The relationship between finance and the real economy which has been the subject of centuries old debates, gained renewed prominence with the relative and unprecedented growth of the financial sector over the last few decades. Finance has changed not only in terms of its size compared to other sectors, but also in terms of the nature of its products, and how it affects outcomes in the real economy. This has become known as financialisation. Research in other places has shown that the financial sector has grown at the expense of the real economy, as it has negatively impacted real investment. This occurred against the backdrop of non-financial corporations (NFCs) diverting more of their surpluses to the financial sector in the form of financial payout and financial investment. This research project studies the relationship between financialisation and the real economy in South Africa. Using aggregated data of all listed firms (with the exception of financial companies) on the Johannesburg Stock Exchange between 1971 and 2012 the impact of financialisation on real investment is empirically tested. Two channels in the form of financial payout (dividend and interest payments) and financial income (dividend and interest income) through which funds flow between the real economy and finance are analysed. We find that increased financial activity by NFCs may have a negative impact on real capital investment. Financial income presents more robust results than financial payout which may be an indication that the crowding out effect is a serious problem in South Africa.

The increased integration of world economies reflected in a growing role towards the internationalization of enterprises, particularly in developing countries. Some studies show that as the degree of internationalization increases, companies gain experience making them more efficient and thus improving its performance. However, other studies show that the higher the degree of internationalization, more resources should be shifted to the international activities and can take, especially early in the process, resources from other areas that could be more profitable. In this context, this research aims to analyze what effects the degree of internationalization in the performance of non-financial companies in Brazil. The research sample included these companies in the ranking of Dom Cabral Foundation of Brazilian transnational corporations on the list of the 500 largest and best of Exame magazine, from 2006 to 2012. On this basis, we excluded those with asset values and equity negative, and the financial sector because of its particularities. The definition of research variables was based on the national and international literature on internationalization and performance. These variables were composed by the indicators of the degree of internationalization of companies, and financial performance indicators collected Economática Base. From the technique of factor analysis created an aggregate performance index, the composition of which was through the performance variables correlated. As research used data with cross-section characteristics, the most appropriate statistical models were regressions with panel data which aimed to analyze the effects of internationalization on profitability. The panel data analysis has three distinct approaches as independent pooled cross-section, fixed effects models and random effects models. To define the best model, some tests were used, and the most appropriate model was the Pooled. Regarding the existence of problems in econometric models, heteroskedasticity and autocorrelation tests were performed. The results showed that: (a) the relationship between the degree of internationalization and performance of these companies is characterized by a negative linear behavior, so that the higher the degree of internationalization of the company, the lower tends to be the performance; (b) controls the leverage significantly the relationship between the degree of internationalization and performance; (c) fixed capital intensity of the company as well as some sectors have significant influence on the analysis of three models; and (d) the crisis period did not show any influence on the relationship between the degree of internationalization and performance. / O aumento da integração das economias mundiais reflete em uma crescente atuação rumo à internacionalização das empresas, principalmente nos países em desenvolvimento. Alguns estudos mostram que à medida que o grau de internacionalização aumenta, as empresas vão ganhando experiência tornando-as mais eficientes e consequentemente melhorando seu desempenho. Contudo, outros estudos mostram que quanto maior o grau de internacionalização, mais recursos devem ser deslocados para as atividades internacionais, podendo tirar, principalmente no início do processo, recursos de outras áreas que poderiam ser mais lucrativas. Neste contexto, esta pesquisa tem por objetivo analisar quais os efeitos do grau de internacionalização no desempenho das empresas não financeiras do Brasil. A amostra da pesquisa contemplou