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Dissertations / Theses on the topic 'Operating leverage'
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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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Yao, Yujia. "Operating Leverage and Systematic Risk of the U.S. Airline Industry." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2148.
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This study provides empirical evidence of a positive relationship between operating leverage and systematic risk of the U.S. airline industry. This paper contributes to the literature related to operating leverage by developing a method to estimate the degree of operating leverage using publicly available information on aircraft capacity and operating expenses of the publicly listed airlines. The results suggest that, holding other financial characteristics constant, a rise in operating leverage of an airline is associated with an increase in systematic risk as perceived by the investors. In order to achieve desirable levels of operating leverage, the airlines are advised to contemplate decisions on capacity adjustments and operating expenses management in reactions to changes in economic conditions.
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HUANG, YUXIN. "Impact of Labor Protection Laws on the Operating and Financial Risks of Firms: The Case of China." ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2546.
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A debate exists regarding the effect of labor protection laws on labor costs. Whether labor protection laws increase or decrease labor costs has implications for risk exposure of affected firms. If the labor costs go up, all else the same, the firm’s breakeven point goes up. Facing increased business risk, the firm must resort to strategies that inhibit the risk exposure, especially if the higher labor costs cannot be transferred, without adverse consequences, to consumers. The strategies include reigning in, if at all possible, operating leverage and financial leverage. Conversely, if the labor costs decrease, a firm’s business risk declines, and the firm has options to increase its operating leverage and/or financial leverage, lower the product price, or do nothing. By examining the Chinese firms’ reactions to the 2007 labor protection laws, we draw conclusions about laws’ directional impact on labor costs. We find that Chinese firms attempt to reduce business risk by lessening labor intensity, and labor-intensive firms are able to reduce the labor intensity at a significantly higher rate than capital-intensive firms. Neither group is able to significantly reduce asset tangibility. We also find that all firms significantly reduce their financial leverages. Consequently, firms’ investments, as measured by sales growth, decline in the post-reform period. These results are consistent with the cost of labor increasing as a result of the stricter labor protection laws.
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Li, Rong-Jen. "Combined Leverage and the Volatility of Stock Prices." Thesis, North Texas State University, 1985. https://digital.library.unt.edu/ark:/67531/metadc331340/.
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Much has been written during the past decade to explain the relationship between financial and operating leverage and stock-price volatility. However, the relationship between combined leverage and stock-price volatility has yet to be fully explored. Mandelker and Rhee's (MR) recent study uses both operating and financial leverage in a regression (equivalent to the traditional total leverage—DTL) and shows that both types of leverage are positively associated with common stock betas. Huffman recently demonstrated that there are interactions between operating leverage and financial leverage. Therefore, MR's model could be oversimplified. This study examines the relationship between firms' combined leverage and their stock-price volatility. The study also examines industry and industry growth to see if the relationship is influenced by these factors. The question is whether DOCL is a better risk measure than DTL and whether there is an interaction between operating and financial leverage. The inferences that can be drawn from the study's results are as follows: (a) Stock risk is a function of combined leverage; (b) Industry significantly influences the relationship between stock risk and DOCL; (c) High growth increases the relationship between stock risk and DOCL; (d) Combined leverage (DOCL) is a better risk measure than total leverage (DTL). Further, the problem with the traditional total leverage measure is the omission of the interaction between DOL and DFL. This is consistent with Huffman's theory and suggests Mandelker and Rhee's model is oversimplified.
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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.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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Yue, Xiabin, and Bo Xing. "The impact of R&D intensity on the volatility of stock price : A study of the Swedish Market during year 1997-2005." Thesis, University of Skövde, School of Technology and Society, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:his:diva-202.
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This thesis investigates the theoretical and empirical relationships between a firm’s R&D investment intensity and the systematic risk of its common stock in Sweden. This is done by examining 38 Swedish firms between 1997 and 2005. An overlapping set of 5-year window is chosen to apply to calculate the variables of the samples.
In this thesis, three factors are introduced as a proxy of main constituents of systematic risk: intrinsic business risk, degree of financial leverage and degree of operating leverage. And we use these three constituents to analysis the relationship between R&D investment and systematic risk.
The results from Monte Carlos simulations and correlation analysis of our sample show that, in Sweden, firms with higher R&D intensity do face higher stock price volatility in the stock market. At the same time, we attempt to test the relationship among R&D and systematic risk’s three constituents, but find that R&D intensive firms have more financial leverage which is opposite to our expect, which might due to the shortage of data and limitation of our sample selection, and R&D intensive firms do not have obvious relations directly with intrinsic business risk, degree of financial leverage or degree of operating leverage.
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Bonito, Miguel Filipe Rocha. "Estudo comparativo de efeitos de alavancagem no risco sistemático baseado no CAPM entre empresas do PSI 20 e IBEX 35." Master's thesis, Universidade de Évora, 2014. http://hdl.handle.net/10174/18258.
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Esta dissertação tem como principal objetivo estudar os efeitos de alavancagem no risco sistemático nas empresas não financeiras do PSI 20 e do IBEX 35. A metodologia utilizada é descritiva e analítica, utilizando-se a análise de correlação de Pearson e a análise de modelos de dados de painel para efetuar uma comparação entre as empresas não financeiras do PSI 20 e IBEX 35, tendo como ponto de partida o referencial teórico do Capital Asset Pricing Model. Foi possível verificar para o conjunto de empresas não financeiras do PSI 20 e IBEX 35 que ambas as alavancagens são significativas, estando a alavancagem financeira positivamente relacionada com o risco sistemático e a alavancagem operacional negativamente relacionada com o risco sistemático. Analisando individualmente por mercado, no PSI 20 as conclusões são idênticas às do parágrafo anterior, enquanto no IBEX 35 apenas a alavancagem operacional é significativa, estando negativamente relacionada com o risco sistemático; ABSTRACT: This dissertation aims to study the effects of leverage on the systematic risk of the non-financial companies in the IBEX 35 and PSI 20. The methodology used is descriptive and analytical, using the Pearson correlation analysis and panel data models analysis to make a comparison between the non-financial companies in the IBEX 35 and PSI 20 having as a starting point the theoretical framework of the Capital Asset Pricing Model. The results show that, in the set of non-financial companies in the IBEX 35 and PSI 20, both leverages are significant, with the financial leverage being positively related with systematic risk and the operating leverage being negatively related with systematic risk. Moreover, the individual analysis of each market reveals that in the PSI 20 the conclusions are identical to the previous paragraph, while in the IBEX 35 only the operating leverage is significant, being negatively related with systematic risk.
