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Esta tese é composta por três artigos que exploram a relação entre estrutura de capital e o setor. A literatura traz evidências que as firmas consideram as ações e decisões de seus pares competidores para tomar suas próprias decisões e que dentro deste ambiente elas podem ter estruturas de capital homogêneas. O objetivo geral é encontrar evidências que fatores relacionados ao setor são relevantes na determinação da estrutura de capital das firmas brasileiras. A contribuição está na busca pelos motivos que explicam esta influência e se os padrões do setor são importantes para as empresas brasileiras, como têm se mostrado para dados de empresas americanas. Esta tese se justifica por contribuir diretamente com as pesquisas que buscam avançar na compreensão de como os fatores relacionados ao setor vão afetar a estrutura de capital das firmas, sem desconsiderar os fatores internos. O primeiro capítulo é um artigo teórico que revisa os artigos publicados sobre o papel do endividamento nas relações intrasetor, competição e Organização Industrial. A relação da alavancagem com desempenho e sobrevivência é um dos temas principais. Os estudos revisados mostram que muitas vezes a firma endividada vai ter pior desempenho no mercado devido ao comportamento predatório das rivais. Não há consenso sobre o comportamento da firma endividada, existem autores que acreditam no comportamento mais agressivo, outros no comportamento mais conservador, assim como a falência de uma firma no setor pode trazer resultados positivos ou negativos para as demais. O segundo capítulo é um artigo empírico que utiliza as alterações de IPI realizadas pelo governo brasileiro como choques exógenos na relação entre alavancagem da firma e do setor. Foram utilizados dados de empresas brasileiras entre 2007-2015. O modelo econométrico utilizado foi o diff-in-diff-in-diff. Os resultados mostram uma relação positiva entre a alavancagem média do setor e da firma, relação esta que se mantém para o grupo de tratamento após a inclusão do choque exógeno de redução do IPI no modelo. Estes resultados se alinham com trabalhos que colocam o setor no centro dos aspectos influenciadores da estrutura de capital da firma. O terceiro e último capítulo também é um artigo empírico onde, em um modelo de ajustamento parcial, a relação entre oportunidades de crescimento de uma firma, quando maiores que as oportunidades de crescimento do setor, vão representar possíveis choques exógenos idiossincráticos recebidos por ela. Foram utilizados dados de empresas brasileiras entre 1995-2016. Os resultados principais confirmam que existe uma relação negativa, se há aumento da razão das oportunidades de crescimento da firma i em relação às oportunidades de crescimento do seu setor j, seus indicadores de alavancagem serão reduzidos, se houver queda na razão das oportunidades de crescimento, haverá aumento da alavancagem. Estes resultados estão ligados a trabalhos que afirmam que empresas com maiores oportunidades de investimento são mais eficientes, tem maior lucratividade e vão procurar manter níveis mais baixos de alavancagem e à Teoria da Agência quando demonstra que as firmas com baixas oportunidades de investimento usam o aumento da dívida como forma de controle dos gerentes. / This doctoral dissertation is composed of three papers that explore the relationship between capital structure and the Industry. Literature brings evidence that firms consider the actions and decisions of their competing peers to make their own decisions and they may have homogenous capital structures. The primary objective is to find evidence that industry factors are relevant in determining the capital structure of Brazilian firms. The study contribution is clarifying the reasons for this influence and answering if the industry\'s standards are important for the Brazilian companies as they have been as shown for the data of American companies. This dissertation is justified by contributing to the researches that advance in the understanding of how the industry\'s factors will affect the capital structure of the firms, without disregarding the internal factors. The first chapter is a theoretical article that reviews papers about the role of debt in the intraindustry relations, competition and Industrial Organization. The relationship of leverage with performance and survival is one of the main themes. The reviewed studies show that often the indebted firm will poorly perform on the market due to the predatory behavior of rivals. There is no consensus about the behavior of the indebted firm, there are authors who believe in more others in less aggressive behavior, as well as the bankruptcy of one firm in the industry can bring positive or negative results to others. The second chapter is an empirical investigation that uses IPI benefits (tax benefit) offered by the Brazilian government as an exogenous shock in the relationship between firm and industry leverage. We used data from Brazilian companies between 2007 and 2015. The econometric model used was diff-in-diff-in-diff. The results show a direct relationship between the mean industry leverage and the firm\'s leverage. The same remains for the treatment group after inclusion of exogenous shock of IPI reduction in the model. These results are aligned with studies that consider the industry as the principal influencing aspect of the firm\'s