Made available in DSpace on 2016-04-25T18:40:29Z (GMT). No. of bitstreams: 1 Sergio Volk.pdf: 970743 bytes, checksum: f73e68af6022abaac3548d2636c84a4b (MD5) Previous issue date: 2008-03-04 / The study of the decisions related to the structure of capital in the Brazilian market always motivates. Especially in Brazil where, the difficulties of raising long-term feature of financial market often leads companies to the debt shorter deadlines. Several studies and empirical evidence have shown that the decisions of the capital structure can affect the value of companies on the market, and evaluate the issue considering the imperfections in the market, such as taxes, cost of bankruptcy, cost of agency and asymmetry of information. Studied the forms and the cost of raising resources for the short and long term and the decision making that defines the capture of resources through case study of ceramic company in the industry of Santa Catarina. We note that the three theories that seek to explain the Temporal Structure of Interest Rates to which most closely approximates the Brazilian reality is the theory of segmentation of the market. That means policyholders and donors of funds are concentrated in certain segments of the yield curve and that the rates in different maturities are determined by conditions of supply and demand of the various market segments. The lack of savings of more mature in Brazil in sufficient volume to meet the investment needs of the economy leads to funding with resources official whose major donor is the National Bank of Economic and Social Development (BNDES), which practices interest rate lower than the private market. Since the cost of equity capital from third less than the cost of equity, the debt contributes to the reduction of the Weighted Average Cost of Capital, especially in the use of debt to long-term, as the interest in this company for the long term are less than the short-term. In the case study found an unusual shape to decrease the cost of capital of the company, which is the tax debt which further reduces the cost of capital / O estudo das decisões relacionadas à estrutura de capital no mercado brasileiro sempre motiva. Principalmente no Brasil onde, as dificuldades de captação de recurso de longo prazo no mercado financeiro muitas vezes levam as empresas ao endividamento a prazos mais curtos. Vários estudos e evidências empíricas têm demonstrado que as decisões de estrutura de capital podem afetar o valor das companhias no mercado, e avaliam a questão considerando as imperfeições no mercado, como impostos, custo de falência, custos de agência e assimetria de informações.Estudamos as formas e o custo de captação de recursos de curto e longo prazo e o processo decisório que define a captação dos recursos através de estudo de caso de empresa do ramo cerâmico de Santa Catarina.Constatamos que das três teorias que buscam explicar a Estrutura Temporal das Taxas de Juros a que mais se aproxima da realidade brasileira é a teoria da segmentação de mercado. Isso significa que tomadores e doadores de fundos se concentram em determinados segmentos da curva de rendimento e que as taxas em diferentes maturidades são determinadas pelas condições de oferta e demanda dos vários segmentos de mercado. A falta de poupanças de maior maturidade no Brasil em volume suficiente para atender às necessidades de investimentos da economia leva ao financiamento com recursos oficiais cujo grande financiador é o Banco Nacional de Desenvolvimento Econômico e Social (BNDES), que pratica taxa de juro inferior às do mercado privado. Sendo o custo de capital próprio de terceiros menor que o custo de capital próprio, o endividamento contribui com a redução do Custo Médio Ponderado de Capital, especialmente na utilização de endividamento de longo prazo, já que nesta empresa os juros de longo prazo são menores que as de curto prazo.No estudo de caso constatamos uma forma pouco usual de diminuição do custo de capital da empresa, que é o endividamento tributário que reduz mais ainda o custo de capital

Notre thèse compte trois articles. Premièrement, nous analysons de manière systématique les articles publiés dans les journaux à comité de lecture en finance qui font référence à la culture. Il s’agit de faire émerger les définitions en usage, à partir d’une analyse du terrain académique. Nos résultats sont les suivants : l’usage est généralement lié à l’énigme pays, il concerne un champs d’investigation large, il est marqué par une forte polarisation disciplinaire, et aucun cadre théorique accepté n’est identifiable. En conséquence nous nous attachons à l’étude d’un sujet où l’énigme pays prévaut : l’analyse des structures de capitaux. Notre échantillonnage - les sociétés européennes cotées sur 20 ans - procède directement de nos conclusions : nous nous efforçons de circonscrire les effets du développement économique, et de la variété qualitative dans les institutions légales, politiques, socio-économiques. Deuxièmement, nous analysons les interactions entre la politique financière des entreprises et les cycles d’affaire anticipés. Nous mettons en évidence deux mécanismes opposés, l’un pro-cyclique et l’autre contra-cyclique, caractérisant respectivement les sociétés à actionnariat dispersé et concentré. Notre argumentation se fonde sur les corollaires de la dispersion de l’actionnariat : elle entraine un équilibre d’agence particulier, une variation dans les coûts d’opportunité de l’agence et de la latitude managériale, un rôle disciplinaire spécifique pour l’endettement, un rapport de signaux altéré.Troisièmement, nous démontrons que ce mécanisme principalement financier, - de polarisation de la politique financière en fonction des cycles d’affaires anticipés - est associé à un contexte institutionnel et à des comportements financiers différents. En particulier nous démontrons que la même polarisation empirique, observée pour la cyclicité du levier d’endettement des entreprises, est observée en relation aux politiques de dividende, au « market timing », concerne l’ancrage institutionnelle des sociétés, leur profil de transparence, certaines de leurs caractéristiques structurelles, l’environnement contractuel, ainsi que des variables culturelles. / This thesis is composed of three essays. The first is composed of a screening process that has been performed on peer-reviewed journals in finance, to investigate the recent rise in interest for cultural approaches. The aim has been to let definitions emerge in order to build a field-based analysis about culture in finance. The results include the following: the use of culture is mainly connected to the country puzzle; it concerns a very large range of topics; there is a marked polarization in approaches; and, finally, no consensual framework emerges from the screening process. As a result, the focus has been on a subject where the country puzzle is looming large: i.e. capital structures. A sample has been taken, consistent with the first essay findings and recommendations. The variability of the sample is limited in terms of: economic development, and judicial, political, institutional quality, and has focused upon European listed firms over a 20-year period.In the second essay, the interactions between firms’ financial policies and expected business cycles have been investigated. Two conflicting mechanisms have been evidenced, finding: firms with dispersed ownership lead pro-cyclical policies, while firms with concentrated ownership lead contra-cyclical policies. The theoretical considerations unfold from the idea that ownership dispersion implies a different mix in agency relations, and entails specificities in agency costs and the benefits of managerial discretion, while it fosters differing needs for such things as, disciplining through debt and signaling. The third essay shows that, both, the pro- and contra-cyclical mechanisms are mediated by structural, cultural and institutional factors. Specifically, it is demonstrated that the pro-cyclical effects are observed in contexts similar akin the “U.S Role Model”; furthermore, the effects encompass varying dimensions of capital structures, such as, cyclicality of leverage, market timing or still dividend policies, and they extend to varying contextual dimensions, including ownership dispersion, institutional anchoring, transparency, risk, structural variables for firms, the contracting environment, and measures of national cultures.

