Submitted by Vitor Souza (vitor.souza@fgv.br) on 2008-11-17T14:47:12Z No. of bitstreams: 1 055204043-Tatiana_Vasques.pdf: 423855 bytes, checksum: e6dc73948b1e0404798d3018bb4b4e82 (MD5) / Approved for entry into archive by Antoanne Pontes(antoanne.pontes@fgv.br) on 2008-11-18T11:44:36Z (GMT) No. of bitstreams: 1 055204043-Tatiana_Vasques.pdf: 423855 bytes, checksum: e6dc73948b1e0404798d3018bb4b4e82 (MD5) / Made available in DSpace on 2008-11-18T11:44:36Z (GMT). No. of bitstreams: 1 055204043-Tatiana_Vasques.pdf: 423855 bytes, checksum: e6dc73948b1e0404798d3018bb4b4e82 (MD5) / Este estudo teve como objetivo investigar se algumas situações específicas do Brasil podem contribuir para que as empresas apresentem índices de liquidez ainda maiores, tais como a possibilidade de captação de recursos de baixo custo e aplicação à taxas mais altas e a existência de fatores que resultam na discrepância entre lucro e geração de caixa das companhias. Foram examinadas as proxies para estas situações através de um estudo em painel com 288 empresas não financeiras de capital aberto no período de 1997 a 2006 com a inclusão de outras variáveis que explicam as variações no nível de liquidez relacionadas aos motivos de precaução, transação, especulação e assimetria de informação. Os principais resultados sugerem que o nível de liquidez nas firmas brasileiras é maior nas empresas que possuem algum tipo de benefício fiscal e/ou conseguem financiamentos a custos reduzidos, medido pela acessibilidade a outros mercados para captação de recursos (dummy ADR).

Forskningsområdet kring kapitalstruktur är utbrett. Det finns ett stort urval av teorier och studier kring företags kapitalstruktur och skuldsättningsgrad. Trots detta finns inte så många studier gällande svenska SME-företags kapitalstruktur. Eftersom skuldsättningsgrad hör till kärnan av företagens verksamhet och påverkar värderingen av företag finner författarna det intressant att undersöka hur väl kapitalstrukturen följer den klassiska pecking order-teorin.Även att undersöka hur kapitalstrukturen ser ut efter finanskrisen 2007/2008 då marknaden har förändrats är av intresse, varpå studien fokuserar på tre tidpunkter vars resultat jämförs. Studien syftar även till att belysa möjliga skillnader i kapitalstruktur mellan olika branscher. Studiens teoretiska referensram utgår ifrån pecking order-teorin, men även till viss del av Miller och Modiglianis relevans- och irrelevansteorem samt trade off-teorin. Urvalet för studien består av svenska SME-företag, definierade enligt Europakommissionen, under tre undersökningsår: 2012, 2014 och 2016. Undersökningen utgår ifrån sekundärdata inhämtad från Thomas Reuters databas Eikon. Tidigare studier är ytterst begränsat för specifikt svenska företag, men det finns ett större antal artiklar som undersökt SME-företag. I tidigare studier skiljer sig resultaten sig åt gällande om kapitalstrukturen följer pecking order-teorin. Studien utgår ifrån en kvantitativ forskningsmetod. Skuldsättningsgrad, definierat som totala skulder genom totala tillgångar, symboliserar den beroende variabeln. De förklarande variablerna är lönsamhet, likviditet, tillväxt, storlek och ålder, vilka grundar sig i tidigare empiri. Flera multipla linjära regressioner har använts för att studera förhållandet mellan beroendevariabeln och förklaringsvariabler. Resultatet från de statistiska testerna visade på att urvalets kapitalstruktur följer pecking order-teorin under alla tre undersökningsår. En låg lönsamhet, låg likviditet samt företag som inte varit verksamma i särskilt många år indikerar en hög skuldsättningsgrad. Företag som är i en tillväxtfas har en positiv korrelation med skuldsättningsgrad. Företag av större storlek, mätt i total omsättning, har även högre skuldsättningsgrad jämfört med företag av mindre storlek. Inga större skillnader gällande kapitalstruktur påvisades för specifika branscher. I jämförelse mellan undersökningsåren, med syfte att försöka belysa marknadsförändringars påverkan på urvalet kapitalstruktur, kunde inget tydligt samband noteras. Trots den negativa reporäntan noterades inga tydliga förändringar i svenska SME-företags kapitalstruktur när undersökningsåret 2016 jämfördes med de andra undersökningsåren.

