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Holmgren, Björn, and Karin Lindh. "Project Finance : Finding the right sources of funding." Thesis, Linköping University, Department of Management and Economics, 2002. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-1030.
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Background: Following the wave of privatisation and deregulation during the last decades, buyers of infrastructure constructions, such as dams, roads and telecommunication, have changed from states or public authorities to private companies. Private buyers do not always have the financial strength to arrange the financing for a project and providing a financial arrangement, for example by helping customers to obtain loans, has become a means to compete on the market.
Purpose: The purpose of this thesis is to describe and analyse how Swedish companies arrange project finance for large-scale projects.
Method: In order to gain knowledge of our area of investigation we searched for relevant literature and articles from magazines.
Result: The result of this study has showed that three factors are of special importance when choosing a certain financial arrangement. These three factors are the region in which the project is located, duration of the project and its size measured in monetary terms.
Bakgrund: Privatiseringsvågen och avregleringarna de senaste decennierna har medfört att många köpare av infrastruktur, t.ex. dammar, vägar och telekommunikation, gått från att vara statligt ägda företag till att vara privata företag. Privata köpare har inte alltid möjligheten att ordna finansieringen av projektet. Således har det blivit en viktig del av säljarens erbjudande att kunna erbjuda köparen en finansiell lösning, t.ex. förmedling av lån.
Syfte: Syftet med denna uppsats är att beskriva och analysera hur svenska företag organiserar finansieringen av storskaliga projekt.
Resultat: Resultatet av denna studie pekar på att det är tre faktorer som är speciellt viktiga när det gäller hur man ska organisera en projektfinansiering. Dessa tre faktorer är regionen där projektet är lokaliserat, projektets löptid och dess storlek.
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Imarhiagbe, Bernard Owens. "SMEs and access to finance : an investigation of different sources of funding." Thesis, Kingston University, 2016. http://eprints.kingston.ac.uk/40859/.
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Access to finance is a necessity for the start-up, growth, innovation and survival of any organisation. As a result, access to finance has become an important theme in small business research. Although there is overwhelming research evidence on access to finance, there are still research gaps in the knowledge base of different forms of access to finance, especially in times of uncertainty and economic distress. Specifically, more research is needed on the identification of relevant theories of access to finance, the role of venture capital and crowdfunding, the effect of financial education and self-confidence on access to micro finance and the role of institutions in small firms financial liquidity. The thesis aims to fill these gaps and provide comprehensive reviews and new empirical evidence related to the above issues. Reviewing the academic literature, this research supports the view that venture capital and crowdfunding are both relevant in access to funding for firms as they represent worthy alternatives for different types of firms. Venture capital firms (VCF) have targeted their investment on later-stage, management buy-out and buy-in to limit their risks and increase returns. Although VCF traditionally have huge appetite for high risk and high returns, research show that they concentrate their funding on older innovative firms. In their risk aversion, VCF have become more stringent in their entrepreneurial project selection and monitoring with reduced funding of seed and early stage of projects. Turning to empirical parts of the thesis, a series of interesting and new findings have emerged. First, this thesis supports the view that financial self-confidence of the owner manager contributes to successful access to finance for UK firms whereas financial education is found to have weak explanatory power. However, financial education is found to increase financial self-confidence, and thus can be used as a means of improving access to micro-finance for SMEs. Self-confidence is also found to be affected by past poor performance of the owners’ credit outcomes stressing the importance of building a successful credit history and experience with the financial sector. Finally, at international level this thesis stresses the importance of regulation and institutions in Baltic States and South Caucasus countries in SME access to finance. The analysis points also towards some gender differences which add to the existing debate on differences between males and females.
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Foo, Wing-yan Polly, and 傅詠欣. "Sources of financing for Hong Kong small business start-ups." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1997. http://hub.hku.hk/bib/B31267920.
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Watse, Dije Umaru. "Sources of Financing for Small and Medium Enterprises in Nigeria." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/4690.
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Small and medium enterprises (SMEs), which account for 96% of businesses in Nigeria are often forced to close because they lack access to funds. The purpose of this multiple case study was to explore the sources of funds available for the development and growth of SMEs in Nigeria. The conceptual framework guiding this study was the pecking order theory. Data were gathered from company documents and through semistructured interviews of a target population of 3 leaders of 3 SMEs from the oil and gas industry in Abuja, Kano, and Lagos in Nigeria, with a capitalization of between N5 million to N500 million. Data were compiled and organized, disassembled into fragments, reassembled into a sequence of groups, and interpreted for meaning. Member checking and triangulation of sources between the interviews and company documents added to the trustworthiness of the findings. Two themes morphed from the study: sources of business finance for SMEs and constraints of sourcing of finance for business. The implications for positive social change include the potential to create employment opportunities for youths in the communities by enabling SMEs in Nigeria to succeed and expand through the identification of sources of funding.
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Coda, Stefano. "Business combinations and group of companies : perspectives from accounting, law and corporate finance." Thesis, Paris 1, 2018. http://www.theses.fr/2018PA01E072.
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Dans le cadre général des regroupements d'entreprises et des groupes de sociétés, cette thèse porte sur des questions d'intérêt à la croisée de la comptabilité, du droit (notamment les dispositions légales et la réglementation comptable) et de la finance d'entreprise. En ce qui concerne la théorie comptable, le chapitre 2 étudie comment les chercheurs en économie d'entreprise ont compris les groupes d'entreprises, les comptes de groupe et le processus de leur préparation, en particulier par rapport aux juristes italiens. Ensuite, le chapitre 3 reconstruit le processus politique et législatif qui a engendré la naissance du concept de groupe de sociétés dans le corpus juridique italien.Concernant le droit et la politique comptable, une analyse comparative est effectuée au chapitre 4qui montre clairement l'évolution de la notion de contrôle et de son utilisation dans les comptes consolidés (comptes de groupe) et les regroupements d'entreprises (I) en droit européen, (II) selon les normes comptables internationales publiées par l'IASB (International Accounting Standards Board) et (III) par rapport aux principes comptables généralement admis aux États-Unis («USGAAP»). De plus, les chapitres 5 et 6 étudient les effets du lobbying sur les normes comptables concernant les états financiers consolidés et les regroupements d'entreprises publiés par l'IASB. Fait intéressant, les résultats concordent avec une forme de capture du normalisateur comptable international par une catégorie d'institutions financières. En effet, confrontées à un modèle de consolidation prétendument basé sur le contrôle, ces dernières ont plaidé en faveur d'une exception de consolidation fondée sur un modèle de propriété et documentée comme ayant été proposée par les sociétés d'audit américaines dans ce contexte au moins depuis 1995. Ce modèle s’avère avoir trouvé un terrain fertile au sein de l'IASB. En conséquence, d'autres catégories d'institutions financières,telles que les fonds d'investissement à long terme et ceux gérés par une famille tout en préférant un modèle de consolidation différent, ne sont plus autorisées à présenter des états financiers consolidés. En ce qui concerne la finance d’entreprise, le chapitre 7 analyse les implications de différentes décisions de financement dans un nouveau échantillon de fusions et acquisitions entre institutions financières (banques et assurances) consommées dans le monde entier au cours des deux dernières décennies. En particulier, il étudie (I) la relation entre la méthode de choix de paiement (si le prix est payé en cash, en actions ou une combinaison des deux) et le choix du mode de