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Mateus, Inês Pêgo. "Minimum capital policy and start-ups’ capital structure." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17535.
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Mestrado em Finanças<br>O presente estudo analisa como o conhecimento da lei do capital mínimo afeta a estrutura de capitais das start-ups, explorando quais as razões que levam os fundadores a estabelecer o montante de capital inicial e como a estrutura de capitais se altera nos primeiros anos da empresa.
O foco deste estudo são as empresas criadas e ativas em Portugal desde 2011 nos setores de atividade elegíveis para a lei do capital mínimo.
Neste estudo foram exploradas as razões que levam as start-ups a estabelecer o capital inicial. Não foi encontrada significância estatística do impacto do conhecimento da reforma do capital mínimo no montante de capital inicial. Pode também ser evidenciado que a reforma influencia o montante de dívida das start-ups e a possível realização de aumentos de capital.<br>The present study analyzes how the knowledge of the minimum capital policy affects start-ups' initial capital structure, exploiting how start-ups established initial capital and how their capital structure changed in the first years. The target of this study are firms founded since 2011 and currently active in Portugal in sectors of activity eligible for the minimum capital policy.
It was exploited the main reasons how start-ups establish initial capital. In addition, it was found no statistically significant impact of the knowledge of the minimum capital reform on start-ups initial capital and that the reform influences start-ups' amount of debt and capital increases.<br>info:eu-repo/semantics/publishedVersion
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Sorokina, Nonna Y. "BANK CAPITAL AND THEORY OF CAPITAL STRUCTURE." Kent State University / OhioLINK, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=kent1402795531.
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Zedek, Nadia. "Complex ownership structures, banks' capital structure and performance." Thesis, Limoges, 2014. http://www.theses.fr/2014LIMO0005/document.
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Cette thèse examine l’impact de la structure actionnariale sur la structure du capital et la performance des banques commerciales européennes sur la période 2002-2010. Elle est composée de trois essais empiriques. Le premier chapitre teste l'effet de la divergence entre les droits de contrôle et les droits pécuniaires d'un actionnaire ultime sur l’ajustement du ratio du capital à son niveau optimal et sur l’offre de crédit par les banques. Les résultats montrent qu’en présence de divergence entre les droits de contrôle et les droits pécuniaires, les banques n’émettent pas du capital pour augmenter leur ratio et, au contraire, elles réduisent leur taille en ralentissant leur offre de prêts. Le chapitre 2 teste l’effet de cette divergence sur la rentabilité et le risque bancaires en temps normal et en temps de crise. Les résultats montrent que bien qu'une divergence entre les droits de contrôle et les droits pécuniaires soit associée en temps normal à une rentabilité plus faible et un risque plus élevé elle a, à contrario, amélioré la rentabilité et contribué à la résilience des banques pendant la crise financière de 2007-2008. Le troisième chapitre teste si le réseau des actionnaires auquel la banque est liée au sein d’une chaîne de contrôle affecte la relation entre la diversification et la performance. Les résultats montrent que la présence des investisseurs institutionnels dans les chaînes de contrôle aide les banques à tirer des bénéfices lorsqu’elles diversifient leurs activités<br>This dissertation examines the role of ownership structure in explaining capital structure and performance of European commercial banks from 2002 to 2010. It comprises three empirical essays. The first chapter explores the effect of greater control rights than cash-flow rights of an ultimate owner on the bank’s capital ratio adjustment and its lending decisions. The results show that whenever control rights exceed cash-flow rights, banks do not issue equity to increase their capital ratio and, instead, downsize by mainly slowing their lending. Chapter 2 provides evidence on how the divergence between control and cash-flow rights affects bank profitability and risk during normal times and distress times. The findings emphasize that during normal times the divergence between control and cash-flow rights is associated with lower profitability and higher risk. Conversely, during the acute financial crisis period (2007-2008), such a divergence improves profitability and banks’ resilience to shocks. The third chapter takes into account differences in the strength of ownership network to which banks belong when assessing the effect of greater activity diversification on bank performance. The results show that diseconomies of diversification vanish the stronger is the ownership network surrounding the bank in the control chain. Such mitigating roles are attributable to the presence of domestic and foreign institutional owners in the pyramid
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Lahiani, Mohamed. "The capital structure puzzle: On the existence of an optimal capital structure." CSUSB ScholarWorks, 2003. https://scholarworks.lib.csusb.edu/etd-project/2350.
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Corporate finance researchers have long been puzzled by low corporate debt ratios given debt's corporate tax advantage. What makes the capital structure debate especially intriguing is that the different theories represent such different, and in some ways almost diametrically opposed, decision-making processes.
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Nivorozhkin, Eugeniy. "Essays on capital structure." Göteborg, Sweden : Dept. of Economics, Göteborg University, 2001. http://catalog.hathitrust.org/api/volumes/oclc/49281266.html.
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Khoo, Joye. "Essays on capital structure." Thesis, Curtin University, 2013. http://hdl.handle.net/20.500.11937/1248.
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I undertake an empirical investigation of leverage adjustment behaviour by examining Australian firms whose structure is disrupted through merger and acquisition activity. The analysis confirms that firms find themselves further from their targets adjust more quickly. Using US data, I analyse if a firm’s leverage level is itself a determinant of both its speed of adjustment. I find that the level of a firm’s leverage affects the speed of its adjustment towards its target leverage.
