We examine the phenomenon of firms that distribute dividends in excess of reported earnings, that is, 'unsustainable dividend-payers' in the Swedish market. Our hypothesis is that these firms will experience lower abnormal returns compared to their counterparts in both short and long term. With a dataset of 2061 observations from Nasdaq Stockholm and Nordic Growth Market during the period 1999-2017, we find that the abnormal returns are higher for unsustainable dividend-payers in the short term, while in the long run the result is on the opposite. Moreover, we find that the larger the difference between dividends paid and reported earnings, the higher the short-run abnormal returns but the lower the long-run abnormal returns to shareholders. Our results are robust to controlling for influences of other events on announcement dates and alternative measurement for model parameter, though not unambiguous. This study contributes to broadening the area of unsustainable dividends, which is perceived as a hot topic. It may be of interest to both individuals and institutions, who often have a longer-term perspective on their investments.

In the postmodern society we live in whereby citizens create their unique identities and sense of belonging not by whom they associate with but rather with what they consume (Arrow & Dasgupta, 2009; Berner & Van Tonder, 2003; Kacen, 2000). Addressing the fast-paced lifestyles postmodern consumers are leading and the impact thereof on the natural environment is in many political, economic, academic and social circles high on the agenda (Benton & Ferry, 2010). Studies relating more specifically, to the true impact of consumer behaviour on the environment and the ultimate sustainability thereof for future generations is becoming of great importance. In order to assure future generations the same quality of life and access to natural resources it becomes paramount that investigation sets forth the behaviour of consumers today. This study investigated postmodern consumers’ consciousness of climate change and subsequent food procurement practices. The research identified certain sustainable consumption practices and uncovered very clear deficits with regards to consumers’ knowledge of climate change. Overall results revealed that most consumers either portray or aspire towards lifestyles that reflect luxury and convenience. It was found those who were willing to live more sustainably struggled to do so due to societal pressures, poor support and a knowledge deficit in terms of mitigating skills. This research further discovered that the current lifestyles postmodern consumers’ aspire to encourage very definite changes in terms of gender roles (i.e. more women competing on par with men), which have detrimental effects on their ability to lessen unsustainable behaviour. Recent literature states that women should be viewed as positive agents of change due to their prominent role in socialising their household members (Buckley, Cowan, McCarthy, & O'Sullivan, 2005) and therefore a portion of the research focused on the specific contribution or lack thereof females have toward sustainable consumption practices within a postmodern society. However, this research identified that with a proper knowledge of sustainable consumption practises and mitigating skills the postmodern consumer is able to have a profound impact on curbing the detrimental effects of unsustainable practices and therefore rightfully deserves more attention. / Dissertation (MA)--University of Pretoria, 2014. / lk2014 / Consumer Science / MA / unrestricted

The  Austrian  Business  Cycle  Theory  (ABC)  provides  a  qualitative  explanation  of  why economies go through ups and downs in terms of national income, production output and labor employment. The theory states that interest and money supply policy distort the time preferences of economic agents. If the monetary authority reduces the interest rate through artificial credit expansion the new economic conditions induce both increased production and consumption. The  framework of  the Austrian  theory depends on  savings  to  fuel  investments, i.e. reduced consumption in order to create increased future consumption. Artificially  induced  expansions  create  a wedge between  these producer  and  consumer preferences, and prolonging of the process widens the gap between the economic state and the free market  equilibrium which  is  long-term  sustainable. When  the  financial  system  eventually is unable to maintain inflation of credit to uphold the economy, there will be abandonment of capital investments, resulting in an unavoidable recession. The purpose of this thesis is to analyze the theory from a short run perspective, using data from  the United Kingdom  economy. The  theory has previously primarily been  tested  in long run perspectives and mainly on the American economy. To achieve the noted a model was constructed based on the description of the theory by economists Hayek and Garrison, members of the Austrian school of economics. To empirically model the ABC theory the ratio between consumption and investment, the intertemporal  resource allocation, was  calculated and used as a dependent variable  in  regressions with money aggregates, credit and interest rate gap as independent variables. The empirical findings give some support to the theory, with a number of those findings directly in favor of the theory. Credit was shown to better explain changes in the C/I ratio than money aggregates, indicating that credit is more directly suited for investments. The coefficient for the interest rate gap, the difference between the natural interest rate and the market interest rate, showed strong significance. Overall differences between economic expansions and recessions were found statistically significant, which lends support to the model.