financement d'un regroupement d'entreprises (y compris les instruments hybrides) et (II) la réaction des investisseurs à l'annonce de la combinaison. En ce qui concerne ce dernier point, l'utilisation de deux tests non paramétriques permet de détecter une relation intéressante entre la réaction du marché à l'annonce et les différents modes attendus de financement de la transactionIn the broad context of business combinations and group of companies, this thesis selects some matters of interest at the crossroad between accounting, law (especially legal provisions and accounting regulation) and corporate finance.Concerning accounting theory, chapter 2 studies how business economics scholars understood groups of companies, group accounts and the process for their preparation in particular compared to Italian legal scholars. Then, chapter 3 reconstructs the political and legislative process that brought about the birth of the concept of group of companies in the Italian legal corpus. Concerning law and accounting policy, a comparative analysis is carried out in chapter 4 which clearly shows how the notion of control and its use in consolidated financial statements (group accounts) and business combinations accounting evolved (I) in European law, (II) under international accounting standards as issued by the IASB – International Accounting StandardsBoard and (III) in US GAAP (Generally Accepted Accounting Principles). Moreover, chapters 5 and 6 investigate the effects of lobbying on accounting standards on consolidated financial statements and business combinations issued by the IASB. Interestingly, results are consistent with a regulatory capture of the international standard setter by a category of financial institutions. In fact, confronted with a consolidation model purportedly based on control, the latter lobbied in favour of a consolidation exception which is based on an ownership view and is documented to have been proposed by US audit companies in that context at least from 1995. That view found a fertile ground within the IASB. As a result, other categories of financial institutions such as long term investment funds and those run by a family preferring a different consolidation model are now prohibited from presenting consolidated financial statement. Concerning corporate finance, chapter 7 studies the implications of different financing decisions ina novel and comprehensive sample of cases of mergers and acquisitions across and between financial institutions (banks and insurances) consummated worldwide around almost the last twodecades. In particular, it investigates (I) the relationship between the method of payment choice (i.e. if the price is paid in cash, stock or a mixture of the two) and the choice regarding the mode offinancing a business combination (including hybrid instruments) and (II) investors’ reaction at the combination announcement. As to the latter point, the use of two non-parametric tests allows todetect an interesting relationship between the market reaction at announcement and the different expected modes of financing the transaction
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Yau, Kwok-ching Edmond, and 丘國政. "An analysis of sources and application of funds for a sample of Hong Kong companies." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1992. http://hub.hku.hk/bib/B31265534.
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Van, der Walt J. C. "The strategy and approach with the use of open-source software in Sanlam Personal Finance (SPF)." Thesis, Stellenbosch : Stellenbosch University, 2006. http://hdl.handle.net/10019.1/21123.
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Thesis (MBA)--Stellenbosch University, 2006.ENGLISH ABSTRACT: Open-source software (055) refers to software collaboratively developed by developers across the globe, which embraces the philosophy of sharing. The fundamental idea behind open-source is that when programmers can read, redistribute, and modify the source code for a piece of software, the software evolves. The Internet plays an extremely important role in the distribution of the software and today, many 055 products are downloadable free from the Internet. Despite the inherent challenges, the research organisation Gartner predicts that the majority of mainstream IT organisations will successfully adopt formal open-source management strategies as core IT disciplines. What more, IT organisations and technology vendors who ignore the potential threats and opportunities of 055 will increasingly find themselves at a competitive disadvantage. However, organisations are not always clear on the appropriate strategy, direction, and approach to take when deciding on the role of 055 in their organisations. There is so much hype surrounding the use and the risks of open-source that it can be difficult for organisations to know what is real and what is not. Furthermore, organisations are intrigued but also stymied by the myths of the costs, support, and risks of 055. Also in South Africa, organisations and the South African Government are asking themselves how relevant the benefits and risks of the software are to them. Consequently, the aim of the study is to broaden the existing knowledge of 055 in South Africa by investigating a South African organisation's approach and decisions regarding the use of 055 in the organisation.
AFRIKAANSE OPSOMMING: "Open-Source" sagteware (OSS) verwys na sagteware wat gesamentlik ontwikkel word deur programmeerders regoor die wêreld en die filosofie van "deel met mekaar" omvat. Die wesenlike idee agter "open-source" is dat wanneer programmeerders in staat is om die die bronkode van 'n program te kan lees, versprei en wysig, die sagteware verder en beter kan ontwikkel. Die Internet speel 'n belangrike rol in die verspreiding van die sagteware, en baie OSS- produkte is vandag gratis beskikbaar vir aflaai van die Internet af. Ongeag die inherente uitdagings, voorspel die navorsingsorganisasie Gartner, dat die meerderheid hoofstroom IT -organisasies formele "open-source" bestuurstrategieë suksesvol as kern IT-dissiplines sal aanneem. Wat meer is : IT-organisasies en verskaffers van tegnologie (harde en sagteware) wat die potensiële bedreigings en geleenthede van OSS ignoreer, sal hulself toenemend in 'n nadelig-kompeterende situasie bevind. Organisasies is dikwels nuuskierig, maar ook skepties ten opsigte van die mites rondom kostes, ondersteuningstelsels en risiko's verbonde aan OSS. Sommige organisasies het nie altyd helderheid rondom die toepaslike strategie, rigting en aanslag wat gevolg moet word, wanneer 'n besluit rondom die rol van OSS binne hul organisasies geneem moet word nie. Verder is soveel verkeerde persepsies en onsekerheid rondom die gebruik van, en risiko's verbonde aan "open-source", dat dit vir sommige organisasies moeilik raak om te onderskei tussen die feite en fiksie. Ook in Suid-Afrika vra organisasies en die Suid-Afrikaanse Regering hulself die vraag af hoe relevant die voordele en risiko's van die sagteware werklik is, en hoe dit hul raak. Die doel van hierdie studie is om die bestaande kennis rondom OSS in Suid-Afrika te verbreed, deur ondersoek in te stel na 'n Suid-Afrikaanse organisasie se benadering en besluite rondom die gebruik van OSS in hul organisasie.
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Ray, Rosalind. "The Relationship Between Georgia Public School Educational Funding Sources and Academic Achievement." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5407.
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In the United States, state educational finance systems are required to ensure that every student obtains an adequate and equitable education. The purpose of this quantitative study was to evaluate the financial management aspect of public funding and the consequences of Georgia's reliance on local property tax revenue for financing its public school districts and attaining student academic achievement outcomes. The research questions examined whether there was a difference in student academic achievement levels of economically disadvantaged (ED) students based on the total 8th grade student population, annual property valuations, and median home sale prices during the 2006-2014 school terms. Systems theory management, resource allocation, and property taxation provided the theoretical framework for the study. Data were obtained from public, online databases in Georgia. Purposive sampling identified the ED students who took the Grade 8 Writing Assessment (EGWA), the test used to measure the ED students' academic performance levels (n = 27,136). Results from Pearson correlation analyses indicated an inverse relationship between the number of ED students who passed the EGWA and the median sale prices of homes, and school districts with high property tax revenue were more likely to have higher test scores than school districts located in areas with low property tax revenue. Multiple regression analyses showed that the academic performance of 8th grade ED students who passed the EGWA was predicted by the total number of 8th grade students who passed the test. The implication for positive social change is that it is not the amount of public funding that affects student academic achievement, but how the funds are spent that can change academic achievement.
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Matakala, Litiya. "Biofuel policies : what can Zambia learn from leading biofuel producers." Thesis, Stellenbosch : University of Stellenbosch, 2009. http://hdl.handle.net/10019.1/5748.
