Um assunto recorrente na teoria de finanças tem sido a forma que uma empresa é financiada, ou seja, sua estrutura de capital e se essa afeta o valor da firma, sua rentabilidade e sua política de investimentos. A participação de capital de terceiros na estrutura de capital das empresas é pertinente em função do efeito da alavancagem financeira, que se refere à ação de captar recursos de terceiros a uma determinada taxa e aplicá-los em ativos que oferecem como retorno uma superior a esta. Assim, ao se utilizar de dívidas, uma empresa tem a possibilidade de aumentar a remuneração dos seus proprietários e, consequentemente, seu valor, por captar recursos a uma taxa e aplicá-los em outra possivelmente maior, embora com essa decisão passe a elevar seu risco, justamente pelo fato de assim passar a ter o compromisso com os credores que realizaram o empréstimo. Percebe-se, dessa forma, um potencial relacionamento entre as decisões de financiamento e investimento. Nesse sentido este trabalho teve como objetivo inicial examinar se a alavancagem financeira afeta as decisões de investimento das empresas brasileiras não financeiras de capital aberto. Para tanto, foram aplicados modelos de regressão linear múltipla com dados em painel no período de 2001 a 2011. Os resultados encontrados permitem dizer que existe uma forte correlação negativa entre a alavancagem financeira e o investimento nas empresas brasileiras não financeiras de capital aberto e que esse relacionamento é ainda mais intenso nas empresas com baixas oportunidades de crescimento. Constatando isso e considerando que diferentes elementos do endividamento podem exercer influências no investimento, um segundo objetivo foi propor um modelo que avalie como os aspectos de maturidade, fonte e custo do endividamento impactam o nível de investimento das empresas brasileiras não financeiras de capital aberto. Foi delineado um novo modelo de regressão linear múltipla que apurasse esses aspectos. Os resultados demonstram que o modelo proposto atende a finalidade desejada. Como conclusões destaca-se que o relacionamento negativo entre alavancagem financeira e investimento encontrado neste trabalho em um país emergente se assemelha ao observado em estudos anteriores em economias desenvolvidas. Além disso, conclui-se que os elementos de maturidade (curto e longo prazo), fonte e custo do capital de terceiros são relevantes para a determinação do investimento do conjunto de empresas estudadas. / A recurring theme in finance theory has been how a company is financed, ie, its capital structure and whether this affects the value of the firm, its profitability and its investment policy. The share of debt in the capital structure of companies is relevant duo to the effect of financial leverage, which refers to the action of raising funds from third parties at a certain rate and apply them in assets that offer returns as one exceeds this. Thus, when using debt, a company has the possibility to improve the incomes of their owners and therefore its value, by raising funds at a rate and apply them in another possibly larger, albeit with this decision elevates your risk, precisely because so going to have to compromise with creditors who took the loan. Thus, perceives a potential relationship between investment and financing decisions. In that sense this study initially aimed to examine whether the financial leverage affects investment decisions of non-financial Brazilian public companies. We applied multiple linear regression models with panel data from 2001 to 2011. Our results say that there is a strong negative relationship between leverage and investment in non-financial Brazilian public companies and this relationship is even stronger in firms with low growth opportunities. Noting this and considering different elements of debt can exert influences on investment, a second objective was to propose a model to evaluate how aspects of maturity, source and cost of debt impact the level of investment by non-financial Brazilian public companies. It was designed a new model of multiple linear regression that consider these aspects. The results demonstrate that the proposed model meets the desired purpose. As conclusions highlight that the negative relationship between leverage and investment found in this study in an emerging country resembles that observed in previous studies in developed economies. Furthermore, we conclude that the elements of maturity (short and long term), source and cost of debt are relevant for determining the investment of all firms studied.

