Submitted by Geandra Rodrigues (geandrar@gmail.com) on 2018-06-14T12:28:34Z No. of bitstreams: 1 gersondesouzaraimundojunior.pdf: 1995824 bytes, checksum: 0f180adcbdae44844892dfe58ddd7296 (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2018-06-14T12:45:32Z (GMT) No. of bitstreams: 1 gersondesouzaraimundojunior.pdf: 1995824 bytes, checksum: 0f180adcbdae44844892dfe58ddd7296 (MD5) / Made available in DSpace on 2018-06-14T12:45:32Z (GMT). No. of bitstreams: 1 gersondesouzaraimundojunior.pdf: 1995824 bytes, checksum: 0f180adcbdae44844892dfe58ddd7296 (MD5) Previous issue date: 2018-03-16 / CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Talvez nenhum outro tema tenha ocupado tanto a atenção dos pesquisadores em Corporate Finance quanto a escolha da estrutura de capitais (decisão de financiamento) pelas firmas. Considerando as diversas teorias existentes sobre o assunto desenvolvidas desde o trabalho pioneiro de Modigliani e Miller (1958), que deu origem à teoria do Trade-off estático, em que se destacam a Pecking order Theory, cuja criação é atribuída a Myers e Majluf (1984), a teria de Takeover postulada por Harris e Ravis(1988), a teoria do ciclo de vida atribuída a Berger e Udell (1998), a teoria de Market Timing atribuída a Baker e Wurgler (2002) e o Trade-off dinâmico de Flannery e Rangan (2004), este trabalho se propõe a avaliar as proposições teóricas mais relevantes para empresas de capital aberto brasileiras observadas entre 1999 e 2016, calculando a velocidade de ajuste de capital e identificando os determinantes da estrutura de capital à luz das principais teorias vigentes na literatura de estrutura de capital e dos recorrentes problemas de endogeneidade e truncagem em Finanças Corporativas. A técnica de fronteira estocástica apresentou que as empresas mais maduras são as mais eficientes em termos de obtenção de alavancagem. As teorias de Trade-off e Pecking order podem coexistir. E que a dinâmica dos fatores macroeconômicos influencia o comportamento das empresas ao escolherem sua estrutura de capital. O Tobit apresentou velocidade de 44% indicando as empresas levariam cerca de dois anos para se mover ao nível ótimo de capital. Convergindo à técnica da fronteira estocástica, o modelo de Tobit apresentou que as duas principais teorias podem coexistir. / Perhaps no other topic has occupied both the attention of researchers in Corporate Finance and the choice of capital structure (financing decision) by firms. Considering the various existing theories developed since the pioneering work of Modigliani and Miller (1958), which gave rise to the theory of static Trade-off, in which the Pecking order Theory, whose creation is attributed to Myers and Majluf (1984) the theory of the life cycle attributed to Berger and Udell (1998), the theory of Market Timing attributed to Baker and Wurgler (2002) and the dynamic Trade-off of Flannery and This paper proposes to evaluate the most relevant theoretical propositions for Brazilian public companies observed between 1999 and 2016, calculating the speed of capital adjustment and identifying the determinants of the capital structure in light of the main theories in the literature of capital structure and recurring problems of endogeneity and truncation in Corporate Finance. The stochastic frontier technique showed that the more mature companies the most efficient in terms of getting leverage. Trade-off and pecking-order theories can coexist. And that the dynamics of macroeconomic factors influence the behavior of companies when choosing their capital structure. Tobit showed a 44% speed indicating that companies would take about two years to move to the optimal level of capital. Converging to the stochastic frontier technique, Tobit's model showed that the two main theories can coexist.