capital structure. The third and final chapter is also an empirical investigation using a partial adjustment model. The relationship between a firm\'s growth opportunities, when larger than the industry\'s growth opportunities, will represent possible received idiosyncratic exogenous shock. The Data is from Brazilian companies between 1995 and 2016. The main results confirm that there is an inverse relationship. If the ratio of growth opportunities of firm i compared with the growth opportunities of its industry j increase, than its leverage indicators will be reduced. If there is a decrease in the growth opportunities, than there will be increased leverage. These results are related to papers that show companies with greater investment opportunities are more efficient, have higher profitability and will try to maintain lower levels of leverage. These results are also related to Agency Theory, when it demonstrates that firms with low investment opportunities use the increase debt as a managerial control tool.

This dissertation includes two related chapters that analyze financial condition of firms. In the first chapter, I examine the relationship between the firms' level of cash holdings and governance. The findings show that higher levels of cash holdings are significantly related to strong governance. The results also show that firms with strong governance hold asymmetrically higher levels of cash than firms with weak governance when they have high growth opportunities. Furthermore, I also test the impact of financial constraint status of the firm on the level of cash holdings for both good and poorly governed firms separately. The results suggest that strong governance firms hold higher levels of cash to use as financial slack in order to avoid financial distress. In the second essay I examine if a firm's success in leaving distress is explained by firm characteristics and manager decisions. I proxy the managers' decisions by measuring changes in operating, investing, and financing choice variables. Timely decisions with regard to product refinement, proxied by increased investment in research and development and reduction in capital expenditures, increase the probability of successful turnaround. Further the results show that increased financing through additional sale of equity, acquisitions and sale of assets do not help a firm exit financial distress.

Indien är en tillväxtmarknad med många möjligheter; det är en plats för nytänkande och frugala innovationer. Frugala innovationer är ett fenomen som Indien är välkänt för. I grunden uppstår frugala innovationer genom sparsamhet i processen för att ta fram effektiva lösningar. Kunskapen om frugala innovationer och dess förhållningssätt kopplat till svenska energiföretag som är inom branschen för förnybara energikällor är dock begränsad. Därför är innovationsmyndigheten Vinnova och Energimyndigheten intresserade av att se om det finns potential för ett antal svenska energiteknikföretag att lyckas etablera sig på Indiens marknad för förnybara energikällor, där effektivitet och sparsamhet är viktigt. Undersökningen har skett genom en kvalitativ forskningsmetod i form av intervjuer med de företag som har varit tillgängliga och även med en expert med kunskap om den Indiska marknaden. Teorier har främst hämtats ifrån tryckt litteratur och vetenskapliga artiklar. Under studiens gång arbetade författarna fram en modell som kan användas för att bedöma ett företags förmåga att etablera sig på en främmande marknad. I modellen ingår ett antal viktiga aspekter inom områden som ekonomi, innovation, marknad och tillväxt. Forskningen har kommit fram till slutsatser om samtliga undersökta företags potential att lyckas i Indien. I studien fann författarna att om man ska ha potential att lyckas på den Indiska marknaden, ska man bland annat ha en aktuell och effektiv produkt, stark ekonomi, konkurrenskraftighet samt marknadsmöjligheter. / India is an emerging market with many opportunities; it's a place for rethinking and frugal innovations. Frugal innovation is a phenomenon that India is well known for. Frugal innovations arise by thrift in the process of developing effective solutions. Knowledge about the frugal innovations and its approach linked to Swedish energy companies that is in the business of renewable energy is limited. Therefore, the innovation agency Vinnova and the Swedish Energy Agency (Energimyndigheten) are interested to see if there is potential for a number of Swedish energy companies to establish in the Indian market for renewable energy, where efficiency and economy are important. The survey was done by a qualitative research in the form of interviews with the companies that have been available and also an expert with knowledge of the Indian market. Theories were mainly collected from printed literature and scientific articles. During the study, the authors came up with a model that can be used to estimate a company's ability to establish itself in a foreign market. The model includes a number of important aspects, such as financial aspects, innovation, market and growth. The research has come to conclusions about all the studied companies potential to succeed in India. In the study, the authors found that if you're going to have the potential to succeed in the Indian market, you should have an up-to-date and effective product, strong economy, competitiveness and market opportunities.