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Lourenço, Wesley da Silva, and 0000-0002-0760-7644. "The Moderating Role Of Market Structure On The Relationship Between Firm Operational Performance And Degree Of Operating Leverage." Universidade Federal do Espírito Santo, 2017. http://repositorio.ufes.br/handle/10/8869.
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Previous issue date: 2017-05-03CAPES
Esta dissertação investiga o papel de moderação da estrutura de mercado na relação entre desempenho operacional e composição dos custos das empresas. Como proxy para a estrutura de mercado, adotou-se o Índice Herfindahl-Hirschman (HHI); para o desempenho operacional, foi utilizado como proxy o retorno sobre o capital investido (ROIC); e para composição dos custos das empresas, o Grau de Alavancagem Operacional (DOL). A base de dados abrange empresas não financeiras no mercado brasileiro de 1996 a 2016, terceiro trimestre. Resultados apontam que a estrutura de mercado modera a relação entre ROIC e DOL, tendo maior efeito há medida que os mercados se aproximam de uma estrutura monopolística. Resultados em geral, sugerem a existência de relação entre o desempenho operacional das empresas e comportamento dos custos, indicado por uma relação negativa entre ROIC e DOL. Observa-se, também, um papel moderador significativo do Tamanho na função de moderação da estrutura de mercado (HHI) na relação entre ROIC e DOL, na medida em que a estrutura do mercado avança para configurações próximas do monopólio, o efeito moderador HHI torna-se mais latente.
This thesis investigates the moderation role of market structure on the relationship between operational performance and firms’ costs composition. The Herfindahl-Hirschman Index (HHI) were adopted as proxy for market structure; for operational performance, Return on Invested Capital (ROIC); and for firms’ cost choices, the Degree of Operating Leverage (DOL). The database covers non-financial firms at Brazilian market from 1996 to 2016, third quarter. The output points toward to market structure moderation of the relationship between ROIC and DOL with an increase of the effect when markets comes near to a monopolistic structure. Overall results suggests the existence of a relation between firms’ operational performance and cost behavior, indicated by a negative relationship between ROIC and DOL. Furthermore, we notice a moderating role of Size on market structure (HHI) moderation role on the relationship between ROIC and DOL, in the extent that market structure moves towards a higher concentration level configuration, the moderating effect of HHI becomes more latent.
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LOURENCO, W. S. "The Moderating Role Of Market Structure On The Relationship Between Firm Operational Performance And Degree Of Operating Leverage." Universidade Federal do Espírito Santo, 2017. http://repositorio.ufes.br/handle/10/8869.
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Made available in DSpace on 2018-08-01T23:39:45Z (GMT). No. of bitstreams: 1
tese_10960_DISSERTACAO - WESLEY LOURENCO.pdf: 1180702 bytes, checksum: 92a5bf3209b7bd23e332624e387fdd69 (MD5)
Previous issue date: 2017-05-03Esta dissertação investiga o papel de moderação da estrutura de mercado na relação entre desempenho operacional e composição dos custos das empresas. Como proxy para a estrutura de mercado, adotou-se o Índice Herfindahl-Hirschman (HHI); para o desempenho operacional, foi utilizado como proxy o retorno sobre o capital investido (ROIC); e para composição dos custos das empresas, o Grau de Alavancagem Operacional (DOL). A base de dados abrange empresas não financeiras no mercado brasileiro de 1996 a 2016, terceiro trimestre. Resultados apontam que a estrutura de mercado modera a relação entre ROIC e DOL, tendo maior efeito há medida que os mercados se aproximam de uma estrutura monopolística. Resultados em geral, sugerem a existência de relação entre o desempenho operacional das empresas e comportamento dos custos, indicado por uma relação negativa entre ROIC e DOL. Observa-se, também, um papel moderador significativo do Tamanho na função de moderação da estrutura de mercado (HHI) na relação entre ROIC e DOL, na medida em que a estrutura do mercado avança para configurações próximas do monopólio, o efeito moderador HHI torna-se mais latente.
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Elshqirat, Mohammad Kamel. "Multifactor Capital Asset Pricing Model in the Jordanian Stock Market." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5186.
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A valid and accurate capital asset pricing model (CAPM) may help investors and mutual funds managers in determining expected returns and thus, may increase profits which can be reflected on the community resources. The problem is that the traditional CAPM does not accurately predict the expected rate of return. A more accurate model is needed to help investors in determining the intrinsic price of the financial asset they want to sell or buy. The purpose of this study was to examine the validity of the single-factor CAPM and then develop and test the validity of a multifactor CAPM in the Jordanian stock market. The study was informed by the modern portfolio theory and specifically by the single-factor CAPM developed by Sharpe, Lintner, and Mossin. The research questions for the study examined the factors that may explain the variation in the expected rate of return on stocks in the Jordanian stock market and the relationship between the expected rate of return and factors of market return, company size, financial leverage, and operating leverage. A causal-comparative quantitative research design was employed to achieve the purpose of the study by testing the listed companies on the Amman stock exchange (ASE) for the period from 2000 to 2015. Data were collected from the ASE database and analyzed using the multiple regression model and t test. The results revealed that market return, company size, and financial leverage are not predictors of the expected rate of return while operating leverage is a predictor. The results of this study may contribute to positive social change by changing the way the individual investors and mutual funds managers select their investing portfolios which can lead to better resource distribution in the economy.
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Mitchell, Mark E. "Strategic leverage : information operations and special operations forces." Thesis, Monterey, California: Naval Postgraduate School, 1999. http://hdl.handle.net/10945/13631.
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Special Operations Forces (SOF) have assumed a unique and expanded role as a strategic asset of the United States. The conjunction of changing political and security environments and new technologies present both challenges and opportunities for SOF. Special Operations Forces provide the National Command Authority (NCA) a variety of unique capabilities and expanded options for achieving strategic goals at minimum costs. The recent drawdown has placed even more value on the capabilities and leverage provided by SOF. Additionally the rapid pace of technological change - the "information revolution" - has opened the door to a potential "Revolution in Military Affairs" (RMA). New approaches to warfare, like Information Operations (IO), are beginning to emerge from the RMA. Information operations, like SOF, can also provide a means to leverage limited resources. At the strategic level, SOF can provide support for IO; at the tactical level, IO can support of special operations (SO). Each has distinct implications for SOF. In either case, the object of the supporting operation is to generate or expand a window of opportunity for the supported operation. Separately, both SO and IO can provide economy of force. Properly employed, this leverage is multiplied and offers a tremendous strategic asset.
