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1
Dreyer, Jacque. "Capital structure : profitability, earnings volatility and the probability of financial distress." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/23802.
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This research project set out to determine whether there is a relationship between the observed leverage levels of South African companies, their profitability, earnings volatility and the probability of financial distress. The relevant body of knowledge against which to execute this research project is known as capital structure theory. Capital structure theory deals with the way in which firms finance themselves. It is concerned with the relationship between the structure of debt, equity and hybrid securities found on the right hand side of the firm’s balance sheet. It is believed that the 2007/8 global financial crisis offers researchers a unique opportunity to gain insight into how the observed leverage levels of firms and their earnings volatility interact to form their probability of financial distress. This area of research is of particular interest since it is commonly believed and frequently stated that South African firms are underleveraged and secondly because there is contrarian research beginning to be published indicating that firms with very little or no debt (commonly referred to as lazy balance sheets) are outperforming their more indebted peers and are being rewarded by investors for their prudence. Copyright<br>Dissertation (MBA)--University of Pretoria, 2011.<br>Gordon Institute of Business Science (GIBS)<br>unrestricted
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Rayan, Kuben. "Financial leverage and firm value." Diss., University of Pretoria, 2008. http://hdl.handle.net/2263/23237.
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The capital structure debate has been live for decades, with the key point of contention for many researchers being whether capital structure positively or negatively impacts firm value. Much of the literature on this question takes its departure from the seminal writings of Modigliani and Miller (1958) and their Theorem of Irrelevance. Many researchers have subsequently argued their case for and against the optimal value capital structure. The purpose of this research is to evaluate whether in a South African context an increase in financial leverage positively or negatively impacts firm value. Furthermore, given the high level and volatility of the current local interest rate market, this report also considers how the volatility of the local interest rate impacts on capital structure. This research was conducted using secondary data sourced from the McGregor BFA database for the period 1998-2007. The sample included 113 Johannesburg Stock Exchange (JSE) listed firms, which were stratified by industry in order to distinguish between different industries dynamics in this regard. Regression analysis was carried out for both tests It was found that an increase in financial leverage is negatively correlated with firm value. The study on the impact of interest rates on capital structure proved to be inconclusive.<br>Dissertation (MBA)--University of Pretoria, 2008.<br>Gordon Institute of Business Science (GIBS)<br>unrestricted
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Källum, Martin, and Hampus Sturesson. "Financial leverage : The impact on Swedish companies’ financial performance." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-67482.
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Background: Swedish companies were negatively affected by the financial crisis between 2007 to 2009. Even if companies with a high level of financial leverage were hit harder due to the financial crisis than companies with financial leverage, the level of financial leverage about the same now as it was right before the financial crisis. Even if an increase of cash flows associated to financial leverage increase a company’s business opportunities, there are a lot of research done in the field that claim that the relation between financial leverage and financial performance is negative. Purpose: Since there is evidence that the relation between financial leverage and financial performance differ from different countries across the world, it is important to determine the relation in different countries. There is a research gap when it comes to the relation in Sweden, since the prior research have focused on specific industries or company sizes. By extending prior research in Sweden, companies, investors and creditors could get better understanding for Swedish companies’ relation between financial leverage and financial performance. Method: In the thesis, data from 750 companies listed on Stockholm stock exchange has been examined to determine the relation between financial leverage and financial performance. Totally, 3750 observation from the years 2012 to 2016, have been tested by a multivariate regression. Results: The evidence from the thesis showed that the relation between financial leverage and financial performance depends on which type of measurement for financial leverage and financial performance that is used. There is partly significant evidence that company size affect the relation
4
Lo, Chen-Chang. "Corporate hedging, financial leverage, and firm value." Thesis, University of Birmingham, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.522001.
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Ragland, Rhonda B. "Corporate growth, product marketing and financial leverage." Thesis, Liverpool John Moores University, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.298004.
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Pranckh, Rupprecht. "Corporate Financial Distress and Financial Restructuring Solutions." St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01666007002/$FILE/01666007002.pdf.
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Löwenthal, Simon, and Henry Nyman. "Do Firms Balance Their Operating and Financial Leverage? - The Relationship Between Operating and Financial Leverage in Swedish Listed Companies." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-202220.
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Previous research on the tradeoff between operating and financial leverage has come to contradicting results, thus, there is no consensus of opinion regarding van Horne’s tradeoff theory. This study investigates whether there is support for the tradeoff theory on a sample of 347 Swedish, listed firms. Unlike previous studies, we employ a method with direct measures using guidance provided by Penman (2012), rather than using the more common degree of operating and financial leverage as proxies. During the time period 2006-2011 we find a statistically significant negative relationship of 0.214 using an OLS regression with financial leverage as the dependent variable, giving support for the tradeoff theory. The adjusted explanatory power (adjusted R2) is however rather low, despite adding four control variables, reaching only 7.4%.
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Alnamlah, Abdullah Khaled. "Corporate Leverage, Constraints, and Compliance." ScholarWorks@UNO, 2019. https://scholarworks.uno.edu/td/2660.
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The first chapter evaluates the zero-leverage effect on firms' financial constraints. Moreover, using investment- and cash-to-cash-flow sensitivities as financial constraint indicators, the results suggest that unleveraged firms are expected to face lower constraints relative to leveraged firms. Lastly, the results indicate that the zero-leverage effect on firms’ financial constraints is more likely stronger for smaller firms, zero-dividend firms, firms with lower proportions of tangible assets, and growth firms. The second chapter develops a new quantitative measure that reflects the extent to which a firm complies to Shariah relative to the other firms located in a certain region at a certain time. This measure can be customized to be consistent with each investor’s objectives, constraints, and beliefs. We argue that the use of this measure is preferable to the existing use of ratio thresholds for the following two reasons. First, it is more Shariah-appropriate because it provides the Shariah-compliant investor with a clear understanding of the relative compliance status of each firm he wishes to invest in. Second, it can be incorporated into any portfolio optimization model to create a balance between improving Shariah compliance and not compromising investment returns.
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ANSELMI, GIULIO. "ESSAYS ON OPTION IMPLIED VOLATILITY RISK MEASURES FOR BANKS." Doctoral thesis, Università Cattolica del Sacro Cuore, 2016. http://hdl.handle.net/10280/10402.
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La tesi comprende tre saggi sul ruolo della volatilità implicita per le banche. La tesi è organizzata in tre capitoli. Capitolo I - studia il ruolo di skew e spread della volatilità implicita nel determinare i rendimenti delle azioni bancarie. Capitolo II - analizza gli effetti degli skew della volatilità implicita e della realized volatility sulla leva finanziaria delle banche. Capitolo III - si focalizza sul rapporto tra il coefficiente di liquidità delle banche e le misure per il rischio estratte dalla volatilità (skew, spread, realized volatility).<br>The thesis comprehends three essays on option implied volatility risk measures for banks. The thesis is organized in three chapters. Chapter I - studies the informational content for banks' stock returns in option's implied volatilities skews and spread. Chapter II - analyzes the effect of volatility risk measures (volatility skew and realized volatility) on banks' leverage. Chapter III - studies the relationship between banks' liquidity ratio and volatility risk measures.