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Thesis (MDF (Development Finance))--University of Stellenbosch, 2009.ENGLISH ABSTRACT: Price volatility and high dependency on imported petroleum fuel has prompted the Zambian government to look into renewable fuels as part of an energy diversification program. With growing global interest in biofuels as a transportation fuel, the Zambian government intends to introduce bioethanol and biodiesel as renewable fuels in the transportation sector. While it seems feasible to produce both the feedstocks and biofuels to meet local demand, a regulatory framework and industry support mechanisms have not yet been formulated. The policy and regulatory frameworks encompass a multitude of actors, networks and institutions all playing distinct and important roles. Incorporating the differing interests of all these stakeholders is an involving process that requires detailed analysis of agriculture, environmental, energy, socioeconomic and taxation policies. This study attempts to contribute to the biofuels policy formulation process in Zambia. It analyses biofuel policies in leading biofuels producing countries and identifies aspects that the Zambian government should consider incorporating in its own policies to ensure a viable biofuels industry. Biofuel policies in Brazil, Germany and the United States of America were analysed using a detailed case study and extensive literature review. Furthermore, a detailed analysis of the Zambian agriculture sector and the demand for petroleum fuel puts into context the potential demand and challenges likely to be faced. By understanding the history and development of biofuels in the case study countries, best practices, problems faced, policy innovations and industry support mechanisms were identified to inform policy formulation in Zambia. This does not only provide valuable insights and lessons but also ensures that time and resources are not wasted by reinventing the wheel. The comparative analysis of policies and support mechanisms in the three case study countries showed that articulating a clear policy objective, government support in the form of subsidies, wide stakeholder involvement and industry regulation have all played a critical role in the development of the industry. However, the extent to which all these factors have helped to shape the industry in Brazil, Germany and the USA is neither equal nor static. Countries are continuously adapting their policies and support mechanisms to environmental, energy and economic conditions.
AFRIKAANSE OPSOMMING: Die onbestendigheid van pryse en die groot mate van afhanklikheid van ingevoerde petroleumbrandstof het die Zambiese regering aangespoor om ondersoek in te stel na hernubare brandstof as deel van 'n energiediversifiseringsprogram. In die lig van die groeiende globale belangstelling in biobrandstof as vervoerbrandstof, beplan die Zambiese regering om bioetanol en biodiesel as hernubare brandstof in die vervoersektor te begin gebruik. Al lyk dit prakties uitvoerbaar om sowel die voerstof as die biobrandstof te vervaardig om in die plaaslike aanvraag te voorsien, is 'n reguleringsraamwerk en ondersteuningsmeganismes vir die industrie nog nie geskep nie. 'n Menigte rolspelers, netwerke en instellings, wat almal verskillende en belangrike rolle speel, sal betrokke wees by die beleidsformulering en reguleringsraamwerk. Om die uiteenlopende belange van al die betrokke partye in ag te neem is 'n ingewikkelde proses wat sal vereis dat 'n uitvoerige analise gemaak word van landbou-, omgewings-, energie-, sosio-ekonomiese en belastingbeleidsrigtings. Die doelwit van hierdie studie is om 'n bydrae te lewer tot die formuleringsproses van die biobrandstofbeleid in Zambie. Dit analiseer die biobrandstofbeleid van die vooraanstaande lande wat biobrandstof vervaardig, en identifiseer aspekte wat die Zambiese regering in sy beleid behoort in te sluit om 'n lewensvatbare biobrandstofindustrie te verseker. Die biobrandstofbeleid van Brasilie, Duitsland en die Verenigde State van Amerika (VSA) is geanaliseer met behulp van uitvoerige gevallestudies en 'n grondige literatuurstudie. Verder plaas 'n noukeurige analise van die Zambiese landbousektor en die aanvraag na petroleumbrandstof die potensiele aanvraag en uitdagings wat waarskynlik hanteer sal meet word in konteks. Deur insig te verkry in die geskiedenis en ontwikkeling van biobrandstof in die lande waar die gevallestudies gedoen is, kon die beste gebruike, moontlike probleme, nuwe beleidsrigtings en ondersteuningsmeganismes in die bedryf geidentifiseer word om die beleid in Zambie te help formuleer. Dit bied nie slegs waardevolle insig en leergeleenthede nie, maar verseker ook dat tyd en hulpbronne nie vermors word deur die wiel van voor af uit te vind nie. Die vergelykende analise van die beleidsrigtings en ondersteuningsmeganismes in die drie lande waar die gevallestudies gedoen is, het getoon dat 'n duidelik geformuleerde beleidsdoelwit, ondersteuning van die regering in die vorm van subsidies, die algemene betrokkenheid van belanghebbendes en die regulering van die industrie alles 'n uiters belangrike rol gespeel het in die ontwikkeling van hierdie industrie. Die mate waarin al hierdie faktore die industrie in Brasilie, Duitsland en die VSA help vorm het, het egter gewissel en was nooit staties nie. Lande pas voortdurend hulle beleid en ondersteuningsmeganismes aan by omgewings-, energie- en ekonomiese toestande.
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Imene, Helena Ndeuza Kalihulu. "Barriers to technology diffusion of Solar Water Heaters (SWHs) in the City of Windhoek : the case of Rocky Crest Residents." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/14637.
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Thesis (MDF)--Stellenbosch University, 2011.ENGLISH ABSTRACT: Deforestation, increasing pollution levels, diminishing non-renewable energy reserves, the resulting global warming, and climate change are areas of concern to environmentalists and the whole global village. It appears that the solution lies in the exploitation of renewable, clean and sustainable energy resources. Solar energy is one of the renewable, clean and environmentally friendly energy resources readily available in most tropical countries of the world, including Namibia. The research was conducted in the Rocky Crest suburb of Windhoek, Namibia. The research focused on the exploration barriers in the diffusion of solar water heaters (SWHs) for generating hot water for Rocky Crest residents. The investigation involved data collection from the stakeholders, including the residents of Rocky Crest suburb, SWH suppliers, financial institutions, non-governmental organisations (NGOs) and the Ministry of Mines and Energy (MME) in Namibia. The results of this study introduce information that can largely benefit the Rocky Crest residents, MME, NGOs, financial institutions and relevant stakeholders. It can also act as a departure point for further studies on the subject of renewable energy sources, their exploitation and the impact thereof. Furthermore, solutions to the current problems of diminishing non-renewable energy reserves and the impact of pollutant energy sources can be identified and implemented.
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Ravens, Bradley. "The attitude, awareness and willingness to pay for solar water heaters in the Cape Town region." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/6417.
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Thesis (MDF (Development Finance))--Stellenbosch University, 2008.ENGLISH ABSTRACT: This study focuses on the level of acceptance, awareness, and willingness to pay for a solar water heater in Cape Town. When referring to 'acceptance' the study is referring to a respondent's preparedness to adopt the use of a solar water heater and to have one installed at his/her home. When referring to the respondent's 'awareness', reference is made to the degree of knowledge a respondent possesses about the use and basic functioning of solar water heaters. The 'willingness to pay' is an indication of a respondent's preparedness to pay for a solar water heater and how much he/she is prepared to pay. This research was initiated because it was felt that more households in the middle and upper-income sector should be making use of solar water heaters in Cape Town in an effort to reduce their electricity consumption. Furthermore, it is in this income sector that we find the greatest consumption of electricity for the sale purpose of heating water. A questionnaire was compiled to gauge the knowledge, opinion and acceptance of solar water heaters in Cape Town. These questionnaires were distributed in various suburbs within Cape Town, and focused on middle-income to upper-income groups. The middle and upper-income households would install solar water heaters if they received an incentive such as state subsidies. These households also need further education in relation to solar water heaters because their knowledge in this regard seems limited. Aesthetics and costs also seem to influence whether the middle and upper-income group would install solar water heaters, and income may also play a role in group affiliation.