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Schauten, Maximilien Bernard Joseph. "Valuation capital structure decisions and the cost of capital /." Rotterdam, 2008. http://hdl.handle.net/1765/13480.
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Birkeland, Mariell Kversøy, Ane Eidem Eriksen, and Ellen Ueland. "Executive Incentives and Capital Structure." Thesis, Norges teknisk-naturvitenskapelige universitet, Institutt for industriell økonomi og teknologiledelse, 2011. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-15038.
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Through a dynamic panel data analysis of a sample of Nordic firms we investigate how executives’ stock and option incentives influence the choice of capital structure. In addition, we look at how equity ownership by a large external shareholder influences the incentives’ effect on capital structure. Our results show that options have a negative effect on debt level, while stock holdings’ influence is more diffuse. We also see that only options have both a statistical and economical significant impact on leverage, and therefore operate as a stronger incentive than stocks. No significant dependency is found between the size of the largest external shareholder and the incentives’ effect on capital structure. Still, we see a weak trend indicating that the effect of equity based incentives is stronger when firms’ largest shareholders are institutional.
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Chan, Yan-cheong Archie, and 陳忍昌. "Capital structure of selected industries." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1989. http://hub.hku.hk/bib/B31264268.
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Wang, Senyu. "Essays in bank capital structure." Thesis, University of Glasgow, 2019. http://theses.gla.ac.uk/40939/.
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This thesis provides an in-depth discussion on banks' capital structure which has drawn very little attention from the literature. It consists of three major empirical essays. The first essay (Chapter III) reviews the major conclusions drawn from the traditional corporate finance literature that has at length examined the capital structures of non-financial firms, while compares their findings with the limited work on the leverage decisions of banking firms. It aims to provide an insight into the factors that actually govern banks' capital choices, cast doubt on whether capital requirements are binding and primarily decide the bank leverage, and introduce the core assumption of this thesis - information asymmetry as an important determinant of capital structure decisions. The second essay (Chapter IV) empirically investigates the effects of information asymmetry on capital structure adjustments of US bank holding companies (BHCs) during 1986 to 2015. By identifying BHCs with bankrupt subsidiaries and arguing that their managers possess better knowledge than market investors concerning the failure of their subsidiaries, this chapter disentangles the real effect of private information on the capital structures of holding banks. The results show that subsidiary failure significantly affects financial policies of the parent companies. Specifically, BHCs increase leverage as early as one year prior to the failure of their subsidiaries, and substantially lower leverage after subsidiary failure. Further tests document that the parent BHCs increase not only debt borrowing but also liquidity assets, and curtail lending in advance to avoid further liquidity and financial constraint problems after their subsidiary failure. Examinations on the dynamic patterns of these BHCs' performance around the subsidiary failure time confirm a smoother performance transition. The third essay (Chapter V) adds to the evidence in Chapter IV and discusses the information asymmetry effect by identifying a different treatment group - BHCs with subsidiaries engaging in M&A activities. The findings lend further support to the core assumption in this thesis. The chapter also finds the indication that financial constraints of BHCs are on average mitigated following their subsidiaries receiving capital infusion following the M&A deals. Overall, this thesis has important implications for the public to understand various incentives that banks may have in making their capital structure decisions.
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Lawson, Daniel. "Two essays on capital structure." Tallahassee, Florida : Florida State University, 2009. http://etd.lib.fsu.edu/theses/available/etd-06242009-150345.
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Thesis (Ph. D.)--Florida State University, 2009.<br>Advisor: James S. Ang, Florida State University, College of Business, Dept. of Finance. Title and description from dissertation home page (viewed on Oct. 20, 2009). Document formatted into pages; contains vi, 73 pages. Includes bibliographical references.
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Choi, Youngrok. "Taxes and corporate capital structure /." free to MU campus, to others for purchase, 2003. http://wwwlib.umi.com/cr/mo/fullcit?p3115535.
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Kisgen, Darren J. "Credit ratings and capital structure /." Thesis, Connect to this title online; UW restricted, 2004. http://hdl.handle.net/1773/8825.
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Sun, Zhiyue. "Investigations into Corporate Capital Structure." Thesis, Curtin University, 2020. http://hdl.handle.net/20.500.11937/81775.
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This thesis investigates corporate leverage through the perspectives of measuring stability of leverage, followed by assessing stability of interest expense and the valuation implications of leverage management, and lastly the relationship between leverage management and firm default risk.
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Hebert, Camille. "Essais sur la Structure du Capital et le Capital Humain." Thesis, Paris Sciences et Lettres (ComUE), 2019. http://www.theses.fr/2019PSLED073.
