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Primena panel modela u identifikovanju faktora uspešnosti poslovanja proizvodnih preduzeća / Implementation of panel models in identifying factors of business success in manufacturing companiesKnežević Ana 21 December 2015 (has links)
<p>Osnovni cilj istraživanja predstavlja identifikovanje faktora<br />koji utiču na uspešnost poslovanja proizvodnih preduzeća, i to<br />korišćenjem metodologije iz oblasti analize panel podataka.<br />Kao mera uspešnosti poslovanja korišćena je profitabilnost.<br />Istraživanjem je obuhvaćena analiza uticaja nekoliko internih i<br />eksternih faktora. Utvrđen je značajan uticaj kako internih<br />(veličina preduzeća, finansijska zaduženost, efikasnost<br />korišćenja imovine i stopa opipljivosti imovine) tako i<br />eksternih (inflacija, BDP i kamatne stope) faktora na<br />uspešnost poslovanja proizvodnih preduzeća.</p> / <p>The main goal of this research is identifying factors that have an impact on<br />business success of the manufacturing companies, by using the<br />methodology of panel models analysis. Profitability is used as a measure of<br />business success. Research involves analysis of several internal and<br />external factors.<br />Significant influence of several internal (size, financial leverage, efficiency of<br />assets usage and tangibility of assets) and external factors (inflation, GDP<br />and interest rates) on business success of manufacturing companies has<br />been identified.</p>
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Model-based Tests for Standards Evaluation and Biological AssessmentsLi, Zhengrong 27 September 2007 (has links)
Implementation of the Clean Water Act requires agencies to monitor aquatic sites on a regular basis and evaluate the quality of these sites. Sites are evaluated individually even though there may be numerous sites within a watershed. In some cases, sampling frequency is inadequate and the evaluation of site quality may have low reliability.
This dissertation evaluates testing procedures for determination of site quality based on modelbased procedures that allow for other sites to contribute information to the data from the test site. Test procedures are described for situations that involve multiple measurements from sites within a region and single measurements when stressor information is available or when covariates are used to account for individual site differences.
Tests based on analysis of variance methods are described for fixed effects and random effects models. The proposed model-based tests compare limits (tolerance limits or prediction limits) for the data with the known standard. When the sample size for the test site is small, using model-based tests improves the detection of impaired sites. The effects of sample size, heterogeneity of variance, and similarity between sites are discussed. Reference-based standards and corresponding evaluation of site quality are also considered. Regression-based tests provide methods for incorporating information from other sites when there is information on stressors or covariates.
Extension of some of the methods to multivariate biological observations and stressors is also discussed. Redundancy analysis is used as a graphical method for describing the relationship between biological metrics and stressors. A clustering method for finding stressor-response relationships is presented and illustrated using data from the Mid-Atlantic Highlands. Multivariate elliptical and univariate regions for assessment of site quality are discussed. / Ph. D.
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Determinantes da composição do endividamento das empresas brasileiras: a consideração da maturidade e da fonte de financiamentoRibeiro, Filipe Simões 18 December 2009 (has links)
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Previous issue date: 2009-12-18 / FAPEMIG - Fundação de Amparo à Pesquisa do Estado de Minas Gerais / Na área de Finanças Corporativas, há uma vasta literatura que trata dos determinantes do
endividamento das empresas. Entretanto, os estudos que analisam essa escolha têm se focado
mais nas diferenças entre a utilização de capital próprio e de terceiros, enquanto a literatura a
respeito da estrutura (maturidade e fonte) desse endividamento é relativamente menos
abundante. Visto isso, este estudo tem como objetivo promover uma investigação empírica
acerca das características que influenciam a escolha da maturidade da dívida (dívidas de curto
ou longo prazo) e da fonte de financiamento (utilização de oferta pública ou colocação
privada de títulos). Para tanto, é utilizada a metodologia de Dados em Painel, a fim de se
considerar simultaneamente as dimensões tempo e seccional, auxiliada pela abordagem de
equações simultâneas, tendo em vista haver na literatura indicações acerca da endogeneidade
de alguns regressores. As informações necessárias à condução do estudo são levantadas para
empresas brasileiras que possuem suas ações listadas na Bolsa de Valores de São Paulo
(BOVESPA) e na Sociedade Operadora do Mercado de Ativos (SOMA) a partir do banco de
dados da Economatica®. Os resultados mostram que empresas brasileiras mais maduras e
estabelecidas no mercado tendem a utilizar seus recursos internos como forma de financiar
projetos, conforme sugere a Teoria da Pecking Order. Entretanto, quando estas procuram
recursos externos, preferem a utilização de fontes privadas de dívidas, como os bancos,
importante fonte de recursos para as empresas brasileiras. Pode-se dizer também que existem
fortes indicações do processo conhecido como “colaterização da dívida”, principalmente
quando se tratam de fontes privadas e recursos de curto prazo. Outro resultado interessante é
que a decisão sobre a maturidade e a fonte de financiamento é também influenciada pelas
“janelas de oportunidade”, provavelmente porque o maior volume de transações aumenta a
liquidez do mercado financeiro, reduzindo o custo da dívida pública em relação ao da dívida
privada. / In corporate finance field, there is a vast literature about the capital structure determinants.
However, studies have focused on the differences between equity and debt, while the
literature about debt structure (maturity and source) is relatively scarce. As such, this study
aims to promote empirical research about characteristics that influence debt maturity choice
(short or long term debt) and funding source (public offering or private placement). Therefore,
Panel Data Method is used in order to consider both time and cross-sectional dimensions,
aided by simultaneous equations approach, as literature indicates the presence of regressors
endogeneity. Sample data, regarding Brazilian companies listed on São Paulo Stock Exchange
(BOVESPA) and Sociedade Operadora do Mercado de Ativos (SOMA), were collected from
Economatica® database. The results show that mature and well-established Brazilian firms
tend to prefer internal resources when financing projects, as suggested by Pecking Order
Theory. However, when they seek external resources, private debt sources, such as banks, are
important for Brazilian companies. We can also say that there are strong indications of the
process known as "collateralized debt", especially when it comes from private sources and
short-term funds. Another interesting result is the debt structure decision is also influenced by
"opportunities windows", probably because it increases financial markets liquidity, reducing
the cost of public debt compared to private debt.
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