This thesis examines the capital structure choice of Australian firms with an emphasis on the impact of market timing and liquidity considering 1438 available firms for the period, 1997 to 2005. The relationship between capital structure and its determinants is the main focus of this thesis, with four empirical analyses. These analyses are all conducted within the Baker and Wurgler (2002) and Hovakimian (2006) models with both pooled ordinary least squares (OLS) and fixed effect panel analysis. The theory of market timing introduced by Baker and Wurgler (2002) has received considerable attention in recent years. Baker and Wurgler (2002) contend that past market timing has a long lasting impact on capital structure and thus, capital structure is the cumulative outcome of the past attempts at equity market timing. This thesis examines the Baker and Wurgler (2002) argument in an Australian context. It is found that the variation in leverage was explained by the market-to-book ratio and the effect of market-to-book ratio was explained by equity issues as market timing theory implies. However, the results are sensitive to data sample choice with variation in the strength of the negative relationship observed between external finance weighted average market-to-book and leverage. This suggests that while market timing appears to affect capital structure choice, it does not support the hypothesis that past market timing decisions have a long lasting impact on Australian firm capital structure. Hovakimian ( 2006) questions the Baker and Wurgler (2002) conclusion about firm behaviour and finds evidence that past market-to-book ratio has a significant impact on current financing decisions because it contains information about growth opportunities, not captured by the current market-to-book ratio. This thesis also examines the Hovakimian (2006) argument and finds evidence to support the argument of Hovakimian (2006) that, growth opportunities provide a reasonable explanation for the past market-to-book ratio effect for Australian firms. Analysis also focuses on broad industry differences. And it is found that there are significant differences between mining and non-mining firm in the determinants of capital structure. Finally, the impact of liquidity on Australian capital structure choice is analysed within the context of the Baker and Wurgler (2002) and Hovakimian (2006) models. It is found that liquidity is important to a firm's leverage choice. There is evidence that liquid firms tend to have lower leverage. Further, while liquidity has little effect on the sensitivity of leverage to market-to-book for Baker and Wurgler (2002) filtered data, a liquidity effect is evident in a broader set of four standard deviation filtered data. It is also found that greater liquidity is associated with less sensitivity of leverage to cash flows and that the asset tangibility relation with leverage is also sensitive to liquidity. Finally, there is evidence that more liquid firms are more sensitive in their tendency to revert to some long run leverage value.