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Cette thèse comprend trois chapitres et étudie la structure organisationnelle de l'entreprise à un stade différent de son cycle de vie : démarrage, croissance, grande entreprise. Le premier chapitre examine les raisons sous-jacentes aux différences de financement entre hommes et femmes entrepreneurs dans le contexte de l'industrie du capital risque. Ce chapitre met en lumière les effets des stéréotypes de genre qui entravent la croissance des jeunes entreprises fondées par des entrepreneurs issus des minorités de genre. Dans ce contexte, le capital humain des entrepreneurs atténue dans une certaine mesure les stéréotypes des investisseurs. Le deuxième chapitre décrit les conditions dans lesquelles les entreprises choisissent de croitre en achetant une entreprise existante plutôt que de se développer en prenant appui sur les ressources en termes de capital humain. Le troisième chapitre porte sur les grands groupes d'entreprises. Ce chapitre montre que les investisseurs ne sont pas toujours conscients des limites de la structure de l'entreprise et omettent de l’information prédictive révélée à un autre niveau du groupe<br>This thesis consists of three chapters and studies the firm's organizational structure at a different stage of its life cycle: early-stage, growth, business group. The first chapter investigates the underlying reasons for the gender funding gap in the venture capital industry. It highlights a significant role for investors' stereotypes that ultimately impedes minority-founded startups' growth. Entrepreneurs’ human capital mitigates to some extends investors’ stereotypes. The second chapter identifies conditions under which firms choose to grow by buying an incumbent company as opposed to building on their pre-existing human capital resources. The third chapter focuses on large business groups. It provides evidence that investors are not always aware of the boundaries of the firm and miss predictive information released at another level of the group
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Fosu, Samuel. "Capital structure, product and banking market structure and performance." Thesis, University of Leicester, 2014. http://hdl.handle.net/2381/28601.
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This thesis consists of three distinct essays on finance, market structure and performance. Paying particular attention to the degree of industry competition, the first essay investigates the relationship between capital structure and firm performance using panel data consisting of 257 South African firms over the period 1998 to 2009. The essay applies a novel measure of competition, the Boone indicator, to the leverage-performance relationship. The results suggest that financial leverage has a positive and significant effect on firm performance. It is also found that product market competition enhances the performance effect of leverage. The results are robust to alternative measures of competition and leverage. The second essay examines the extent of banking competition in African subregional markets. A dynamic version of the Panzar-Rosse model is adopted beside the static model to assess the overall extent of banking competition in each subregional banking market over the period 2002 to 2009. Consistent with other emerging economies, the results suggest that African banks generally demonstrate monopolistic competitive behaviour. Although the evidence suggests that the static Panzar-Rosse H-statistic is downward biased compared to the dynamic version, the competitive nature identified remains robust to alternative estimators. Paying particular attention to the degree of banking market concentration in developing countries, the third essay examines the effect of credit information sharing on bank lending. Using bank-level data from African countries over the period 2004 to 2009 and a dynamic two-step system generalised method of moments (GMM) estimation, it is found that credit information sharing increases bank lending. The degree of banking market concentration moderates the effect of credit information sharing on bank lending. The results are robust to controlling for possible interactions between credit information sharing and governance.
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MENICHINI, AMILCAR ARMANDO. "Financial Frictions and Capital Structure Choice: A Structural Dynamic Estimation." Diss., The University of Arizona, 2011. http://hdl.handle.net/10150/145397.
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This thesis studies different aspects of firm decisions by using a dynamic model. I estimate a dynamic model of the firm based on the trade-off theory of capital structure that endogenizes investment, leverage, and payout decisions. For the estimation of the model I use Efficient Method of Moments (EMM), which allows me to recover the structural parameters that best replicate the characteristics of the data. I start analyzing the question of whether target leverage varies over time. While this is a central issue in finance, there is no consensus in the literature on this point. I propose an explanation that reconciles some of the seemingly contradictory empirical evidence. The dynamic model generates a target leverage that changes over time and consistently reproduces the results of Lemmon, Roberts, and Zender (2008). These findings suggest that the time-varying target leverage assumption of the big bulk of the previous literature is not incompatible with the evidence presented by Lemmon, Roberts, and Zender (2008). Then I study how corporate income tax payments vary with the corporate income tax rate. The dynamic model produces a bell-shaped relationship between tax revenue and the tax rate that is consistent with the notion of the Laffer curve. The dynamic model generates the maximum tax revenue for a tax rate between 36% and 41%. Finally, I investigate the impact of financial constraints on investment decisions by firms. Model results show that investment-cash flow sensitivity is higher for less financially constrained firms. This result is consistent with Kaplan and Zingales (1997). The dynamic model also rationalizes why large and mature firms have a positive and significant investment-cash flow sensitivity.
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Yu, Albert Chun-ming. "The dynamics of capital structure choice." Thesis, University of British Columbia, 1985. http://hdl.handle.net/2429/24408.
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This thesis employs two-period state-contingent model based upon the "tax shield plus bankruptcy costs" approach to examine the dynamic capital structure decision. By allowing recapitalization at the end of period one, we can analyse the dynamics of the firm's capital structure choice. Also, the effect of a call provision on bonds can be examined.
Simulated results show that the firm will recapitalize at the end of period one only if the gain in firm value, with- or ex-dividend, resulting from recapitalization exceeds the after-tax flotation costs. There exists a tolerable recapitalization boundary within which the firm will not recapitalize. This implies that the empirically observed capital structure is not necessarily at the acme of the firm value function, as most empirical studies assume.
Another important result is that a call provision on bonds may be wealth reducing; the call provision may reduce the wealth of shareholders by inducing recapitalization in states which is suboptimal if there is no call provision, and incurs flotation costs which could have been avoided. The gain in firm value resulting from recapitalization may be too small to justify the extra flotation costs and thus reduces the overall firm value.<br>Business, Sauder School of<br>Graduate
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Tompkins, Lindsay. "Capital Structure in Corporate Carve-outs." Honors in the Major Thesis, University of Central Florida, 2006. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/1006.
