Made available in DSpace on 2016-04-25T16:45:21Z (GMT). No. of bitstreams: 1 Carlos Adriano Rocha.pdf: 1409553 bytes, checksum: 8e3ee9e874be7d196f3160b5f85b3c20 (MD5) Previous issue date: 2009-09-02 / This study examines the capital structure of small and medium-sized enterprises in Brazil, specifically the determinants of total, short and long term debt ratios as well as determinants of onerous debt ratios. It used a database composed of 22,000 small businesses and 19,000 medium-sized enterprises, evaluated in a time frame of eight years (2000 to 2007) and compared the macroeconomic variable of the evolution of real GDP with the variable of time measured in years. Moreover, several factors were validated in the specialized literature as determinants of capital structure of companies. The technique used was econometrics models for panel data. The determinants of debt found in common was the profitability, the growth rate of assets, non-debt tax shields, age of firms and the risk of liquidity. On the other hand, vertical integration, capital source and partner risk did not seem to have an effect on the level of debt in small and medium firms. The rating variation and internationalization activity factors were introduced as capital structure determinants of these firms. In general terms, the results suggested that the Pecking Order Theory is more consistent to explain the capital structure of the Brazilian small and medium enterprises / O presente trabalho analisa a estrutura de capital das pequenas e médias empresas brasileiras, mais especificamente os determinantes do endividamento de curto e longo prazo, total e oneroso. Utilizou-se de uma base de dados composta por 22.000 pequenas empresas e 19.000 médias empresas, avaliadas em um horizonte de tempo de oito anos (2000 a 2007) e comparou a variável macroeconômica da evolução do PIB real verificada em função da variável de tempo. Além disso, foram validados vários fatores considerados na bibliografia especializada como determinantes da estrutura de capitais das empresas. A técnica utilizada foi a de modelos econométricos para dados em painel. As determinantes de endividamento encontradas em comum foram a rentabilidade, a taxa de crescimento do ativo, os outros benefícios fiscais (nondebt tax shields), a idade da empresa e índice de liquidez. Enquanto que a integração vertical, origem de capital e risco societário não apresentaram como determinante da estrutura de capital dessas empresas. Introduziu o fator variação do rating de crédito e atividade de internacionalização como determinantes da estrutura de capital. De um modo geral, os resultados sugeriram que a teoria de Pecking Order é mais consistente para explicar a estrutura de capital de pequenas e médias empresas brasileiras

Introduktion (och mål) - I dagens samhälle är klimatet en viktig fråga och bygg- och anläggningssektorn står för stora mängder koldioxidutsläpp. Denna forskning syftar till att studera hur klimatavtrycket från VA-entreprenader kan minskas. Metod – För att genomföra studien har en VA-entreprenad, utförd av Skanska, studerats genom en fallstudie. I studien har data samlats in genom interna dokument och intervjuer. Resultat – Dokumenten visar att lokal masshantering och användning av HVO som bränsle i stället för diesel ger minskade koldioxidutsläpp i projektet och intervjuerna bekräftar detta. I intervjuerna nämns också att grön asfalt används för att minska koldioxidutsläppen. Möjligheterna för att minska klimatavtrycket i framtiden som tas upp är bland annat eldrivna grävmaskiner och transporter samt biobindemedel i asfalten. De hinder som intervjupersonerna nämner för att minska klimatavtrycket är bland annat brist på miljövänligt VA-material i plast, laddning av eldrivna maskiner och den extra kostnaden det blir för att arbeta miljövänligt. Analys – De klimatanpassningar som redan görs ses som relativt enkla tekniker medan möjligheterna för att i framtiden minska utsläppen just nu hindras av kostanden och att vissa tekniker inte är tillräckligt utvecklade. Diskussion – I studien framgår att användning av HVO och grön asfalt är åtgärder för att minska koldioxidutsläppen och att dessa stärks av tidigare forskning. Lokalmasshantering är också en åtgärd för att minska koldioxidutsläppen men konstateras vara svår att koppla till tidigare studier. Möjligheterna med att minska utsläppen genom eldrivna grävmaskiner och transporter bekräftas genom tidigare forskning vilket också användningen av biobindemedel i stället för bitumen i asfalten gör. Bristen på miljövänliga VA-material i plast bekräftas i tidigare studier vilket också merkostnaden för HVO i jämförelse med diesel gör. / Introduction (and aim) – In today's society, the climate is an important issue and the building and construction sector accounts for large amounts of carbon dioxide emissions. This research aims to study how the climate footprint from water and sewer contracts can be reduced. Method – To accomplish the study, a water and sewer contract carried out by Skanska has been studied through a case study. In the study data has been collected through internal documents and interviews. Results – The documents show that “local mass handling” and the use of HVO as fuel instead of diesel, generates reduced carbon dioxide emissions in the project and the interviews confirm the information. Also mentioned in the interviews is that green asphalt is used to reduce carbon dioxide emissions. Possibilities for reducing the climate footprint in the future that are brought up include electric-powered excavators and transport as well as bio-binders in the asphalt. The obstacles that are mentioned in the interviews to reduce the climate footprint are, among other things, lack of environmentally friendly plastic materials for water and sewer enterprisers, charging of electric machines and the extra cost of working in an environmentally friendly way. Analysis – The climate adaptations that are used today is seen as relatively simple technologies, while the possibilities for reducing emissions in the future are currently stopped by the increased cost and that certain technologies are not developed sufficiently. Discussion – The study shows that the use of HVO and green asphalt are ways to reduce carbon dioxide emissions and that these are supported by previous research. Local mass handling is also a way to reduce carbon dioxide emissions but has been difficult to confirm by previous studies. The possibilities of reducing emissions through electric excavators and transports are confirmed by previous research, and the use of bio-binders instead of bitumen in the asphalt is also confirmed. The lack of environmentally friendly plastic material for water and sewer enterprisers is confirmed in previous studies, also the additional cost of HVO compared to diesel is confirmed.