as empresas presentes no ranking das transnacionais brasileiras da Fundação Dom Cabral presentes na lista das 500 maiores e melhores da Revista Exame, no período de 2006 a 2012. A partir desta base, excluiu-se àquelas com valores de ativos e patrimônio liquido negativos, e às do setor financeiro devido às suas especificidades. A definição das variáveis da pesquisa foi embasada na literatura nacional e internacional sobre internacionalização e desempenho. Tais variáveis foram compostas pelos indicadores do grau de internacionalização das empresas, e indicadores contábeis de desempenho coletados da Base Economática. A partir da técnica da Análise Fatorial criou-se um índice de desempenho agregado, cuja composição se deu por meio das variáveis de desempenho correlacionadas entre si. Como a pesquisa utilizou dados com características de cross-section, os modelos estatísticos mais adequados foram de regressões com dados em painel cujo objetivo era analisar os efeitos da internacionalização sobre a rentabilidade. A análise de dados em painel possui três abordagens distintas como pooled independent cross-section, modelos de efeitos fixos e modelos de efeitos aleatórios. Para a definição do melhor modelo, alguns testes foram utilizados, sendo que o modelo mais adequado foi o pooled. Com relação à existência de problemas nos modelos econométricos, foram realizados testes de heterocedasticidade e de autocorrelação. Os resultados encontrados mostraram que: (a) a relação entre o grau de internacionalização e o desempenho dessas empresas é caracterizada por um comportamento linear negativo, de modo que quanto maior o grau de internacionalização da empresa, menor tende a ser o seu desempenho; (b) a alavancagem controla significativamente a relação entre o grau de internacionalização e o desempenho; (c) a intensidade de capital fixo da empresa bem como alguns setores apresentam influência significante na análise dos três modelos; e (d) o período de crise não apresentou nenhuma influência na relação entre o grau de internacionalização e o desempenho. / Mestre em Administração

Counting Carrots… as this cross-section study is entitled studied the distribution of motivation incentives in Central Stockholm’s banking sector and if it varied for different groups of bank-employees, according to bank-employees. This variation in the distribution of employee benefits was examined quantitatively in accordance to three explanatory variables: 1 – Job position, 2 – Bank size and 3 – the Gender of respondents. On account of the above variables, three hypotheses were propounded from: the concept of separating firm ownership and control, economies of scale and experience and the theory on labor market dualism. Concerning Bank size, empirical proof showed that the distribution of employee incentives in Big banks varied more than it did in Small banks thanks to cost and resource saving advantages. Nevertheless, this study was unsuccessful in producing adequate empirical evidence to indicate such variation in motivation incentives when considering employees’ Job position and Gender. This lack of empirical proof contradicted notions from relevant theoretical constructs on divorcing firm ownership from control and from the dual labor market theory. In some respects, conclusions arrived at were not consistent with what Davydenko et al. (2017) observed in Poznan, Poland on a similar topic about incentives diversity. In future, more work remains to be done which should include more features of motivation incentives such as their quality versus quantity or/and their degree of effectiveness in elevating employee engagement with the intent to improve or complement the produced findings from this study. / Denna tvärsnittsstudie har undersökt variabilitet på de verktyg som banker i Stockholm använder för att höja motivationen bland sina anställda. Studiens metod har varit kvantitativ, där respondenterna utgjorts av bankanställda i Stockholm. Studiens insamlade data har sedan granskats mot tre förklarande variabler: 1 – anställningsposition, 2 – storleken på den bank som respondenten är anställd på, och slutligen 3 – respondentens kön. Beträffande anställningsposition och kön lyckades studien inte finna några övertygande empiriska bevis på att dessa variabler hade någon tydlig effekt på hur motivationsincitamenten mottogs. Däremot förefaller storleken på banken vara av betydelse, där större banker erbjuder större incitamentvariabilitet för sina anställda, än små banker. I vissa fall har de slutsatser som dragits varken varit förenliga med den relevanta teorin eller i överensstämmelse med vad Davydenko et al. (2017) observerade när de studerade ett liknande ämne i staden Poznan. I framtiden återstår emellertid mer arbete, vilket bör utgå från en större mängd egenskaper av incitamentsverktyg. Till yttermera visso bör motivationsincitamentens kvalitet kontra kvantitet studeras med frågor såsom huruvida specifika personalförmåner verkligen uppfyller sitt tänkta syfte eller ej. Detta för att komplettera och/eller nyansera de upptäckter som gjorts i Att räkna morötter...