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Koutsogianopoulos, Spiros. "Operating performance of reverse leveraged buyouts and underwriter prestige." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1998. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp03/MQ39970.pdf.
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Drahošová, Šárka. "Zhodnocení finanční situace podniku a návrhy na zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222435.
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The master’s thesis evaluates the financial situation of the RACOM, Ltd. company. There are used some selected methods of financial analysis during the period 2004-2008. Theoretical and methodological basis of financial analysis are outlined in the first part of thesis. Selected instruments are applied on this company in the next part. Results from the financial analysis and some suggestions which could lead to better economic performance of the RACOM, Ltd. company are in the final part of this thesis.
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Cardoso, Rafael Felipe Silva. "Incentivo fiscal e alavancagem operacional: um estudo de caso sobre a desoneração da folha de pagamento em uma empresa start-up." Universidade de São Paulo, 2016. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-02082016-153102/.
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Os incentivos fiscais concedidos pelos entes públicos às empresas nacionais suscitam cada vez mais o interesse de estudos aprofundados em relação a seu impacto dentro das organizações. Esta pesquisa tem como objetivo analisar os efeitos dos incentivos fiscais, especificamente, da desoneração da folha de pagamento instituída pelo Plano Brasil Maior do Governo Federal em 2011, no grau de alavancagem operacional de uma empresa start-up brasileira. A pesquisa foi realizada através de um estudo de caso em uma empresa start-up atuante no Brasil no setor de tecnologia desde 2011. As análises do estudo de caso confirmaram que há uma relação direta entre a desoneração da folha de pagamento e o grau de alavancagem operacional de uma empresa. A interpretação dos dados sugere que para uma melhor eficiência dos incentivos fiscais, estes devem alterar o comportamento dos custos e despesas fixas para variáveis, diminuindo assim a exposição ao risco operacional da empresa.Tax incentives granted by public entities to domestic companies tend to raise more interest of extensive studies in relation to its impact within organizations. This research aims to analyze the effects of tax incentives, specifically, the payroll tax exemption established by the \"Plano Brasil Maior\" of the Brazilian Federal Government in 2011, on the degree of operating leverage of a Brazilian start-up company. The research was conducted through a case study of a start-up company operating in Brazil in the technology sector since 2011. The analysis of the case study confirmed that there is a direct relation between the payroll tax exemptions and the degree of operating leverage of a business. The interpretation of the case suggests that, for a more efficiency of the tax incentives, the incentive must directly modify the fixed and variable costs and therefore reducing the company\'s exposure to operational risk
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Štěpánková, Lucie. "Hodnocení finanční situace podniku a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222520.
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The aim of this thesis is to assess the level of financial management, joint-stock company Autic and formulation of proposals to improve the financial situation in problem areas. During its processing particularly the methods of financial analysis have found application. Data of the firm over the period of 2006 – 2008 are used for the financial analysis.
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Peixoto, Inês Simões de Brito. "Green innovation: how firms leverage capabilities, resources and complementary assets." Master's thesis, NSBE - UNL, 2009. http://hdl.handle.net/10362/9508.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and EconomicsEnvironmental issues are critical for business either as a constraint or an opportunity. Hence, they should be addressed by firms as a strategic priority integrated in their operations strategy. In order to do so, firms need to develop green capabilities and assets that support their green strategies. This paper discusses the green capabilities necessary to develop green innovation initiatives. It presents a framework that structures the relationship between drivers of green operations strategies, firms’ resources and green innovation as a source of competitive advantage. Case study research is used to support and extend the framework. Case study evidences validate the framework, provide additional insights and suggest new lines of research on these topics.
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Marčiulionytė, Asta. "Įmonės pelno-išlaidų-veiklos apimties vertinimas." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2014. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2007~D_20140626_161708-33077.
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Pelningumo siekimas yra pagrindinis verslo įmonės tikslas, dažnai lemiantis vadovų pasirinkimą sprendžiant problemas susijusias su pardavimo kainomis, įvairiomis išlaidomis. Pelno-išlaidų-veiklos apimties vertinimas teikia apibendrinantį planavimo proceso vaizdą ir išlaidų kitimo supratimą, todėl gauta informacija yra nepakeičiama, siekiant užtikrinti racionalų įmonės valdymą. Šio darbo tikslas – išanalizavus pelno-išlaidų-veiklos apimties metodologiją, atlikti įmonės pelno-išlaidų-veiklos apimties vertinimą ir sudaryti modelį, leidžiantį efektyviai planuoti ir analizuoti įmonės kaštų, veiklos apimties ir pelno ryšį. Taigi, šio darbo objektas-įmonės pelningumas, jo priklausomybė nuo įmonės pajamų, kaštų ir veiklos apimties. Siekiant įgyvendinti darbo tikslą, keliami tokie uždaviniai: išanalizuoti pelno-išlaidų-veiklos apimties vertinimo metodologiją, suformuoti prielaidas pelno-išlaidų-veiklos apimties vertinimo modeliavimui, atlikti įmonės pelno-išlaidų-veiklos apimties vertinimą, bei sudaryti pelno-išlaidų-veiklos apimties vertinimo modelį. Darbą sudaro trys pagrindinės dalys: metodologinė, analitinė ir rezultatų. Pirmojoje darbo dalyje nagrinėjami pelno-išlaidų-veiklos apimties vertinimo metodologijos aspektai-pateikiamos analizės prielaidos, vertinimo reikšmė ir galimybės. Antrasis darbo skyrius apima prielaidų pelno-išlaidų-veiklos apimties vertinimo modeliavimui analizę: tiriami ir lyginami pelno-išlaidų-veiklos apimties vertinimo modeliavimo metodai, bei pateikiama... [toliau žr. visą tekstą]The main purpose of business enterprise is striving for profitability and this purpose usually decides the head‘s of enterprise choice when he tackles the problems about prices of sales and different expenses. Cost-volume-profit evaluation gives resumptive view about planning process and understanding of costs range so given information is irreplaceable because of trying to ensure rational management. The purpose of this work is to do cost-volume-profit evaluation and make a model according the analysis of cost-volume-profit methodology. This model will let to plan and analyse enterprise‘s cost, activity‘s size and profit‘s relation in effective way. So the object of this work is the profitability of an enterprise, its dependence from enterprises revenue, cost and activity‘s volume. In purpose to realize work‘s aim there are these objectives: to analyse cost-volume-profit evaluation methodology, to structure presumptions for cost-volume-profit evaluation modeling, to do enterprises cost-volume-profit evaluation and to make cost-volume-profit evaluation model. Three main parts makes this work: methodological, analytical, results. In the first part of this work there is an analyses of cost-volume-profit evaluation methodology‘s aspects, there are analysis presumptions, evaluations mean and possibilities. The second part includes presumptions analysis to cost-volume-profit evaluation modeling: here are researched and compared cost-volume-profit evaluation modeling methods and is... [to full text]
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Oluwi, Victor. "Exploiting Synergies to Leverage Operational Performance and Efficiency with Collaborative Business Strategies." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5767.