Hur ett företag väljer att finansiera sig och forma sin kapitalstruktur skiljer sig åt mellan företag och regioner. Med denna uppsats vill vi bidra till att fylla det tomrum som finns i forskningen kring kapitalstruktur för företag primärnoterade på Nasdaq Stockholm. Genom en kvantitativ ansats undersöker vi skillnader i kapitalstruktur utifrån ägarkoncentration, om största ägaren är en familj som kontrollerar bolaget samt om lönsamhet och mognadsgrad påverkar kapitalstrukturen. Vi använder multipel linjär regressionsanalys med ett urval om totalt 1012 observationer från räkenskapsåren 2009-2014, samt kontrollerar för fasta års- och branscheffekter. Vår studie finner att mogna företag i genomsnitt har en signifikant högre skuldsättning, däremot finner vi till skillnad från liknande studier att lönsamhet inte har en signifikant påverkan på ett företags skuldsättning. Vidare visar våra resultat att skuldsättningen sjunker med ökad ägarkoncentration samt att den är högre om företaget har en kontrollerande ägare som är en familj relativt icke-familj.

Kvinnor har länge varit underrepresenterade på maktpositioner i näringslivet, vilket har resulterat i att andelen kvinnor i svenska börsstyrelser är genomsnittligt lägre än andelen män. Det finns emellertid meningsskiljaktigheter i frågan om det är någon skillnad i hur män och kvinnor arbetar och påverkar företaget i fråga. Forskning har visat att kvinnor skulle vara mer riskaversiva än män och därför kan vara mer försiktiga i sitt finansiella beteende. Denna studie undersöker därför om andelen kvinnliga styrelseledamöter i svenska börsbolag påverkar företagens kapitalstruktur. Studien använder data från bolag noterade vid Stockholmsbörsen år 2016. För att undersöka om det finns ett samband mellan andelen kvinnliga styrelseledamöter och företagens skuldsättningsgrad tar studien stöd i en multipel regressionsanalys där fyra kontrollvariabler inkluderas; styrelsestorlek, företagsstorlek, tillgångsstruktur och lönsamhet. Studiens resultat indikerar att kvinnor har ett negativt samband med företagens skuldsättningsgrad; att skulderna är mindre när kvinnorna är fler. Studien finner vidare stöd för att kontrollvariablerna också har viss förklaringsgrad för företagens skuldsättningsgrad, vilket stämmer överens med tidigare forskning. Resultatet för andelen kvinnors påverkan på kapitalstrukturen ger delvis stöd för Pecking Order-teorin; att företag inte rangordnar skulder primärt vid finansiering av tillgångar och att de på så vis har lägre skuldsättningsgrad. Studien går i viss mån i linje med tidigare forskning, med särskild hänsyn till vad tidigare forskning indikerar i kontexten kvinnor och riskattityd, men förklarar inte heller om det är just riskattityd könen emellan som orsakar skillnaden i kapitalstruktur.

