine the company\'s internal image

The thesis investigates the nature of the relationship between the banking sector depth and long-term economic growth in the Gulf Cooperation Council (GCC) States, assesses the banking sector development status in each of the States, and underlines the policy implications in the light of the banking-growth nexus and the banking development benchmarking models’ findings for the region by undertaking three projects. The thesis examines the nature of the relationship between banking sector depth and long-term economic growth in the NRBC—as a proxy for the GCC States— vis-à-vis the rest of the world countries. For the empirical investigation, a dynamic panel data approach, i.e. Generalised Method of Moments (GMM), is adopted over the period 1961 to 2013. By utilising mixed effects and System GMM frameworks, the research identifies the countries with the strongest banking-growth relationships and establishes the banking sector development determinants in those countries. Employing a novel benchmarking process, the thesis assesses the status of the banking sector development in each of the GCC member countries and simulates the change in the banking sector depth across the Gulf region over a period of ten years to highlight the potential policy implications for the sector development. The findings of the thesis suggest that the relationship between banking sector depth and long-term economic growth in the NRBC is non-linear, where the relationship between the banking sector depth and economic growth turns from positive to negative beyond certain levels of sector depth. In comparison to other countries, the results indicate that the banking-growth nexus in the NRBC exhibits a smaller total effect magnitude as well as a shorter time between the change in the sector depth and its effect on economic growth. The benchmarking of the banking sectors in the GCC region suggests that in five of the six member countries the banking sectors are underdeveloped. The simulation results predict that the banking sectors will develop further in half of the countries in the region, given their current levels of banking sector development determinants, while two countries require reforms in terms of undertaking regulations and policies to avoid seeing their sector development levels deteriorate. The thesis contributes to theory by confirming findings in the literature and expanding the body of knowledge through novel findings. This research also contributes to policy by demonstrating the significance of the banking sector development for long-term economic growth in the NRBC, providing policymakers in the Gulf States with the status of their banking sectors, and underlining the banking sector depth determinants that ought to be considered when setting regulations and policies that are aimed at developing the banking sector further.

Les ARN double brin (ARNdb) sont les molécules clés initiatrices du RNA silencing, à partir desquelles les différentes classes de petits ARN (sRNAs), conférant la séquence spécificité de ce mécanisme, vont être produit. Chez la plante modèle Arabidopsis thaliana, le clivage des divers ARNdb en sRNAs est opéré par quatre enzymes de type RNase III, nommées DCL1 à DCL4, dont l’activité peut être assistée par des protéines fixant l’ARNdb (DRBs). Au cours de cette thèse, j’ai pu caractériser la fonction d’une nouvelle DRB, DRB7.2. Les résultats obtenus m’ont permis de démontrer que cette protéine régule la production d’une classe particulière de sRNAs endogènes, les endoIR-siRNAs, en séquestrant spécifiquement leurs précurseurs ARNdb, inhibant ainsi leur clivage par les différents DCLs. En parallèle, j’ai également développé des outils moléculaires afin d’étudier le mode d’action du DCL le plus polyvalent chez les plantes, DCL4. La caractérisation détaillée de ces outils a permis de révéler le rôle clé de déterminant structuraux distinct (protéiques ou nucléiques) impliqués dans la spécificité de reconnaissance et de clivage des divers substrats ARNdb par cette enzyme. / RNA silencing is initiated by double-stranded RNA (dsRNA) molecules that will be processed into various classes of small RNAs (sRNAs), which confer the sequence-specificity of this mechanism. In the model plant Arabidopsis thaliana, dsRNA processing is mediated by four distinct RNaseIII-like enzymes, named DCL1 to DCL4, which can be assisted by dsRNA-binding proteins (DRBs). During my PhD, I was able to characterize in details the function of a new DRB protein, DRB7.2. Our results revealed that this protein regulates the accumulation of a specific class of endogenous sRNAs, the endoIR-siRNAs, by selectively sequestering their dsRNA precursors and inhibiting their cleavage by the DCLs. In parallel, I also developed molecular tools to study the mode of action of the most versatile DCL in plants, DCL4. Detailed characterization of these tools revealed key roles of distinct structural determinants (at the protein or RNA level), implicated in the specificity and cleavage efficiency of the various dsRNA susbtrates by DCL4.