This dissertation investigates the association of operating leverage with stock returns, the value premium, and the profitability premium. Results in the first essay support the hypothesis that operating leverage is related to stock returns and the value premium across the sampled countries. Results are robust to cross-country differences, typical controls, multiple definitions of operating and financial leverage, and while controlling for the endogeneity of operating and financial leverage. This suggests that the rational explanation for the presence of the value premium lies in the underlying risk exposure of fixed asset risk of operating leverage which is expressed through the value premium. Results further support the hypothesis of strengthening labor protection increasing operating leverage. In turn, increased labor protection marginally negatively associated with the value premium, suggesting that labor protection reduces the value premium through financial leverage. However, because operating and financial leverage are oppositely affected by employment protection, the joint effect of this association may be cumulatively washed out in estimating value premium with employment protection legislation. Results in the second essay further support the hypothesis that operating leverage is related to stock returns and additionally support the hypothesis of operating leverage being associated to the profitability premium. The profit premium tends to be insignificant when generated within operating leverage portfolios, and the profit premium only tends to be significantly positive in the higher operating leverage portfolios. Furthermore, once operating leverage and profitability are orthogonalized from one another, the estimated coefficient of profitability is reduced by a magnitude of roughly 10. These results provide evidence in support of the profit premium being based on the riskiness of the firm through operating leverage, and therefore the profit premium is a rationally priced risk factor in stock returns. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2018. / FAU Electronic Theses and Dissertations Collection

No description available.

Thesis (Ph. D.)--UCLA, 2008. / Vita. Includes bibliographical references.

Um assunto recorrente na teoria de finanças tem sido a forma que uma empresa é financiada, ou seja, sua estrutura de capital e se essa afeta o valor da firma, sua rentabilidade e sua política de investimentos. A participação de capital de terceiros na estrutura de capital das empresas é pertinente em função do efeito da alavancagem financeira, que se refere à ação de captar recursos de terceiros a uma determinada taxa e aplicá-los em ativos que oferecem como retorno uma superior a esta. Assim, ao se utilizar de dívidas, uma empresa tem a possibilidade de aumentar a remuneração dos seus proprietários e, consequentemente, seu valor, por captar recursos a uma taxa e aplicá-los em outra possivelmente maior, embora com essa decisão passe a elevar seu risco, justamente pelo fato de assim passar a ter o compromisso com os credores que realizaram o empréstimo. Percebe-se, dessa forma, um potencial relacionamento entre as decisões de financiamento e investimento. Nesse sentido este trabalho teve como objetivo inicial examinar se a alavancagem financeira afeta as decisões de investimento das empresas brasileiras não financeiras de capital aberto. Para tanto, foram aplicados modelos de regressão linear múltipla com dados em painel no período de 2001 a 2011. Os resultados encontrados permitem dizer que existe uma forte correlação negativa entre a alavancagem financeira e o investimento nas empresas brasileiras não financeiras de capital aberto e que esse relacionamento é ainda mais intenso nas empresas com baixas oportunidades de crescimento. Constatando isso e considerando que diferentes elementos do endividamento podem exercer influências no investimento, um segundo objetivo foi propor um modelo que avalie como os aspectos de maturidade, fonte e custo do endividamento impactam o nível de investimento das empresas brasileiras não financeiras de capital aberto. Foi delineado um novo modelo de regressão linear múltipla que apurasse esses aspectos. Os resultados demonstram que o modelo proposto atende a finalidade desejada. Como conclusões destaca-se que o relacionamento negativo entre alavancagem financeira e investimento encontrado neste trabalho em um país emergente se assemelha ao observado em estudos anteriores em economias desenvolvidas. Além disso, conclui-se que os elementos de maturidade (curto e longo prazo), fonte e custo do capital de terceiros são relevantes para a determinação do investimento do conjunto de empresas estudadas. / A recurring theme in finance theory has been how a company is financed, ie, its capital structure and whether this affects the value of the firm, its profitability and its investment policy. The share of debt in the capital structure of companies is relevant duo to the effect of financial leverage, which refers to the action of raising funds from third parties at a certain rate and apply them in assets that offer returns as one exceeds this. Thus, when using debt, a company has the possibility to improve the incomes of their owners and therefore its value, by raising funds at a rate and apply them in another possibly larger, albeit with this decision elevates your risk, precisely because so going to have to compromise with creditors who took the loan. Thus, perceives a potential relationship between investment and financing decisions. In that sense this study initially aimed to examine whether the financial leverage affects investment decisions of non-financial Brazilian public companies. We applied multiple linear regression models with panel data from 2001 to 2011. Our results say that there is a strong negative relationship between leverage and investment in non-financial Brazilian public companies and this relationship is even stronger in firms with low growth opportunities. Noting this and considering different elements of debt can exert influences on investment, a second objective was to propose a model to evaluate how aspects of maturity, source and cost of debt impact the level of investment by non-financial Brazilian public companies. It was designed a new model of multiple linear regression that consider these aspects. The results demonstrate that the proposed model meets the desired purpose. As conclusions highlight that the negative relationship between leverage and investment found in this study in an emerging country resembles that observed in previous studies in developed economies. Furthermore, we conclude that the elements of maturity (short and long term), source and cost of debt are relevant for determining the investment of all firms studied.