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This item is only available in print in the UCF Libraries. If this is your Honors Thesis, you can help us make it available online for use by researchers around the world by following the instructions on the distribution consent form at http://library.ucf.edu/Systems/DigitalInitiatives/DigitalCollections/InternetDistributionConsentAgreementForm.pdf You may also contact the project coordinator, Kerri Bottorff, at kerri.bottorff@ucf.edu for more information.<br>Bachelors<br>Business Administration<br>Finance
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Bayster, Andrew P. (Andrew Philip). "Capital structure in mixed-use development." Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/33190.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2005.<br>This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.<br>Includes bibliographical references (leaf 71).<br>A survey-based approach was employed to determine the most important factors contributing to the successful financing of mixed-use development. Individual real estate developers were contacted to discuss their specific projects along with construction and permanent lenders. These projects contained three or more uses and were located in major metropolitan infill locations across the US. Specific questions were asked about the entire capital structure including equity, construction and permanent debt. 'The thesis contains a background on mixed-use development and its growing importance in the marketplace, discussion of equity and lending fundamentals within commercial real estate, a presentation of the data and finally an analysis of the findings. From the data, three main factors were derived that affect the ability of mixed-use developments to successfully receive financing. These include the size of the developer in relation to the project, the amount of pre-leasing and pre-sales completed and the ability to compartmentalize the project by use. These conclusions are important for any developer attempting to complete a mixed-use development of any size or complexity. To successfully build the project and appease any lender concerns, the developer must address each issue.<br>by Andrew P. Bayster.<br>S.M.
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Lima, Elaine Janine Martins de. "Determinants of start-ups capital structure." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/7377.
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Mestrado em FInanças<br>O objetivo deste trabalho é analisar os determinantes mais relevantes da estrutura de capital inicial de novas empresas, através do desenvolvimento de um estudo empírico. A estrutura de capital tem sido a ser um dos temas mais controversos na literatura financeira. Embora haja uma grande quantidade de estudos empíricos e teóricos sobre este tema, não há ainda acordo na escolha da estrutura ótima de capital. Grande parte dos estudos concentra-se em empresas estabelecidas, negligenciando o tema das novas empresas. Recentemente, final dos anos 90, estudos sobre a estrutura de capital começaram a abordar o tema start-ups e pequenas empresas. Neste sentido, combinando dados financeiros de empresas e dados do fundador, que contêm informações detalhadas sobre as start-ups Portuguesas ao longo do período 2004 a 2009, a influência de fatores como o tamanho, a estrutura de ativos, o crescimento e as características dos fundadores na estrutura de capital inicial de start-ups foram analisadas. Os resultados confirman a hipótese de que o tamanho e a estrutura de ativos têm um impacto positivo sobre a estrutura de capital das start-ups, enquanto que o crescimento tem uma relação negativa. Esses resultados são consistentes com a teoria do pecking order que refere os problemas de assimetria de informação e a teoria do trade-off que refere os problemas de agência. O nível de significância e o impacto das características dos fundadores, nomeadamente a experiência no setor, regional e empresarial, educação, idade e género na estrutura de capital inicial das start-ups varia muito, não fornecendo resultados consistentes.<br>The objective of this paper is to analyze the most relevant determinants of new ventures initial capital structure, by developing an empirical study. Capital Structure has been one of the most controversial issues in financial literature during the past years. Although exists an enormous amount of empirical and theoretical studies on this topic, there is no agreement in choosing the optimal capital structure. Much of the existing research focuses on established firms, neglecting the field of entrepreneurial finance. Only recently, in the late 90s, the studies on capital structure were extended to start-ups and small firms. Concerning this, by combining Portuguese firm-level financial data with the matched employer-employee database, that contains unique and detailed information about the start-ups during the period 2004 to 2009, the influence of factors such as size, asset structure, growth orientation and owners' characteristics on start-ups initial capital structure were examined. The results support the hypotheses that size and asset structure have a positive impact on start-ups initial capital structure, while growth have a negative relation. These results are also consistent with the pecking order theory that incorporates information asymmetries issues and the trade-off theory with the agency problems. The level of significance and impact of owners' characteristics such as industry experience, regional experience, entrepreneurial experience, education, age and gender on start-ups initial capital structure varies widely, not providing consistent results.
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Pina, Filipa Alexandra Norte. "Gazelles and their initial capital structure." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17637.
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Mestrado em Finanças<br>Empresas gazelas têm sido alvo de muitos estudos dado o seu importante contributo para a economia. Elas são, segundo a OCDE, empresas com menos de cinco anos que, tendo um número mínimo de trabalhadores, atingem um crescimento anualizado de 20% ao ano durante três anos consecutivos. O objetivo deste trabalho é perceber se existem diferenças que distingam a estrutura de capital de empresas gazelas de empresas não gazelas. Mais especificamente, nós avaliamos se as gazelas apresentam maiores necessidades de capital e se as fontes de capital divergem entre os dois tipos de empresa.
A fim de cumprimos o objetivo deste trabalho, utilizámos a base de dados "Central de Balanços" que é composta por dados de todas as empresas portuguesas criadas entre 2006 até 2015. Assim, identificámos cerca de 94 066 empresas não financeiras nascidas entre 2006 e 2011 das quais apenas 307 são gazelas.