Nigeria, like all other rice consuming nations, has experienced a surge in domestic demand for rice since 1970. However, local rice production has not been sufficient to meet local demand, leading to this demand continually being filled by imports. The Federal Government of Nigeria has initiated subsidies programs intended to improve Nigerian rice farmers' technical and cost efficiency levels. This quantitative study evaluated the impact of these policies on the technical and cost efficiency levels of paddy rice farm households in Nigeria. Farrell's (1957) efficiency theory and production theory served as the theoretical frameworks. Data were collected from a cross-section of 300 paddy rice farmers drawn from 3 states in Nigeria. The study used 2 estimation techniques: parametric technique (SF) and the non-parametric technique (DEA). The results showed that paddy rice production in Nigeria was still profitable but low and the estimated average technical and cost efficiency levels from the DEA approach were 0.721 and 0.295, respectively. Evidence suggests that the formulation and implementation of subsidy programs on farm inputs were relevant in the variations of technical and cost efficiency levels across the rice farm households. The study findings support the continuity of the subsidy policies to encourage increased rice production; they also suggest that governments should address the issues of post-harvest losses, degrading irrigation facilities, and ineffective rural development policies. The positive social change implications of this research include providing information to inform government policy changes designed to more effectively address rice importation and pricing, positively impacting the standard of living for rural farmers and communities in Nigeria.

[pt] A redução das perdas não técnicas de energia elétrica (PNT) constitui atualmente um dos principais desafios enfrentados pelas concessionárias de distribuição de eletricidade nos países em desenvolvimento. Por depender em parte de fatores não gerenciáveis pelas distribuidoras, as PNT no Brasil são repassadas aos consumidores através de tarifas de eletricidade, seguindo os limites definidos pela Agência Nacional de Energia Elétrica (ANEEL). Apesar do notável progresso realizado pela ANEEL, à metodologia atualmente empregada pela Agência para definição desses limites apresenta uma série de limitações o que impõem ao regulador a adoção de medidas ad hoc que acaba resultando em metas de perdas pouco condizentes com a realidade das distribuidoras. Nas últimas três décadas diversos modelos matemáticos de Análise de Eficiência vêm sendo desenvolvidos com intuito de mensurar a eficiência relativa de grupos de agente. A adoção desses modelos, no entanto, tem se limitado a temas relacionados a custos operacionais e investimento. Essa dissertação tem por objetivo cobrir essa lacuna, propondo um modelo alternativo para a definição das metas regulatórias de PNT a partir de uma família particular de modelos de Análise de Eficiência – os modelos de Análise de Fronteira Estocástica (SFA). O modelo proposto foi aplicado a um painel de dados contendo observações anuais de 62 concessionárias de distribuição de energia elétrica brasileira no período de 2007 a 2017, resultando em um conjunto de metas de PNT mais aderentes às PNT reais das distribuidoras brasileiras. / [en] The reduction of non-technical losses of electrical power (NTL) are currently one of the main challenges faced by electricity utility companies in developing countries. Because it depends in part on factors not manageable by the utilities, in Brazil is passed on to consumers through electricity tariffs, following the limits defined by the National Electric Energy Agency (ANEEL). Despite the notable progress made by ANEEL, the currently used methodology by this Agency to define these limits has a number of limitations, which have impose the adoption of ad hoc measures that end up resulting in loss targets that are inconsistent with the reality of the utilities. In the last three decades, a several mathematical models of Efficiency Analysis have been developing in order to measure the relative efficiency of groups of agents. However, the adoption of these models by Regulator Bodies around the world has been limited to subjects related to operating costs and investment. This dissertation aims to fulfill this gap, proposing an alternative model for the definition of NTL regulatory targets from a particular family of Efficiency Analysis models - the Stochastic Frontier Analysis (SFA) models. The proposed model has been applied to a data panel containing annual observations of 62 distribution concessionaires in the Brazilian electrical system from 2007 to 2017, resulting in a set of NTL targets more adherent to the real PNT of Brazilian electricity utility distributors.