Submitted by Vinicius Augusto Brunassi Silva (vinicius.vitio@gmail.com) on 2011-12-06T18:47:12Z No. of bitstreams: 1 Vinicius_Dissertação.pdf: 237652 bytes, checksum: 20111eda1d23b9c396a750183cbdc94c (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-12-06T18:48:13Z (GMT) No. of bitstreams: 1 Vinicius_Dissertação.pdf: 237652 bytes, checksum: 20111eda1d23b9c396a750183cbdc94c (MD5) / Made available in DSpace on 2011-12-07T12:55:58Z (GMT). No. of bitstreams: 1 Vinicius_Dissertação.pdf: 237652 bytes, checksum: 20111eda1d23b9c396a750183cbdc94c (MD5) Previous issue date: 2011-11-25 / This paper examines the relationship between covenants, short-term and long-term debt with companies which face growth opportunities. Using a sample of 159 Brazilian corporate bonds, we found evidence that: 1) Covenants and short-term debt are substitute tools to minimize agency conflict, since they presented a negative and significant relation and; 2) The negative relation between short-term debt and growth opportunities might be attenuated in the presence of covenants. / Esta dissertação tem como objetivo analisar a relação entre covenants e alavancagem financeira no curto e longo prazo com oportunidades de crescimento. A partir de uma amostra de 159 debêntures, encontramos evidência de que: 1) Covenants e dívida de curto-prazo podem ser considerados substitutos na atenuação do conflito de agência, uma vez que apresentaram relação negativa e significante e; 2) A relação negativa existente entre dívida de curto prazo e oportunidades de crescimento pode ser reduzida através da utilização de covenants.

Esta tese é composta por três artigos que exploram a relação entre estrutura de capital e o setor. A literatura traz evidências que as firmas consideram as ações e decisões de seus pares competidores para tomar suas próprias decisões e que dentro deste ambiente elas podem ter estruturas de capital homogêneas. O objetivo geral é encontrar evidências que fatores relacionados ao setor são relevantes na determinação da estrutura de capital das firmas brasileiras. A contribuição está na busca pelos motivos que explicam esta influência e se os padrões do setor são importantes para as empresas brasileiras, como têm se mostrado para dados de empresas americanas. Esta tese se justifica por contribuir diretamente com as pesquisas que buscam avançar na compreensão de como os fatores relacionados ao setor vão afetar a estrutura de capital das firmas, sem desconsiderar os fatores internos. O primeiro capítulo é um artigo teórico que revisa os artigos publicados sobre o papel do endividamento nas relações intrasetor, competição e Organização Industrial. A relação da alavancagem com desempenho e sobrevivência é um dos temas principais. Os estudos revisados mostram que muitas vezes a firma endividada vai ter pior desempenho no mercado devido ao comportamento predatório das rivais. Não há consenso sobre o comportamento da firma endividada, existem autores que acreditam no comportamento mais agressivo, outros no comportamento mais conservador, assim como a falência de uma firma no setor pode trazer resultados positivos ou negativos para as demais. O segundo capítulo é um artigo empírico que utiliza as alterações de IPI realizadas pelo governo brasileiro como choques exógenos na relação entre alavancagem da firma e do setor. Foram utilizados dados de empresas brasileiras entre 2007-2015. O modelo econométrico utilizado foi o diff-in-diff-in-diff. Os resultados mostram uma relação positiva entre a alavancagem média do setor e da firma, relação esta que se mantém para o grupo de tratamento após a inclusão do choque exógeno de redução do IPI no modelo. Estes resultados se alinham com trabalhos que colocam o setor no centro dos aspectos influenciadores da estrutura de capital da firma. O terceiro e último capítulo também é um artigo empírico onde, em um modelo de ajustamento parcial, a relação entre oportunidades de crescimento de uma firma, quando maiores que as oportunidades de crescimento do setor, vão representar possíveis choques exógenos idiossincráticos recebidos por ela. Foram utilizados dados de empresas brasileiras entre 1995-2016. Os resultados principais confirmam que existe uma relação negativa, se há aumento da razão das oportunidades de crescimento da firma i em relação às oportunidades de crescimento do seu setor j, seus indicadores de alavancagem serão reduzidos, se houver queda na razão das oportunidades de crescimento, haverá aumento da alavancagem. Estes resultados estão ligados a trabalhos que afirmam que empresas com maiores oportunidades de investimento são mais eficientes, tem maior lucratividade e vão procurar manter níveis mais baixos de alavancagem e à Teoria da Agência quando demonstra que as firmas com baixas oportunidades de investimento usam o aumento da dívida como forma de controle dos gerentes. / This doctoral dissertation is composed of three papers that explore the relationship between capital structure and the Industry. Literature brings evidence that firms consider the actions