Os nossos resultados sugerem que as empresas gazelas obtêm valores mais elevados de capital total inicial, sugerindo que estas empresas têm maiores necessidades de financiamento do que as não-gazelas. A fim de financiarem as suas atividades, as gazelas tendem a usar mais capitais próprios do que dívida, uma vez que apresentam valores do rácio debt-to-capital inferiores às empresas não gazelas, mesmo considerando que a crise financeira e soberana influenciou a subida deste rácio para empresas nascidas entre 2008 e 2011.<br>Gazelle firms have been the center of many studies given their important contribution for the economy. According to OECD, they are firms with less than 5 years that, have a minimum number of employees, achieve an annualized growth of 20% a year for three consecutive years. The goal of this study is to understand the differences in the capital structure between gazelle and non-gazelle firms. More specifically, we evaluate if gazelle present higher financial needs and if the sources of financing differ from non-gazelle firms.
In order to achieve this goal, we used the "Central de Balanços" database that includes data from all Portuguese firms from 2006 to 2015. Thus, we identify 94 066 non-financial firms born between 2006 and 2011, from those only 307 are gazelles firms.
Our results suggest that gazelle firms raise higher amounts of initial capital, suggesting that these firms have higher financial needs than non-gazelle firms. To finance their activities, gazelle firms tend to use more internal funds, since they present lower debt-to-capital ratios, even considering that the financial and sovereign crisis tend to increase the D/C ratio for companies born between 2008 and 2011.<br>info:eu-repo/semantics/publishedVersion
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Chen, Rei-Ning. "Regulation Fair Disclosure and Capital Structure." The Ohio State University, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=osu1250181533.
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Nguyen, Thu Thuy. "Capital structure, strategic competition, and governance." [Rotterdam] : Rotterdam : Erasmus Research Institute of Management (ERIM), Erasmus University Rotterdam ; Erasmus University [Host], 2008. http://hdl.handle.net/1765/14005.
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Simard, Roch. "Structure du capital et management stratégique /." Thèse, Chicoutimi : Université du Québec à Chicoutimi, Département des sciences économiques et administratives, 1991. http://theses.uqac.ca.
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Serfling, Matthew. "Firing Costs and Capital Structure Decisions." Diss., The University of Arizona, 2015. http://hdl.handle.net/10150/555889.
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I explore the passage of wrongful discharge laws by U.S. state courts that allow workers to sue employers for unjust dismissal as an exogenous increase in employee firing costs. I find that firms reduce debt ratios following the adoption of these laws, and this result is strongest for subsamples of firms that experience larger increases in expected firing costs. Following the passage of these laws, firms also increase cash holdings, firms save more cash out of cash flows, and investors place a higher value on each additional dollar of cash holdings. Overall, my results indicate that employee firing costs can have an important impact on corporate financial policy decisions.
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Shoham, Bazel Ofra. "GENDER EFFECTS ON FIRM CAPITAL STRUCTURE." Diss., Temple University Libraries, 2017. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/445929.
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Business Administration/Finance<br>Ph.D.<br>The literature of sociobiology and culture recognize that, statistically, females often make different choices than males across a wide range of issues. Scholars of business, economics, and finance find that females react differently than males to diverse financial and business situations. Moreover, extant research indicates that females on boards of directors exert a positive impact on monitoring, value, and performance. This dissertation extends the gender literature by empirically testing the hypothesis that female board representation limits the use of debt in firms’ capital structures because of females’ greater risk aversion, lower overconfidence, and less competitive nature compared with males. The empirical results indicate that influential female representation, such as a female chair of the board, has a causal negative and significant impact on the leverage of the company.<br>Temple University--Theses
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Perez, Giovanni. "Essays on Capital Structure of Nations." ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2539.
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Le, Forner Hélène. "Human capital inequalities : family structure matters." Thesis, Paris 1, 2019. http://www.theses.fr/2019PA01E039/document.
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Ces dernières décennies, la famille a connu des changements majeurs dans la majorité des pays de l’OCDE. D’une part, le taux de fertilité a baissé ; d’autre part, le nombre de séparation a fortement augmenté. Cette thèse se propose d’étudier les effets de ces changements de la structure familiale sur le capital humain des individus, en l’envisageant comme une nouvelle source d’inégalités. Dans un cadre micro-économique, cette thèse mobilise les outils économétriques pour les appliquer à de larges bases de données. Les trois chapitres de cette thèse présentent des résultats nouveaux sur l’effet de la séparation parentale et de la taille de la famille sur le capital humain de l’individu. Le premier chapitre porte sur l’effet de la séparation parentale en France sur la réussite professionnelle des individus, et montre un effet négatif de la séparation parentale sur le niveau d’étude et la position sociale de l’individu. En s’appuyant sur des données américaines, le second chapitre s’intéresse aux mécanismes expliquant cet effet, et en particulier, sur les changements du temps passé avec les parents. Ainsi, 30% de l’effet de la séparation parentale sur le développement socio-émotionnel des enfants serait expliqué par la baisse du temps passé avec au moins un parent présent. Le troisième chapitre considère un autre aspect de la structure familiale : la taille de la famille. Nous trouvons que l’arrivée d’un troisième enfant dans la famille diminue les compétences socio-émotionnelles des autres enfants, en particulier chez les filles<br>Family has known great transformations in the last decades in a large number of OECD countries. On one hand, fertility rates have decreased. On the other hand, the number of separations has increased sharply. This thesis asks whether these major changes of family structure affect child’s human capital, being a new source of inequalities. Using very large datasets and micro-econometric methods, the three chapters present original empirical evidence on whether parental separation and family size impact individual’s human capital. The first chapter studies the effect of parental separation in France on individual’s achievement, and find a negative effect of parental separation on individual’s educational attainment and social position. Using an American dataset, the second chapter asks whether this effect is driven by changes in time spent with parents, and find that 30% of the effect of parental separation on socio-emotional skills is explained by the decrease in time spent with at least one parent present. The third chapter accounts for another aspect of family structure: the number of children. Using a British dataset, we find that having a second sibling in the United Kingdom decreases the child’s socio-emotional skills, especially for girls
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van, Gestel Robert T. M. "Leverage and international capital structure : an extension of the Modigliani and Miller propositions on capital structure for multinationals." Thesis, Liverpool John Moores University, 1995. http://researchonline.ljmu.ac.uk/5098/.
