How capital structure influences corporate performance and value has been in the interest of researchers and scholars for more than half a century, but an answer is yet to be found. The main objective of the present paper is to contribute with data for this cause and hopefully help to clarify this mystery. The method that was used was by analyzing the impact of debt on profitability and market valuation through linear regression. The study examined 17 Swedish property companies listed on Nasdaq OMX Large Mid and Small Cap over a 6 year period (2007-2012). The authors found a slightly negative relationship between debt-to-equity and profitability measured by return on equity (ROE) as well as by return on assets (ROA). However, significance was only found in terms of return on assets. The authors found no relationship between debt-to-equity and market valuation measured by price-to-earnings (P/E) nor price-to-book (P/B).

Submitted by Catarino Lacerda e Silva (catarinolacerda@gmail.com) on 2018-09-18T12:35:32Z No. of bitstreams: 1 Dissertação - Catarino Lacerda e Silva - ESTRATÉGIAS DE INVESTIMENTOS EM AÇÕES .pdf: 1217319 bytes, checksum: 472a152e89a76ba49bfdb192b147d76f (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Boa tarde, Catarino, Para que possamos aprovar sua Dissertação, serão necessárias as seguintes alterações: - A numeração de páginas começa na capa, porém deve aparecer A PARTIR da "Introdução" (pág 12) - A Ficha catalográfica deve conter o "texto" que existe fora do quadro, exatamente como foi enviado. Por gentileza, alterar e submeter novamente. Obrigada. on 2018-09-18T21:10:24Z (GMT) / Submitted by Catarino Lacerda e Silva (catarinolacerda@gmail.com) on 2018-09-19T10:54:33Z No. of bitstreams: 1 Dissertação - Catarino Lacerda e Silva - ESTRATÉGIAS DE INVESTIMENTOS EM AÇÕES .pdf: 1219830 bytes, checksum: a2aa93b6d34310ed33ec91af8f364412 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-09-19T14:33:48Z (GMT) No. of bitstreams: 1 Dissertação - Catarino Lacerda e Silva - ESTRATÉGIAS DE INVESTIMENTOS EM AÇÕES .pdf: 1219830 bytes, checksum: a2aa93b6d34310ed33ec91af8f364412 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-09-19T17:39:21Z (GMT) No. of bitstreams: 1 Dissertação - Catarino Lacerda e Silva - ESTRATÉGIAS DE INVESTIMENTOS EM AÇÕES .pdf: 1219830 bytes, checksum: a2aa93b6d34310ed33ec91af8f364412 (MD5) / Made available in DSpace on 2018-09-19T17:39:21Z (GMT). No. of bitstreams: 1 Dissertação - Catarino Lacerda e Silva - ESTRATÉGIAS DE INVESTIMENTOS EM AÇÕES .pdf: 1219830 bytes, checksum: a2aa93b6d34310ed33ec91af8f364412 (MD5) Previous issue date: 2018-09-27 / O objetivo deste trabalho é examinar quais indicadores levaram a retornos excedentes no mercado brasileiro durante o período de 31 de março de 2000 a 31 de março de 2018, através das carteiras de ações construídas anualmente com base em um indicador ou dois indicadores quantitativos. Sendo os fatores testados: Retorno sobre Capital Investido (ROIC), Retorno sobre Ativos (ROA), Earnings Yield, Preço sobre Valor Patrimonial (PVPA), Preço sobre Vendas (PSR) e Índice de Força Relativa 120 dias úteis. Nas estratégias de um fator, o primeiro quartil do indicador Earnings Yield mostrou ser o melhor para seleção de ações no período, com maior índice de Sharpe 0,571, com maior média dos retornos anuais 41,03%, maior alfa 27,82%, superando Ibovespa 88,89% do tempo e com maior discrepância entre os retornos dos quartis, tanto que o pior resultado foi 4º quartil do Earnings Yield. Nas estratégias de dois fatores, a combinação dos indicadores de valor PSR e Earnings Yield, P/VPA e Earnings Yield obteve os maiores retornos médios anuais 42,51% e 39,1%, maiores alfas 29,40% e 26,19%, superando o Ibovespa em 88,89% e 83,33% do tempo, respectivamente. Porém foram as estratégias que combinaram um indicador de valor com um indicador de retorno, ROIC e Earnings Yield, ROA e Earnings Yield, que apresentaram os maiores índices de sharpe 0,623 e 0,619, respectivamente. / The