AFRIKAANSE OPSOMMING: Hierdie navorsing fokus op die aanvaarding, bewustheid en bereidheid om vir sonkrag waterverhitters te betaal in Kaapstad. Die verwysing na 'aanvaarding' dui op die respondent se gewilligheid om die sonkrag-waterverhitter te gebruik en om een in sy/haar huis te installeer. Die verwysing na die respondente se 'bewustheid', dui op hulle kennis oor die basiese werking van 'n sonkrag-waterverhitter. Die 'bereidheid' om te betaal is 'n aanduiding van die respondent se bereidheid om te betaal vir 'n sonkrag-waterverhitter en hoeveel hy/sy bereid is om daarvoor te betaal. Hierdie navorsing is onderneem omdat die gevoel bestaan dat nie baie huise in die middel- en hoe-inkomste huishoudings gebruik maak van 'n sonkrag-waterverhitter om hul elektrisiteitsverbruik te verminder nie. Die huishoudings in hierdie inkomstesegment is die grootste verbruikers van elektrisiteit slegs vir die verhitting van water. 'n Vraelys is opgestel om die kennis, opinie, en aanvaarding van sonkrag-waterverhitters in Kaapstad te bepaal. Die vraelyste is in verskeie woongebiede in Kaapstad versprei, met 'n fokus op die middel- en hoë-inkomste huishoudings. Die huishoudings in die middel- en hoë-inkomstesegment sal sonkrag-waterverhitters installeer as hulle 'n aansporing kry soos 'n staatsubsidie. Die respondente van die middel en hoë-inkomste huishoudings het verdere opvoeding nodig rakende sonkragwaterverhitters, want hul kennis in die verband is min. Dit blyk of estetiese en koste-oorwegings die middel- en hoë-inkomste huishoudings beinvloed met betrekking tot die installasie van sonkrag-waterverhitters, en inkomste mag ook 'n rol speel ten opsigte van groepaffiliasie.
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Wilkinson, James Edward. "Credit Strategies for Small and Medium-Sized Enterprises Within a Changing Environment." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/2909.
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Access to credit in the changing environment is the primary challenge to survival for many small and medium-sized enterprise (SME) owners. The purpose of this multicase study was to understand how seasoned small business leaders in wholesaling and manufacturing in Northwest Arkansas strategically adapted to obtaining access to credit in an environment of bank mergers and acquisitions, disruptive information technology, federal and state regulations, and globalization. The conceptual framework that grounded this study was adaptive leadership and change management. Although, small business leaders prefer to obtain credit from community banks through relationship financing, leaders of SMEs can adapt to the challenges of the changing environment. The data collection process involved face-to-face, onsite, semistructured interviews of 5 participant SME owners selected via purposive sampling throughout the Northwest Arkansas region. Analysis of the transcripts involved coding data into groups using keyword identification and regrouping the data into themes. Themes that emerged from the study included the importance of formalizing a capital strategy, utilizing alternative forms of financing, and responding and adapting to change. Also, small business owners use financial software to provide technical, financial reports, and pro forma statements with variance analysis. Positive social change from the findings of this study may develop through SMEs' potential to increase job provision thereby benefiting workers' families with better employment opportunities, enhancing public infrastructure through greater tax revenues, and generating a long-term, viable, sustainable future to the region's public education through an increased tax base.
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Staikouras, Christos. "European banking industry : sources of income and profitability." Thesis, City, University of London, 2000. http://openaccess.city.ac.uk/20853/.
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THE EU banking systems are facing major changes in the form of increased competition, concentration and restructuring. These changes are triggered by a number of factors including technological change, financial liberalisation and internationalisation. The circulation of the single currency is expected to reinforce these trends. Although the banking industry is in a state of flux, it is possible to discern some overall patterns in the actions and strategies of individual banks. The effects of these responses are mainly reflected in changes in the structure of bank income and, in particular, in the increasing incidence of non-interest income. The analysis of the shift towards noninterest income provides key information for evaluating the extent to which this process could affect banks’ profitability. Profits have become the driving force in market economies. Many banks are keenly interested in earning maximum profits to provide the highest possible return to their shareholders and secure additional funds to support long-term growth. As the EU banking industry continuously evolves, changes in industry composition and the macroeconomic environment have a direct impact on the aggregate performance of the industry. If banks’ profitability becomes more volatile, banking is more risky unless the level of profitability raises substantially. So, there is a clear connection between profitability volatility and banking stability; a high level of profitability volatility is a source of instability in the banking system, augmenting the possibility of bank failures. A move to more interest rate sensitive assets like securities and to off-balance sheet instruments, along with more prone to default assets, like consumption credit, may increase the profitability’s volatility and so the stability and soundness of the banking system. The changes in the banks’ income structure and the determinants of profitability deriving from developments in the banking business will have clear implications on the activity of banking supervision.
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Museru, Malimu H. "The link between sources of public spending and growth in sub-Saharan Africa." Master's thesis, University of Cape Town, 2012. http://hdl.handle.net/11427/12072.
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Includes abstract.Includes bibliographical references.
The purpose of this investigation is twofold. First, I study the effect of the sources of public spending on its level. I argue that any impact on public spending from any of its sources (including foreign aid) should be carried over to GDP per capita growth. Of the three sources of public spending (namely central government revenue, foreign aid and external debt), this study finds central government revenue to have the most significant impact on public spending levels. ... Second, the study analyses the link between sources of public spending and growth. After correcting for the potential endogeneity of aid, there is strong evidence to suggest that Sub-Saharan African countries have benefited significantly from the decades of development assistance.
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Spilda, Juraj. "On sources of risk in quadratic hedging and incomplete markets." Thesis, City, University of London, 2017. http://openaccess.city.ac.uk/18527/.
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This thesis is divided into three chapters, each dealing with a different aspect of market incompleteness and its consequences on quadratic hedging strategies and hedging errors. The first chapter studies the effects of market incompleteness due to discrete time trading. We derive the asymptotics (in trading frequency) of the quadratic hedging error of a digital option and obtain a correction to the classical granularity formula, showing that for discontinuous payoffs, the second order term driven by the Cash Gamma remains highly significant. We also show that the discrete-time quadratic hedging strategy generates the same asymptotic error as a continuous-time Black-Scholes delta-hedging strategy used on a discrete set of times. The second chapter studies the effects of market incompleteness due to jumps in cases when the discretization error from Chapter 1 is predictable. We compute the hedging error under an exponential L´evy model for a general ’L´evy contract’ that encompasses log contracts, variance swaps and higher order moment swaps. We compare two utility-based pricing approaches for incomplete markets: quadratic hedging (corresponding to quadratic utility) and exponential utility. We show that for small jumps, numerically difficult exponential utility results are well-estimated via closedform quadratic hedging formulas. We use our results on hedging errors to obtain 'good-deal bounds' for variance and skewness swaps. The third chapter studies the effects of market incompleteness due to uncertainty in the exact specification of the data generating process. We conduct quadratic hedging under a regime-switching L´evy model, which switches between a finite set of distributions based on the value of a (hidden) state variable. We solve the quadratic hedging problem in two steps. First we compute a stochastic differential equation for the filtered estimate of the hidden state. We then use it to solve the quadratic hedging problem with this additional observable variable via classic techniques. We provide Fourier Transform formulas for the mean-value process and hedging strategy, and a recursive scheme for the hedging error.