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Al, Zein Eza Ghassan. "Capital controls and external debt term structure." Texas A&M University, 2005. http://hdl.handle.net/1969.1/2556.
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In my dissertation, I explore the relationship between capital controls and the choice
of the maturity structure of external debt in a general equilibrium setup, incorporating
explicitly the role of international lenders. I look at specific types of capital controls
which take the form of date-specific and maturity-specific reserve requirements on
external borrowing. I consider two questions: How is the maturity structure of external
debt determined in a world general equilibrium? What are the effects of date- and
maturity-specific reserve requirements on the maturity structure of external debt? Can
they prevent a bank run?
I develop a simple Diamond-Dybvig-type model with three dates. In the low income
countries, banks arise endogenously. There are two short-term bonds and one long-term
bond offered by the domestic banks to international lenders. First I look at a simple
model were international lending is modeled exogenously. I consider explicitly the
maturity composition of capital inflows to a domestic economy. I show that the holdings
of both short-term bonds are not differentiated according to date.
Second, I consider international lending behavior explicitly. The world consists of
two large open economies: one with high income and one with low income. The high income countries lend to low income countries. There exist multiple equilibria and some
are characterized by relative price indeterminacy.
Third, I discuss date-specific and maturity- specific reserve requirements. In my
setup reserve requirements play the role of a tax and the role of providing liquidity for
each bond at different dates. I show that they reduce the scope of indeterminacy. In some
equilibria, I identify a case in which the reserve requirement rate on the long-term debt
must be higher than that on the short-term debt for a tilt towards a longer maturity
structure.
Fourth, I introduce the possibility of an unexpected bank run. I show that some
specific combination of date-and maturity-specific reserve requirements reduce the
vulnerability to bank runs. With regard to the post-bank-run role of international lenders,
I show that international lenders may still want to provide new short-term lending to the
bank after the occurrence of a bank run.
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Lindbergh, Lars. "Essays of Financial Performance and Capital Structure." Doctoral thesis, Umeå universitet, Företagsekonomi, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-213.
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This thesis consists of an introductory chapter and four self-contained essays on financial performance and capital structure. Essay I assesses the strength of strategic inputs into profitability among firms within several sub-sectors within the industrial service sector in the U.S. and Sweden. In this study we employ an ordinary least square regression. The results, coupled with structural observations on production sectors, suggest that significant differences may indeed occur in both productivity and pricing in the two systems, i.e. the U.S. and Sweden. Essay II estimates the impact of operating costs and cost of debt on revenue, profit generation and asset retention in public housing companies in Sweden. A general conclusion to draw from the empirical results is that expentitures on consolidated maintenance is not only associated with short-term rental revenues, but undoubtedly long-term viability as well. Further, first difference results suggested that negotiated rents produced operating profits that kept pace with revenues over the time period of study. Essay III examines the impact of selected financial and contextual variables on managers’ decisions to appropriate funds to tax allowances in small firms in Sweden. The motive for appropriating to the tax allocation reserve is twofold. First, the tax allocation reserve is intended to lower the tax levy on investments financed with internally generated income. Second, it creates a possibility for firms to smooth income over a number of years. The results, from the logistic regression, suggest that financial performance, financial position and prior appropriations do impact on managers’ decision to appropriate. Essay IV examines the association between the two sides of the balance sheet based on financial statement information from small firms in Sweden The results of the multivariate canonical correlation analysis provides some support to the hypotheses that firms develop patterns, in their use of assets and their financing.
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Chkir, Imed. "La structure du capital des entreprises multinationales." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape3/PQDD_0025/NQ51253.pdf.
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Yahya, Moinuddin Ahmad. "Capital structure in the law and regulation." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape3/PQDD_0020/NQ53729.pdf.
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Stefanescu, Irina Shivdasani Anil. "Capital structure decisions and corporate pension plans." Chapel Hill, N.C. : University of North Carolina at Chapel Hill, 2006. http://dc.lib.unc.edu/u?/etd,383.
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Thesis (Ph. D.)--University of North Carolina at Chapel Hill, 2006.<br>Title from electronic title page (viewed Oct. 10, 2007). "... in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the Kenan Flagler Business School (Finance)." Discipline: Business Administration; Department/School: Business School, Kenan-Flagler.
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Hammes, Klaus. "Essays on capital structure and trade financing /." Göteborg : Dept. of Economics [Nationalekonomiska institutionen], Univ, 2003. http://www.handels.gu.se/epc/archive/00002944/01/hammesdissNE.pdf.