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The theoretical part of the thesis introduces Austrian theory of business cycles and analyses equilibrium of savings and investments together with the transmission mechanism between savings, deposits, loans and investments. The practical part of the thesis explores business cycle and credit cycle. It analyses an excessive loan expansion of commercial banks together with a excessively expansive policy of central bank. The thesis deals with a procyclical action of commercial banks and contemporary tools of central bank with their limited effectiveness. Furthermore, the thesis analyses the possible adjustments of monetary policy with the emphasis on the macroprudential policy and its individual credit indicators. The end of the thesis deals with the method of credit rationing and with the imbalance between demand and supply at the credit market of non-financial corporations, which is modelled using the technique of disequilibrium model.

Made available in DSpace on 2016-04-25T18:40:28Z (GMT). No. of bitstreams: 1 Magali Aparecida Camazano.pdf: 740899 bytes, checksum: a0beef09f1c292595d15bc89e031aaca (MD5) Previous issue date: 2008-02-14 / Deregulation and globalization of financial services allied with the sophisticated technology used to perform financial operations have increased the complexity of banking activities resulting in the subsequent exposure of financial corporations to operational risk. Several cases of huge losses related to operational risk have been reported in the last 10 years as the bankruptcy of the traditional Barings Bank in England. Therefore, the New Basel Capital Accord (Basel II), published by the Basel Committee in 2004, established that internationally active banks are required to allocate capital to cope with operational risk (just as required for credit and market risks). The Brazilian Central Bank, following the demands as established by the Basel II Accord has also determined that Brazilian financial corporations are required to allocate regulatory capital to face operational risk as well as implement an operational risk management framework. At the same time, losses related to operational risk occurred in different segments of the economy where American corporations as Enron and WorldCom perpetrated huge accounting frauds resulting in their subsequent bankruptcy in 2001 and 2002 respectively. These events led to the enactment of the Sarbanes-Oxley Act of 2002. On account of the importance of operational risk management for the soundness of the financial market and the close relation existing between such risk and the requirements mandated by Sarbanes-Oxley, such as the enhancement of accounting internal controls and corporate governance attributes, this paper intends to study the influence as set forth by the American Act over the operational risk management within the Brazilian financial corporations that are required to comply with this Act such as Bradesco, Itaú and Unibanco. Thus, a comparison was made between the framework established by the Basel Committee for the banking operational risk management and the mandates of Sarbanes-Oxley Act. This study disclosed that both, either the Basel Committee framework as the Sarbanes-Oxley Act focus on the same purposes, that is, control and mitigate the events likely to result in operational risk. Sarbanes-Oxley enables the enhancement of both, accounting internal controls and corporate governance practices, as it will serve as an additional tool for the management of operational risk, cooperating with and supplementing the Basel Committee framework. Therefore, Sarbanes-Oxley allows the Brazilian financial corporations to lower the capital allocation for operational risk due to their decreasing exposure to related risk / A desregulamentação e a globalização dos serviços financeiros associadas à sofisticação das tecnologias financeiras têm aumentado a complexidade das atividades bancárias e a conseqüente exposição dos bancos ao risco operacional. Casos diversos de perdas catastróficas relacionadas ao risco operacional se fizeram presentes nos últimos 10 anos, a exemplo da quebra do tradicional Barings Bank, na Inglaterra. Por decorrência, o Novo Acordo de Capital da Basiléia (Basiléia II), divulgado pelo Comitê da Basiléia em 2004, introduziu a necessidade de alocação de capital para risco operacional (tal qual para os riscos de crédito e de mercado) pelos bancos internacionalmente ativos. O Banco Central do Brasil, à luz do Acordo Basiléia II, igualmente instituiu a necessidade de alocação de capital regulatório para o risco operacional por parte das instituições financeiras brasileiras, bem como a implementação de estrutura de gerenciamento do risco operacional. Paralelamente, prejuízos relacionados ao risco operacional