Law and Macro-Finance is a theoretical framework explaining the relationship between law and the macro-financial variables of liquidity and leverage. The framework's central theoretical claim is that strong creditor rights exacerbate the procyclicality of liquidity and leverage. Strong creditor rights have that effect because they create different incentives in different parts of the economic cycle. Strong creditor rights encourage creditors to lend in a credit boom, thereby increasing leverage and making the economy vulnerable to shocks through various leveraged-related channels. However, in a credit bust, the enforcement of strong creditors' rights can trigger an economic downturn or make it more difficult for the economy to recover from the shocks. The normative part of the Law and Macro-Finance framework revolves around regulating liquidity primarily through a countercyclical design of the strength of creditors' rights in bankruptcy and collateral law to ensure adequate levels of leverage in different parts of the economic cycle. The key elements of bankruptcy and collateral law that could be used for that purpose are the rules establishing the strength of money market investors' rights, including bankruptcy safe harbors, true sales doctrine, and rules around collateral rehypothecation.

Wang, Zhuojun. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2009. / Includes bibliographical references (leaves 46-47). / Abstract also in Chinese.

published_or_final_version / abstract / Economics and Finance / Doctoral / Doctor of Philosophy

The aim of this research is to examine the determinants of the level of corporate risk disclosure (CRD) in the interim reports of Swedish non-financial companies. A quantitative research approach is used, the sample data of which consist of 166 firms with 4,849 interim reports over a 10-year period. By utilizing the notion of risk and its definition, I have distinguished three categories of risk, namely risk as uncertainty, risk as threat and risk as opportunity. A systematic content analysis is conducted with the use of a software program, which is specifically designed for this purpose. The number of sentences that contain keywords related to the three risk categories is counted as the total CRD score, which is transformed to the disclosure index. I have examined the impact of firms’ characteristics and corporate governance mechanisms on the level of CRD based on agency theory. The ordinary least squares regression method with  control for fixed year effects is used to analyse the data, which show that firm size and audit committee have a positive relationship with the level of corporate risk disclosure. The result demonstrates also that there is a negative relationship between family ownership and the level of CRD, and an insignificant relationship between leverage and the level of CRD.

A debate exists regarding the effect of labor protection laws on labor costs. Whether labor protection laws increase or decrease labor costs has implications for risk exposure of affected firms. If the labor costs go up, all else the same, the firm’s breakeven point goes up. Facing increased business risk, the firm must resort to strategies that inhibit the risk exposure, especially if the higher labor costs cannot be transferred, without adverse consequences, to consumers. The strategies include reigning in, if at all possible, operating leverage and financial leverage. Conversely, if the labor costs decrease, a firm’s business risk declines, and the firm has options to increase its operating leverage and/or financial leverage, lower the product price, or do nothing. By examining the Chinese firms’ reactions to the 2007 labor protection laws, we draw conclusions about laws’ directional impact on labor costs. We find that Chinese firms attempt to reduce business risk by lessening labor intensity, and labor-intensive firms are able to reduce the labor intensity at a significantly higher rate than capital-intensive firms. Neither group is able to significantly reduce asset tangibility. We also find that all firms significantly reduce their financial leverages. Consequently, firms’ investments, as measured by sales growth, decline in the post-reform period. These results are consistent with the cost of labor increasing as a result of the stricter labor protection laws.