Submitted by JÉSSICA MORAES CRUVINEL null (jessicacruvinel@gmail.com) on 2018-02-01T11:41:26Z No. of bitstreams: 1 DEFESA 2018 JESSICA COM FICHA.pdf: 1166949 bytes, checksum: e95e63955a4ec2713ec05e241c46eed6 (MD5) / Rejected by Maria Lucia Martins Frederico null (mlucia@fca.unesp.br), reason: Prezada 1 - Complete a ficha catalográfica inserindo o título na integra : Debicagem em Codornas Japonesas (Coturnix coturnix japonica) 2 - Complete a Agencia de fomento uma vez que inseriu nos Agradecimentos ... "A Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES), pela concessão de bolsa de estudo" on 2018-02-01T16:43:56Z (GMT) / Submitted by JÉSSICA MORAES CRUVINEL null (jessicacruvinel@gmail.com) on 2018-02-01T23:32:35Z No. of bitstreams: 1 DEFESA 2018 JESSICA COM FICHA.pdf: 1166949 bytes, checksum: e95e63955a4ec2713ec05e241c46eed6 (MD5) / Approved for entry into archive by Maria Lucia Martins Frederico null (mlucia@fca.unesp.br) on 2018-02-05T11:30:52Z (GMT) No. of bitstreams: 1 cruvinel_jm_me_bot.pdf: 1166949 bytes, checksum: e95e63955a4ec2713ec05e241c46eed6 (MD5) / Made available in DSpace on 2018-02-05T11:30:52Z (GMT). No. of bitstreams: 1 cruvinel_jm_me_bot.pdf: 1166949 bytes, checksum: e95e63955a4ec2713ec05e241c46eed6 (MD5) Previous issue date: 2018-01-19 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / O estudo teve por objetivo comparar as idades e os níveis de debicagem por lâmina quente, em codornas japonesas, avaliando os resultados de desempenho durante as fases de crescimento e produção de ovos bem como sua qualidade. Foram utilizadas 770 codornas japonesas (Coturnix coturnix japonica) de um dia de idade para a fase de cria e recria (1-35 dias de idade), distribuídas em um delineamento inteiramente casualizado, composto por sete tratamentos com cinco repetições de 22 aves cada, sendo os tratamentos: aves não debicadas (ND), aves debicadas por cauterização de aproximadamente 1/3 aos 14 dias de idade (C.MOD 14), aves debicadas por cauterização de aproximadamente 1/3 aos 28 dias de idade (C.MOD 28), aves debicadas de forma moderada, com corte de aproximadamente 1/3 do bico aos 14 dias de idade (D.MOD 14), aves debicadas de forma moderada, com corte de aproximadamente 1/3 do bico aos 28 dias de idade (D.MOD 28), aves debicadas de forma severa, com corte aproximadamente de 1/3-1/2 do bico aos 14 dias de idade (D.SEV 14) e aves debicadas de forma severa, com corte aproximadamente de 1/3-1/2 do bico aos 28 dias de idade (D.SEV 28). A fase de produção compreendeu o período de 36 dias às 37ª semanas de idade, adotando-se o mesmo delineamento experimental utilizado na fase inicial, entretanto com 18 codornas por unidade experimental, totalizando 630 aves. Nas condições de execução desta pesquisa, os métodos de debicagem efetuados aos 14 e 28 dias de idade, não influenciaram o desempenho de codornas na fase inicial, na fase de produção e a qualidade dos ovos, entretanto, as debicagens efetuadas aos 14 dias e também de modo severo aos 28 dias de idade foram mais eficientes no controle de arranque de penas. / The aim of this study was to compare the ages and levels of hot blade beak trimming in Japanese quails evaluating their performance during the rearing and production phases as well as their egg quality. Seven hundred seventy (770) Japanese quails (Coturnix coturnix japonica) of one day of age for the rearing phase (1-35 days of age) were used and distributed in a completely randomized design, with seven treatments, five replicates of 22 birds each. The treatments were: not trimmed birds (ND), cauterization of about one-third of the beak at 14 days of age (C.MOD 14), cauterization of about one-third of the beak at 28 days of age (C.MOD 28), moderately beak trimming, removing approximately 1/3 of the beak at 14 days of age (D.MOD 14), moderately beak trimming, removing approximately 1/3 of the beak at 28 days of age (D.MOD 28), severe beak trimming, removing approximately 1/3 to 1/2 of the beak at 14 days of age (D.SEV 14) and severe trimming, removing approximately 1/3 to 1/2 of the beak at 28 days of age (D.SEV 28). The production phase comprised the period of 36 days at 37 weeks of age, adopting the same experimental design used in the breeding and rearing phase, however, with 18 quails were alloted per experimental unit, total of 630 quails. Under the conditions of execution of this research, the methods of beak trimming at 14 and 28 days of age did not influence the performance of quails in the initial, in the production phase and egg quality, however, the beak trimming conducted at 14 days and also severe at 28 days of age were more efficient in the control of feather pecking.

