p. 1-178 / Submitted by Santiago Fabio (fabio.ssantiago@hotmail.com) on 2013-02-26T18:11:27Z No. of bitstreams: 1 1111.pdf: 779615 bytes, checksum: fd39f959fb007e3ab02d18e81eaedf7a (MD5) / Approved for entry into archive by Tatiana Lima(tatianasl@ufba.br) on 2013-03-13T20:03:42Z (GMT) No. of bitstreams: 1 1111.pdf: 779615 bytes, checksum: fd39f959fb007e3ab02d18e81eaedf7a (MD5) / Made available in DSpace on 2013-03-13T20:03:42Z (GMT). No. of bitstreams: 1 1111.pdf: 779615 bytes, checksum: fd39f959fb007e3ab02d18e81eaedf7a (MD5) Previous issue date: 2006 / A busca por resultados satisfatórios por parte das empresas tem um de seus pilares sustentado sobre as escolhas realizadas no processo de decisão de investimentos. Nesse contexto analítico devem ser consideradas questões ligadas à natureza do projeto que pretende realizar e mais as variáveis que podem gerar resultados positivos ou negativos. Essas variáveis são consideradas na ponderação de risco que um determinado investimento tem em seu entorno e que merece análise quando do processo decisório. Esta dissertação tem como objetivo caracterizar o processo de decisões de investimento de uma grande indústria do segmento de celulose localizada no extremo sul da Bahia. A companhia em questão realizou investimentos elevados na construção de uma unidade fabril de produção de celulose voltada para o mercado externo. Tal magnitude torna a empresa um dos negócios mais importantes da região em que se localiza, sendo esse um dos motivos da escolha da mesma para a realização do estudo. Outro motivo, que torna o estudo justificável, é o fato do contexto em que as indústrias de celulose decidem seus investimentos ser marcado por diversas variáveis de risco que podem comprometer suas escolhas. No caso específico, os elementos de ordem política e ambiental, envolvendo, por exemplo, o cultivo do eucalipto, uma das principais matérias-primas para a produção de celulose e o impacto da indústria. O presente estudo investiga tais variáveis, revisa os debates que cercam o ambiente das empresas de celulose e pesquisa como a empresa em estudo pondera, controla e mitiga a influência dos eventos de risco que fazem parte de sua realidade. O estudo teve como método de coleta de dados o estudo bibliográfico, documental e entrevistas semi-estruturadas. Foi percebido que a indústria em questão utiliza as mais conhecidas técnicas de avaliação de investimentos, valendo-se do uso da simulação de cenários de risco e rigoroso processo de atendimento à legislação ambiental e estratégias de eliminação de risco, mostrando sintonia com as principais teorias sobre avaliação e decisões de investimento de longo prazo. / Salvador

This thesis investigates three aspects of corporate finance, namely the determinants of firm’s long term investment represented by the net capital expenditures, the determinants of firm’s short term investment represented by working capital requirements and the capital budgeting practices - all within the context of Gulf Cooperation Council (GCC) markets. Despite the importance of these interrelated topics to decision makers and despite the great emphasis given to teach them in universities, few researchers investigated the determinants of both long and short term investments and out of those, most focused on developed markets. Moreover, almost all the existing studies investigated these determinants at the firm level with little evidence about macroeconomic factors. Besides, none have provided a comprehensive investigation of capital budgeting practices from a single market whether developed or emerging. Hence, this thesis completed three independent investigations. The first and second investigation presented in chapters three and four respectively, explores three categories of factors that are found in the existing literature, or predicted by this thesis to be associated with firm’s long and short term investments. These first two investigations utilize a pooled OLS regression for a panel data set covering the period from 2000 to 2014. Furthermore, the third investigation presented in chapter five explores a wide set of capital budgeting practices from a single frontier market within the GCC. Precisely, the investigation covers the development, the selection and the post completion stage of capital budgeting. It also, explores factors that are found in the existing literature or predicted by this thesis to influence the use of such practices. This investigation utilizes a survey questionnaire containing 23 questions to gather the required data. Finally, this thesis makes various contributions to the corporate finance literature. Specifically, chapter three and four extend the existing literature on the determinants of firm’s long and short term investments by examining it in the context of new emerging markets namely the GCC markets. Beside, revealing the positive effect of macroeconomic factors on firm’s investments. Chapter five extends the existing literature on capital budgeting practices by investigating three stages of these practices from the Omani market. Additionally, it provides new evidence related to the significant relation between capital budgeting practices and new firms characteristics.

Syftet med denna studie är att öka kunskapen om beslutsprocessen och användningen av beslutsunderlag vid förvärv som genomförs av investmentbolag och riskkapitalbolag. Syftet uppfylls genom att kartlägga beslutsprocessen och identifiera beslutsunderlag vid förvärv av portföljbolag på lång respektive kort sikt, samt förklara de skillnader och likheter som går att urskilja mellan långsiktiga och kortsiktiga förvärv av portföljbolag vad gäller beslutsprocessen och dess beslutsunderlag. / The objective of this paper is to contribute with knowledge about the decision-making process and decision criterias in private equity firms focusing on long- term and short-term acquisitions of portfolio companies. The objective is met by mapping and identifying the decision-making process and its criterias in private equity firms carrying out long-term vs short-term investments. Further, relevant similarities and differences that can be distinguished are identified and explained.

The aim of this thesis is to compare long term investments, in particular, shares, bonds and bills. Based on the analysis of historical returns in 16 countries in the 20th century. The assets are compared and considered viable for long term investment based on few criteria. The saved amount is calculated by saving one third of current Social Security for 40 years for each asset class based on historical returns. The pension is calculated in two ways. Pension, especially the lowest ones, for each country is compared with the current pension in the Czech Republic.