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Kallias, Konstantinos. "Political connections of new business ventures." Thesis, University of Sussex, 2016. http://sro.sussex.ac.uk/id/eprint/61505/.
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The perceived capability of corporate organizations to influence politics, although fueling an ongoing public debate, features in literature as a source of probable benefits. According to the majority of the pertinent studies, these benefits, more often than not, materialize with important value-adding implications. In the U.S. context, whereby political money contributions constitute the prevalent way of establishing connections, this can result in a hefty return on a firm's political investment. Our research posits that if political connections formed via monetary donations elevate the donor to a higher status, this should reflect in circumstances whereby a firm needs to assert its quality to other economic agents. This is the case for firms that are plagued by the market newness liability. Whether as a form of insurance from tail risk or entitlement to economic rents, proximity to politics offers legitimacy and a compelling way of introducing a new venture to the marketplace. To prove this conjecture, we mainly draw from IPOs for representing a setting of acute uncertainty. Our findings confirm that both lobbying and PAC (Political Action Committee) expenditure pays off on listing day as donors incur less underpricing; an effect which can be amplified with contribution size and strategic targeting of recipients. Donor IPOs also experience negative offer price revisions and lower aftermarket volatility. Collectively, these results offer new empirical grounding to uncertainty and signaling theories. Subsequently, we frame IPO pricing as an efficiency problem for prospective issuers and develop an approach of general application in finance, where relationships of influence are suspected. Rather than imposing a regression-based framework, we allow relationships to manifest themselves in a data-driven manner. Our analysis reveals nonlinearities between IPO pricing efficiency and the two contribution avenues (justifying the fully nonparametric treatment). We are able to uncover relationships separately according to business sector, which we interpret in terms of varied competitive environments. Broadening up our scope prior to and after the IPO event, we document that connected firms are associated with a longer time to venture or other equity capital financing, attesting to a greater financial autonomy. Additionally, they attain larger market shares and have a superior likelihood of survival in the public domain.
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Müllner, Jakob. "International project finance: review and implications for international finance and international business." Springer, 2017. http://dx.doi.org/10.1007/s11301-017-0125-3.
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This literature review analyzes the global phenomenon of international
project finance (PF) as both a management and finance instrument, allowing practitioners
to realize large scale infrastructure projects in high risk contexts. After describing
the characteristics of PF, its historical origins and its unique benefits for empirical
inquiry, I summarize the findings of academic research from an interdisciplinary perspective.
Based on this integration of Finance, Management and International Business
research, I discuss the theoretical implications for each field that emanate from PF.
Finally, I identify possibilities for future research and propose a more balanced, interdisciplinary
academic treatment of PF.
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Jester, Hal J. "State lotteries as revenue sources for public elementary and secondary education." Virtual Press, 1990. http://liblink.bsu.edu/uhtbin/catkey/720313.
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The purpose of the study was to investigate the effectiveness of state lotteries as sources funding for public elementary and secondary education. The population consisted of 39 executive directors from state school board associations and the District of Columbia.A questionnaire of 22 items addressing lottery adoption, operation, performance, revenue dedication and distribution, proponent expectations, and school board member expectations was utilized. The questionnaire focused upon seven basic research questions.Findings1. Legislators in twenty-two states formally approved state lotteries between 1971 and 1989.2. Thirteen (fifty-nine percent) of twenty-two state lotteries in operation were approved by state legislatures between 1985 and 1989.3. Proponents in fifteen (73 percent) of adopting states cited "benefits to special interest groups" as an adoption rationale.4. Legislatures in four states dedicated 100 percent of lottery revenues to public elementary and secondary education.5.Fiscally successful lotteries have effective marketing and good organization/structure.6. The fiscal success of lotteries was limited by a multitude of factors, none of which represented more than 27 percent of responses.7. Measurement of lottery revenues to education was difficult due to the methods of distribution, and sparse data.8. Four of six state lotteries have revenues dedicated to education distributed funds through equalization grants.9. Lottery revenues met or exceeded the expectations of 81 percent of proponents.10. Lottery revenues to education met the expectations of 22 percent of school board members.11. Proponents in states where a lottery had been considered but not adopted cited each of three rationales 65 percent of the time. The rationales were: 1) lottery participation is voluntary, unlike a tax, 2) lotteries raise state revenue without raising taxes, and 3) benefits to special interest groups.12.Opponents in states where the legislature had considered but not adopted a lottery cited the rationale "lotteries are morally wrong" 100 percent of the time.
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Tela, Umaru Galadima. "The Effectiveness of Funding Sources on Agricultural Projects in Yobe State, Nigeria." Thesis, Walden University, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10279401.
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This study examined the effectiveness of the Fadama III, National Program for Food Security and International Fund for Agricultural Development programs in reducing poverty and income inequality in Yobe State, Nigeria. Agricultural funding in the state has increased by 670.7% between 2004 and 2013. Despite this trajectory, the state ranks among the worst in Nigeria in terms of poverty and income inequality according to UNDP report, reinforcing the need to investigate the impact of agricultural funding on the state’s welfare. Previous studies in this area have been on a country-wide basis and have not disaggregated the funding sources. This study disaggregating the funding sources of Yobe State in order to establish the effectiveness of each funding source. Field survey data from the fund beneficiaries and secondary data from the Central Bank of Nigeria, National Bureau of Statistics, and the World Bank provided empirical evidence. The first-best resource allocation theoretical framework was applied to understand the impact of funding sources on the welfare effect of the beneficiaries. The Ordinary Least Square, analysis of variance, and t test revealed that agricultural funding significantly and positively impacts on recipients’ standard of living, asset base, and agricultural output, without any significant impact on income. Results indicate that FADAMA III is the most effective in improving the overall welfare of beneficiaries. It is recommended that other funding programs should adopt the models of FADAMA III, and should also require counterpart funding in order to maximize the benefit for a larger segment of the population. These findings may bring positive social change by reducing poverty, expanding economic opportunities, and improving quality of life, leading ultimately to sustainable peace and economic prosperity in Yobe State.
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Park, Hoonsuk. "Three Essays in Household Finance." The Ohio State University, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=osu1492511169579377.
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Kasase, William K. "Business incubators in Zambia: A study of the impact on small business enterprises." Master's thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/25098.
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This study tested the impact of Business Incubators (BI) in stimulating the growth of small to medium businesses in a Southern African country, Zambia. The study explores the existence, awareness, beliefs and experience in a sub Saharan context, identifying the key impact factors. The study was aimed at understanding whether the operation of business incubators would result in stimulating small to medium business enterprises the same way it does in the west. To achieve this, the study reviewed the existing literature on the subject matter and analysed the collected data using a questionnaire was analysed. The collected data was analysed using SSPS. The results of the analysis revealed that 64% of the respondents had heard about Business Incubators. This was done through a scientific research by a well selected set of interview questionnaires, from a sample size of 300 small to medium businesses. Only 19% confirmed receiving business assistance from a support initiative. 95% of the total respondents confirmed that a business incubator program would impact the growth of their businesses in many areas. The study further found that there were a few challenges with access to a Business Incubator. Prominent amount them was the restricted access to SMEs located in the cities. Secondly, the respondents bemoaned that the application procedure was complicated and needed to be simplified and translated into local languages. The research makes the conclusion that Business Incubators have a positive impact on the growth of small businesses in Zambia, based on the empirical evidence obtained during the study. The study revealed 32% of incubated businesses had reduced their operation costs. Contrary to available research, entrepreneurs who had received support from Business Incubators employed fewer employees than those that did not. The study therefore, questioned how business incubators increased the probability of the long term survival of the enterprise.