Multilayered metallo-dielectric nanoparticles are increasingly considered in various applications to control the spatial and temporal behavior of electromagnetic fields. In particular, the surface mode excitation by photons or electrons in metal nanorings finds significant applications because of the implied field distribution and electromagnetic energy confinement. However, most solid nanorings that are multilayered and/or embedded in a medium have non-simply connected geometry resulting in surface modes which are not linearly independent. That is, unlike particle plasmon eigenmodes in other geometries, the amplitudes of the eigenmodes of tori exhibit a distinct forward and backward coupling. We investigate the surface modes of such toroidal nano-structures and obtain the canonical plasmon dispersion relations and resonance modes for arbitrarily layered nanorings. When seeking the nonretarded surface modes for a stratified solid torus, we obtain a three-term difference equation which plays an important role in obtaining the needed dispersion relations. The obtained dispersion relations are investigated in depth in terms of the involved matrix continued fractions and their convergence properties including their determinant forms for computing the plasmon eigenmodes. The numerical solutions of the dispersion relations in case of a solid ring are presented for comparison and the resonance frequencies for the first few dominant modes of a ring composed of plasmon supporting materials such as gold, silver, and aluminum are provided and compared to those for a silicon ring. The mode complementarity and hybridization in multilayered toroidal structures is discussed and different ring configurations are simulated in the quasistatic limit by selecting number of layers modeled by their local dielectric functions. A generalized Green’s function with derivation intricacies addressed for multilayer tori is obtained from which one may calculate and study the scattering behavior of any of the modes that may exist in the many layer system. In particular, the electric potential distribution corresponding to individual poloidal and toroidal modes in response to an arbitrarily polarized external field and the field of electrons is obtained. The results are applied to obtain the local density of states and decay rate of a dipole near the center of the torus. Finally, two new types of toroidal particles in the form of janus nanorings are introduced.

Cette thèse explore la dimension financière de la performance export. Notre réflexion s'articule autour de deux études. La première, à visée exploratoire, présente dans un modèle théorique syncrétique général mais également spécifique à la filière vin, l'ensemble des déterminants (financiers et non financiers) de la performance export des PME. Nous y avons également testé l'existence de ces déterminants sur la performance export (ventes export et intensité export) d'un échantillon d'entreprises exportatrices de la filière vin française. A partir de cette étude préalable, nous avons pu, dans une étude approfondie, et grâce à une transposition des théories financières au contexte de l'exportation, élaborer un modèle reliant la performance export à plusieurs déterminants financiers (besoins financiers, structure financière et contrainte financière) de manière globale, mais aussi en fonction du niveau de développement export des PME. La performance export a été évaluée non seulement à travers l'intensité export, mais également par une mesure innovante de performance financière. Ce modèle a ensuite été testé sur un échantillon de 311 PME exportatrices. Les analyses confirment l'existence de besoins financiers spécifiques. La structure financière ainsi que le niveau de contrainte financière évoluent en fonction du niveau de performance export alors qu'une situation de fragilité financière généralisée est constatée quel que soit le niveau de performance export. / This thesis explores the financial dimension of export performance, for which we noticed insufficient theoretical developments. Our research consists in two studies. The first one is exploratory and presents a syncretic theoretical model of SMEs export performance determinants (both financial and non financial) in general and in the wine industry. In this study, we also test this model on the export performance (export sales and export intensity) of a sample of French wine companies. Then, by adapting financial theories to exporting, we build a model relating export performance to several financial determinants (financial needs, financial structure and financial constraint) first globally and then according to the export development of SMEs. Export performance is assessed not only through export intensity but also through an innovative financial performance measure. This model has been tested on a sample of 311 exporting SMEs. Analyses confirm the presence of specific financial needs. The financial structure as well as financial constraints evolve according to the level of export performance while a general financial fragility is observed whatever the level of export performance is.