Denna studie undersöker hur kapitalstrukturen bland företag noterade på Stockholmsbörsenförändrades till följd av den globala finanskrisen 2008-2009. Studien utgår från femfinansiella mått som bidrar till att förklara företagens skuldsättning, hur måttens sambandmed skuldsättningen ser ut och hur dessa samband förändrats till följd av finanskrisen.Genom en multipel regressionsanalys finner studien signifikant förändrade samband medskuldsättning för måtten lönsamhet, företagsstorlek och market-to-book-kvot. Genomytterligare en multipel regression kan studien även dra slutsatsen att skuldsättningen minskatunder finanskrisen utan spår av återhämtning fram till 2012. Resultatet ger stöd för trade-offteorinoch enbart svagt stöd för pecking order-teorin och market timing-teorin. Studiensresultat skiljer sig på flera punkter från resultat i liknande studier gjorda på företag i andraländer.

Submitted by Cristiane Oliveira (cristiane.oliveira@fgv.br) on 2012-10-03T21:27:57Z No. of bitstreams: 1 1199900142.pdf: 4611819 bytes, checksum: a6b01b61e64428c19a1b1deae1874bc8 (MD5) / Approved for entry into archive by Vera Lúcia Mourão (vera.mourao@fgv.br) on 2012-10-03T21:29:40Z (GMT) No. of bitstreams: 1 1199900142.pdf: 4611819 bytes, checksum: a6b01b61e64428c19a1b1deae1874bc8 (MD5) / Made available in DSpace on 2012-10-03T21:38:36Z (GMT). No. of bitstreams: 1 1199900142.pdf: 4611819 bytes, checksum: a6b01b61e64428c19a1b1deae1874bc8 (MD5) Previous issue date: 1997 / Examina as diversas abordagens teóricas em defesa da relevância da estrutura de capital para a determinação do valor da empresa. Preocupa-se especificamente em identificar quais são os fatores determinantes da escolha da estrutura de capital das empresas não-financeiras no Brasil, procurando, quando possível, encontrar evidências de que tal escolha possa ser explicada pelas hipóteses do 'static trade-off’ e/ou da 'pecking order' modificada.