objective of this study is examine which indicators led to excess returns in the Brazilian market during the period from March 31 2000 to March 31 2018, through stock portfolios constructed annually based on one indicator or two quantitative indicators. The following factors were test: Return on invested capital (ROIC), Return on Assets (ROA), Earnings Yield, Price-to-book (PVPA), Price Sales Ratio (PSR) and Relative Strength Index 120. In the one-factor strategies, the first quartile of the Earnings Yield indicator was the best for stock selection in the period, with highest Sharpe ratio 0.571, with the highest average annual returns 41.03%, the highest alpha 27.82% outperformed the Ibovespa 88.89% of the time and with greater discrepancy among quartile returns, so much that the worse result was fourth quartile of the Earnings Yield. In the two-factor strategies, the combination of the PSR and Earnings Yield, P/VPA and Earnings Yield value indicators obtained the highest average annual returns of 42.51% and 39.1%, higher alpha 29.40% and 26.19%, outperformed the Ibovespa in 88.89% and 83.33% of the time, respectively. However, it was the strategies that combined a value indicator with a return indicator, ROIC and Earnings Yield, ROA and Earnings Yield, which had the highest Sharpe ratio of 0.623 and 0.619, respectively.

The financial situation and financial economy could be controlled by a whole range of indicators in the time progress and context so that the evaluation of the situation may reflect the whole economic state of the company and enable to point out causes of the actual situation. If the company shall be economically succesful, the financial planning and analysis has to be a part of the complex of the company´s financial management, because it provides a feedback between the expected effect of managing decisions and present. This diploma work is focused on detection of weak and strong characteristics of the company. All datas used in analysis are taken from the public sources and internal company documentation. The point of my diploma thesis was to present a financial analysis containing my theoretical experience, which I gained during my study at the VUT.Brno.

This diploma work considers financial strategy of a company on financial analysis basis. Financial analysis evaluates past, present and expected future of the financial economy of the company. On the basis of these issues solutions for an improvement of the financial situation of the company as whole are suggested as well as in specific investment project.

Syfte: Undersökningen syftar till att utifrån teorier kring kapitalstruktur och empiriska samband mellan skuldsättning och lönsamhet diskutera hur skuldsättning kan användas i ekonomistyrning. Metod: Undersökningen är gjord enligt kvantitativ forskningsmetod. Sekundärdata hämtas och analyseras med statistiska metoder. Resultaten diskuteras med teoretisk referensram. Slutsats :Studiens empiriska resultat visar på ett signifikant negativt samband mellan skuldsättning (​TSK ​ ) och lönsamhet (​ROA ​ ), samt ett signifikant positivt samband mellan skuldsättning (​TSK ​ ) och lönsamhet (​ROE ​ ). De empiriska resultaten tyder på att hur skuldsättning kan användas i ekonomistyrning beror på hur lönsamhet mäts. / Purpose: This study aims to; from theories of capital structure and empirical relations between debt and profitability discuss how debt can be used in management control. Method: This study follow quantitative research method. Secondary data is retrieved and analyzed by statistical methods. The results are discussed with the theoretical framework. Conclusion: Empirical results indicate a significant negative relationship between debt (​TSK ​ ) and profitability (​ROA ​ ), followed by a significant positive relationship between debt (​TSK ​ ) and profitability (​ROE ​ ). Empirical results further suggest that the measure of profitability is crucial for how debt can be used in management control.