ocorreram em outros segmentos da economia, destacando-se os escândalos contábeis e falências das empresas americanas Enron e WorldCom em 2001 e 2002, respectivamente, culminando na promulgação do Sarbanes- Oxley Act of 2002. Face à importância do gerenciamento do risco operacional para a solvência do mercado financeiro e à estreita relação existente entre tal risco e os requerimentos impostos pelo Sarbanes-Oxley, tais como o aprimoramento de controles internos contábeis e de aspectos de governança corporativa, este trabalho teve por objetivo estudar a influência das exigências da Lei americana sobre o gerenciamento do risco operacional das instituições financeiras brasileiras sujeitas à sua observância, a saber: Bradesco, Itaú e Unibanco. Para tanto foi adotado o método de procedimento comparativo, tendo sido realizado cotejo entre o marco regulatório do Comitê da Basiléia para o gerenciamento do risco operacional bancário e as exigências do Sarbanes-Oxley Act, cujo resultado revelou a existência de convergência entre ambos, pois possuem a mesma base conceitual de propósitos, qual seja, controlar os fatores de consubstanciação do risco operacional. O Sarbanes-Oxley proporciona o aperfeiçoamento dos controles internos contábeis e das práticas de governança corporativa, caracterizando-se como um instrumento adicional ao gerenciamento do risco operacional, contribuindo e complementando o marco regulatório do Comitê da Basiléia. Outrossim, o Sarbanes-Oxley propicia a redução de alocação de capital para risco operacional, pelas instituições financeiras brasileiras, haja vista seu potencial de redução à exposição ao referido risco

La divulgation d’informations sur les risques est une problématique centrale de la communication des entreprises cotées. De nombreuses dispositions réglementaires ont été mises en œuvre aux Etats-Unis et en Europe pour promouvoir la transparence sur les risques et les dispositifs de contrôle mis en place pour leur gestion. Les exigences de certification de l’efficacité de ces dispositifs conduit à la question de savoir si ou comment les entreprises non-financières françaises, ayant une double cotation aux Etats-Unis et en France, sont conformes à ces règlementations. Dans ce contexte, il est soutenu que la mise en évidence des différents niveaux de formalisation des dispositifs de contrôle des risques, à travers la communication des entreprises, permet de dégager des typologies originales de mise en conformité et de gouvernance des organisations. La démarche de recherche adoptée est basée sur l’étude de cas longitudinale qui permet de suivre les entreprises du lancement des projets de mise en conformité, à la stabilisation des processus de production de la certification des procédures de contrôle des risques. Les données recueillies (entretiens, rapports annuels) font l’objet d’une analyse de contenu à travers le COSO2. Une seconde étape est leur traitement statistique pour discriminer les réponses stratégiques dans le temps et entre entreprises. Les observations empiriques mettent en exergue différentes réponses stratégiques en fonction de deux périodes et des préoccupations économiques et stratégiques des entreprises. / Risk oriented disclosure is a central issue of listed companies communication. Many Risk-based regulations have been implemented in the US and Europe to promote transparency about risks and controls mechanisms. Under the requirements of the SOX, executives must certify the public company’s financial results (section 302) and have to issue a report on the effectiveness of the company’s internal controls over financial reporting (section 404). The increase of mandatory risk reporting leads to the question of whether or how the French non-financial companies cross-listed in the US and France are compliant with these regulations. In this context and across corporate communication, it is argued that different levels of risk control’s formalization can highlight original typology of compliance and corporate governance. This research uses a longitudinal case study in order to explore the implementation of risk control measures and the risk narrative disclosure strategies to enhance organizational legitimacy. The collected data (interviews, risk disclosures within annual reports) are subject to a content analysis through COSO2. A second step is a statistical analysis to discriminate strategic responses over the time and between companies. Empirical observations point to different strategic responses to institutional processes based on two periods as well as economic and strategic business concerns. The first phase shows that risk control process is structured in order to build the auditability of organization. While, in the second phase companies develop different strategic responses more consistent with their concerns.