Made available in DSpace on 2014-06-12T17:43:10Z (GMT). No. of bitstreams: 2 arquivo986_1.pdf: 958504 bytes, checksum: 99d996fb804796538d0c574efd58f381 (MD5) license.txt: 1748 bytes, checksum: 8a4605be74aa9ea9d79846c1fba20a33 (MD5) Previous issue date: 2009 / Os investimentos em ativos e nas atividades operacionais de uma empresa podem ser financiados por meio de capitais próprios ou capitais de terceiros, que juntos constituem a estrutura de capital da organização. Na teoria de finanças são identificadas duas grandes correntes de pensamento: a teoria tradicional e a teoria de Modigliani & Miller, as quais divergem por aceitar e rejeitar, respectivamente, a possibilidade de existência de uma estrutura ótima de capital, em que o custo de capital é minimizado e a riqueza dos acionistas maximizada. Com base no referencial teórico existente, este trabalho estudou a estrutura de capital e seus determinantes, considerando uma amostra de 1.771 empresas brasileiras de pequeno, médio e grande porte, dos setores de indústria, comércio e serviços. Os atributos testados nesta pesquisa como determinantes da estrutura de capital foram tangibilidade dos ativos, rentabilidade, tamanho e liquidez. Foi desenvolvido modelo estatístico de regressão linear múltipla, apresentando graus de explicação e significância compatíveis para a identificação de elementos determinantes da estrutura de capital das empresas brasileiras. Foi confirmada a existência de relação positiva entre o endividamento e os atributos tangibilidade dos ativos e tamanho das empresas, ratificando o previsto pela teoria do Trade-Off, principal representante da corrente tradicionalista. Também foi corroborada a relação negativa entre endividamento e os atributos rentabilidade e liquidez, ratificando o esperado pela teoria do Pecking Order. Os resultados desta pesquisa refutaram a existência de relação positiva entre endividamento e rentabilidade das empresas, conforme previsto pela teoria do Trade-Off

This thesis examines the determinants of capital structure in the MENA coun- tries. The main interest is to investigate both financial firms specially banks and non-financial firms. This study test the main theories of capital structure, namely: trade off theory and pecking order theory. The countries included in this thesis are Saudi Arabia, United Arab Emirates (Include both Abo-Dhabi and Dubai stock indexes), Bahrain, Qatar, Kuwait, Oman, Egypt, Morocco, Tunisia, Palestine and Jor- dan. The characteristics it covers as suggested by previous literature are tangibility, profitability, risk, debt tax shield, growth, dividends,size, cash flow and liquidity. It will also investigate the effect of the industry, credit rating and ownership structure on the capital structure This study also investigates the determinants of capital structure in Islamic and conventional banks. This is one of the first attempts to empirically examine the determinants of capital structure in Islamic and conventional banks in general and in MENA countries in particular. This study fills the gap in this important area of research and can provide a base for future research on capital structure in Islamic banks. This thesis use different models to test the capital structure and these are Panel data models (OLS, Fixed, and Random); Tobit and Dynamical model (Arellano-Bover Blundell-Bond), Structural Equation Modeling (SEM) and Generalised Regression Neural Networks (GRNN). The results suggest that the three methods used in this study lead to similar re- sults with a few exceptions in some countries. This thesis finds that the relation between leverage and the determinants of capital structure is different when using the market or the book leverage. It also finds that the determinants of capital struc- ture between the MENA countries are different. For example, profitability attribute relation with leverage follow the trade-off theory in some countries and follow the picking order theory in other countries. Also, liquidity is significant in all the countries in the sample and have a negative relation to leverage. In addition, tangibility is found to have a mixed results with some countries following the trade-off theory and other countries which follow the trade-off theory but overall it is a key determinant of capital structure. Additionally, the findings show that although that the majority of firms in the MENA countries don’t pay dividends the relation between the long term debt and leverage is negative in all the countries in the sample. The growth opportunities have a negative relation in Bahrain, Egypt, Jordan, Kuwait, Morocco, Palestine, Qatar and Tunisia but positive in rest of the countries. The cash flow attribute have a negative relation with leverage in all the countries in the sample except Saudi Arabia and Qatar when using the short and long term debt. Furthermore, the ownership variable is expected to have a negative relation when the ultimate owner is an institution. The results show that overall when there is an ultimate owner the leverage will have a negative relation. Suggesting that ultimate owners will force managers to keep a low debt in firms capital structure. This PhD also attempt to investigate the capital structure in banks within the MENA countries. A special focus is on the differences between the Islamic banks and conventional banks capital structure. First, the findings show that the banks follow the same determinants of capital structure as non-financial firms and that regulations are not the main determinant of capital structure in banks. Then, This study show that there is a difference in capital structure of Islamic banks in com- parison with conventional banks. The findings for the dividends variable show that Islamic banks do not follow the pecking order theory but conventional banks don’t. The results of the size variable show that when Islamic banks are large they use less debt in their capital structure. Growth variable show mixed results depending on the use of book or market leverage. Ownership structure show that when there is an ultimate owner leverage increase which is the reverse of the relation in the non-financial firms. The age variable is negative in relation to the book leverage and positive with the market leverage. Also, credit rating relation is different between the two banks, as it is positive with the conventional banks and negative with Islamic banks. Therefore, this study conclude that the main capital structure theories are applicable to MENA countries. Also indicate that Islamic banks have a different capital structure to conventional banks.