Abstracts in English, Zulu and Xhosa / The banking sector is an important industry that needs to be safeguarded because its failure is bound to have a negative knock-on effect on the economy at large. The 2007-2009 financial crises were occasioned by banks assuming disproportionate levels of risk resulting in a high incidence of non-performing loans on their books. As such, this study examined the impact of credit risk on the financial performance of 18 South African banks for the period 2008 to 2018. Panel data techniques, namely the pooled ordinary least squares (pooled OLS), fixed effects and random effects estimators were employed to test the relationship between credit risk and financial performance proxied by non-performing loans (NPLs) and by return on assets (ROA) or return on equity (ROE) respectively. The results of the study documented that credit risk is negatively related to financial performance. Thus, the higher the incidence of non-performing loans, the lower the profitability of the bank. Secondly, the study documented that growth has a positive effect on financial performance. This indicates that productivity capacity is ameliorated through bank development. Thirdly, it was found that capital adequacy is positively related to financial performance. While a greater capital adequacy ratio may instil confidence of stakeholders in a bank, making it competitive, a high capital base may be perceived as a lack of initiative and tying up resources which could have yielded better returns in alternative investments. Fourthly, the study did not find any conclusive relationship between size and financial performance. Lastly, the study found that bank leverage and financial performance are negatively related. The implications of the findings are that at a micro level, banks should observe prudent and stringent credit policies in order to limit the incidence of non-performing loans. At a macro level, regulators must enforce supervision in order to ensure that banks manage their credit risk according to the regulations to minimise the risk of bank failure. / Umkhakha wezamabhanga kulibubulo eliqakathekileko eliding ukobana litjhejwe ngombana ukwehluleka kwalo kuqaleka kungaba nomthelela omumbi kezomnotho ngokubanzi bawo. Umraro wezomnotho weminyaka ephakathi kuka -2007-2009 yayikhambisana nesikhathi lapho amabhanga athoma ukuzifaka engozini ekulukazi, kanti lokho kwarholela ebujameni besehlakalo esikhulu seenkolodo ezingenzi inzuzo encwadini zamabhanga. Yeke-ke, leli rhubhululo belihlola umthintela wesikolodo mayelana nobujamo beemali bamabhanga weSewula Afrika ali-18 ukusukela ngomnyaka ka 2008 ukufika ku 2018. Amano wephanele yedatha, wona ngilawa pooled ordinary least squares (pooled OLS), fixed effects kanye namatshwayo ameda alinganisa imithintela kusetjenzisiwe ngehloso yokuhlola itjhebiswano eliphakathi kobungozi besikolodo kanye nobujamo beemali obukhambisana neenkolodo ezingananzuzo (non-performing loans )(NPLs) begodu lokhu kukhambisana nenzuzo elethwa msebenzi wepahla eligugu (return on assets) (ROA) nanyana inzuzo elethwa magugu womnotho anjengemali/matjhezi (return on equity) (ROE) ngaleyo ndlela.. Imiphumela yerhubhululo itlolwe bona ubungozi bokulodisa buhlobene ngendlela embi nobujamo beemali. Yeke-ke, kutjho bona lokha izinga lezehlakalo zeenkolodo ezingangenisi inzuzo naliya phezulu, kutjho bona izinga lokwenza inzuzo ezincani nalo liya phasi emabhangeni. Kwesibili, irhubhululo litlolwe bona ukuhluma komnotho kunomthelela omuhle ebujameni beemali. Lokhu kutjengisa bona amandla wokukhiqiza asekelwa kuthuthukiswa kwamabhanga. Kwesithathu, kuye kwatholakala bona iimali ezaneleko zikhambisana kuhle nobujamo beemali. Kanti godu, isilinganiso esikhulu seemali ezaneleko singaletha ukuzethemba kwabadlalindima ebhangeni, lokhu kwenze ibhanga bona ibe sezingeni lokuphalisana, isisekelo esiphezulu sezeemali singathathwa njengokutlhogeka komzamo wokuhlanganisa imithombo ebeyingaletha iinzuzo ezincono kwamanye amahlelo wokutjalwa kweemali. . Kwesine, irhubhululo akhange lithole nginanyana ngiliphi itjhebiswano phakathi kobukhulu kanye nobujamo beemali. Kokugcina, irhubhululo lithole bonyana ukuqiniswa kwebhanga ngeemali kanye nobujamo beemali kuzizinto ezingahlobani kuhle. Ilwazi elitholiweko lihlathulula bona ezingeni lamabhizinisi amancani, amabhanga kufanele aqale imigomo eqinileko yokukolodisa ukobana akwazi ukwehlisa izehlakalo zeenkolodo ezingangenisi inzuzo. Ezingeni lamabhizinisi amakhulu, iimbethamthetho kufanele ziqinise ilihlo ukobana aqinisekise ukuthi amabhanga alawula