Although the German framework of incentive-based energy regulation appears to be well-defined because it draws from international experience and eliminates several present drawbacks existing with revenue-cap regulation doubts of industry and politicians concerning the application of benchmarking techniques and more importantly, the future industry structure, remain. The regulation scheme is based on experience with energy sector reforms in the US due to it being a precursor in this regard, e.g. by introducing incentive-based regulation as early as 1994 and publishing the relevant data in a very detailed way. This thesis therefore brings together the two issues of certain efficiency measurement problems and the industry restructuring in Germany and the US in order to contribute to the current discussion of robust benchmarking and to provide political implications related to the industry’s structure. Therefore, the application of DEA and SFA constitutes the heart of the whole study. These techniques are applied on German electricity DSOs as well as on data for US electricity DSOs and US gas TSOs. The application to US data can then be used to derive information about business strategies and their success in a sector that is being restructured. The US experience will lead to relevant German policy implications with respect to the future structure of the energy industry in Germany. / Der deutsche Regulierungsansatz erscheint im Allgemeinen als ausgewogen, da er zum einen internationale Erfahrungen mit einbezieht und zum anderen bestehenden Schwächen der Erlös-Obergrenzenregulierung berücksichtigt. Dennoch bestehen Zweifel seitens Industrie- und Politvertretern bezüglich der Anwendung von Benchmarking-Techniken und noch bedeutsamer der zukünftigen Industriestruktur. Der regulatorische Rahmen basiert auf Erfahrungen aus der Regulierung der Energiewirtschaft aus den USA, da diese eine Vorreiterrolle in dieser Hinsicht innehaben, beispielsweise aufgrund der frühen Einführung der Anreizregulierung in 1994 und der sehr detaillierten Veröffentlichung der relevanten Daten. Diese Arbeit verknüpft daher diese zwei Aspekte zum einen der Existenz gewisser Problemfelder bei der Effizienzmessung als auch der Umstrukturierung der deutschen Industriestruktur in der Energiewirtschaft. Damit trägt sie zu der aktuellen Diskussion mit Bezug auf robustes Benchmarking bei und liefert zudem politische Implikationen bezüglich der Industriestruktur. Zu diesem Zweck steht die Anwendung der für die deutsche Regulierung der Energienetze relevanten Benchmarking-Techniken (Data Envelopment Analysis (DEA) und Stochastic Frontier Analysis (SFA)) im Zentrum der gesamten Studie. Die empirischen Analysen beziehen sich dabei auf deutsche Elektrizitätsverteilnetzbetreiber sowie auf Elektrizitätsverteilnetzbetreibern und Ferngasgesellschaften aus den USA. Die Analysen von US Daten können dann genutzt werden, um gehaltvolle Informationen über Unternehmensstrategien und deren Erfolg in einem restrukturierten Sektor zu gewinnen. Diese Erfahrungen münden dann in Schlussfolgerungen und Empfehlungen für die deutsche Regulierung und Industriestruktur der deutschen Energienetzwirtschaft.