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Resource and knowledge recombination activities of manufacturers, suppliers, and service providers have evolved with the advent of globalization and increased market complexities. Such changes in resource and knowledge recombination activities have enabled and advanced the relevance of well-forged and properly implemented collaborative partnerships. Collaborative partnerships are credible alternatives in the provision of goods and services. The participants in this multiple case study design were 12 senior business managers from three oil, gas, and energy companies in a metropolitan area in a western province of Canada. Participants revealed the strategies they used to forge profitable collaborative business partnerships. The resource-based view (RBV) and the relational view (RV) constituted the conceptual framework of this study. Data were collected were using semistructured face-to-face interviews and analysis of organization documents. Member checking preceded the final data analysis process. The modified van Kaam method served to manage the emerged themes. Themes that emerged from data analysis included planning, organizing, and managing work; decision-making; leadership; people, relationship management; and managing complexities. The findings of this study may contribute to social change through the interdependencies that collaborative partnerships promote and encourage among employees of the collaborating organizations. Collaborative partnership interdependencies create the opportunities and conducive environments that might enable people from different cultures, and with different and inimitable capabilities, skills, and resources to cohabit peacefully and to work together productively.
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Almquist, Magnus, and Edvard Byström. "Leveraged Buyout : En studie av den operativa lönsamhetsutvecklingen under hela LBO-cykeln." Thesis, Uppsala University, Department of Business Studies, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-9031.
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Syftet med denna studie är att undersöka om riskkapitalbolagen på den svenska marknaden skapar högre operativ lönsamhet i de företag de förvärvar och om den är bestående på längre sikt, det vill säga efter avyttring. Studien omfattar 16 svenska företag som förvärvats av riskkapitalbolag mellan åren 1990 till 2002. Samtliga har studerats självständigt med hjälp av nyckeltalen: Rörelsemarginal, kapitalomsättningshastighet och räntabilitet på totalt kapital och har även jämförts med dess respektive bransch. Vi finner bevis för att lönsamhetsmåttet räntabilitet på totalt kapital visar endast en signifikant förbättring då hänsyn inte tas till branschen under den tid då företaget ägs av riskkapitalbolaget. Rörelsemarginalen förbättras dock signifikant både med och utan bransch. Detta sammanfaller med att kapitalomsättningshastigheten försämras, då den signifikanta rörelsemarginalförbättringen inte lyckas skapa en signifikant förbättring i räntabiliteten. Vilket visar att riskkapitalbolagen är duktiga på att minska företagets kostnader men sämre på att nyttja företagets totala kapital effektivt. Utifrån ett agentperspektiv är det möjligt att det är lättare för riskkapitalbolagen att minska eventuella agentkostnader som belastar rörelsemarginalen men svårare att minska agentkostnader som är sammankopplade med nyttjandet av företagets totala kapital. Vi finner med andra ord ingen signifikant lönsamhetsförbättring i företagen på kort sikt. Däremot på längre sikt, det vill säga efter en börsintroduktion, ser vi en signifikant försämring i lönsamheten år tre. Detta kan bero på att rörelsemarginalens agentkostnader återigen infinner sig. Och även agentkostnader som är relaterade till kapitalomsättningshastigheten uppenbarar sig igen, då ledningen för det publika företaget investerar mer än vad försäljningen ökar. Sammanfattningsvis finner vi inga bevis för att riskkapitalbolagen på den svenska marknaden skapar en kortsiktigt eller långsiktig operativ lönsamhetsförbättring. Huruvida de påverkar avkastningen på eget kapital, det vill säga till ägarna låter vi vara osagt då detta inte omfattas av studien.
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Asci, Ceylan Cemre. "Do Public-to-Private Leveraged Buyouts Result in Improved Operating Performance? Evidence from the United Kingdom." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/31560.
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This study investigates the changes in the operating performance of public-to-private leveraged buyouts (LBOs) backed by one or more private equity firms. For this purpose, this dissertation focuses on a sample of 65 completed public-to-private LBOs in the United Kingdom, which were finalised between 2003 and 2015, and exited by 2018. Specifically, the changes in operating performance in terms of EBITDA/sales, EBIT/sales and EBITDA/total assets, as measured directly and relative to the industry median, before the LBO and at exit by the equity provider, is analysed. A regression methodology from the literature is used to determine the impact of various transaction and company-specific attributes on operating performance changes, based on the shareholder-related agency costs and free cash flow/benefits of debt theories. Surprisingly, the overall picture indicates a negative operating performance change of going-private LBOs in the post-buyout period. The main factors explaining the changes in operating performance seem to be changes in leverage. On the other hand, the hypotheses relating to improved management incentives and improved shareholder monitoring are not supported by the results, as these factors seem to have little to no effect on the operating performance changes related to the public-to-private LBOs in the sample.
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Šustková, Jitka. "Hodnocení finanční situace podniku a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-222153.
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The master’s thesis analyses financial health of the company SLB, s.r.o. in the years 2004 – 2007 at the basis of selected methods of the financial analysis. It comprises proposals of possible of identified problems which should result in the improvement of financial situation of the firm in future years.
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Crot, Jean-Phillippe. "Les operations de leveraged management buy-outs au Canada au regard des experiences americaines, anglaises et francaises." Thesis, McGill University, 1988. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=61751.
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Lenz, Richard K. "Post-LBO development : analysis of changes in strategy, operations and performance after the exit from leveraged buyouts in Germany /." Wiesbaden : Gabler, 2010. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=018923593&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Lenz, Richard K. "Post-LBO development analysis of changes in strategy, operations and performace after the exit from leveraged buyouts in Germany." Wiesbaden Gabler, 2009. http://d-nb.info/99854440X/04.
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Defendi, Leonardo <1997>. "L'impatto dell'operazione di leveraged buyout nella performance operativa dell'impresa: analisi di un campione di aziende italiane oggetto di LBO." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19870.
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L'obiettivo della tesi è indagare l'operazione di finanza straordinaria definita "leveraged buyout". A seguito di una descrizione delle principali caratteristiche e di una disamina della letteratura in merito a tale strumento, viene condotta un'analisi empirica su un campione di aziende italiane investite da un LBO, finalizzata a comprendere se esse abbiano registrato un miglioramento delle performance a seguito dell'operazione.