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Lindbergh, Lars. "Essays on financial performance and capital structure /." Umeå : Univ, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-213.
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Tind, Larsen Peter. "Essays on capital structure and credit risk /." Aarhus : School of Economics and Management, 2007. http://www.gbv.de/dms/zbw/560680414.pdf.
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Chua, Shen Hwee. "Cash holdings, capital structure and financial flexibility." Thesis, University of Nottingham, 2012. http://eprints.nottingham.ac.uk/12600/.
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This thesis is structured into two main parts to investigate the role of financial flexibility in firms’ liquidity and financing management. Financial flexibility is the most important practical determinant to managers when they make financing decisions. This missing link, financial flexibility, is identified by practitioners and used in this thesis to fill the missing gap between theory and practice in corporate finance. Part A of this thesis analyses the trends in firms’ internal financial flexibility and examines the role of this internal flexibility on investment behaviour of firms. Part B of this thesis then move on to examine the role of both internal and external financial flexibility on firms’ financing behaviour. Part A examines the relationship between debt capacity and cash as part of firms’ internal financial flexibility. Firms use both debt capacity and cash holdings for their internal flexibility management; and debt capacity is used here to explain the trends observed in cash holdings. Debt capacity is the most important determinant of cash holdings and has better ability to predict cash level compared to conventional cash determinants. Together, both debt capacity and cash contribute to firms’ internal financial flexibility and are able to explain most of firms’ investment behaviour, even during a recession period. Part B examines the role of financial flexibility in capital structure decisions. Financial flexibility is measured internally as cash and debt capacity, and externally as equity liquidity using a novel external equity flexibility index based on common equity liquidity measures. The conventional pecking order and trade-off models are used to measure the impact of financial flexibility on firms’ capital structure. The pecking order theory is contingent upon firms’ internal flexibility – debt capacity. Finally, supporting the notion that financial flexibility is the most important consideration in financing decisions, debt capacity and external equity flexibility are shown to be the most important determinants of leverage.
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Yick, Ho-yin, and 易浩然. "Tax asymmetry, investment decisions and capital structure." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2008. http://hub.hku.hk/bib/B4098798X.
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Carter, Kelly E. "Capital Structure, Credit Ratings, and Sarbanes-Oxley." Scholar Commons, 2011. http://scholarcommons.usf.edu/etd/3033.
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Since Sarbanes-Oxley (SOX) is an exogenous shock to the information environment of U.S.-listed firms, those firms might adjust their capital structures to reflect the new information environment. Using univariate and multivariate tests, including differences-in-differences, I examine SOX's effect on the capital structure of U.S.-listed firms relative to Canadian firms listed in Canada, which are treated as control firms since they are not subject to SOX. The results indicate that, after the passage of SOX, U.S.-listed firms raise their long-term debt ratios by two to three percentage points, relative to the control group. U.S. firms listed in the U.S. drive this result, while Canadian firms cross-listed in the U.S. do not alter their long-term leverage ratios after SOX. The higher debt ratios do not occur because of lower rates of growth in equity and short-term debt after SOX for U.S.-listed firms, relative to control firms. In addition, firms that heavily (lightly) manage earnings prior to SOX use less (more) debt after SOX.
Previous research argues that the Sarbanes-Oxley Act (SOX) could require managers to reveal bad news about their firms. Bad news may cause market participants, including credit rating agencies, to update their beliefs about those firms and conclude that their outlook is not as profitable as initially thought. In this paper, I examine short- and long-term credit ratings after SOX. The main finding is that, in the SOX era, aggressive earnings management is associated with lower short- and long-term credit rating levels. This result is robust to size and suppliers' outlook on the economy.
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Buferna, Fakher Muftah. "Determinants of capital structure : evidence from Libya." Thesis, University of Liverpool, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.420451.
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Akbarali, Ahmed, and Awambeng Foma. "Determinants of Capital Structure in Family Firms." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-28285.
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Most firms are using optimal combination of equity and debt so as to maximize firms value and the wealth of the shareholders. To achieve all these, firms should be aware of the factors that influence the capital structure decisions. Previous empirical studies attempted to explain what determines the choice of capital structure in firms. The focus was on firms in general without categorizing family firms and non-family firms. The primary objective of this study is to examine what determines the capital structure of family firms in OECD countries. Amadeus database was used to obtain the data needed for the statistical analysis. Measures for firm-specific characteristics were calculated based on the previous stud-ies. The study was conducted over a period of 9 years from 2005-2013. Dataset com-prised of 95 family firms resulting in 850 observations. The results from the study indicate that the capital structure for family firms in OECD countries is influenced by profitability, asset tangibility, growth, size, debt tax shield , non-debt tax shield and liquidity. Both pecking-order theory and trade-off theory explain the capital structure of family firms.
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Stones, Clive J. "The capital structure of the regulated firm." Thesis, University of York, 2004. http://etheses.whiterose.ac.uk/10954/.
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Farhat, Joseph. "Essays on the Dynamics of Capital Structure." ScholarWorks@UNO, 2003. http://scholarworks.uno.edu/td/468.