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ANSELMI, GIULIO. "ESSAYS ON OPTION IMPLIED VOLATILITY RISK MEASURES FOR BANKS." Doctoral thesis, Università Cattolica del Sacro Cuore, 2016. http://hdl.handle.net/10280/10402.
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La tesi comprende tre saggi sul ruolo della volatilità implicita per le banche. La tesi è organizzata in tre capitoli. Capitolo I - studia il ruolo di skew e spread della volatilità implicita nel determinare i rendimenti delle azioni bancarie. Capitolo II - analizza gli effetti degli skew della volatilità implicita e della realized volatility sulla leva finanziaria delle banche. Capitolo III - si focalizza sul rapporto tra il coefficiente di liquidità delle banche e le misure per il rischio estratte dalla volatilità (skew, spread, realized volatility).<br>The thesis comprehends three essays on option implied volatility risk measures for banks. The thesis is organized in three chapters. Chapter I - studies the informational content for banks' stock returns in option's implied volatilities skews and spread. Chapter II - analyzes the effect of volatility risk measures (volatility skew and realized volatility) on banks' leverage. Chapter III - studies the relationship between banks' liquidity ratio and volatility risk measures.
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Outecheva, Natalia. "Corporate financial distress : an empirical analysis of distress risk." kostenfrei, 2007. http://www.unisg.ch/www/edis.nsf/wwwDisplayIdentifier/3430.
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Danielson, Morris G. "Firm value, growth opportunities, and leverage /." Thesis, Connect to this title online; UW restricted, 1996. http://hdl.handle.net/1773/8793.
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Dimova, Dilyana. "The role of consumer leverage in financial crises." Thesis, University of Oxford, 2015. http://ora.ox.ac.uk/objects/uuid:cdc19fb0-183e-414e-90a6-ddac394e2ed1.
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This thesis demonstrates that consumer leverage can contribute to financial crises such as the subprime mortgage crisis characterised by increased bankruptcy prospects and tightened credit access. A recession may follow even when the leveraged sector is not a production sector and can be triggered by seeming positive events such as a technological innovation and a relaxation of borrowing conditions. The first preliminary chapter updates the Bernanke, Gertler and Gilchrist (1999) approach with financial frictions in the production sector to a two-sector model with consumption and housing. It shows that credit frictions in the capital financing decisions of housing firms are not sufficient to capture the negative consumer experience with falling housing prices and relaxed credit access during the recession. The second chapter brings the model closer to the subprime mortgage crisis by shifting credit constraints to the consumer mortgage market. Increased supply of houses lowers asset prices and reduces the value of the real estate collateral used in the mortgage which in turn worsens the leverage of indebted consumers. A relaxation of borrowing conditions turns credit-constrained households into a potential source of disturbances themselves when market optimism allows them to raise their leverage with little downpayment. Both cases demonstrate that although households are not production agents, their worsening debt levels can trigger a lasting financial downturn. The third chapter develops a chained mortgage contracts model where both homeowner consumers and the financial institutions that securitize their mortgage loan are credit-constrained. Adding credit constraints to the financial sector that provides housing mortgages creates opportunities for risk sharing where banks shift some of the downturn onto indebted consumers in order to hasten their own recovery. This consequence is especially evident in the case of relaxed credit access for banks. Financial institutions repair their debt position relatively fast at the expense of consumers whose borrowing ability is squeezed for a long period despite the fact that they may not be the source of the disturbance. The result mirrors the recent subprime mortgage crisis characterised by a sharp but brief decline for banks and a protracted recovery for mortgaged households.
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Ashraf, Sumaira. "Three essays on financial distress." Doctoral thesis, Universidade de Évora, 2019. http://hdl.handle.net/10174/30150.
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Large corporate failures and scandals in recent years indicate the shortcomings of current risk assessment tools and highlight the need for more extensive research on predicting financial distress (FD). The main objective of this thesis, comprised of three independent essays, is to provide empirical evidence on the factors affecting financial distress of firms. The first essay compares the accuracy of traditional distress prediction models at predicting the early warning signs of financial distress. The results reveal that the prediction accuracy of models declines for both early and more progressed financially distressed firms, when applied to an emerging market, Pakistan. The study results suggest that the researchers and practitioners should periodically revise the distress prediction models to adjust them with the dynamic changes in the business environment. The second essay for the first time investigates the benefit of combining accounting, market-based and financial reporting quality (FRQ) measures to predict financial distress of the developed and emerging market firms, UK and Pakistan, respectively. The resulting model shows good prediction accuracy for firms in the developed and emerging market, showing that the FRQ plays a significant role in the financial distress of firms. The findings of the study suggest that the researchers should use this hidden information of financial reports to predict financial distress of firms. The third essay explores the importance of board committee independence for firms operating in a developed market, the UK, and an emerging market, China. Our overall results support current best practice for corporate governance, which recommends more independent board members in compensation and nomination committees to ensure the unbiased selection and evaluation of corporate leadership; Três Ensaios sobre Empresas em Dificuldades Financeiras
Resumo: Nos últimos anos observou-se a falência de grandes empresas, bem como vários escândalos financeiros, o que se tornou indicativo da existência de falhas ao nível das actuais ferramentas de avaliação de riscos, bem como da necessidade de estudos relacionados com a previsão da existência de empresas em dificuldades financeiras (FD). O principal objetivo desta tese, composta de três ensaios independentes, é fornecer evidências empíricas sobre os fatores que afetam as empresas em FD. O primeiro ensaio compara a exatidão dos modelos tradicionais de previsão de stress em prever os primeiros sinais de alerta de FD nas empresas. Os resultados revelaram que a exactidão da previsão dos modelos diminui no caso das empresas em fase inicial ou mais avançada de FD, quando aplicados ao mercado emergente Paquistão. Os resultados do estudo sugerem que tanto investigadores como profissionais devem periodicamente rever os modelos de previsão de FD por forma a os ajustar às mudanças dinâmicas do ambiente de negócios. O segundo ensaio investiga, pela primeira vez, o benefício da combinação de medidas contabilísticas, baseadas no mercado e na qualidade dos relatórios financeiros (FRQ), para prever se as empresas dos mercados desenvolvido e emergente, Reino Unido e Paquistão, respectivamente, se encontram em FD. O modelo final resultante mostra uma boa precisão de previsão para as empresas dos mercados desenvolvidos e emergentes, mostrando que a FRQ desempenha um papel significativo no FD das empresas. Os resultados do estudo sugerem que os investigadores devem usar essa informação, oculta dos relatórios financeiros, para prever o nível de FD das empresas. O terceiro ensaio explora a importância da independência do conselho do quadro de directores para as empresas que operam quer num mercado desenvolvido, Reino Unido, quer num mercado emergente, China. Os resultados globais fundamentam a prática da melhor governança empresarial, o que conduz à recomendação de um quadro de directores mais independente, ao nível dos comités de remuneração e nomeação, como forma de garantir uma selecção e avaliação da liderança empresarial não enviesadas.
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Zhou, Yi. "Leverage, asset pricing and its implications." Diss., Restricted to subscribing institutions, 2008. http://proquest.umi.com/pqdweb?did=1692099801&sid=19&Fmt=2&clientId=1564&RQT=309&VName=PQD.