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Holcová, Eva. "Hodnocení finanční situace podniku a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222521.
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The master´s thesis is concerned with financial analysis and evaluates financial health of company Pramet Tools, s. r. o. in the years 2004 - 2008. The aim of this thesis is to apply basic methods of financial analysis to analyze financial situation in chosen company and based on achieved results to propose the possible solutions of identified problems which should result in the improvement of financial situation of the company in future years.
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Holec, Pavel. "Hodnocení finanční situace podniku a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222522.
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The master’s thesis analyses financial health of the company IFE-CR, a.s. in the years 2004 – 2008 at the basis of selected methods of the financial analysis. It comprises proposals of possible of identified problems which should result in the improvement of financial situation of the firm in future years.
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Vrbová, Jana. "Tvorba a řízení hodnoty v obchodních řetězcích." Doctoral thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-163052.
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Thesis ?Value generation and management in retail/whole chains? was started with intention to offer enhanced theoretical basis for research in this area, that is still represented insufficiently in comparison to importance of retail/whole chains in whole economy. Additionally the practical inconsistency between trading rules demostrated to customers and trading partners of chains (including visible behaviour of chains) and value driving variables bears interest. The thesis targets following: search and indication of potential value drivers (value affecting variables) of retail/wholesale chains description of such value affecting variables, testing of relevance of such value affecting variables synthesis of description and relevance (importance) gives recommendations and measures for value creation in these chains Based on analysis of external conditions and internal sources were identified following value generating areas: strategy of retail/wholesale chain growing from internal source of competitive advantage ? strategical differentiation, issue of expansion (understood both as strategical variable - potential competitive advantage, and external threat of concentration value creating variables of core business of retail/wholesale chain: price strategy managing of liquidity stabilization of operating profit in condition of fluctuation sales
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Finnman, Peter. "Applying Revenue Management to the Last Mile Delivery Industry." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-246079.
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The understanding of what motivates a customer to pay more for a product or service has al-ways been a fundamental question in business. To the end of answering this question, revenue management is a business practice that revolves around using analytics to predict consumer behavior and willingness-to-pay. It has been a common practice within the commercial airline and hospitality industries for over 30 years, allowing adopters to reach their service capacity with increased profit margins. In this thesis, we investigated the possibility to apply revenue management to the last mile delivery industry, an industry that provides the service of delivering goods from e-commerce companies to the consumer’s front door. To achieve this objective, a revenue management framework was conceived, detailing the interaction between the customer and a dynamic pricing model. The model itself was a product of a machine learning model, intended to segment the customers and predict the willingness-to-pay of each customer segment. The performance of this model was tested through a quantitative study on synthetic buyers, subject to parameters that influence their willingness-to-pay. It was observed that the model was able to distinguish between different types of customers, yielding a pricing policy that increased profits by 7.5% in comparison to fixed price policies. It was concluded that several factors may impact the customer’s willingness-to-pay within the last mile delivery industry. Amongst these, the convenience that the service provides and the disparity between the price of the product and the price of the service were the most notable. However, the magnitude of considering these parameters was never determined. Finally, em-ploying dynamic pricing has the potential to increase the availability of the service, enabling a wider audience to afford the service.Vad som motiverar en kund att betala mer för en tjänst eller en produkt har länge varit ett centralt koncept inom affärslivet. Intäktsoptimering är en affärspraxis som strävar efter att besvara den frågan, genom att med analytiska verktyg mäta och förutse betalningsviljan hos kunden. Intäktsoptimering har länge varit framträdande inom flyg- och hotellbranschen, där företag som anammat strategin har möjlighets att öka försäljningsvinsten. I detta examensarbete undersöker vi möjligheten att applicera intäktsoptimering på sista milen industrin, en industri som leverar köpta produkten hem till kunden. För att uppnå detta har vi tagit fram ett ramverk för informationsflöden inom intäktsoptimering som beskriver hur kunder interagerar med en dynamisk prissättningsmodell. Denna prissättningsmodell framställs genom maskininlärning med avsikt att segmentera kundbasen, för att sedan förutse betalningsviljan hos varje kundsegment. Modellens prestanda mättes genom en kvantitativ studie på syntetiska kunder som beskrivs av parametrar som påverkar betalningsviljan. Studien påvisade att modellen kunde skilja på betalningsviljan hos olika kunder och resulterade i en genomsnittlig vinstökning på 7.5% i jämförelse med statiska prissättningsmodeller. Det finns mänga olika faktorer som spelar in på kundens betalningsvilja inom sista milen industrin. Bekvämlighet och skillnader i priset på produkten som levereras och tjänsten att leverera produkten är två anmärkningsvärda faktorer. Hur stor inverkan faktorerna som beskrivs i detta examensarbete, har på betalningsviljan, förblev obesvarat. Slutligen uppmärksammades möjligheten att, med hjälp av dynamisk prissättning, öka tillgängligheten av tjänsten då flera kunder kan ha råd med en prissättning som överväger deras betalningsvilja.
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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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碩士國立高雄科技大學
金融系
107
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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Cheng, Chia-i., and 鄭家宜. "Valuation of Strategic Operating Leverage Option." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/03447628916230832564.
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碩士國立成功大學
財務金融研究所
95
When management faces a new project, costs are the most important element. The cost amount will affect the expected profit. By using the NPV method, the cost of facility is irreversible. The fixed assets do not have salvage value, in other words, we cannot gain cash inflow from selling the fixed assets. Management should decide the best strategy of operating leverage according to the market situation. Previous research about operating leverage has concentrated on the relationship between operating risk and operating leverage. In contrast to these literatures, we assume that management needs to think about the possibility of existing real options such as the option to expand, abandon and grow. Real options can increase the value of an investment project. In this paper, we assume that there is an option to expand held by management. Management has to take actions after taking the option into account. By using a mathematical method, we obtain the conclusion that if management expects the market to be good, they will adopt high operating leverage; if their expectation is bad, they will use low operating leverage and have an option to expand. If the market becomes better in the future, management will exercise the option and transfer to a firm with high operating leverage. Furthermore, if the demand varies a lot, in other words, the volatility greatly, management will tend to use low operating leverage to avoid the high operating risk.
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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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碩士逢甲大學
會計所
96
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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碩士逢甲大學
會計所
96
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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碩士義守大學
管理科學研究所
90
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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Chang, Pei-Feng, and 張培鳳. "Human capital leverage and operating performance：Evidence from proprietorship audit firms." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/03048606296286711299.