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Uzera, Nehemia Puuaapo. "A Descriptive analysis of the various sources of portfolio risk on the Namibian Stock Market." Master's thesis, University of Cape Town, 2010. http://hdl.handle.net/11427/4939.
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We conducted a study on the terrestrial small mammal communities (< 1kg) in the Volcanoes National Park (VNP), Rwanda, to determine species diversity and altitudinal/habitat associations. Data on environmental variables (habitat cover, temperature, wind speed and rainfall) were incorporated into the analysis. Both Sherman live and snap traps were set in transects from 30 September to 8 November 2009 at eight habitats (ranging from 2380 m to 3710 m). Trapping over 4800 trap nights resulted in the capture of 305 individuals (including 4 recaptures), of which 247 were identified to species level. These represented eight species of rodents, three species of shrews and one mongoose. Total numbers of small mammals were high in brush ridge and herbaceous habitats, and low in alpine and bamboo habitats. The midaltitude zone housed a high number of small mammals. Of the species captured, Praomys degraaffi is vulnerable and Sylvisorex vulcanorum is near threatened (IUCN 2009); six species (Hylomyscus vulcanorum, Mus bufo, Praomys degraaffi, Sylvisorex vulcanorum, Lophuromys woosnami and Trachyoryctes ruandae) are endemic to the Albertine rift; and four species are new to the Park list. Species richness varied significantly among the different habitat types. Species richness and diversity increased with elevation up to the middle altitudes (2860-3255 m) and then declined with increasing elevation. Endemic species were found mainly in low and middle attitude habitats, and thus, these habitat types are important for conservation of small mammals at VNP. The numbers of known small mammal endemics for VNP will probably be increased if trapping is done seasonally and a more diverse regime of trapping techniques is employed. Key words: Rodentia, Soricidae, endemism, Volcanoes NP, species diversity.
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Caga, Siyabonga Macpherson. "Barriers faced by SMMEs in accessing finance." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1013348.
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SMMEs have been cited as major players in economic development in South Africa and in other developing countries. In South Africa SMMEs contribute more than 52 percent towards the GDP. Subsequently, the South African government has taken various steps to encourage their growth and to improve access to finance for SMMEs. Despite this, securing finance remains a challenge in this group of enterprises. Since SMMEs have unique financial needs, commercial banks and other funders are faced with difficulties in catering for them. Banks in particular have been reluctant in financing these high-risk ventures. SMME owners as a result still prefer informal sources of finance such as personal savings, retained earnings or friends or family rather than bank loans. The study purpose was to examine the barriers that are faced by SMMEs in accessing finance. To do this a survey was conducted on 40 SMMEs operating in the manufacturing sector in Tshwane Metropolitan Municipality. The research findings indicated various barriers that are faced by SMMEs in accessing finance. Dominating among the barriers are those that are related to perceived risks of SMMEs by funders, including lack of collateral or business assets, lack of financial statements, excessive red tape by funders, administrative burden associated with applications as well as unfair evaluation of risks and profitability of SMMEs by funders. Other factors that were identified as barriers were those that are associated with poor business plan development, poor business training and development and source of funding. The majority of the respondents recommended that there must be better risk and profitability evaluation, easy loan repayment methods, more government support for SMMEs, flexible eligibility criteria for SMME loans and proper loan amount allocations.
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Zhang, Li. "Essays on empirical corporate finance." Thesis, McGill University, 2010. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=95012.
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This thesis consists of two essays on empirical corporate finance. The first essay documents that the short-run and the long-run stock performance after seasoned equity offerings (SEOs) is positively related to the pre-issue demand from short-term and long-term institutional investors, respectively. This suggests that institutional investors acquire information that is most relevant to their investment horizons. Moreover, institutional investors' information advantage is more pronounced in cold issue markets than in hot issue markets, confirming firms' tendency to issue equity in periods of reduced information asymmetry. In addition, this essay documents that firms issue seasoned equity at a greater discount when the pre-issue demand from short-term institutional investors is low. The second essay examines the effects of CEO career concern incentives on firm policy. We document that a CEO's probability of being fired is positively related to equity risk, idiosyncratic risk and R&D investments. This supports the idea that CEOs with a very high likelihood of being fired tend to take more risks so that good outcomes can prevent their firing (e.g. Zwiebel (1995)). We also document that when a CEO has a high likelihood of being fired, her firm tends to have a higher leverage ratio and lower firm diversification. This is consistent with the idea that CEOs' risk-taking incentives generated when they are facing the pressure of termination could mitigate their risk aversion and induce them to implement riskier corporate policy.Cette thèse comprend deux essais en finance d'entreprise empirique. Le premier essai met en évidence une relation entre les performances de court terme et de long terme d'une action après une augmentation de capital, et les demandes respectives d'investisseurs institutionnels de court terme et de long terme avant l'opération. Ce résultat suggère que les investisseurs institutionnels acquièrent l'information la plus pertinente pour leurs horizons d'investissement. De plus, l'avantage informationnel des investisseurs institutionnels est plus marqué lorsque les marchés primaires sont favorables que lorsqu'ils sont défavorables, ce qui confirme la tendance des entreprises à émettre du capital lorsque les asymétries informationnelles sont réduites. Cet essai montre aussi que la décote que subissent les entreprises sur les actions nouvellement émises est plus importante lorsque la demande des investisseurs institutionnels de court terme avant l'opération est faible. Le deuxième essai s'intéresse aux effets des ambitions de carrière des chefs d'entreprise sur les politiques menées par l'entreprise. Nous montrons une relation positive entre la probabilité de renvoi du chef d'entreprise et le risque des actions, le risque idiosyncratique et les investissements en R&D. Ce résultat conforte l'idée selon laquelle les chefs d'entreprise ayant une forte probabilité d'être révoqués prennent des risques, en espérant qu'un résultat favorable empêche leur renvoi (voir par exemple Zwiebel, 1995). Nous montrons également qu'une plus forte probabilité d'être révoqué est associée à un levier financier plus élevé et une diversification plus faible. Ce résultat peut s'expliquer par la pression induite par la perspective d'un renvoi, qui attenue l'aversion au risque des chefs d'entreprise et leur donne des incitations mener des politiques d'entreprise plus risquées.
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Yang, Keyang. "Essays on corporate finance." Diss., University of Iowa, 2019. https://ir.uiowa.edu/etd/7049.
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In this dissertation, I examine two main topics in corporate finance: executive compensation and corporate investment.
First, in the chapter titled “Import Penetration and Executive Compensation”, we investigate the impact of import penetration on executive compensation. We find that import penetration reduces executives’ total compensation, stock grants, and opportunistic grant timing, suggesting that competition mitigates agency problems and the need for conventional alignment mechanisms. Furthermore, we show that import penetration increases option grants and option duration, thus incentivizing more innovation and risk-taking.
Second, I study the relationship between entrenchment and corporate investment. In the chapter titled “Entrenchment, Managerial Shirking, and Investment”, I find that entrenchment reduces capital expenditures, R&D, and productivity, weakens a firm’s competitiveness in the product market, and diminishes firm value. These findings are consistent with the shirking hypothesis that entrenchment enables managers to evade the responsibilities of overseeing investment projects.