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Costa, Magali Pedro. "Three essays on firms' financial distress." Doctoral thesis, Universidade de Évora, 2015. http://hdl.handle.net/10174/17512.
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Financial and output market decisions are crucial to the success or failure of an or-
ganization. These decisions are influenced by the dynamic and competitive economic
environment in which firms operate and, in turn, affect the ability of firms to meet their
debt obligations.
This thesis is constituted by three separate but interrelated essays which explore the
impact of financial and operating decisions on the default risk. The first two essays study
the equilibrium default probability, in a two-stage differentiated product duopoly model
with uncertainty, where firms decide their financial structure in the first stage and their
quantities in the second stage. These two essays analyze the impact of changes in the
parameters of the model, on the equilibrium default probability (the first essay uses com-
parative statics tools while the second uses numerical simulation). The impact of changes
in the uncertainty level, in the degree of product substitutability, in the marginal costs
and in the default cost on the financing and output decisions and on the default risk are
analyzed. The third essay tests empirical the relationship between market structure and
capital structure decisions and their relationship with the default probability using a sam-
ple of eleven members of the Organization for Economic Cooperation and Development
(OECD).
The three essays reach a coherent set of conclusions. In particular, they show that
uncertainty, market structure and default costs influence financial and product market de-
cisions and the probability of default. Moreover, they show that the default probability is
influenced directly by the parameters, but it is also influenced by the way firms optimally
adjust their financial and product market decisions when the parameters change. There-
fore a less favorable environment does not necessarily imply higher default probability, as
firms may respond by financing less with debt; RESUMO:Decisões financeiras e no mercado do produto são cruciais para o sucesso ou falência de
uma organização. Estas decisões são influenciadas pelo ambiente econômico, dinâmico e
competitivo em que as empresas operam e, por sua vez, afetam a capacidade das empresas
cumprirem suas obrigações.
Esta tese é constituída por três ensaios distintos, mas interrelacionados que exploram
o impacto das decisões financeiras e operacionais sobre o risco de incumprimento. Os dois
primeiros ensaios estudam a probabilidade de incumprimento de equilíbrio, num modelo
duopólio, com produtos diferenciados, com dois estágios e com incerteza, onde as em-
presas no primeiro estágio decidem a sua estrutura financeira, e no segundo estágio as
suas quantidades. Estes dois ensaios analisam o impacto de alterações dos parâmetros
do modelo na probabilidade de incumprimento de equilíbrio (o primeiro ensaio usa ferra-
mentas de estática comparada, enquanto o segundo usa simulação numérica). É analisado
o impacto de mudanças no nível de incerteza, no grau de substituibilidade do produto,
nos custos marginais e no custo de incumprimento sobre as decisões de financiamento e
de produção, e sobre o risco de incumprimento. O terceiro ensaio testa empíricamente a
relação entre estrutura de mercado e as decisões da estrutura de capital e a sua relação
com a probabilidade de incumprimento, utilizando uma amostra de onze membros da
Organização para a Cooperação e Desenvolvimento Económico (OCDE).
Os três ensaios chegam a um conjunto coerente de conclusões. Nomeadamente, mostram
que a incerteza, a estrutura de mercado e custos de incumprimento infuenciam as decisões
financeiras e no mercado do produto e a probabilidade de incumprimento. Além disso,
mostram que a probabilidade de incumprimento é infuênciada diretamente pelos parâmetros
, mas também é infuênciada pela forma como as empresas ajustam de forma ótima as
suas decisões financeiras e no mercado do produto quando os parâmetros alteram. Por
conseguinte, um ambiente menos favorável não significa necessariamente maior probabilidade
de incumprimento, uma vez que as empresas podem responder financiando-se com menos dívida
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Aziz, Muhammad A. "Predicting corporate financial distress in UK." Thesis, Loughborough University, 2007. https://dspace.lboro.ac.uk/2134/34090.
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The motivation for empirical research in corporate financial distress prediction is clear: the early detection of financial distress and the use of corrective measures are preferable to protection under insolvency law. Many different models have been used to predict corporate financial distress, and choosing between them for empirical application is not straightforward. One objective of this research is providing a comprehensive review, clarifying the problem of model choice in empirical prediction of corporate financial distress. To that end, we conduct a meta-analysis of the literature reviewed in this thesis. This analysis supports the use of Multiple Discriminant Analysis on rather objective grounds. This study adopts a novel approach by using a large panel of UK-quoted firms (3135) from 1990 to 2004 and develops a multiple discriminant distress prediction model, using 58 firm-specific financial ratios. The results are also compared with cross-sectional data sets and using GDP growth rate as a control variable.
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Spennare, Karin. "The Zero-leverage Puzzle : Evidence from Sweden." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-450351.
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This study investigates why some firms have no debt in their capital structure despite the potential benefits of leverage. A logistic regression analysis is used to examine the impact of firm-specific characteristics on a firm’s propensity to have zero leverage. The validity of five theoretical explanations for the zero-leverage phenomenon are examined based on how the theories predict characteristics to affect a firm’s propensity to be unlevered. Analysing a new sample of Swedish firms listed on Nasdaq Stockholm in 2005-2018, I show that on average 14.2% of all firms are unlevered. The regression results suggest that the phenomenon of zero-leverage firms can be explained by a combination of several theories. Some firms seem forced to follow zero-leverage policies due to credit rationing by lenders. Others appear to be deliberately debt-free either because they have low needs of external financing or because they strategically want to avoid debt. The study’s main findings for zero-leverage firms are also robust to firms with very low debt (book leverage less than 5%).
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Troughton, Mark Timothy. "An empirical investigation of the inter-relationships between systematic risk, financial leverage and operating leverage of industrial companies listed on the Johannesburg Stock Exchange." Master's thesis, University of Cape Town, 1996. http://hdl.handle.net/11427/16112.
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Bibliography: pages 234-247.<br>The Capital Asset Pricing Model (CAPM) postulates that beta is a quantitative measure of a company's undiversifiable risk, the determinants of which are of considerable interest to financial managers and investors alike. Analytical research has shown that beta is a positive function of a company's unlevered or asset beta and its market value debt to equity ratio (i.e. financial leverage). In turn, unlevered beta has been shown to be a positive function of a company's operating leverage, and the trade-off between operating and financial leverage proposed as a means of stabilising beta. The objective of this research was to empirically determine the nature of the relationships · between: beta and financial leverage; beta and operating leverage; and financial and operating leverage. A significant level of positive association was hypothesised between beta and both financial and operating leverage, while a significant negative association was hypothesised between financial leverage and operating leverage.
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Luangaram, Pongsak. "Asset prices, leverage and financial crisis : the case of Thailand." Thesis, University of Warwick, 2003. http://wrap.warwick.ac.uk/2497/.