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碩士國立雲林科技大學
會計系碩士班
101
This study examines the performance effects of human capital leverage. Empirical data are from 2004 to 2010 Survey Report of Audit Firms in Taiwan, published by Financial Supervisory Commission, Executive Yuan. To measure the human capital leverage, this study selects audit firms with three organizational staff levels: partner, managers, and assistants. Both net income and total revenues are used to measure the operating performance of audit firms. Based on mutiple-regression model, this study obtains the following main empirical results. First, human capital leverage positively influences financial performance. Next, curvilinear relationship exists between lower human capital leverage and operating performance.
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Chen, Li-Ling, and 陳麗玲. "The Empirical Analysis of Operating Leverage and Financial Leverage on Equity Valuation: the Mobile Phone Industry in Taiwan." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/65uv62.
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碩士國立高雄應用科技大學
金融系金融資訊碩士在職專班
103
This article discusses how the operating leverage degrees and degree of financial leverage would affect the company's stock price based on 88 smartphone companies in Taiwan. There are 53 companies of 265 samples,that met complete requirements of the annual data,According to Ohlson (1995) shares the operating leverage of the evaluation model, the degree of financial leverage and corporate financial statements directly link equity value and profitability of enterprises of different groups. We can explain the different effects of the comparison via investigating the degree of operating leverage and financial leverage. The results on the of the equity value leverage factor discovered that by using the compared leverage factor would have reasonable explanation in equity value of the enterprise. In the group with better profitability, utilizing higher relative financial Leverage can enhance corporate equity evaluation. The relative rate of change in operating leverage and financial leverage would increase equity value of the enterprise; in the general profitability of the group, we can conclude that there is no better explanation to stock prices for those are ordinary profitability business. Except the relative operating leverage and price changes have significant positive correlation, the absolute financial leverage, financial leverage relative, and absolute financial leverage have less than significant level. Absolute operating leverage of the group with poor profitability companies is not relevant to the stock price; absolute and relative operating leverages are significantly positively with the share price. In addition, the group's absolute and relative financial leverages, and the absolute rate coefficient of variation did not meet the significant level of leverage, but the changes in the relative financial leverage has positive correlation with the stock price. Compared with the Hsu’s (2007) the entire electronics industry, the results of the Pearson correlation coefficient has significant positive correlation 0.267.This research based on their profitability level of the mobile phone industry in three groups. The results proved that the mobile phone industry has correlation coefficient from the effect of poor profitability of the Group. However, it does not reach a significant positive correlation. It has significant level with negative value and correlation level to those better profitability in the mobile phone industry and the ordinary enterprise.
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Kung, Hsiu-Ya, and 龔秀雅. "The Importance of Degrees of Financial Leverage and Operating Leverage on the Relationship between Earnings and Stock Price." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/36172871633799374707.
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碩士國立雲林科技大學
財務金融系碩士班
91
Abstact For stock investors, the main purpose of investing is gains of returns, and accounting information can help the investors to evaluate the company values reasonably and reduce risks of arbitrage to gain the excess returns. A company management can reflect on earnings and share price. The determinations of share price and earnings are reflections of many factors. Some of these factors are ability of earning profits; some are the bearing of financial risks and operating risks. Therefore, to invest an enterprise, we must consider profit ability and risks of the company. Ohlson（1995）pointed out the equity value is the weighted averages of earnings and book value, Burgstahler and Dichev(1997) further found out that equity value can reflect the higher one of either the options value of net asset adaptation value or earnings recursion value. According to the statement above, my research take two hypothesis: One is the higher degree of financial leverage of a company, the less association of share price to earnings. The other is the higher degree of operating leverage of company, the less association of share price to earnings. My research is based on domestic stock market data using the cross sections big sample. We found the higher degree of financial leverage (DFL) and degree of operating leverage (DOL), the less association of equity value to earnings. That is, under different company risks, the association of earning to share value displays a reducing effect. The empirical results are the same as the hypothesis expected. To sum up, theoretically there are positive correlation between accounting surplus and equity value. However my research added two company risk factors, and found out that this correlation is weakened if we increase the degrees of financial leverage (DFL) and degree of operating leverage (DOL).
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LI, WU-YAN, and 李武彥. "The influences of the degree of operating leverage on the firmecision." Thesis, 1991. http://ndltd.ncl.edu.tw/handle/42080257301687144427.
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Lin, Shu-Mei, and 林淑美. "Educational Level, Experience,Training,Leverage and Operating Performance of CPA Firms." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/55739348870990338659.
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碩士雲林科技大學
會計系研究所
98
This study examines the performance effects of auditors’ educational level, work experience, professional trainings, and human capital leverage. Empirical data are from 1989 to 2007 Survey Report of Public Accounting Firms in Taiwan, published by Financial Supervisory Commission, Executive Yuan. Total samples are divided into three categories, large-sized, medium-sized, and small-sized CPA firm. Based on multiple regression analyses, empirical results are listed as follows: 1. For large-sized CPA firms, significant negative correlations are found between employees’ educational level, professional trainings, human capital leverage, and operating performance. However, significant positive correlation is found between work experience and operating performance. 2. For medium-sized CPA firms, significant negative correlations are found between work experience, human capital leverage, and operating performance. However, significant positive correlation is found between employees’ educational level, professional trainings and operating performance. 3. For small-sized CPA firms, significant positive correlation are found between employees’ educational level, work experience, professional trainings and operating performance. However, significant negative correlation is found between human capital leverage and operating performance.
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Lin, Chun Yi, and 林君怡. "The Impact of R&D Leverage and Degree of operating leverage on Firm Value: Industry Life Cycle View." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/68782517883809569023.
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碩士國立聯合大學
經營管理學系碩士班
103
There are many studies on the relationship between financial leverage and firm value, but R&D leverage and Operating Leverage is rare. Thus, this study not only shows a novel R&D leverage to measure how EPS changes in response to a change in R&D expense, but also applies panel data regression to estimate the effect of the leverage on firm values, also discuss whether its impact because industry life cycle is changed. The samples are cross-section and time series data from 2000 to 2012, listed and OTC 85 companies. The empirical results show that previous year’s R&D Leverage and current year’s Operating Leverage have a significant negative influence on current year’s Tobin’s Q respectively, no matter company size and life cycle are added as control variables or not. Moreover, previous year’s R&D Leverage and life cycle influence current year’s Tobin’s Q significantly and negatively, indicating that previous year’s R&D Leverage results in current year’s Tobin’s Q to change negatively as life cycle grow, mature, and decline. Furthermore, current year’s Operating Leverage and life cycle influence current year’s ROA, ROE, and Tobin’s Q significantly in which Tobin’s Q is influenced significantly and negatively, indicating that current year’s Operating Leverage results in current year’s ROA and ROE to change positively as life cycle grow, mature, and decline.