Magister Economicae - MEcon / Despite its recent remarkable economic growth, Ethiopia remains one of the poorest countries in the world. More than 80 percent of Ethiopians obtain their livelihood from traditional low-productivity agricultural activities. Due to lack of water storage facilities and the erratic nature of rainfalls, most farmers don’t have access to water to produce more than one crop per year and hence there are frequent crop failures due to droughts which have made the country one of the highest food insecure nations and receiver of food aid. It is evident that a comprehensive effort is required to increase crop and agricultural production through different intensification and productivity enhancement mechanisms and reduce rural household’s food insecurity and poverty. In line with this the Government of Ethiopia and different NGO’s have been promoting irrigation technology as a viable option in enhancing farm productivity and efficiency improvements.By integrating field observations, economic theory, and econometric analysis, this study assess the extent to which access to irrigation technology affects the level of technical efficiency in Gorogutu district of Eastern Ethiopia. The analysis is based on primary household-level data collected from 100 randomly selected households in 20010/11 cropping season. To analyze the effect of the technology on technical efficiency, three different Cobb-Douglas type of Stochastic Production Functions were estimated. More so, to explore different socio- economic and institutional determinants of technical efficiency in the study district, an inefficiency effect model was estimated using the one step procedure.The result from the estimated models has shown that farm households in the study area are not technically efficient and there is a chance to increase output by using the technology and mix of production input used by the best farm household (with 20 percent technical inefficiency). In addition, it also showed that households with access to irrigation technology are more technically efficient (84 percent technical efficiency) than those without access to the technology (77 percent technical efficiency). And household’s access to irrigation technology, access to extension service and distance travelled from farm plot to homestead are a significant determinant of technical efficiency in the study area.The study recommended, among other things, as a country that has a huge potential for irrigation development, utilization of this potential and providing irrigation technology to farm households will have a huge impact on the livelihoods of the majority of the poor. Evidently, efforts tailored towards this end would be very essential in militating against the high levels of poverty that is persistent in the communities

Master of Public Health - MPH / Background: Parental perceptions of health and child health needs have not been explored within Early Childhood Care and Development (ECCD) centres in the Eastern Cape of South Africa. Although the relationship between social, economic and environmental conditions and health status has been well documented in the literature, it is unknown whether parents of children attending rural ECCD centres, share this understanding. Children have the right to a healthy environment. Many children in rural Eastern Cape live in environments that present challenges in regards to water and sanitation, food security and safety. ECCD centres are the daily environment for the attending pre-school children and have a role to play in promoting child health. In order to develop effective, sustainable health promotion initiatives in ECCD centres a baseline recording was needed of the parental understanding of health, their children’s health needs and perceived solutions. Study Design: This study was an exploratory study, which used qualitative research methods to describe the parents’ perceptions of health and health needs of their children in ECCD centres in Amathole District, South Africa. Data Collection: Focus group discussions were the data collection method used to record the parental perceptions of health and child health needs. Because there was limited parental involvement in the ECCD centres, it was hoped that the focus groups would be a suitable method to generate more community involvement. Four focus groups were conducted using a semi-structured. The researcher facilitated the focus group discussions with the assistance of an isiXhosa speaking research assistant. The voice recordings of the discussions were professionally translated and transcribed for analysis. Analysis of Results: Content analysis of the transcriptions revealed a thick description of parental perceptions of health and child health needs. Participants saw health in holistic terms and identified a complex inter-relationship of various social determinants of health, consistent with Dahlgren and Whitehead's determinants of health model. Parents were aware of the absence of many of these determinants of health and the challenges to child health that this brought. The child health needs perceived by parents were related to nutrition, hygiene, social interaction, safety and protection from disease. Five recurring themes emerged as a result of this study, including individual lifestyle factors, social interaction, environmental challenges to health, safety and lastly poverty. The ECCD centres were considered a resource for child health and suggestions were given as to how to strengthen the ECCD centres' role in further promoting health. Conclusion: The participants' broad definition of health and depth of understanding regarding the determinants of health, allows for a range of stakeholders to be involved in the promotion of health in the ECCD centres. The majority of the perceived challenges to health existed in the living conditions of the children and families. The Health Promoting Schools (HPS) framework could enhance the current work of the Eco-Schools Programme in the ECCD centres.

Diploma thesis focuses on liquidity risk management of commercial banks in the Czech banking market in 2002-2015. This main goal is achieved through a comprehensive analysis within a framework that uses several different methods. A theoretical framework for bank liquidity management is drawn up for a theoretical evaluation, summary of the current literature and a summary of the regulatory framework including the newly introduced Basel III requirements and indicators is put together. The research part is focused on assessing the development and current state of liquidity of Czech banks by analyzing of liquidity ratios and regression analysis of panel data. The level of liquidity and the size of the liquid pillow is judged to be sufficient and stable from the results of the individual analyses. The net position of Czech banks on the interbank market on an international scale also reflects a good level of liquidity. The major determinants of Czech bank liquidity in the period under review were mainly capital adequacy, bank size, loan portfolio quality, growth rate of GDP and interest rates.

In this paper, we analyze, estimate and compare five prototypic models of innovation, from a simple learning-by-doing model to an elaborated model that includes financial, organizational and technological determinants of innovation. From the comparison of the five models we conclude that institutions - in particular the national system of innovation - and organizations matter. The importance of networks and the importance of information flows from different economic actors add to the explanatory power and gives the best model fit among all models specified. / Series: Department of Economics Working Paper Series