ubungozi bokukolodisa ngokwemithetho ukuphungula ubungozi bokwehluleka kwamabhanga. / Icandelo lezeebhanki lushishino olubalulekileyo olufuna ukukhuselwa kuba ukusilela kwalo ngokuqinisekileyo kunganesiphumo esigangqalanga esingasihlanga kuqoqosho ngokubanzi. Ixesha lobunzima kwezemali ngowe-2007-2009 labangelwa ziibhanki ngamazinga omngcipheko angalamananga athe agqibelela kwisehlo esiphezulu seemalimboleko ezingazaliyo kwiincwadi zazo. Kananjalo, olu phononongo luvavanye impembelelo yomngcipheko wonikezomatyala kwizinga lokuphuma nokungena kwemali kwiibhaki zaseMzantsi Afrika ezili-18 kwisithuba sowe-2008 ukuya kowe-2018. Uluhlu lweenkcukachalwazi zobugcisa, olubizwa ngokuba yi-pooled ordinary least squares (i-pooled OLS), iziqikeleli zeziphumo ezizinzileyo kunye nezeziphumo zebhaqo zasetyenziswa ukuvavanya unxulumano phakathi komngcipheko wonikezomatyala kunye nezinga lokuphuma nokungena kwemali okumelwe ngokwelungelo ziimalimboleko ezingazaliyo (ii-NPL) kunye nembuyekezo yeeasethi (i-ROA) okanye imbuyekezo yezabelo (i-ROE) ngokulandelelana. Iziphumo zophononongo zingqine ngamaxwebhu ukuba umngcipheko wonikezomatyala unonxulumano olungaluhlanga nezinga lokuphuma nokungena kwemali. Ngoko ke, okona isehlo seemalimboleko ezingazaliyo siphezulu, kokona inzuzo yebhanki iphantsi. Okwesibini, uphononongo lungqine ngamaxwebhu ukuba uhlumo lunesiphumo esihle kwizinga lokuphuma nokungena kwemali. Oku kudandalazisa ukuba isakhono sokuvelisa senziwa ngcono ngophuhliso lwebhanki. Okwesithathu, kufunyaniswe ukuba isilinganiso senkunzi sinxulumene ngokukuko nezinga lokuphuma nokungena kwemali. Ngelixa umlinganiselo wesilinganiso senkunzi omkhulu unganika ukuthembeka koqoqosho kwabachaphazelekayo kwibhanki leyo, kuyenze ukuba ibe kwizinga lokukhuphisana nezinye, isiseko senkunzi ephezulu singathathwa njengokusilela kokusungula kunye nokudibanisa imithombo engeyivelise iimbuyekezo ezingcono kutyalomali olulolunye. Okwesine, uphononongo alukhange lufumanise naluphi na unxibelelwano olubonakalayo phakathi kobungakanani nezinga lokuphuma nokungena kwemali. Okokugqibela, uphononongo lufumanise ukuba inkxasomali yebhanki kunye nezinga lokuphuma nokungena kwemali zinxulumene ngokungakuhlanga. Okubhekiselele kokufunyanisiweyo kukuba kwicandelo loshishino olunganeno, iibhanki kufuneka ziqwalasele imigaqonkqubo yamatyala enobulumko nengqongqo ngenjongo yokunciphisa isehlo seemalimboleko ezingazaliyo. Kwicandelo loshishino olubanzi, abalawuli kufuneka banyanzele ukubekwa kweliso ukuqinisekisa ukuba iibhanki zilawula umngcipheko wonikezomatyala lwazo ngokwayamene nemigaqo ukunciphisa umngcipheko wokusilela kwebhanki. / Business Management / M. Com. (Business Management)

Over the recent decade the world has seen an increase in businesses launching new, or changing theirbusiness model to, digital platforms. New and established businesses are flocking to digital platformsin order to evolve their business model and keep up with advancements in technology, such as cloudcomputing, which enables commerce and communication on a much faster and more streamlinedlevel. Digital platforms with two-sided markets often face fierce competition from market incumbentswhich benefit from traditional supply-side economies of scale, as well as from other digital platforms.Therefore, the competitive strategy adopted at market launch and under operations will have a greatimpact on the platform performance in terms of firm financial performance.This study is divided into two parts and is performed with the objective to gain insight into thecompetitive strategies adopted by digital platform businesses with two-sided markets, and how suchstrategic decisions may be informed in favor of profitability. The first part investigates the influence ofinternal factors, such as debt ratio, quick ratio, sales growth, and capital turnover ratio, on the firmfinancial performance (measured by return on assets) of digital platforms with two-sided markets inthe Nordics. The second part investigates the relationship between the firm financial performance(measured by return on assets) of digital platform businesses with two-sided markets after launch andthe type of strategy adopted. Subsequently, two hypotheses are presented. Subsequently, twohypotheses are presented. A panel data regression model is developed to evaluate these relationships,allowing the authors to test the null hypotheses. The data set used in the panel data regression modelcomprise an unbalanced sample of 27 companies who have launched their platforms in Norway,Sweden, and Denmark. Financial