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Chen, Chih-cheng, and 陳志誠. "On the Relationship Between Operating Leverage and Financial Leverage：the Incentive-Signalling Approach." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/20026385331062162039.
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碩士朝陽科技大學
財務金融系碩士班
92
This paper will discuss how manager uses the operating leverage as a signal to represent the firm’s true type, and the process of how to moderate the problem that finance with difficulty cause by information asymmetric. If manager learns the firm is of good type that the probability of growth demand he face is high, then manager will choose higher operating leverage as a signal to strive for lower cost of capital. On the contrary, if manager knows firm’s true type is bad, and then he cannot pretend himself as a good one because higher operating leverage is not affordable, therefore he has to choose lower operating leverage and thus bearing higher cost of capital, which reflected the higher risk. We found the relationship between operating leverage and financial leverage maybe positive, which means the trade-off point of view between operating leverage and financial leverage on the literalness may not hold.
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Hsu, Pao-chuan, and 許保全. "The Analysis of Corporate Operating Leverage and Financial Leverage on Equity Valuation : A Empirical Analysis of the Electronic Industry in Taiwan." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/04897776254903479728.
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Ho, An-Huei, and 何安慧. "The Study of the Association between the Income Smoothing and Degrees of Operating Leverage." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/43616186308934153911.
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碩士中國文化大學
會計研究所
89
Income statement will be the most important financial statement because the users pay more attention to the ability of making profits of the company. Especially the income. But because of the problems between the relation of agencies and information asymmetry and other considerations of benefits of the company, the company authorities attempt to use any management method allowable in accounting rules to decrease the fluctuation of income and to reach the reasonable income level. (Beidlerman, 1973) This study is to find the relationship between The Income Variability Method offered by Eckel(1981) to improve The Classical Approach to judge whether the company authorities deal with income smoothing and operating leverage. Furthermore, we will discuss the influences about the factor of market manner and reaction to the listed companies dealing with income smoothing in our country and analyze the difference between electronic industry and other traditional industry. The evidence shows that the degree of operating leverage indeed affects the judgment on income smoothing and indicates that we should exclude the size of company from using The Income Variability Method to judge if the company authorities deal with income smoothing to obtain more correct result. Due to the fluctuation of stock price, P/E and β, the listed companies in our country will deal with income smoothing. But the difference between electronic industry and other traditional industry is that the stock price will not be a considerable factor. Because most electronic industrial companies are growth companies and investors expect good feature of the companies, the amplitude of stock price going up will very large. Even though the stock price falls down deeply, the rebounding force still very large so well. So electronic industrial companies do not worry about the negative influence due to large fluctuation of stock price.
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Chiang, Wan-Hsuan, and 江宛軒. "The Influence of Substantial Changes in Leverage on Firms’ Operating Performance and Stock Returns." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/aee5jz.
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碩士國立臺灣大學
財務金融學研究所
105
Using the data of the listed firms in Taiwan between 2001 and 2010, this thesis studies how the ways of financing and the uses of funds from financing activities affect the long-run operating and stock performance of the fund-raising firms that dramatically change their leverage. The ways of financing include: debt issuance, retained earnings, and equity issuance, and the uses of funds include: operational cash flow, investment, working capital, payout or repay, and multiple uses. The thesis also investigates how the ways of financing affect the uses of funds. The empirical results of this thesis can be summarized as follows. 1.The firms that increase debt ratios use 70% of the proceeds from debt issuance on investment and working capital. On the other hand, the firms whose debt ratios decrease due to equity financing use 90% of the proceeds on repaying debts and investment. 2.There is a significant relationship between the ways of financing and the firms’ operating performance. The firms using internal financing have the best performance, and the firms using debt financing have the worst. 3.There is a significant relationship between the ways of financing and the firms’ stock returns. The firms using internal financing have the highest stock returns, and the firms issuing equity have the lowest ones. 4.There is a significant relationship between the uses of funds and the firms’ operating and stock performance. However, the effects of the uses of funds on firm performance are much weaker than those of the ways of financing.
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Ahmed, Y., and Tamer Elshandidy. "Why do over-deviated firms from target leverage undertake foreign acquisitions?" 2017. http://hdl.handle.net/10454/15120.
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YesThis paper examines how deviation from firms’ target leverage influences their decisions on undertaking foreign acquisitions. Using a sample of 5746 completed bids by UK acquirers from 1987 to 2012, we observe that over-deviated firms are more likely to acquire foreign targets. Consistent with co-insurance theory, we find that over-deviated firms engage in foreign acquisition deals to relieve their financial constraints and to mitigate their financial distress risk. We also note that foreign acquisitions enhance over-deviated firms’ value and performance, measured by Tobin’s q and return on assets (ROA) respectively. These findings support the view that over-deviated firms pursue the most value-enhancing acquisitions. Overall, this paper suggests that co-insurance effects, value creation and performance improvements are the main incentives for over-deviated firms’ involvement in foreign acquisitions.
Financial support of Zagazig University in Egypt
The full-text of this article will be released for public view at the end of the publisher embargo on 02 Mar 2019.
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Chang, Shu-Kuei, and 張淑桂. "The effect of operating and financial leverage on stock value–some evidence in Taiwanese electronics industry." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/ty939x.
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碩士國立雲林科技大學
財務金融系
103
Operating and financial leverages are required to be revealed annually for all listed Taiwanese firms. The purpose of this study is to examine the effects of these two leverages on firm’s stock value. Owing to the shifting of financial operating system from GAAP to IFRS, we divide the sample into two groups. Using the model of Ohlson（1995）, the empirical test results exhibit that both leverages enjoy explanatory power for very profitable firms . As for the less profitable firms , only financial leverage has the explanatory power. A decreasing relation between the two leverages and moderately profitable firms exists.
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Chun-HsiuChang and 張春秀. "The Relation between Operating Leverage and Variance of Future Earnings -The Moderating Effect of Intangible Assets." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/utwm32.