<p>The  Austrian  Business  Cycle  Theory  (ABC)  provides  a  qualitative  explanation  of  why economies go through ups and downs in terms of national income, production output and labor employment. The theory states that interest and money supply policy distort the time preferences of economic agents. If the monetary authority reduces the interest rate through artificial credit expansion the new economic conditions induce both increased production and consumption. The  framework of  the Austrian  theory depends on  savings  to  fuel  investments, i.e. reduced consumption in order to create increased future consumption. Artificially  induced  expansions  create  a wedge between  these producer  and  consumer preferences, and prolonging of the process widens the gap between the economic state and the free market  equilibrium which  is  long-term  sustainable. When  the  financial  system  eventually is unable to maintain inflation of credit to uphold the economy, there will be abandonment of capital investments, resulting in an unavoidable recession. The purpose of this thesis is to analyze the theory from a short run perspective, using data from  the United Kingdom  economy. The  theory has previously primarily been  tested  in long run perspectives and mainly on the American economy. To achieve the noted a model was constructed based on the description of the theory by economists Hayek and Garrison, members of the Austrian school of economics. To empirically model the ABC theory the ratio between consumption and investment, the intertemporal  resource allocation, was  calculated and used as a dependent variable  in  regressions with money aggregates, credit and interest rate gap as independent variables. The empirical findings give some support to the theory, with a number of those findings directly in favor of the theory. Credit was shown to better explain changes in the C/I ratio than money aggregates, indicating that credit is more directly suited for investments. The coefficient for the interest rate gap, the difference between the natural interest rate and the market interest rate, showed strong significance. Overall differences between economic expansions and recessions were found statistically significant, which lends support to the model.</p>

Background:  The comfort of buying online satisfies consumers more than the traditional way of shopping in stores. Buying fashion online is highly influenced by consumers' fashion consciousness and their personal values which enhances the willingness and dependence to buy new products. Emotional needs come from moral emotions and can be felt frequently by consumers in the thought of purchasing, and can interfere with the sustainability aspects.    Purpose: The purpose of this study to understand how moral emotions can shape the consumers decision making in regards to consumption of fashion. Since sustainability awareness is increasing, the study further aims to investigate whether or not this aspect will further have an effect. Methods:  The research is a qualitative study, which is made by semi-structured interviews of different consumers with different buying behaviour. It is analysed with a deductive and inductive approach to thematically analyse and enable an interpretative method to find differences, themes and new experiences.  Conclusion: There is evidence on moral emotions affecting the decision-making of fashion purchases. It does not necessarily shape a sustainable consumer behaviour but rather find obstacles for the consumers to act according to their own ethical obligations.

Department of Botany / MSc(Botany)

As the world moves towards a more sustainable future and consumers begin to research more sustainable ways to consume, many turn to second hand for purchasing apparel due to its supposed minimal effect on the environment. The second hand market is rapidly growing but research surrounding the implications of its growth is scarce. This study aims to research consumer habits in the second hand fashion market in Sweden. More specifically, if the Swedish second hand consumption reflects the fast fashion way of consuming, meaning purchasing vast amounts of apparel for minimal use. The study utilizes a mixed method of collecting data, both a qualitative and a quantitative method. A survey and interviews were conducted, mapping the consumption habits of second hand apparel of Swedish people in their early twenties. The results show that second hand consumption has some similarities to the fast fashion way of consuming but there are still several differences. There were signs that the second hand market is moving towards excessive consumption practices which the fast fashion industry has been criticized for in the past. The key similarities between second hand fashion consumption and fast fashion consumption observed in the participants were impulse buying, minimal usage of products, seeking trendy items and gaining hedonic pleasure.

The fast fashion industry’s rapid growth has transformed consumer behavior, driven by frequent trend changes and low prices. However, this has resulted in negative environmental and societal impacts, intensified by unsustainable consumption patterns. In response, this study examines the influence of social media influencer content on unsustainable consumption behaviors among Swedish Gen Z consumers, with a particular focus on fashion items. The purpose of this study is to analyze the relationship between social media influencers, their content, and consumers’ consumption behaviors, addressing the research question: “How does social media influencer content shape unsustainable consumption behaviors for fashion items in Swedish Gen Z?” Using qualitative methods, including focus group discussions with a convenient sample, a systematic thematic analysis was conducted to gather comprehensive insights on the topic.  Findings indicate that influencers hold significant power in shaping trends and showcasing fashion alternatives, with genuine and authentic content perceived as more compelling. Consumers often compare themselves to influencers and peers on social media, leading to increased consumption driven by the desire for new and trendy items. Limited concerns for environmental and social sustainability are observed, with factors such as availability and price prioritized over sustainability considerations. Additionally, the fear of missing out on exclusive offers and discounts contributes to impulse buying behaviors, reducing decision-making time and detracting from considerations of need and sustainability. In conclusion, the study highlights the profound impact of social media influencer content on consumption behaviors among Swedish Gen Z consumers in the fashion industry.