data was gathered in the form of return on assets (dependentvariable), capital turnover ratio, quick ratio, debt ratio, and sales growth (explanatory variables).These companies were grouped depending on which strategy was adopted on market launch and underearly operations. These strategies are subsidy, seeding and marquee users, micro market launch andpiggybacking (categorical ‘dummy’ variables).Studying the firm financial performance of businesses which adopt digital platforms will help us tobetter understand the efficacy of strategies adopted and how these strategies impact financialperformance. Both null hypotheses tested may be partially rejected. The authors conclude that theinternal factors debt ratio, quick ratio, and sales growth have a significant influence on theprofitability (measured by return on assets) of digital platforms with two-sided markets in the Nordics.The influence of the internal factor capital turnover ratio on profitability is statistically insignificant.Quick ratio has a positive significant influence on profitability, whereas debt ratio and sales growthhave a negative influence. The authors also conclude that companies which have business modelsallowing them to adopt a subsidy strategy yields stronger profitability than those which adopt otherstrategies. Companies which entice seed & marquee users to their platform as a strategy yields thesecond strongest profitability. Companies which choose a micro market launch strategy yield theweakest profitability. The authors of this study will not draw conclusions on the efficacy of theadoption of a piggybacking strategy on profitability due to the limited number of observationsattributed to the piggybacking dataset.Future studies may expand upon this research with the inclusion of a wider catchment of businesses,as well as the inclusion of a wider data set to include other geographical locations and improvestatistical significance of the data set. An improvement to the study may also be to analyze thecorrelation between the strength of competitors upon market entry and the efficacy of the strategiesadopted.

Syftet med denna uppsats är att undersöka den relation som finns mellan företagsmässiga faktorer, som enligt teori och tidigare litteratur kan påverka företags hållbarhetsredovisning, och deras ESG-betyg. Följaktligen är syftet även att undersöka om det finns skillnader i hållbarhetsredovisningen för medlemsländer i EU och övriga länder i regionen Europa, för att utröna om den Europeiska unionens lagar och regler har spridits över gränser och på så sätt institutionaliserats. Metod: Studien använder sig av en deduktiv ansats med en kvantitativ metod, för att undersöka data insamlad från årsredovisningar via databasen Refinitiv för perioden 2020–2023. ESG-betyg generareas av databasen och är inhämtat i samband med övriga data. Urvalet består av cirka 2 500 publika företag inom regionen Europa. De hypoteser som studien leder fram till testas stegvis genom multipel regressionsanalys. Den beroende variabeln är ESG-betyg och de oberoende är finansiell styrka, FoU, EU samt miljökänslig bransch. Studien använder sig även av två kontrollvariabler; företagsstorlek samt skuldsättningsgrad. Slutsats: Undersökningen kunde lokalisera ett negativt signifikant samband mellan ESG och finansiell styrka. Det styrker viss tidigare forskning som påvisat ett negativt samband mellan dessa variabler. Resultatet går i linje med intressentteorin, de företag som tar sitt sociala ansvar kan välja att avstå från lukrativa affärsmöjligheter och kan där med inneha en lägre finansiell styrka. Studien kunde även se signifikanta positiva samband mellan ESG och FoU samt EU tillhörighet. En slutsats som dras från detta resultat är att de företag som investerar i FoU även tenderar att ha en starkare hållbarhetsredovisning och tar sitt sociala ansvar. Studien styrker uppfattningen om att innovation är nyckeln till hållbarhet. Originalitet/värde: Tidigare studier som har undersökt sambandet mellan hållbarhetsredovisning och företagsmässiga faktorer har kontradiktoriska resultat. Därmed finns det utrymme för att vidare undersöka dessa samband och bekräfta eller dementera tidigare forskning. Denna studie bidrar till ökad kunskap för relationen mellan ESG och företagsmässiga faktorer för publika företag inom Europa. Studien belyser även skillnader som finns på detta område mellan företag med huvudkontor inom EU och de företag som är belägna i övriga Europa. / The purpose of this study is to examine the relationship between corporate factors, which according to