Full textAbstract:
碩士國立成功大學
財務金融研究所碩士在職專班
103
This study focused on the relation between operating leverage and variance of the expected future earnings for the moderating effect of intangible assets (patents). Lev (1974) pointed out that the business strategy and earnings are related with the company's overall risk. When the company is expected to have large capital expenditure, the operating leverage and the company's risk will increase at the same time. On the same expectations, company with higher operating leverage will have higher earning variability. Generally, when the company increases investment in fixed assets, represent enterprises to expand production scale and increase production capacity. However, too many fixed assets will result in idle assets and the waste of resources; too few fixed assets will result in company not to respond market demand and affect sales revenue. When faced with a great change in the industrial environment, companies with higher operating leverage take more time to adjust internal cost structure than the lower ones. While Aboody et al. (2014) found that the higher operating leverage companies take a longer reaction period on the future earnings of the company than the lower operating leverage companies, that is, the higher operating leverage companies will increase the volatility of future earnings. Coming the era of knowledge economy, intangible assets create value and growth for enterprises gradually increasing. So intangible assets will rapidly replace the tangible assets and become the main drivers of value creation. Patents and R＆D (research and development) are both innovative indicators in intangible assets. The number of patents the company owned represents the amount of unrecorded intangible assets. This study was based on Aboody et al. (2014). First, verified the relationship between operating leverage and future earnings variability again and secondly, to investigate the moderating effect by the variance of the expected earnings from operating leverage and patents of company. This article takes a total of 1984 study samples on publicly traded calendar-year companies from 2002 to 2013. Financial information of the sample companies for this study is taken from Taiwan Economic Journal (TEJ) general industry profile. Statistic data of Patent of the sample companies are taken from the Republic of China patent database of the ROC Ministry of Economic Affairs Intellectual Property Bureau. This study uses regression model to analysis and the empirical results show that, the higher operating leverage of the companies, the greater variability and positive correlation for the expected future earnings; the more Patents of companies with higher operating leverage, the smaller variability and negative correlation for the expected future earnings. So the more numbers of Patents will obviously regulate the effect for the expected future earnings.
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Zhai, Rui-Xiang, and 翟瑞祥. "Nonlinear Impacts of Demand Management Policy, Monopoly Power and Leverage Ratio on the U.S. Commercial Banks'' Operating Performance: The Role of Leading Indicator." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/253jh2.
Full textAbstract:
碩士中原大學
國際經營與貿易研究所
105
This paper employs the two-stage approach to evaluate the banks’ performance persistence, operational risk (core capital ratio, price cost margin) and the demand management policies (monetary policy, fiscal policy) to investigate the nonlinear uncertainty effect. In the first stage, the banks’ performance was evaluated by slack-based super efficiency model, which describes the operating characteristics of banks’ multiple input-outputs. The nonlinear effect was estimated by panel smooth transition regression model with the transition variable of the U.S. leading indicator. The empirical result shows four useful results when leading indicator (LI) is below the threshold (0.9593): Firstly, the banks will face the operating recession if they are trying to increase their monopoly power in the market. The recovery is ineffective, even though the LI is higher than the threshold. Secondly, maintaining the core capital ratio results in decline of operating performance, but the negative impact is gradually improved while the economy is picking up. Thirdly, decreasing the fund rate may help improve the banks'' performance. However, the contribution is diminished, inch by inch, as the LI exceed the threshold. Finally, the national debt leads to increasing the long-term interest rate, which may help improve banks’ efficiency; however, the contribution is ineffective when economic is warming up. The policy suggestions, in our research, are including: 1.Maintaining the competitive financial environment may help the banks to improve their operating efficiency. 2. Formulating the flexible leverage ratio, in the different business cycle stage, could reduce the negative effect on banks. 3. Ideating a solution to the banks’ dilemma such as the higher cost of outside financing while maintaining the leverage ratio during the depression. 4. When the economy is in rescission, the quantitative easing monetary (fiscal) policy lead to decreasing (increasing) the short (long) term interest, which may help improve the banks’ efficiency.
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Iek, Pui-san, and 易佩珊. "The Operating and Long-Run Performance of Reverse Leveraged Buyouts." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/75265904299048763757.
Full textAbstract:
碩士國立中央大學
財務金融學系
102
Although the Reverse Leveraged Buyouts (RLBOs) have been widely studied in recent years, the issue whether their after-market performance is superior to the returns of peers or traditional IPOs is still debate. In addition, since the methodology measuring long-run performance of corporate events is inconclusive, few studies use both of the cumulative abnormal returns and buy-and-hold abnormal returns to examine the long-run performance of RLBOs. This study investigates the long-run operating performance and stock performance of 302 U.S. RLBOs conducted from 2002 through 2010. Empirical findings indicate that, although the operating performance does not materially decline year by year, the performance in three years after re-IPO is significantly worse than the performance in the year when they went back to the market. Meanwhile, using different methods, this study finds that cumulative abnormal returns can better measure the long-run performance of RLBOs. Empirical findings also suggest that the cumulative abnormal return using the value-weight market portfolio as benchmark has the best long-run stock performance.
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Wang, Mei-Ching, and 王美清. "Integrate with Customer Relationship Management to Leverage Operation Effectiveness Study." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/69406066026439379449.
Full textAbstract:
碩士臺灣大學
商學研究所
96
Customer oriented marketing concepts have changed enterprises and their competitive direction. The effective utilization of information science and technology to understand customer trends; the demand for an integrated systematic plan and the establishment of customer relationship management is becoming a critical element of sustained business development. In today’s conservation-conscious environment managers have to face the demands of working with limited resources to achieve their goals. The challenge of applying relationship-marketing concepts to identifying the most appropriate customer, the ability to differentiate needs and apply the most suitable methods of customer interaction and the delivery of customized services are key issues when setting goals such as developing new customers, maintaining existing client bases and leveraging customer contribution. Customer Relationship Management (CRM) must be considered as a long-term development strategy involving the systematic and effective use of the management functions to continuously and seamlessly check and improve customer interaction by establishing personalized connections. CRM not only assists resource planning and the strategic direction of an organisation, but also promotes effective business operations and creates additional profit for an enterprise. This thesis focuses on a case study for W Corporation. There are three main objectives. • To discuss influencing factors and develop a CRM implementation strategy for the enterprise • To investigate and document the company''s current activities for comparison with CRM strategies and theories • To analyze the operation effectiveness of implementing CRM strategies in W corporation. This research has the following conclusions： (1) An enterprise must consider internal and external factors and have the resource capabilities to provide solid customer service in order to build and maintain their competitive advantage using CRM strategies. (2) An organization can effectives apply relationship marketing concepts to achieving and maintaining healthy customer objectives and goals. (3) An enterprise can not only meet customer demands and leverage customer satisfaction but also promote operational effectiveness and create a competitive advantage by adjusting operational direction, sustaining and improving interaction.