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The first part of this thesis examines the role of highly-leveraged institution in creating vulnerability in the financial system. By applying the framework of Kiyotaki and Moore (1997), Chapter 2 shows that when an asset price bubble bursts which cuts the value of land being used as collateral, the sudden fall in collateral value can create the possibility that firms’ net worth is entirely wiped out and the whole financial system collapse. This is due to the powerful feedback effects where forced selling further depresses prices, setting in motion a downward spiral of asset prices and loan recalls. We then show how wholesale financial collapse can be avoided by co-ordinated loan roll-overs in the form of a general financial freeze; and how the breathing space gained in this way can be used to arrange for loan write-downs or capital injections. In Chapter 3, the degree of corporate leverage is analysed more explicitly by introducing margin requirements into the model and two types of adverse shocks are examined numerically, an asset bubble bursting and a sudden rise in real interest rates. We find that when the economy is highly leveraged, a small shock to real interest rates can have powerful impacts on asset prices and cause widespread bankruptcy of the credit-constrained sector. To shed light on the recent debate on the role of prudential regulatory policies in mitigating the impact of a bubble bursting, we show that relaxing margin requirements can be used as a form of ‘regulatory forbearance’ for avoiding and/or reducing the knock-on effects. The second part of the thesis is a case study of Thailand. Chapter 4 provides a detailed account of Thailand economic developments from 1988 to 1998; it is argued that the nature of Thai financial crisis lied in the profound boom and burst in real estate sector which played a central role in creating tensions in the financial system and ultimately causing severe contraction of the economic activity. Chapter 5 explores some key issues relating to systemic bankruptcy of the corporate sector in aftermath of the Thai crisis.
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Oshiro, Renan Kenji. "Estruturas de governança corporativa e financial distress: há relação entre conselho de administração e empresas em financial distress?" reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/15858.
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Previous issue date: 2016-02-15<br>In this master’s thesis it was analyzed if there is a significant relationship among governance structures (structure and board composition) and financial distress. This essay focused on this issue because academic studies in corporate governance and its relation to financial distress are still largely unexplored. In addition, the topic has relevance in the corporate world, since understanding which board structures and its compositions would be more efficient to avoid financial distress is attractive for many stakeholders, mainly for shareholders and creditors. To check the existence of this relationship, it was used data from Brazilian public companies and logit models of financial distress were developed. With financial distress as response variable and starting from a base model with financial control variables, new determinants and combinations of these variables were added step by step to set up intermediate models. At last, the final model included all relevant explanatory variables. The variables can be classified into governance structure variables (DUA, GOV and COF), board quality (QUA) and ownership structure (PRO1 and PRO2). The following base models were used: Daily and Dalton (1994a) and an own model, which was developed to model better financial distress and its relation to the governance structure variables. In several tested models, significant relationships were found in the percentage of dependent directors (GOV), percentage of education’s elite directors (QUA), percentage of discriminated stock (PRO1) and percentage of relevant state stock ownership (PRO2). Hence, the hypothesis that more dependent directors, less education’s elite directors and less concentrated ownership structures contribute to a future financial distress situation cannot be rejected. On the other hand, in dummy variables as duality (DUA) and supervisory board (COF) were not found statistical significance<br>Nesta dissertação foi analisada se há uma relação significante entre estruturas de governança (estrutura e composição de conselho) e financial distress. Este trabalho focou neste tema porque os estudos acadêmicos em governança corporativa e sua relação com financial distress ainda são pouco explorados. Além disso, o tema tem relevância no mundo corporativo, pois entender quais estruturas e composições de conselho seriam mais eficientes para evitar financial distress é interessante para diversos stakeholders, principalmente para os acionistas e os credores. Para verificar a existência dessa relação, foram utilizados dados de empresas brasileiras de capital aberto e foram desenvolvidos modelos logit de financial distress. Sendo a variável resposta financial distress, partiu-se de um modelo base com variáveis financeiras de controle e, por etapas, foram adicionadas novos determinantes e combinações dessas variáveis para montar modelos intermediários. Por fim, o modelo final contou com todas as variáveis explicativas mais relevantes. As variáveis de estudo podem ser classificadas em variáveis de estrutura de governança (DUA, GOV e COF), qualidade do conselho (QUA) e estrutura de propriedade (PRO1 e PRO2). Os modelos base utilizados foram: Daily e Dalton (1994a) e um próprio, desenvolvido para modelar melhor financial distress e sua relação com as variáveis de estrutura de governança. Nos diversos modelos testados foram encontradas relações significativas no percentual de conselheiros dependentes (GOV), percentual de conselheiros da elite educacional (QUA), percentual de ações discriminadas (PRO1) e percentual de ações de acionista estatal relevante (PRO2). Portanto, não se descartam as hipóteses de que mais conselheiros dependentes, menos conselheiros da elite educacional e estrutura de propriedade menos concentrada contribuem para uma situação de financial distress futura. Entretanto, as variáveis dummy de dualidade (DUA) e de conselho fiscal (COF) não apresentaram significância estatística
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Rutishauser, Philipp. "Unternehmen im Financial Distress Modelle zur Krisenfrüherkennung /." St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/03601762001/$FILE/03601762001.pdf.
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Stulpinienė, Vaida. "Financial distress prediction model of family farms." Doctoral thesis, Lithuanian Academic Libraries Network (LABT), 2014. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2013~D_20140123_133545-56537.
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Designed financial distress prediction model is intended directly for the farmer (decision-maker) in order to diagnose the farm’s financial condition and predict the likelihood of financial distress, by using financial information of his farm. There are identified family farm characteristics in which family farms have higher risks to run in financial distress and are guidelines for the family farms that intend to more carefully monitor and control their financial condition. The aim of the research: after analysing the conception of financial distress and identifying the factors determining the financial condition as well as related indicators and prediction models, to methodologically justify and design financial distress prediction model of family farms.<br>Parengtas finansinio išsekimo prognozavimo modelis tiesiogiai skirtas ūkininkui, kuris panaudodamas savo ūkio finansinę informaciją, galėtų diagnozuoti ūkio finansinę būklę ir iš anksto numatyti finansinio išsekimo grėsmę. Disertacijoje nustatytos ir įvardintos ūkininkų ūkių charakteristikos, kurioms esant ūkiai turi didesnes grėsmes finansiškai išsekti, yra gairės ūkininkų ūkiams, kurie ketina atidžiau stebėti savo veiklą ir kontroliuoti finansinę būklę. Tyrimo tikslas – ištyrus finansinio išsekimo sampratą, identifikavus finansinę būklę sąlygojančius veiksnius, indikatorius ir prognozavimo modelius, metodologiškai pagrįsti ir parengti ūkininkų ūkių finansinio išsekimo prognozavimo modelį.
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Musmar, Firas Fathi. "Financial Distress in the Health Care Business." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/3053.
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Sixty-four United States hospitals closed for poor organizational performance during 2010 through 2016. Because of hospital closures, community members experienced delays in obtaining needed care, reduced access to specialty care, and increased travel distances. Based on the balanced scorecard model theory, the purpose of this qualitative single case study was to explore strategies that 10 health care leaders used at a healthcare organization in central Texas to prevent financial distress. Semistructured interviews were conducted and archival organizational accounting records were reviewed, including company surveys with employees and patients. Data were thematically analyzed and triangulated to ensure the trustworthiness of interpretations. The findings identified 3 themes: effective leadership to improve organizational performance; training, skills development and continuous learning to improve performance; and customer focus strategies to increase customer satisfaction. The findings of this study may contribute to social change by improving access to healthcare services, increasing access to specialty care, and increasing customer satisfaction.