The study of economic crises has been a major topic of interest in economics since at least the Great Depression and it has come to the fore once again after the latest crisis of late 2000s. It has also been one of the key themes for the Austrian school of economics in the form of the Austrian Business Cycle Theory (ABCT), which puts emphasis on monetary factors influencing capital structure of the economy. In this thesis we provide a comprehensive exposition of the distinctive points of Austrian approach to the study of markets, the ABCT's propositions and conclusions and also the most important criticism of the theory and replies to it. The theoretical part is accompanied by an empirical illustration on the economy of the United States of America in the period starting at the end of the latest crisis. Powered by TCPDF (www.tcpdf.org)

Made available in DSpace on 2016-08-10T10:49:46Z (GMT). No. of bitstreams: 1 Pedro Ramos Lima.pdf: 5624359 bytes, checksum: 2e0bb0a3f44b3bf33e0a2a9e5aefca19 (MD5) Previous issue date: 2011-09-30 / From the Green Revolution took place in the world, and especially since the year 1970 in Brazil, with the use of machinery and chemicals, agricultural changes occurred globally and nationally. New áreas were occupied in Brazil, opening new frontiers for agriculture, which began to develop new crops. This work aims to show the changes occurring in the Cerrado of Goiás from state interference in agriculture, with programs, investments, research and technology allowed the creation of big business to serve the southern and external markets. The focus is to show that economic growth occurred as a result of economic development. Research shows that this is an unsustainable model of agriculture in social and environmental issue, with the contradiction between the rate of economic growth and social development. It was a conservative modernization, further concentrating land and income in the region. It occurred to urbanization of the rural exodus to cities, where the population excluded from the field moved to the cities, increasing poverty and misery in the urban centers. As a result, there was the occurrence of economic growth, increasing GDP and Trade Balance of the State of Goiás, with no economic development. That is, the agricultural model implemented has brought social and environmental burden. To address these social burdens were studied 10 municipalities with the highest agricultural VA, 2008, based on Census 2000 and 2010, where he observed the occurrence of the rural exodus at all, and no increase of poverty, since income average of these municipalities was increasing, and urban incomes than rural, with some exceptions. The age of the rural population above 50 years increased, with the young going to the cities. In all municipalities informal employment is higher than 40%, exceeding 50% in some. And the environmental burden is seen as the destruction of the headwaters of rivers, soil solidification, the indiscriminate use of water, among others. It is a historical approach with the use of material already published separately, which will be collected so that you can get a more comprehensive view of this context. / A partir da Revolução Verde ocorrida no mundo, e especialmente a partir dos anos 1970 no Brasil, com a utilização de máquinas e produtos químicos, ocorreu mudanças na agricultura mundial e nacional. Novas áreas foram ocupadas no Brasil, abrindo novas fronteiras para a agricultura, que passou a conceber novas culturas. Este trabalho visa mostrar as transformações ocorridas no Cerrado goiano a partir da interferência do Estado na agricultura, que com programas, investimentos, pesquisas e tecnologia que permitiu a criação do grande negócio para atender ao mercado sulino e externo. O foco é mostrar que em conseqüência ocorreu crescimento econômico sem desenvolvimento econômico. A pesquisa demonstra que se trata de um modelo agrícola insustentável na questão socioambiental, com contradição entre os índices de crescimento econômico e os de desenvolvimento social. Tratou-se de uma modernização conservadora, concentrando ainda mais as terras e a renda da região. Ocorreu a urbanização das cidades com o êxodo rural, onde a população excluída do campo mudou-se para as grandes cidades, aumentando a pobreza e miséria nos centros urbanos. Como consequência, houve a ocorrência de crescimento econômico, com aumento do PIB e da Balança Comercial do Estado de Goiás, sem que houvesse desenvolvimento econômico. Ou seja, o modelo agrícola implantado trouxe consigo um ônus social e ambiental. Para responder a esses ônus sociais foram estudados os 10 municípios com maiores VA agropecuários de 2008, com base nos Censos de 2000 e 2010, onde se pôde observar a ocorrência do êxodo rural em todos, e que não houve aumento da pobreza, pois a renda média desses municípios foi crescente, sendo a renda urbana superior a rural, com algumas exceções. A idade da população rural acima de 50 anos foi crescente, com o jovem indo para os centros urbanos. Na totalidade dos municípios o emprego informal é superior a 40%, sendo superior a 50% em alguns deles. E, os ônus ambientais observados é quanto à destruição das nascentes dos rios, a solidificação dos solos, a utilização indiscriminada das águas, entre outros. Trata-se de uma abordagem histórica com utilização de materiais já publicados isoladamente, que serão reunidos de forma que possa obter uma visão com maior abrangência desse contexto.