and decisions of their competing peers to make their own decisions and they may have homogenous capital structures. The primary objective is to find evidence that industry factors are relevant in determining the capital structure of Brazilian firms. The study contribution is clarifying the reasons for this influence and answering if the industry\'s standards are important for the Brazilian companies as they have been as shown for the data of American companies. This dissertation is justified by contributing to the researches that advance in the understanding of how the industry\'s factors will affect the capital structure of the firms, without disregarding the internal factors. The first chapter is a theoretical article that reviews papers about the role of debt in the intraindustry relations, competition and Industrial Organization. The relationship of leverage with performance and survival is one of the main themes. The reviewed studies show that often the indebted firm will poorly perform on the market due to the predatory behavior of rivals. There is no consensus about the behavior of the indebted firm, there are authors who believe in more others in less aggressive behavior, as well as the bankruptcy of one firm in the industry can bring positive or negative results to others. The second chapter is an empirical investigation that uses IPI benefits (tax benefit) offered by the Brazilian government as an exogenous shock in the relationship between firm and industry leverage. We used data from Brazilian companies between 2007 and 2015. The econometric model used was diff-in-diff-in-diff. The results show a direct relationship between the mean industry leverage and the firm\'s leverage. The same remains for the treatment group after inclusion of exogenous shock of IPI reduction in the model. These results are aligned with studies that consider the industry as the principal influencing aspect of the firm\'s capital structure. The third and final chapter is also an empirical investigation using a partial adjustment model. The relationship between a firm\'s growth opportunities, when larger than the industry\'s growth opportunities, will represent possible received idiosyncratic exogenous shock. The Data is from Brazilian companies between 1995 and 2016. The main results confirm that there is an inverse relationship. If the ratio of growth opportunities of firm i compared with the growth opportunities of its industry j increase, than its leverage indicators will be reduced. If there is a decrease in the growth opportunities, than there will be increased leverage. These results are related to papers that show companies with greater investment opportunities are more efficient, have higher profitability and will try to maintain lower levels of leverage. These results are also related to Agency Theory, when it demonstrates that firms with low investment opportunities use the increase debt as a managerial control tool.

Using a sample of 434 firms listed on U.S. capital markets, including Over-the-counter, and 356 domestically listed firms from 47 countries during 2010 to 2015, this research confirms corporate governance’s positive effect, as well as growth opportunities’ negative effect on firm’s dividend payout. Then, based on the proved relationship above, this research also finds support that cross-listing and Over-the-counter both strengthen the positive relationship between growth opportunities and dividend payout. Meanwhile, although cross-listed and Over-the-counter firms do have stronger corporate governance, no evidence is observed for their strengthening the negative effect of corporate governance on dividend payout.

No description available.

This dissertation includes two related chapters that investigate the value of multiple directorships. In the first chapter, I focus on potential tradeoffs between the costs and benefits of multiple directorships held by outside directors and attempt to determine how firm characteristics affect such tradeoffs. It is widely believed that outside directors of a firm play important functions of monitoring and advising. As a result, the basic hypothesis of the first essay is that multiple directorships by outside directors can have different implications for firms that have different levels of monitoring and advising needs. Consistent with this hypothesis, the evidence suggests that firm performance is positively associated with multiple directorships for firms with high growth opportunities and low agency conflicts. Such firms would benefit more from better advising while not suffering much from less monitoring. Likewise, firm performance is negatively associated with multiple directorships for firms with low growth opportunities and high agency conflicts. In the second essay, I examine how multiple directorships held by outside directors affect shareholder wealth during acquisitions. The evidence indicates that not all busy outside directors have the same effect and some types of busy outside directors may benefit the firms.