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Wu, Wenjie. "Leverage, ownership structure and firm behavior in China." Click to view the E-thesis via HKUTO, 2006. http://sunzi.lib.hku.hk/hkuto/record/B37362598.
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Connell, Tamara, Melanie Dubin, and Magdalena Szpala. "Carbon Neutrality as Leverage in Transitioning a Financial Organisation Towards Sustainability." Thesis, Blekinge Tekniska Högskola, Avdelningen för maskinteknik, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-2714.
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Climate change is one of the most pressing environmental issues of our time, as it threatens the survival of human civilisation. With the increasing number of initiatives trying to address climate change, it is important to examine how effective they are and what other roles these initiatives can serve in transitioning society towards sustainability. This thesis investigates the role of one such initiative, carbon neutrality, within a strategic approach to sustainable development, based on the case study of the North American Credit Union (NACU). A scientific understanding of climate change and sustainability provide a strict evaluation of the carbon neutrality concept with its benefits and challenges, including the role of carbon offsets. Within this context, recommendations are provided for roles and actions that a financial organisation such as NACU can take in order to set high standards in this new and still evolving market of voluntary carbon offsets, while striving for full sustainability and leadership within the community.
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Rottenberg, Boaz. "The effect of financial leverage on asset price volatility in JapaneseKeiretsu." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B31954625.
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Björklund, Thelma, and Hedvig Jonsson. "Financial Volatility and the Leverage Effect on the Swedish Stock Exchange." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-246067.
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In today’s financial markets, volatility is a fundamental concept in regards of the risk assessment of assets and instruments. Financial volatility is commonly used to measure the quantitative aspects of risk and is given a significant amount of attention in past literature and research. The leverage effect refers to the well-established negative relationship between return and future volatility. The relation is usually explained by the increased leverage ratio that arises from a drop in the share price for a firm. A lower price means lower value of the equity and while the debt remains unchanged, the leverage ratio will rise. The leverage ratio affect how risky the equity is from an investor’s perspective, hence affects the volatility of the stock. This paper aims to analyse whether the theory is applicable on the Swedish stock exchange and takes both individual stocks and the OMXS30-index into account. Further theories related to the model is acknowledged in order to enhance the analysis of the findings. The study is performed by a regression model where volatility, estimated through an EGARCH model, represents the dependent variable. Lagged return, together with a number of control variables, constitutes the explanatory variables. The findings claims that the leverage effect is present for individual stocks but can be rejected on the index level. Additionally, significant improvement was noticed when a dynamic approach was added to the model. The conclusions drawn is that the Swedish stock exchange facilitates the leverage effect for individual firms but it is off-set by other theories such as risk-return trade-off and volatility clustering for the index.<br>I dagens finansiella marknader är volatilitet ett fundamentalt koncept som är ytterst relevant i risk bedömningen av tillgångar och instrument. Finansiell volatilitet används ofta för att mäta risk i kvantitativ form och har på senare tiden uppmärksammats i allt större utsträckning. Leverage effekten (en.”the leverage effect”) refererar till det! väletablerade negativa samband som finns mellan avkastning i nuvarande period och framtida volatilitet. Sambandet mellan dessa faktorer har av många förklarats av en ökning i skuldsättningsgraden för ett företag. Skuldsättningsgraden ökar enligt teorin som en konsekvens av att aktiekursen sjunker, innebärande en värdeminskning av det egna kapitalet, samtidigt som skulderna förblir oförändrade. Skuldsättningsgraden påverkar i sin tur aktiens volatilitet genom en uppfattning av hur stor risk som kan förknippas med en investering i aktien. För att stärka analysen diskuteras, förutom leverage effekten, ett antal teorier som kan relateras till modellen. Uppsatsen syfte är att avgöra om leverage effekten är signifikant applicerbar på den svenska aktiemarknaden, både för individuella aktier samt OMXS30 indexet. Studien utförs genom en regressions modell där volatiliteten, estimerad genom en EGARCH model, representerar den beroende variabeln. Avkastningen i föregående period samt ett antal kontroll variabler utgör de oberoende variablerna. Resultatet visar att leverage effekten har stor applicerbarhet på de individuella aktierna men kan uteslutas på en index nivå. Dessutom ökar relevansen signifikant när en dynamisk angreppsätt adderades till modellen. Slutsatsen är att leverage effekten är närvarande på en individuell nivå men neutraliseras av teorier så som ”risk return trade off” och ”volatilitets klustring” på index nivå.
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Gould, John. "The joint hedging and leverage decision." University of Western Australia. School of Economics and Commerce, 2008. http://theses.library.uwa.edu.au/adt-WU2009.0038.
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The validating roles of hedging and leverage as value-adding corporate strategies arise from their beneficial manipulation of deadweight market impositions such as taxes and financial distress costs. These roles may even be symbiotic in their value-adding effects, but they are antithetic in their effects on company risk. This study's modelling analysis indicates that hedging and leverage do interact for net benefit to company value; for sensible base-case exogenous parameters, the optimal (value-maximising) joint hedging and leverage strategy increases company value by about 4.0% compared to the unhedged optimal leverage strategy, by about 1.3% compared to the unlevered optimal hedge strategy, and by about 4.0% compared to the company being unlevered and unhedged. Furthermore an optimal joint hedging and leverage strategy is less financially risky than an unhedged optimal leverage strategy or an unhedged and unlevered strategy, and is often less financially risky than an unlevered optimal hedge strategy. Interestingly, the optimal joint hedging and leverage strategy entails some risk-seeking hedge reversal in response to weak price outcomes for production output.
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Peng, Chan-Chuan, and 彭湛權. "The Relationships among Dividend Payout Adjustment, Leverage Adjustment, and Financial Distress: An Empirical Analysis." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/52149205512796634170.
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碩士<br>國立交通大學<br>財務金融研究所<br>100<br>Most studies about capital structure and its impact on firm failure have focused on the leverage, but seldom do they talk about influences of leverage adjustment. Also, most studies focusing on leverage adjustment rely on a premise that sample firms conform to tradeoff theory and have a target debt ratio. What if the firms fit more to pecking order theory and a target does not exist? Inspired by Fama and French (2000), we find target payout a good alternative for us to use in the prediction model. We find that distressed firms show higher speed of adjustment toward target payout, and the negative deviation deteriorates as the event year comes close. By introducing deviation into prediction models, the explaining power indeed increases.
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Han, I.-Fang, and 韓宜芳. "A Study of the Influence of Financial Leverage and Financial Distress on Going Concern Opinions：Accounting Manager Turnover Perspective." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/tf8aam.
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碩士<br>國立高雄應用科技大學<br>會計系碩士在職專班<br>104<br>The study collects companies’ financial data and auditors’ data of publicly traded companies listed in Taiwan Stock Exchange and Gre-Tai Securities Market in Taiwan from year 2010 to 2014. I incorporate accounting manager turnover into regression model to examine whether accounting manager turnover has a moderating effect on the relationship between financial leverage and going concern opinions. Moreover, I divide the audit clients into companies of potential financial distress and healthy companies and examine whether accounting manager turnover also has a moderating effect on the relationship between financial distress and going concern opinions.