La crise financière de 2008 a mis en exergue l'instabilité financière des banques en identifiant le caractère procyclique du levier bancaire, la sous-capitalisation des banques, et la nécessité de définir une nouvelle régulation bancaire. La dimension internationale des activités bancaires et l'identification des banques globales complètent ce constat. Les banques européennes, par leurs expositions aux marchés financiers américains, sont diversifiées internationalement: une part de leurs actifs et de leurs dettes est libellée en dollar américain. Le taux de change flottant entre le dollar et l'euro introduit un effet de valorisation et un risque de change qui impactent la stabilité bancaire. Cette thèse étudie l'impact de la diversification internationale des bilans bancaires sur la procyclicité du levier, sur la structure du capital, et sur la volatilité de capital. Quatre chapitres combinent des travaux théoriques et empiriques. Le premier chapitre analyse l'impact théorique de la diversification sur la procyclicité du levier. Le chapitre 2 utilise des données bancaires françaises entre 1999 et 2015 et montre un impact positif. Dans le chapitre 3, les mêmes données sont utilisées afin d'estimer l'impact de la diversification sur la structure du capital. L'introduction de cette dimension est déterminante dans le cadre de cette analyse. Enfin, le chapitre 4 élargit la problématique en reliant l'intégration internationale, la diversification et la volatilité du capital. Nous identifions les différentes sources de risque et nous montrons que la banque peut bénéficier d'un régime de change flottant et d'une diversification internationale. / The 2008 financial crisis has rekindled discussions on the financial stability of banks by identifying the procyclical behavior of banking leverage, the lack of capital in banks' balance sheet and the necessity of introducing a new regulatory framework. It has also highlighted the international dimension of banking activities and the identification of global banks. The significant exposure to the US financial markets leads to an international diversification of European global banks where part of their assets and liabilities are denominated in US dollar. The floating exchange rate regime between the US dollar and the euro then implies a foreign exchange risk and a valuation effect that would affect banking stability. The purpose of thesis is to study the impact of international diversification of bank’s balance sheet on leverage procyclicality, capital structure and equity volatility. I develop four chapters combining theoretical and empirical research. The first chapter analyses the theoretical impact of currency diversification on leverage procyclicality. Chapter 2 uses innovative data on banks located in France from 1999 to 2015 and shows that the relationship is positive. In the third chapter, we use our data to estimate the impact of international diversification on capital structure and we show that introducing this new dimension is determinant to the capital structure. Finally, chapter 4 enlarges the analysis to international integration, diversification and equity volatility. I identify all risk channels a bank supports and show that banks can benefit from both floating foreign exchange regime and international diversification.

Les imperfections des marchés financiers et l'incomplétude des contrats financiers compliquent la conclusion d'ententes entre les firmes et les parties prenantes. Plusieurs solutions sont proposées pour réduire ces problèmes et faciliter la conclusion des contrats financiers. Les contrats étant enveloppés par un cadre institutionnel, ils en sont imprégnés et affectés. Les institutions sont donc une des solutions aux imperfections des marchés et à l'incomplétude des contrats. Les résultats de notre étude le prouvent clairement. Cette étude montre que le niveau de développement et la structure du système financier (en particulier la part relative des financements bancaires et de marché), les conditions de régulation du système bancaire (les formes et l’étendue de la supervision) et certaines caractéristiques des systèmes juridiques (la protection des créditeurs), ont un effet significatif sur les contraintes d'investissement. Il apparaît que la bonne qualité des institutions facilite l'accès aux financements et qu'elle renforce les garanties exigées pour l'octroi de la dette. De fait, la piètre qualité des institutions d’un pays constitue une entrave à l'accès au financement par le secteur privé. / The imperfections of financial markets and the incompleteness of financial contracts cause commitments between firms and stakeholders to become more complex. Several solutions are suggested in order to reduce such problems and to facilitate the conclusion of financial contracts. Contracts evolve within an institutional structure, an environment by which they are conditioned. Institutions are one of many solutions to market imperfections and to contract incompleteness. Results bring out relevant effects of the financial system’s development and structure (particularly the amount of banking over market financing), banking regulation (the supervisory methods and their extent) and some characteristics of the legal systems (such as creditor protection) on investment constraints. It appears that sound and healthy institutions facilitate access to funding and strengthen the collateral required to secure bank financing. Consequently, poor quality of a country’s institutions hinders access to financing by the private sector.