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Although the German framework of incentive-based energy regulation appears to be well-defined because it draws from international experience and eliminates several present drawbacks existing with revenue-cap regulation doubts of industry and politicians concerning the application of benchmarking techniques and more importantly, the future industry structure, remain. The regulation scheme is based on experience with energy sector reforms in the US due to it being a precursor in this regard, e.g. by introducing incentive-based regulation as early as 1994 and publishing the relevant data in a very detailed way. This thesis therefore brings together the two issues of certain efficiency measurement problems and the industry restructuring in Germany and the US in order to contribute to the current discussion of robust benchmarking and to provide political implications related to the industry’s structure. Therefore, the application of DEA and SFA constitutes the heart of the whole study. These techniques are applied on German electricity DSOs as well as on data for US electricity DSOs and US gas TSOs. The application to US data can then be used to derive information about business strategies and their success in a sector that is being restructured. The US experience will lead to relevant German policy implications with respect to the future structure of the energy industry in Germany. / Der deutsche Regulierungsansatz erscheint im Allgemeinen als ausgewogen, da er zum einen internationale Erfahrungen mit einbezieht und zum anderen bestehenden Schwächen der Erlös-Obergrenzenregulierung berücksichtigt. Dennoch bestehen Zweifel seitens Industrie- und Politvertretern bezüglich der Anwendung von Benchmarking-Techniken und noch bedeutsamer der zukünftigen Industriestruktur. Der regulatorische Rahmen basiert auf Erfahrungen aus der Regulierung der Energiewirtschaft aus den USA, da diese eine Vorreiterrolle in dieser Hinsicht innehaben, beispielsweise aufgrund der frühen Einführung der Anreizregulierung in 1994 und der sehr detaillierten Veröffentlichung der relevanten Daten. Diese Arbeit verknüpft daher diese zwei Aspekte zum einen der Existenz gewisser Problemfelder bei der Effizienzmessung als auch der Umstrukturierung der deutschen Industriestruktur in der Energiewirtschaft. Damit trägt sie zu der aktuellen Diskussion mit Bezug auf robustes Benchmarking bei und liefert zudem politische Implikationen bezüglich der Industriestruktur. Zu diesem Zweck steht die Anwendung der für die deutsche Regulierung der Energienetze relevanten Benchmarking-Techniken (Data Envelopment Analysis (DEA) und Stochastic Frontier Analysis (SFA)) im Zentrum der gesamten Studie. Die empirischen Analysen beziehen sich dabei auf deutsche Elektrizitätsverteilnetzbetreiber sowie auf Elektrizitätsverteilnetzbetreibern und Ferngasgesellschaften aus den USA. Die Analysen von US Daten können dann genutzt werden, um gehaltvolle Informationen über Unternehmensstrategien und deren Erfolg in einem restrukturierten Sektor zu gewinnen. Diese Erfahrungen münden dann in Schlussfolgerungen und Empfehlungen für die deutsche Regulierung und Industriestruktur der deutschen Energienetzwirtschaft.

The principal aim of this thesis is to examine the validity of the claim that low productivity led to a decline in Thailand’s competitiveness, and hence, to the 1997 economic crisis. For a decade from 1985 to 1995, Thailand was one of the world’s fastest-growing economies with an average real annual GDP growth of 8.4 percent. However, such growth was criticized as being simply the result of large inward investment and rapid accumulation of capital, leading to very little productivity growth, and therefore, being unsustainable in the long run. Worse still, the later surges of capital inflows came in mainly as speculative stashes, instead of as foreign direct investments in production and businesses. Hence, as predicted, the boom finally came to a sudden end in 1997. The economic growth statistics recorded severe contraction, financial market collapsed, the currency was battered, domestic demand slumped, severe excess capacity was experienced, employment deteriorated, personal and corporate income diminished, inflation and the cost of living mounted, and finally, poverty surged. This thesis utilizes a stochastic production frontier approach to verify the claim that low productivity lessened Thailand’s competitiveness. This approach, unlike the standard econometric approach, allows the existence of technical inefficiency in the production process. It also, unlike other non-parametric approaches, recognizes that such inefficiency can sometimes occur as a result of external factors that are out of the firms’ direct control, such as statistical errors and random shocks. The period covered in this thesis is from 1990 to 2002. This is divided into 2 sub-periods, i.e. the pre-crisis period (1990 – 1996) and the post-crisis period (1997 – 2002). The estimation results indicate a structural shift in the Thai manufacturing sector, from being labour intensive in the pre-crisis period to being capital intensive in the post-crisis period. The productivity level also improved post-crisis, as compared to the pre-crisis level, and is shown to follow an increasing trend. The low productive investment level in the pre-crisis period is identified as having led to the decline in the manufacturing sector’s efficiency. The thesis concludes that this low productivity level did indeed lead to the decline in Thailand’s competitiveness, and hence, to the decline of export growth, which was at that time the main source of Thailand’s economic growth; in turn, playing an important role in precipitating the 1997 economic crisis.