The empirical results show that financial leverage is positively associated with going concern opinions, representing that CPAs are more likely to issue going concern opinion when audit clients have higher financial leverage. Beside, financial distress is positively associated with going concern opinions, representing that audit clients with potential financial distress are more likely to receive going concern opinion issued by CPAs. I also find the coefficient of interaction between financial distress and accounting manager turnover is significantly negative, which implies accounting manager turnover may have a moderating effect on the relationship between financial distress and going concern opinions.
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Teixeira, Ana Francisca dos Santos Gonçalves. "Corporate financial distress and restructuring measures : a lifecycle phase study applied to highly leveraged companies." Master's thesis, 2020. http://hdl.handle.net/10400.14/29834.
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During its operating life, a firm goes through different life phases, which can be divided into: birth, growth, mature and decline. Through these different life phases it sometimes happens that face moments of financial distress and thereafter, engage in restructuring techniques in order to improve. The choice between the most common used techniques: managerial, asset, operational and financial restructuring, is dependent on the life phase in which the firm is. In this study, one finds that firms in the initial phases: birth and growth, are more prone to adopt any kind of restructuring strategy, while the firms in the more mature stage prefer to engage in a managerial or a financial restructuring. When furthering this analysis to understanding what seems to be the most efficient restructuring strategy accordingly to the different life stages, one finds that managerial restructuring does not provide a path towards financial health and that, if it does, it is more likely to happen in the beginning life phases such as birth. Adversely, an operational restructuring (cutting investment, number of employees or costs of goods sold) is efficient in improving firms’ performance. Furthermore, it is possible to conclude that by employing at least two or at least three strategies, firms seem to be quite successful in achieving full recovery while it is unusual for firms to employ the four strategies simultaneously.<br>Durante a vida operacional de uma empresa, esta passa por diferentes fases de vida, que podem ser divididas em: nascimento, crescimento, maturação e declínio. Ao longo destas diferentes fases é comum que as empresas, em algum momento, se encontrem em situação de crise financeira e após isso adoptem medidas de restruturação com o objetivo de melhorar. A escolha por entre as mais usadas técnicas: ao nível da gestão, do número de ativos, das operações ou a nível financeiro, depende da fase da vida na qual a empresa de encontra. Neste estudo, conclui-se que as empresas que se encontram nas fases da vida mais iniciais: nascimento e crescimento, quando comparadas com empresas em declínio, são mais propensas a adoptar qualquer uma das estratégias, enquanto que empresas mais maduras optam por alterações ao nível da gestão ou financeiro. Alargando a análise para a avaliação da melhor técnica, considerando a fase da vida, a adoptar, conclui-se que a substituição do chefe executivo não é a solução para que as empresas atinjam saúde financeira e que se é o caso, então as empresas encontram-se em nascimento. Adversamente, conclui-se que uma alteração ao nível operacional (reduzir o nível investimento, o número de funcionários ou o custo com bens vendidos) é eficiente em melhorar os resultados financeiros da empresa. Adicionalmente, conclui-se que ao empregar pelo menos duas ou três estratégias de restruturação, as empresas conseguem atingir uma recuperação da sua saúde financeira, e que é raro que as empresas empreguem as quatro estratégias de restruturação ao mesmo tempo.
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Shu-Ping, Shih, and 施淑萍. "Financial distress predictive model and the financial characteristic of financial distress companies." Thesis, 2000. http://ndltd.ncl.edu.tw/handle/00408871848432497327.
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碩士<br>東吳大學<br>會計學系<br>88<br>In order to found financial distress predictive model for banks and financial companies, the study establishes a predictive model of financial distress by expanding the samples and the definition of financial distress of previous studies. The sample separates them into two parts. One establishes financial distress predictive model for stocks companies listed in Taiwan Stock Exchange Corporation. The other is for banking institutions financing over thirty million dollars for public-trade segments. However, judging from the definition of financial distress, the meaning of financial distress company lies on the stock companies listed in Taiwan stock exchange corporations whose stocks are required to be full delivery, temporary suspend and stopping suspension From the appearance of the banking loan public-traded market, the definition of the financial distress firms indicates that the receivables of these firms become overdue, on demand, and bad debt. Using the matched pairs designed, the sample of financial distress firms and healthy firms were drawn in the same industry and approximately the same asset size and fiscal year. Furthermore, this study also discusses the financial characteristic of financial distress companies. In addition, the companies with financial distress are discussed in the study.
From the viewpoint of variable of financial distress predictive model, seven financial rations practiced by banks are selected in this study. Moreover, audit opinions about going-concern or significant uncertain and cash flow ratio are also included in the study.
The study includes thirty financial distress firms and fifty-five healthy firms in listed market from 1995 to 1999. It also contains sixty companies whose receivables become overdue, on demand and bad debt, related sixty healthy firms, forty-one firms whose receivables become bad debt, and related forty-one healthy firms from 1995 to1998. The future developments of these financial distress firms from 1993 to 1997 are discussed in the study.
In all samples, using the test of mean difference population of two groups, the financial distress firms and healthy firms have significant difference on the firms’ ability to pay interests and the cash flow of financial activity. In the alarm logistic model of financial distress, the cash flow from financial activity is as an important predictor. These both imply cash flow from financial activity can predict the probability of firm to appear financial distress or the latter financial situation of the financial distress firms. In addition, in listed company sample finds the possibility of financial distress is positively associated with the CPA’s opinion about going-concern or significant uncertainly. And the model’s prediction with CPA’s opinion is more correct than the one without CPA opinion in the listed market, but, however, the result is not founded in the public-traded firms with default or bad debt.
The percentage of correctly predicted of the financial characteristic of financial distress companies of model is 62.84%. The prediction is more correct with the close to the year of financial distress excluding the traded-public firms with default. The percentages of correctly classified firm in the listed firms, and the public-traded firms incurred default, in the public- traded firms incurred bad debt is 67.69%-95.08%, 58.43%-80%, 57.14%-78.57%, respectively.
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KUO, TUNG-YANG, and 郭東洋. "The Influence of Operating Leverage and Financial Leverage upon Bank’s Profitability." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/z3624v.
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碩士<br>國立高雄科技大學<br>金融系<br>107<br>This study examines the determinants of bank’s profitability by panel data model. The samples consist of 32 banks from 2009 to 2017. The empirical results show that the operating leverage has a significantly nonlinear impact on EPS, ROE and ROA. The net interest income ratio and dividend ratio have a significantly positive impact on EPS, ROE and ROA. But the net fee income ratio only has a significantly positive impact on EPS and ROA. The dummy variable of violation only has a significantly negative impact on EPS and ROE
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Chen, Chin-Tsun, and 陳進村. "Analysis of Financial Distress." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/33122709897442072312.
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碩士<br>國立中興大學<br>高階經理人碩士在職專班<br>94<br>This study employs Ohlson’s (1980) logit model to detect the probabilities of financial distress of Taiwanese public companies. In addition to financial variables traditionally used in the literature, corporate governance factors are incorporated into the logit model. Also I separate the sample of distressed companies into two groups: insufficient cash flows and human manipulations. The results show that adding corporate governance factors can increase the explanatory power of financial distress. It implies that distressed companies do have serious agency problems, in which major shareholders expropriate wealth from minor shareholders. Furthermore, I find that financial variables have a stronger prediction on the distress probabilities of the group with insufficient cash flows and corporate governance factors can better explain the group of human manipulations.