theory and previous literature can influence their sustainability reporting, and their ESG score. Consequently, the aim is also to investigate if there are differences in sustainability reporting among EU member countries and other countries in the European region, in order to determine if the laws and regulations of EU have spread across borders and thereby institutionalized. Method: The study employs a deductive approach with a quantitative method to examine data collected from annual reports through the Refinitiv database for the period 2020-2023. ESG scores are generated by the database and are obtained alongside other data. The sample consists of approximately 2,500 public companies within the European region. The hypotheses generated by the study are assessed incrementally through multiple regression analysis. The dependent variable is the ESG score, and the independent variables are financial strength, R&D, EU membership, and environmentally sensitive industry. The study also includes two control variables: company size and leverage ratio. Conclusion: The study was able to identify a significant negative relationship between ESG and financial strength. This supports previous research that has demonstrated a negative association between these variables. The result aligns with stakeholder theory, as companies that prioritize social responsibility may choose to forgo lucrative business opportunities, potentially leading to lower financial strength. The study also found significant positive relationships between ESG and R&D as well as EU membership. A conclusion drawn from these findings is that companies investing in R&D also tend to have stronger sustainability reporting and demonstrate social responsibility. The study reinforces the belief that innovation is the key to sustainability. Originality/Value: Previous studies examining the relationship between sustainability reporting and corporate factors have yielded contradictory results. Therefore, there is room for further investigation to confirm or refute prior research. This study contributes to increased knowledge regarding the relationship between ESG and corporate factors for public companies within Europe. The study also highlights differences in this area between companies headquartered in the EU and tho

Syftet med denna studie är att undersöka och analysera det statistiska signifikanta sambandet mellan kapitalstruktur och lönsamhet för bolag noterade på OMXS Large Cap. Det görs under tidsperioden före samt under Covid-19 och studien använder sig av ett antal variabler för att kunna analysera ett potentiellt samband över en femårsperiod. Uppsatsen undersöker även om det eventuella sambandet ändras av Covid-19 pandemin. Studien har utgått ifrån en kvantitativ metod med en deduktiv ansats. För att ge svar på forskningsfrågan har paneldata regressioner genomförts på 30 bolag noterade på OMXS Large Cap för perioderna 2017-2019 och 2020-2021. Studien kommer fram till att det finns statistiskt signifikanta samband mellan kapitalstruktur och lönsamhet avseende vissa variabler samtidigt som studien finner att det inte finns samband för vissa andra variabler. Resultaten visar på både negativa och neutrala samband och slutsatsen att hög skuldsättningsgrad har en negativ effekt på lönsamhet dras, vilket stämmer överens med tidigare forskning inom ämnet. Sambanden som hittades visade sig ändras mellan perioden innan och under Covid-19 / The purpose of this study is to investigate the statistically significant relationship between capital structure and profitability for companies listed on OMXS Large Cap. This is done in connection with Covid-19 and the study uses a number of variables to analyze a potential relationship over a five-year period. The study  further examines if the possible relationship is affected by Covid-19. The study has been based on a quantitative method with a deductive approach. In order to answer the purpose of the study, the authors have carried out panel data regressions on 30 companies listed on OMXS Large Cap for the periods 2017-2019 and 2020-2021. The study finds that there exists statistically significant relationships between capital structure and profitability for some of the variables, whilst other variables show no significance. The results show both negative and neutral relations and the conclusion that a higher debt ratio has a negative effect on profitability is drawn, showing the same result as previous research. The results also show that the relationships differ from before the pandemic period to under.