本文採用一階段隨機邊界分析法（Battese and Coelli, 1995）衡量2004 年第一季至2008 年第三季台灣上市櫃證券商的技術效率，並將Orea（2002）提出的產出導向一般化Malmquist生產力指數改寫成投入導向模式，用來分析台灣上市櫃證券商的生產力變動情形。實證結果顯示，小型券商之經營效率平均而言比大型券商之經營效率高，而大部分的證券商都呈現規模報酬遞增的技術狀態，可見台灣上市櫃證券商整體而言規模不夠大，必須設法再擴大至適當的規模方可發揮規模經濟效果。另外，較多的股本雖然理論上具備較強的競爭優勢，但可能沒有適當的決策支持，造成資源浪費反而降低經營效率；股價指數愈高，在相同的投入之下有較多的產出表現且較有能力調整規模至規模報酬較佳的狀況，因而提高經營效率。 / This paper adopts one-stage stochastic frontier analysis (Battese and Coelli, 1995) to measure technical efficiency of listed securities firms in Taiwan from the first quarter of 2004 to the third quarter of 2008. In addition, inspired by the Orea (2002) output orientated productivity model, this paper derives an input orientated generalized Malmquist productivity index to analyze the productivity change of the firms. The empirical results reveal that smaller securities firms are more efficient than larger securities firms in average. The majority of securities firms are operating with increasing returns to scale, indicating that the scale of listed securities firms in Taiwan are generally not large enough, so firms need to enlarge their scale in order to get the effect of economies of scale. Although more capital stocks possess stronger competitive advantage theoretically, without proper strategy to support the firms may waste resources and result in operational inefficiency. Operational efficiency is positively correlated with stock index.

本文採取隨機方向距離函數方法，探討制度變革前、後(第一次金融改革)對台灣銀行業技術效率的影響。資料期間涵蓋1999年至2012年。相較傳統Shephard距離函數，隨機方向距離函數方法最大優點係可同時考量增加意欲產出、減少投入與非意欲產出。本文依循Koutsomanoli-Filippaki et al. (2009a) 模型，並納入考慮非意欲產出。本文採取隨機邊界法進行實證估計，以最大概似法估計方向距離函數，依據Battese and Coelli (1995)的模型將環境變數納入實證模型 (主要模型)，並考量未包含環境變數之模型，與主要模型比較。此外，為凸顯非意欲產出之重要性，本文亦估計未考慮非意欲產出之模型以及傳統距離函數，以茲比較。 實證結果顯示，考慮非意欲產出與環境變數的主要模型，其估計結果相較其他模型之無效率明顯高估。2002年以前，技術無效率逐漸攀升。一次金改期間，技術無效率明顯下降，證明制度變革下，銀行效率獲得改善。惟2004年後反轉向上，尤其在雙卡風暴與次貸風暴期間，技術無效率明顯惡化。此外，本文將資料分群進行分析，發現公營銀行或是金控銀行較有效率。 / This paper aims to gain further insights into whether the policy of First Financial Restructuring (FFR) does improve the technical efficiency of banks in Taiwan during the period 1999-2012 by using the directional technology distance function (DDF). Compared to the conventional distance function, DDF simultaneously allows for the expansion of the desirables and the contraction of the undesirables. We follow Koutsomanoli-Filippaki et al. (2009a), and differing from them, we include undesirable outputs in DDF to depict a bank’s true production activities. We find on average that the banks have a lower technical inefficiency with the main model compared to the other models. However, prior to 2002, the technical inefficiency exhibits a gradual upward trend and then posts a downward trend during the FFR period. These results suggest that the improved efficiency in the FFR period is possibly due to enhanced banking and benefits obtained from compliance with FFR. After the FFR period, the inefficiency scores deteriorate sharply, especially during the “credit card and cash card crisis” in 2006 and “the subprime mortgage crisis” in 2008. Public banks are more efficient than private banks. Banks belonging to a financial holding company (FHC) may operate more efficiently than those belonging to a non-FHC.