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Wen, Tsou Hui, and 鄒惠雯. "Financial Distress Prediction Model." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/13836405838104904375.
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碩士<br>健行科技大學<br>國際企業管理研究所<br>101<br>In this study, logical construct financial distress logistic regression model for the study period from 2007 to 2011, the Hong Kong enterprises as the research object, assess Hong Kong''s corporate financial variables on the early warning model predictive ability; empirical results show that the financial ratio variables debt and total asset turnover ratio greater impact on the enterprise; insufficient if the company''s profitability, debt ratio is higher, but will cause cash flow problems of the situation, the enterprise is the higher the likelihood that the financial crisis. In this study, Logica logistic regression model prediction accuracy, the closer point in time of financial distress, the higher the predictive ability of the model overall accuracy rate of 76.6%.
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Ferreira, André dos Santos. "Financial Leverage in REITs: Evidence from Europe." Master's thesis, 2021. https://hdl.handle.net/10216/136172.
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chi-hau, Teng, and 鄧志豪. "using divided samples to detect financial-distress company--new financial distress forcasting model." Thesis, 2000. http://ndltd.ncl.edu.tw/handle/49893131152954942484.
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碩士<br>國立政治大學<br>金融學系<br>88<br>This paper choose 30 financial - distress companies in Taiwan stock market during Asian financial crisis and divide them into four samples－（1）bad performance in main business（2）too much investment（3）buying stocks by co-company（4）cheat by hierarchy. We compare the financial - distress forecasting model''s distinction ability , using correct rate, between divided and undivided samples. The result is that financial - distress forecasting model from divided samples have better performance in correct rate. So using divided samples to build financial-distress forecasting model is meaningful. At the mean time, we use F test for testing the hypothesis that the distressed company''s mean and normal company''s mean is the same. There are four financial ratios which are significant in the four samples, they are (1)the ratio of adaptable cash flow、(2)the ratio of extra-business expense、(3)EPS及(4)debt ratio。
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LIN, LINGZI, and 林岭子. "The impact of financial leverage on business cycle." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/03713628279267743199.
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碩士<br>淡江大學<br>產業經濟學系碩士班<br>103<br>This study aims to investigate the impact of leverage on business cycle in the U.S.A. using the vector autoregressive model and more broadly to examine its spillover effects on 33 countries, mainly including OECD countries, using the global vector autoregressive model. The main findings indicate that the leverage growth has negative impact on business cycle in the U.S.A. and the negative impact spreads into most OECD countries. The evidence suggests that the leverage growth shocks play an important role as the driving force behind business cycle.
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Chen, Chuan, and 陳銓. "The Financial Leverage Estimation for Hedge Funds Indices." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/34q887.
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碩士<br>銘傳大學<br>財務金融學系碩士班<br>107<br>This study follows the methodologies of McGuire and Tsatsaronis (2008) and Patton and Ramadorai (2013) to estimate hedge fund leverage indirectly by using publicly available data, and observe the use of financial leverage by hedge funds. Our sample includes 3 hedge fund indices (ex. HFRIMI), the 13 hedge strategies indices compiled by EDHEC, and the trading data of 55 hedge fund ETFs. The paper uses eight-factor capital asset pricing model which including system risk, equity market risk, bond market risk, commodities and Fama-French factors, and incorporates liquidity, market performance and volatility indicators to test the relationship between the financial leverage of hedge funds and the economically motivated variables. The empirical results show that the global hedge fund leverage has been decreasing in 2012, and it increased gradually from the end of 2015 to the beginning of 2016. The trend of financial leverage varies with different hedge fund strategies. Among the leverages of 13 hedge fund strategies, the global macro strategy shows the same trend with the global leverages, while the short-selling strategy is counter-trend to other strategies. The hedge fund leverage is related to funding liquidity, market volatility and market performance. Market volatility causes deleveraging whenever in the short run or the long run. With positive market performance, the hedge fund extends leverage. In the long run, hedge fund leverage “leans with the wind” when funding liquidity risk goes up, but “leans against the wind” in the short run.
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Huang, Yi-Jie, and 黃怡潔. "What Financial Report Information Signals Bank Financial Distress?" Thesis, 2010. http://ndltd.ncl.edu.tw/handle/05330348386079442492.
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碩士<br>元智大學<br>財務金融學系<br>98<br>The aim of this study is to figure a more complete framework to detect troubled financial institutions. Past researches measure the fundamentals of banks mainly by using the financial ratios which are constructed from financial statements. However, nowadays banks involve in many off-balance sheet activities that may cause a huge amount of losses, and this type of risk is not reflected from balance sheet. Moreover, the users of financial reports observe the main asset types that banks hold, but some specific information about the underlying assets, such as the risky level, might be unavailable for the public. On the basis of CAMEL structure, we add some off-balance sheet items and the extent of investing in risky assets. We expect the new structure to enhance the prediction power on the possibility of financial institutions to be in trouble. The main results show that liquidity and capital adequacy of banks and what the extent of banks’ involvement in securitized business are important warning indicators of bank failures. Besides, macroeconomic environment, such as less concentrated banking sector and high GDP growth, is also main cause of destabilizing banks’ soundness.
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Kang, Hsiu-Ting, and 康秀婷. "Ownership Structure, Diversification, Financial Policy and Financial Distress." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/19530983112734125885.
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碩士<br>銘傳大學<br>企業管理學系碩士班<br>99<br>The financial crisis from U.S. in 2007 not only negatively influenced the worldwide economies, but also had impacts on some of Taiwan’s companies involving financial distresses. Some literatures mentioned that ownership structure could be one of key factors resulting in financial crisis in Taiwan. The other suggested that diversified operations for a firm may face both maximizing profit and increasing operation risk. The objectives of this study based on the methods of logistic regression and general regression are: (1) investigating the relationships between ownership structure (or diversification strategy) and financial crisis, and (2) analyzing the mediation effect of financial policy on the financial crisis. The sample is collected during the period of 2007-2009. The results indicate that the Herfindahl index, the stock holding ratios of institution ownership, and the debt ratio have significantly impacts on the possibility of occurring financial distresses, and that the mediation effect of financial policy is not significant.
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Kao, Wei-Bo, and 高偉柏. "Prediction of Corporate Financial Distress." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/70643773063389329545.
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張思佳. "Corporate Governance before Financial Distress." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/73056485246051039413.
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碩士<br>國立彰化師範大學<br>商業教育學系<br>97<br>This study examines the variation of corporate governance before financial distress. According to the corporate governance index documented by Chen et al. (2007), we compare the differences of corporate governance index variables between good companies and bad companies. We find that not all of the corporate governance index variables will warn us before financial distress. In addition, the differences of corporate governance index variables between good companies and bad companies are significant.
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Chen, Svuan-Jvun, and 陳炫君. "Detects the Association between Degree Operating Leverage and Degree Financial Leverage-Considers firm size factor." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/09192859621306929632.