Abstract in English, Zulu and Sepedi / The purpose of this study was to determine the impact of capital structure on the profitability of the Land and Agricultural Development Bank of South Africa (Land Bank). Both theoretical and empirical literature were reviewed in order to guide the empirical investigation of this study. In particular, the theories of financial intermediation, credit creation and fractional reserve formed the basis of this study. The capital structure theories that were examined included the pecking order theory, trade-off theory and Modigliani-Miller leverage irrelevance theory. In the literature, it was observed that profitable companies prefer using internal funds over debt or equity. To test the stated hypothesis that there is no relationship between capital structure and bank profitability, a quantitative research design with a case study approach was used, with the Land Bank as the unit of analysis. Using time series data for the period 1982 to 2015, multiple regression using the ordinary least squares method was applied to test the specified models. Preliminary data analysis was performed using trend analysis, descriptive statistics and Pearson bivariate correlation analysis. The study demonstrated that the relationship between capital structure and bank profitability was positive and statistically significant at a 95% confidence level when using only equity. However, inclusion of debt in the capital structure showed that capital structure, proxied by the debt-to-equity ratio, resulted in a negative relationship between capital structure and bank profitability, albeit statistically insignificant. It was concluded that the Land Bank requires an injection of equity to improve its performance. Alternative low-cost sources of funding to debt should be considered. The results of the study have policy implications for the Land Bank, regulators and potential investors. / Injongo yalolu cwaningo kwabe kuwukucubungula nokuthola umthelela wesimozimali sebhizinisi ekungeneni kwenzuzo eBhange Lokuthuthukiswa Komhlaba Nezolimo laseNingizimu Afrika (iBhange Lomhlaba). Kokubili, imibhalo yethiyori kanye nemibhalo esuselwe emaqinisweni abonakalayo naphathekayo, yabuyekezwa ukuze ihole futhi ilawule uphenyo olugxile emaqinisweni abonakalayo naphathekayo oluqondene nalolu cwaningo. Amathiyori ayisisekelo salolu cwaningo, ikakhulukazi, kwaba yi-financial intermediation, credit creation kanye ne-fractional reserve. Lawo mathiyori esimozimali sebhizinisi acutshungulwa abandakanya i-pecking order theory, trade-off theory kanye ne-Modigliani-Miller leverage irrelevance theory. Emibhalweni eyacutshungulwa, kwabonakala ukuthi izinkampani ezinenzuzo zincamela ukusebenzisa izimali zangaphakathi kunokusebenzisa isikweletu noma izabelokulingana (equity). Ngenhloso yokuhlola ihayiphothesisi ethuliwe yokuthi abukho ubudlelwano phakathi kwesimozimali sebhizinisi kanye nokungena kwenzuzo ebhange, kwasetshenziswa idizayini yocwaningo olukhwantithethivu ehambisana nendlela yokusebenzisa ucwaningo lwesigameko egxile ekuhlaziyweni kweBhange Lomhlaba. Ngokusebenzisa i-time series data yesikhathi esisukela kowe-1982 kuyofinyelela kowezi-2015, kwalandelwa i-multiple regression ngokusebenzisa i-ordinary least squares method ukuhlola amamodeli achaziwe. Uhlaziyo lwedatha olwandulelayo lwenziwa ngokusebenzisa uhlaziyo lwezimonkambiso (trend analysis), izibalomanani ezichazayo (descriptive statistics) kanye ne-Pearson bivariate correlation analysis. Ucwaningo lwabonisa ukuthi bukhona ubudlelwano obuphawulekayo phakathi kwesimozimali sebhizinisi kanye nokungena kwenzuzo ebhange futhi idatha yabonisa ukuthembakala okusezingeni