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Tests of the static trade-off theory that posits that firms move towards the optimum capital structure necessitate a joint hypothesis test - whether firms adjust toward target leverage, and whether the proxy used for target leverage is the true target leverage. Prior studies use the time-series mean leverage for each firm, the industry median leverage, an estimated cross-sectional leverage, and a tobit estimated leverage using the factors suggested by the static trade-off theory as proxies for the target leverage. In this dissertation, I examine whether these proxies are equivalent and test the consistency of the proxies with the theorized behavior of the true target leverage. My results indicate that the four proxies we examine have significantly different distributions and this holds across most industries. Further, the industry median leverage is the proxy which best exhibits behavior consistent with the true target leverage. Firm value is higher for firms closer to the industry median and lower for firms away from the industry median. A robustness check using Kmeans cluster analysis confirms the superiority of the industry median leverage over the other proxies of target leverage. This study complements the previous studies on the pecking order theory and the trade-off theory. The main purpose of this study is to investigate three issues that are not considered in the previous studies. The adequacy of the specification and the assumptions of the models used in testing the trade-off and the pecking order theory. The second issue examined in this study is the validity to putting the pecking order and the trade-off theories in a horse race. The final issue examined in this study is the factors driving firms to issue (repurchase) debt or equity or combination of both and simultaneously the factors affecting the size of issue (repurchase)
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Silva, Carlos Afonso Bi França e. "The hidden value behind capital structure decisions." Master's thesis, NSBE - UNL, 2009. http://hdl.handle.net/10362/9476.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics<br>I estimate the optimal capital structure for a growth company, for which market value is
dictated by its highly volatile nature. I study the welfare impact of corporate taxes,
analyzing their economic effect of inducing higher bankruptcy levels. Assuming that
management always seeks to optimize the market value of company’s assets, I find a
significant loss of value that varies negatively with volatility. Flow and stock insolvency are
important for the maximization of capital structure, and I compare both, modeling the
value of the company as an option on its revenues. These are not only highly significant for
R&D and startup companies but also have significant welfare consequences. I compare the
options of liquidation and re-financing and find a clearly important role of early liquidation
for R&D frameworks. I complement the study with a comparative statics analysis
estimating the impact of risk to the value of the firm and the optimal capital structure
decision, for a cross-section of firms. The results present quantitative evidence that
reinforce the literature of trade-off and capital structure applied to growth companies.
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Mongoato, Thabo. "Capital structure." Thesis, 2003. http://hdl.handle.net/10413/3114.
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The dissertation begins with the explanation of the framework of the dissertation, discusses the background of the study, the motivation and value of the study. The problem statement and study objectives are defined as well as the research methodology. In line with the objectives of the study, various capital structure theories are examined the importance of the weighted average cost of capital is analyzed and the specific components that make up the weighted average cost of capital namely, the cost of equity and cost of debt are explored. Further more the signaling and agency costs theories are also extensively discussed and many other concepts and theories of significance to capital structure management. The corporate profile of Aspen Pharmacare is discussed as well as the industry within which the company operates, the strategic alliances and agreements entered into, in line with the company's growth strategy. The company's financial statements are analysed so as to compute the gearing level. The dissertation concludes by saying that the gearing ratio needs to be looked at in comparison to the company peers in the industry, so as to best establish the norm of the industry, and that, it is only then that a conclusive statement can be made as to whether the company gearing strategy is appropriate or not.<br>Thesis (MBA)-University of Natal, 2003.
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Kim, Hyunseob. "Human Capital Specificity and Corporate Capital Structure." Diss., 2012. http://hdl.handle.net/10161/5435.
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<p>I examine how employing workers with specific human capital affects capital structure decisions by employers. Based on plant-level data from the U.S. Census Bureau, I use the opening of new plants as an exogenous reduction in human capital specificity-- the inability to transfer specific skill sets across employers--for incumbent workers in a local labor market. My results indicate that the opening of a new manufacturing plant in a given county leads to a 2.6-3.9% increase in the leverage of existing manufacturing firms in the county, relative to the leverage of manufacturing firms in an otherwise comparable county. Moreover, plant openings have a larger impact on firms that are more likely to share labor with the new plant, that have high labor intensity, and that have high marginal tax benefits of debt. Alternative explanations concerning productivity spillovers, product market competition, and county-wide shocks do not appear to account for the results. I find consistent evidence in a separate sample that contains a broad panel of firms. Overall, these results suggest that human capital specificity raises the cost of debt and thus decreases optimal leverage.</p><br>Dissertation
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Jen, Hung-Ping, and 任宏平. "The Relationship between Market Timing ,Capital Structure and Dynamic Capital Structure Adjustment." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/96135762364772134945.
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碩士<br>國立雲林科技大學<br>財務金融系<br>104<br>This paper to market timing theory and dynamic trade-off theory assumes that market presence "target capital structure" based on market timing to explore whether there are significant differences in the speed of adjustment of the capital structure and dynamics of capital structure. Market timing theory mentioned: as companies take advantage of market timing of the initial public offering, some time after the release, although the debt ratio is low, but after some time, will gradually adjust to the target capital structure. However, we found that, although there are differences in the speed of adjustment determined in a hot market and cold market if he did observe the recapitalization is not the same speed in the direction of adjustment, market timing variables on the basis of the book value of the debt ratio below the adjusted rate than significant. Under addition to Prosperity signal substituted dummy variable hot and cold market situation, capital structure impact and market timing results are different, Prosperity signal variable bias in the price basis for the next significant market opportunity variable bias in book value basis for the next exhibit significant resistance, the remaining factors on capital structure and adjustment speed are having significant and different directions.