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碩士<br>逢甲大學<br>會計所<br>96<br>Degree of operation and financial are the indexes of measuring business risk. In the past studies, Mandelker and Rhee (1984) measuring system is used to measure DOL and DFL. However, the size factor isn’t made as a consideration in Mandlker and Rhee (1984) measuring system. In our studies, in addition to improving the insufficiency of Mandlker and Rhee(1984) measuring system, we discussed the size factor in effecting DOL and DFL measurements in three ways of industry analysis- representative individual of firm, representative individual of industry and representative individual of market.
The samples of the research are taken from COMPUSTAT, having 599 public corporations and the 20-year dates. In the result, we find that using total property as the size factor and setting PDF have obvious differences between steps of industry and market. Therefore, size factor would effect the measurements of DOL and DFL. Besides, DOL and DFL in weight average and in arithmetic average have obvious differences.
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Huang, Ai-chen, and 黃愛真. "Investigating the Impact of Production Capacity on the Degrees of Operating Leverage and Financial Leverage." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/03861268961153425269.
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碩士<br>逢甲大學<br>會計所<br>96<br>The motivation for this study comes from attempts by previous researchers to investigate the relationship among systematic risk, degrees of operating leverage and financial leverage. The results of the researches revealed that degrees of operating leverage and financial leverage are important factors of firm systematic risk. However, it should be to study how to properly measure the degrees of operating leverage and financial leverage.
The study finds that the measurement model of Mandelker and Rhee (1984) of the degrees of operating leverage and financial leverage of firms was the inconsistency of capacity, and that leads to the empirical model deliberately ignored the impact of capacity. In addition, it is necessary to deal with negative samples.
Therefore the purpose of this study is to modify the measurement model of Mandelker and Rhee’s (1984) under factors of production capacity, and discuss the question of negative samples. Secondly, the study sets up the probability density function by factors of production capacity, and then investigating the impact of capacity on the measurement of degrees of operating leverage and financial leverage under firm level, industry level and market level.
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洪清賢. "A study of financial leverage and enterprose's operating performance." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/49791283880502242803.
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碩士<br>義守大學<br>管理科學研究所<br>90<br>Abstract
The purpose of this study is to find out the relationship between the financial ratio and the enterprise’s operating performance by using the multiple regression analysis,with the listed and OTC construction companies in Taiwan as subjects of experiments. The financial ratios of different construction companies during 1992 and 1999 were used to establish an index for enterprise’s operating performance. I also used the index as a basis to discuss the relations between the enterprise’s operating performance and financial leverage. Moreover, a comparison of financial leverage and enterprise’s operating performance was made between the listed companies and the OTC companies in order to know if there is any significant differences between them and further to understand the operating performance of the listed companies and OTC companies in Taiwan through measurement of their performance. The results of the study are summarized as the following:
1. Listed Companies
If the debt ratio,total assets turnover,and account receivable turnover of the listed companies before and after the financial storm are up to 5%,it means that they have significant influences on the enterprise’s operating performance.
2. OTC Companies
If the debt ratio of the OTC companies is up to 5% before and after the financial storm, it means that it has significant influences on the enterprise’s operating performance(return total assets).
Keywords： Multiple regression analysis, financial ratio, debt ratio, total assets turnover, accounts receivable turnover, financial leverage, enterprise’s operating performance(return total assets)
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Chen, Pao-Sheng, and 陳寶盛. "The Low Financial Leverage of Taiwanese Companies Determinants Research." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/26994122727719902422.
Full textAbstract:
碩士<br>東吳大學<br>企業管理學系<br>103<br>The purpose of financial management is to maximize the return earning of shareholder. Through the proper use financial leverage, it can be enhance shareholder return rate. But some companies are actively reducing the financial leverage, even unused the financial leverage. Heretofore, most studies investigate the impact of capital structure and financing decisions, and less attention at the factors of low financial leverage. This studies focus on the corporate of low financial leverage, and to explore what is the key factor of finance decisions of the corporate of low financial leverage. We sorted affecting factors of financing decisions which are past researchers had proposed, to establish the facets and conduct, and questionnaire. We used the Analytic Hierarchy Process, AHP, to identify the key factors affecting of low financial leverage corporate's finance decisions. The results found that the corporate of low financial leverage make financing decisions, they still follows the Pecking Order Theory that priority use low-cost internal funding, and influenced by the characteristics of each industry. Follow the above. The corporate of low financial leverage are usually with good profitability, high growth and high cash flow. It's means that enterprise of low financial leverage with holding more internal funds. Under the Pecking Order Theory, they overall debt level are lower than the companies of high financial leverage.
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Hsiao, Ching-Han, and 蕭清漢. "Financial Distress Prediction Using Data Mining." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/79449758562654212379.
Full textAbstract:
碩士<br>中國文化大學<br>會計學系<br>104<br>To predict the financial crisis of enterprise in the past using traditional regression models, many scholars have been using data mining method of forecasting enterprises financial crisis. The accuracy has improved, but it is incomplete in the literature. This study uses data mining to forecast a business's financial crisis. The data is from TEJ during year 2004 to 2014. In the first stage, we using neural network, stepwise regres-sion and decision tree C5.0. In the second stage we combine with two artificial intelli-gence algorithms “ decision tree CHAID ”, and “ decision tree CART ” to establish two stages of financial crisis predicting models. The results show that NN+CART, SR+CART and C5.0+CART have the highest accuracy of 90%.
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Lin, Chili, and 林琪莉. "The Study of Financial Distress Syndrome." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/66830199496725126120.
Full textAbstract:
碩士<br>東吳大學<br>會計學系<br>92<br>Several requirements are required by SEC for the listing companies, such as diversity of ownership, capital structure, profitability and the minimum capital amounts. The corporations operating are in shape. Due to the business operating risk or the capital market risk, some listed companies might come to the financial problems.
Human being and corporations are organism and operate under the same mechanism. On the subject of corporations, before facing financial distress there are some hints, which might be revealed and observed. Foretokens are shown some where. Transparently, through gathering the available data and thereby understanding the whole story, we are able to conclude the symptoms of financial distress syndrome.
This study is different from others in financial distress area. Most of the papers talk about the prediction model of financial distress, but we want to derive some nature and behavior of financial distress. Citing clinical medicine, we view financial distress as an imbalanced operating of corporation. Hence we divide the characteristic of financial distress into three groups.
According to the evidence, the symptoms of each group are quite different. Primary distress syndrome faces liquidity crisis serially and we have discovered the omen at the beginning. But the others have no intense pressure on liquidity.
We also find that primary distress syndrome devoted on major operating activity with buying many manufacturing asset to produce product. However the operating activity is inefficient. But there are no significant manufacturing assets of the other two groups.
Both primary and secondary distress syndrome get abnormal deviation with changeable major operating and the minor operating for last three years prior to occurrence. But we discover that there is not much significant pattern of symptom in complication distress syndrome but had strong cash investment rate. We conclude that the symptom of each element might get mixing and not easy to detect.
To sum up, there are many signals showed out prior 3 years to occurrence of financial distress. Comparing to early stage, the symptom is obvious in the late stage. If the major operation gets inefficient, major and minor operation income get abnormal deviation at the same time, financial distress will take place soon.