This thesis examines three aspects of capital structure of manufacturing, mining and retail firms listed on Johannesburg Securities Exchange (JSE). Firstly, it tests for the validity of the pecking order, the static trade-off and the dynamic trade-off theories in the context of South African manufacturing, mining and retail firms. The study used data from 42 manufacturing, 24 mining and 21 retail firms with complete data for four or more consecutive years during 2000-2010 (panel 1) to test the validity of these theories. The research hypotheses were formulated and tested using generalised least squares (GLS) random effects, maximum likelihood (ML) random effects, fixed effects, Prais-Winsten regression, Arellano and Bond, Blundell and Bond and the random effects Tobit models. Secondly, the thesis examines the impact of the firm’s key financial performance variables on firm leverage and speed of target adjustment. A panel of 49 manufacturing, 24 mining and 23 retail firms with complete data for two or more consecutive years during the period 2005-2010 (panel 2) was constructed and used in this test. The research hypotheses were formulated and tested using the same regression models used in panel 1. Lastly, the thesis examines the existence of the discounted value premium in manufacturing, mining and retail firms listed on the JSE. This study was done using panel of 47 manufacturing, 31 mining and 20 retail firms with complete data for four or more consecutive years during the period 2006-2010. A simple t-test was used to evaluate the significance of the sample’s discounted value premium. The study documents that firm growth rate, non-debt tax shields, financial distress, profitability, capital expenditure, asset tangibility, price earnings, ordinary share prices and changes in working capital were significant predictors of firm leverage. Dividend paid, capital expenditure, firm growth rate, profitability, cash flow from operations and economic value added were positively correlated to leverage. Asset tangibility, firm profitability, non-debt tax shields, financial distress, liquidity, price earnings, share price and retention rate were negatively correlated to leverage. Asset tangibility, financial distress, firm growth, non-debt tax shields, and long-term debt repaid were negatively correlated to changes in debt issued, whilst profitability, actual dividend paid, capital expenditure and changes in working capital were positively correlated. These results confirm the complementary nature of the trade-off and pecking order theories. Furthermore, the firms had positive and significant speeds of adjustment. In panel 1, the true speed of adjustment for the sample was 57.64% (0.81 years) for book-to-debt ratio (BDR) and 42.44% (1.25 years) for market-to-debt (MDR). The speed for manufacturing firms was 45.08% (1.16 years) for BDR and 44.59% (1.17 years) for MDR; for mining firms, 72.07% (0.54 years) for BDR and 56.45% (0.83 years) for MDR; and for retail firms, 28.42% (2.07 years) for BDR and 42.48% (1.25 years) for MDR. In panel 2, the true speed of adjustment for the sample was 64.20% for book-to-debt ratio (BDR) and 28.11% for market-to-debt ratio (MDR). The true speed for manufacturing firms was 34.42% for BDR and 30.56% for MDR; for mining firms, 69.59% for BDR and 45.77% for MDR; and for retail firms, 9.34% for BDR. These results confirm the validity of the dynamic trade-off theory. Finally, manufacturing, mining and retail firms had a positive discounted value premium. This ranged from 5.16% to 9.48% (on perpetual growth), with mining firms having the largest (9.48%), followed by manufacturing (8.54%) and retail firms (5.16%). Of the observations for the full sample, 92.23% showed a positive discounted value premium. This evidence on the speed of adjustment and discounted value premium suggests the existence of a target capital structure different from the theoretical optimal capital structure hypothesised by the static trade-off theory. / Thesis (PhD)--University of Pretoria, 2013. / Financial Management / unrestricted