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Rozelle, Zachari D. "Nontraditional revenue sources being used by Indiana school corporations and Indiana high schools." Virtual Press, 2006. http://liblink.bsu.edu/uhtbin/catkey/1336624.
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Nontraditional revenue is the term used to describe sources of funding other than those provided by federal and state support, including grants, and those provided by local property tax levies. Examples included licensing agreements, advertising in school facilities and on school property, school business partnerships, booster clubs, education foundations, and user fees. The purpose of this study was (1) to identify the sources of nontraditional revenue used by Indiana school corporations and Indiana high schools, (2) to assess local school officials' attitudes and expectations regarding the use of nontraditional revenue, and (3) to provide some insight as to how Indiana school corporations and schools utilize those funds.A QUAN-Qual Model was used for this study. The QUAN-Qual Model enabled the researcher to conduct the study in two phases. The first phase was comprised of a survey instrument used to identify the kinds of nontraditional revenue being used and to collect data regarding the amounts of nontraditional revenue being generated. The instrument was also used to measure attitudes towards nontraditional revenue and the perceived importance of those funds. The second phase was comprised of qualitative data collection through telephone interviews with school corporation and high school administrators conducted in February and March 2006. Analysis and interpretation of that data provided additional information about attitudes towards nontraditional revenue and how those funds are used.All Indiana school corporations and high schools that were included in the study utilized nontraditional revenue sources to varying degrees. They supplemented traditional funding with licensing agreements, school-business partnerships, booster clubs, education foundations, individual donations, and user fees. Nontraditional sources of revenue were identified as being essential for supporting some activities and programs. However, the researcher's sampling of corporation level administrators' and high school principals' attitudes regarding that revenue suggested that neither group relied on it to provide for essential personnel or programs. Statistically significant data suggest that school corporations and schools located in rural settings might be at a disadvantage with respect to their capacity to generate nontraditional revenue.Department of Educational Leadership
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Cuevas, Víctor Manuel. "Sources of inflation and output fluctuations in the Mexican economy /." free to MU campus, to others for purchase, 1997. http://wwwlib.umi.com/cr/mo/fullcit?p9841274.
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Zhou, Xu-Shen. "Empirical Studies in Finance." University of Cincinnati / OhioLINK, 2003. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1060878290.
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Gao, Siwei. "Essays on Risk Finance and Incentive Contracting." Diss., Temple University Libraries, 2013. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/220811.
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Business Administration/Risk Management and InsurancePh.D.
This thesis consists with three topics. Chapter 1 Incentive Contracting with an Independent Underwriter: Does It Benefit Insurers? proposes an analytical model to investigate the decision factors of an insurance company when choosing between direct writing and independent underwriter as distribution channel. It also explores the impact of contingent commissions on the underwriting performance of insurance companies. To count for the impact of policy renewal, this paper measures the difference of underwriting performance between using independent underwriter and direst writing in the single-period model, as well as in the multi-period model. It is found that the key decision factors of distribution system include: underwriting risk, underwriting task complexity, underwriting cost, as well as policy renewal. Chapter 2 Risk Finance for Catastrophe Losses with Pareto-Calibrated Levy-Stable Severities proposes a risk finance paradigm for catastrophe losses. The conventional risk finance paradigm of enterprise risk management identifies transfer, as opposed to pooling or avoidance, as the preferred solution. However, this analysis does not necessarily account for differences between light- and heavy-tailed characteristics of loss portfolios. Of particular concern are the decreasing benefits of diversification (through pooling) as the tails of severity distributions become heavier. In the present article, a loss portfolio characterized by nonstochastic frequency and a class of Lévy-stable severity distributions calibrated to match the parameters of the Pareto II distribution is investigated. Then a conservative risk finance paradigm is proposed. It can be used to prepare the firm for worst-case scenarios with regard to both (1) the firm's intrinsic sensitivity to risk and (2) the heaviness of the severity's tail. Chapter 3 A Risk-Based Risk Finance Paradigm proposes an alternative to the conventional risk finance paradigm of enterprise risk management that accounts for not only a loss portfolio's expected frequency and expected severity, but also its "risk" as captured by an appropriate measure of dispersion/spread. This new paradigm is based upon four distinct properties of a loss portfolio that enhance the benefits of diversification: (1) a high expected frequency; and (2) less than perfect positive correlations between individual severities; (3) light-tailed severities; and (4) a predictable (i.e., non-erratic) frequency.
Temple University--Theses
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Olsen, M. Rolf. "Rating congruence between various management appraisal sources : a study of the relative value of various management appraisal sources and factors affecting rating congruence between these sources." Thesis, Brunel University, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.296216.
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Musara, Mazanai. "The role played by business development services providers (BDSs) in improving access to finance by start-up SMEs in the Buffalo City Municipality." Thesis, University of Fort Hare, 2010. http://hdl.handle.net/10353/359.
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Small and medium enterprises (SMEs) are very important to employment creation, poverty alleviation and the sustainable economic development of a nation. Encouraging SMEs, especially start-ups is crucial for sustainable economic growth. However, the failure rate of start-up SMEs in South Africa is one of the highest in the world. In reviewing the literature of the causes of the failure of start-up SMEs, access to finance emerged as a prime challenge. Start-up SMEs find it very difficult to obtain external finance from commercial banks and venture capitalists. The national and provincial governments in South Africa have realised that access to finance is a major constraint to the growth and survival of start-up SMEs and have put in place certain measures to improve access to finance by start-up SMEs. One of the primary measures put in place by government to improve access to finance by start-up SMEs is the provision of Business Development Service by some government agencies. This research investigates the role of Business Development Services Providers (BDSs) in improving access to finance for start-up SMEs. Questions arise as to why the failure rate of start-up SMEs is high in South Africa despite all these government measures aimed at assisting start-ups to access finance. Empirical research was conducted to investigate the role of BDS in improving access to finance by start-up SMEs. The instrument used for data collection was the self-administered questionnaire. The statistical analyses included descriptive statistics, T-test, ANOVA, correlation and regression analysis. The Cronbach‟s alpha was used as a measure of reliability. The results of the study revealed that: Access to finance is still a major problem hindering the survival of start-up SMEs. There is a lack of awareness of BDS providers and their services by the majority of start-up SMEs. There is a significant positive relationship between the use of BDS by start-up SMEs and success in accessing finance. Start-up SMEs that are aware of BDS do make use of the services. The results suggest that BDS are important to improving access to finance by start-up SMEs. However, there is a need to build awareness and encourage the use of BDS by start-up SMEs to improve their access to finance and ultimately increase their chances of survival.
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Brockmeyer, Anne. "Essays on business taxation and development." Thesis, London School of Economics and Political Science (University of London), 2013. http://etheses.lse.ac.uk/738/.