elingama-95% uma kusetshenziswa izabelokulingana kuphela. Kodwa-ke ukufakwa kwesikweletu kwisimozimali sebhizinisi kwabonisa ukuthi isimozimali sebhizinisi, ngokusekelwa yizinga-silinganiso phakathi kwesikweletu nezabelokulinganisa, kwaholela ekutheni bungabi khona ubudlelwano obuphawulekayo phakathi kwesimozimali sebhizinisi kanye nokungena kwenzuzo ebhange, nakuba idatha mayelana nalokhu yabonisa ukungathembakali okuthile. Kwafinyelelwa esiphethweni sokuthi iBhange Lomhlaba lidinga ukuthi kufakwe izabelokulingana ngenhloso yokwenza ngcono ukusebenza kwalo. Kumele kwenziwe imizamo yokuthola eminye imithombo yezimali ehlukile futhi engambi eqolo. Imiphumela yocwaningo inemithelela ethile ephathelene nezinqubomgomo eqondene neBhange Lomhlaba, abalawuli kanye nalabo okungenzeka babe nesifiso sokutshala izimali. / Morero wa thutelo ye e be e le go laetša khuetšo ya matlotlo a kgwebo go bokgoni bja go hwetša dipoelo bja Panka ya Tlhabollo ya Naga le tša Temo ya Afrika Borwa (Land Bank). Dingwalo tša ditlhalošo tša diteori le tšeo dithutelo tša peleng di di hweditšeng di sekasekilwe go fa tlhahlo go dipoelo tša dinyakišišo tšeo di dirilwego peleng tša thutelo ye. Gabotsebotse, diteori tša mokgwa wa dipanka wa go tšea tšhelete ye e bolokilwego tša e adimiša, mokgwa wa dipanka wa go hlola dikadimo ka bontši le tsheketšo ya palophatlo ya tšhelete di bopile motheo wa thutelo ye. Diteori tša matlotlo a kgwebo tšeo di lekotšwego di akareditše teori ya mokgwa wa go kgetha methopo ya kadimo ya ditšhelete, teori ya go lekanyetša ditheko le ditefelokholego le teori ya Modigliani-Miller ya go re mokgwa wa go diriša tšhelete ye e adimilwego go bona dipoelo ga o ame boleng bja khamphani. Ka go dingwalo, go lemogilwe gore dikhamphani tše di ka hwetšago dipoelo di kgetha go diriša matlole a ka gare go ena le dikoloto goba bokaalo bjo bo šalago ka morago ga go ntšha dikoloto Go leka kakanyo ye e filwego ya gore ga go na tswalano gare ga matlotlo a kgwebo le bokgoni bja panka bja go hwetša dipoelo, tlhako ya nyakišišo ya go hwetša dikarabo go batho ka bontši ka mokgwatebelelo wa nyakišišo ye e dirilwego ka ga tiragalo e dirišitšwe, ka Land Bank bjalo ka yuniti ya tshekatsheko. Ka go diriša datha go ya ka tatelano ye e itšeng ya nako ya paka ya 1982 go iša go 2015, tlhahlobo ya tswalano gare ga mabaka a mabedi goba go feta ka go diriša mokgwa wa go fokotša palo ya disekwere e dirišitšwe go leka mehlala ye e šupilwego. Tshekatsheko ya datha ya mathomo e phethagaditšwe ka go diriša tshekatsheko ya taolelopele ya seo se tla diregago ka ditšhelete, mokgwa wa go sekaseka dipalopalo le tshekatsheko ya Pearson ya dipalo tše pedi go bona tswalano ya tšona. Thutelo e laeditše gore tswalano gare ga matlotlo a kgwebo le bokgoni bja panka go hwetša dipoelo go bile le ditlamorago tše botse le dipoelo tše di ka bago nnete ka kemo ya kgonthišo ya 95% ge go dirišwa fela bokaalo bjo bo šalago ka morago ga go ntšha dikoloto. Le ge go le bjalo, kakaretšo ya sekoloto ka go matlotlo a kgwebo go bontšhitše gore matlotlo a kgwebo, ao a laeditšwego ka tekanyo ya palomoka ya dikoloto go bokaalo bjo bo šalago ka morago ga go ntšha dikoloto, e hlotše tswalano ye e sa letelwago gare ga matlotlo a kgwebo le bokgoni bja panka go hwetša dipoelo, le ge e ka ba dipoelo tše di ka bago nnete. Go phethilwe ka go re Land Bank e nyaka koketšo ya bokaalo bjo bo šalago ka morago ga go ntšha dikoloto go kaonafatša tiro ye e swanetšwego go dirwa. Methopo ye mengwe ya tswala ya fase go dikoloto e swanetšwe go lebelelwa. Dipoelo tša thutelo di na le ditlamorago tša Molaotshepetšo wa Land Bank, balaodi le babeeletši ba ka moso. / Finance, Risk Management and Banking / M. Com. (Finance)