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This thesis addresses a number of questions on the optimal taxation of firms, with particular emphasis on the challenges to taxation in developing economies. Chapter 1 exploits bunching of firms at a tax kink to identify the effect of a tax rate change on investment. Building on the standard bunching framework, I estimate the frequency distribution of firms around the kink, and the share of bunching firms with excess investment. I apply this approach to administrative tax returns for firms in the United Kingdom and find that excess investment explains up to 20% of bunch ing. Chapter 2 examines the trade-off between production efficiency and revenue efficiency in taxation under imperfect enforcement. We exploit quasi-experimental variation created by a minimum tax scheme, a production inefficient policy used in many developing countries, which consists of taxing firms on turnover as their profit rate falls below a certain threshold. Using administrative tax records of corporations in Pakistan, we find large bunching around the profit rate kink createded by the minimum tax scheme and estimate that the turnover tax reduces evasion by up to 60-70% of corporate income. Chapter 3 analyzes the impact of interventions by the International Monetary Fund (IMF) on countries’ likelihood of adopting the value added tax (VAT). I discuss how the IMF has promoted VAT adoption by making lending conditional on adoption, providing administrative and technical assistance, and reducing the political costs of adoption. Applying a Cox proportional hazard model to a cross-country panel for the period 1975-2000, I find that countries that are under a lending agreement with the IMF are three times as likely to adopt the VAT than are countries not under a lending agreement.
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Lam, Si-hang Yvonne. "Sources of funds for the financing of Hong Kong's industrialization." Hong Kong : University of Hong Kong, 1997. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19740724.
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Liu, Yang. "The sources of debt matter, too /." Thesis, Connect to this title online; UW restricted, 2004. http://hdl.handle.net/1773/8798.
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Yang, S. "Developing a business model framework : case of an automotive finance business in China." Thesis, Nottingham Trent University, 2015. http://irep.ntu.ac.uk/id/eprint/27703/.
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Nowadays, Automotive Finance Companies (AFCs) face increasing challenges of finding means to improve and better utilise business models in Chinese market. While, academic researchers are also seeking a clear definition of business model that can be widely accepted as the basis for further development of business model research. This research is aiming to develop a business model framework, which can help business managers to confront and resolve these challenges for automotive finance business in China, and most critically to guide them when making strategic decision. Meanwhile, such a framework can also provide academic researchers a foundation for conducting further business model researches. The research draws a journey of developing a business model framework under Chinese automotive finance business context. The interpretivist approach was applied as the methodology to guide the qualitative research with an engaged automotive finance organisation. Accordingly, case study was applied as the research strategy and major approach. SIYANG Framework implementation and semi-structured interview were the two steps consisting in it. As the 1st step, SIYANG Framework, after being developed as an initial business model, was later implemented in the engaged organisation. SIYANG Framework was introduced to the managers in the aim of the business model improvement and it lasted over eighteen months. In the 2nd step, six semi-structured interviews were conducted to review managers’ feedback on SIYANG Framework and explored the insight of SIYANG Framework enrichment. According to the result of implementation, it can be concluded that SIYANG Framework is feasible for guiding the practices of AFC business model improvement. As the outcome of the research, SIYANG Framework has been enriched eventually as a business model framework by analysing data academically and empirically, which reaches level 4 of BMRS (Lambert, 2006). Furthermore, SIYANG Framework describes a clear definition and component of business model that can be a foundation of conducting further business model researches. While, it illustrates a detail process of business modelling that draws a clear way of building, improving and operating a business model for automotive finance business. On one level, SIYANG Framework has been experimented as a constructive guidance to automotive finance organisations improving the business models in Chinese market.
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Hietala, T. (Tomi). "Determinants of interest rate of peer-to-peer business loans." Master's thesis, University of Oulu, 2016. http://urn.fi/URN:NBN:fi:oulu-201604141477.
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The purpose of this thesis is to examine the determinants of interest rate in peer-to-peer business loans. The peer-to-peer lending is a novel business area and it is an alternative for either as an investment or as a way to raise funding. From both, the investor’s and the fund raiser’s perspective it is important to know how the interest rate is determined on the loans. Also the information offered on peer-to-peer business loans is evaluated from the perspective of screening the loans based on the fund raiser’s quality.
The tested variables are the length of the loan period, the amount of capital raised, the credit score and the delays of the repayment. Additionally the effect of the maturity of the business is tested between four time periods. The sample data is from two online platforms offering peer-to-peer business loans at Finnish markets. These platforms are Fundu and Yrityslainat.fi.
The length of the loan period and the credit score are statistically significant determinants of the interest rate. Both the length of the loan period and the credit score have a negative relation to interest rate. So, longer the loan period is and higher the credit score, the lower is the interest rate. Also the interest rates decreases when the business matures. The available information of fund raisers varies between platforms. This information has been used effectively to screen loans in case of consumer loans.
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Wahlbeck, David, Carl Sandberg, and Hannes Bernéus. "Investors´ Rationality : Behavioral Finance." Thesis, Jönköping University, JIBS, Business Administration, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-7734.
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Van, Do Thang. "Finance provision and small business sector in transition economy." Thesis, University of Nottingham, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.438506.
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Patraporn, R. Varisa. "Complex transactions race and relationships in small business finance /." Diss., Restricted to subscribing institutions, 2007. http://proquest.umi.com/pqdweb?did=1467887401&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.
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Spadavecchia, Anna. "State subsidies and the sources of company finance in Italian industrial districts, 1951-1991." Thesis, London School of Economics and Political Science (University of London), 2003. http://etheses.lse.ac.uk/2096/.
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The dominant view about Italian Industrial Districts (IDs) suggests that firms within IDs finance themselves through internal sources alone. This view, based on Northeastern IDs - on which the mainstream literature concentrates - implicitly denies any potential role played by state subsidies available to small firms within the framework of national and regional industrial policies from the 1950s onwards. This thesis, focusing on a Southern ID, tests whether IDs can also emerge within the context of state intervention, and whether Southern IDs relied heavily on state funding in contrast with North-eastern IDs, which drew on public funds to a much smaller extent. The thesis employs a two-pronged approach, analysing the issue from the perspective of both the lending institutions and the recipient firms. It discusses the development of the 'Extraordinary intervention for the South' - designed to overcome Southern backwardness - and compares it with the national industrial policies. It moves on to provide a detailed breakdown of the extent to which firms in Southern Italy benefited from subsidised loans and grants more than firms in the North-east, where far fewer firms sought subsidies. The importance of subsidies for the recipient companies is studied using two samples of small manufacturing firms, within the Southern ID of Barletta and the North-eastern ID of San Mauro Pascoli. The analysis of the capital structure of the two samples confirms the greater reliance of Southern companies on subsidies, whereas private finance was more important for the North-eastern counterparts. However, subsidies to companies in the North-eastern ID appear to be more effective. The thesis concludes that the received interpretative framework regarding the types of finance used by companies within IDs is severely limited, in that the role of state subsidies cannot be neglected, particularly for Southern IDs, but also for the more prosperous North-eastern IDs.
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Puck, Jonas, and Igor Filatotchev. "Finance and the multinational compangy: Building bridges between finance and global strategy research." Wiley, 2018. http://dx.doi.org/10.1002/gsj.1330.
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Research Summary: This paper argues for, and contributes
to, a stronger integration of research on finance and
international business/global strategy. We perform bibliometric
analysis of journal publications between 2010 and
2016 and show that papers published in the two domains
relate to very different underlying literatures which, so far,
have had a limited overlap. We further argue based on a
qualitative review of the literature that both fields offer substantial
novel perspectives, models, and theories to each
other that have the potential to enrich our theoretical understanding
of relevant research questions in both domains. We
map various pathways for further integration of international
business/global strategy and finance fields and discuss different
ways how to better connect the two fields and their
different research perspectives and research methodologies.
Managerial Summary: In this paper we, first, find that
publications from the field of finance and from the area of
international business/global strategy relate to very different
literatures. Second, we show that both fields would
indeed offer substantial and relevant novel perspectives to
each other. Third, we develop various pathways for a more
intense integration of both literatures. Given the relevance
of both international business/global strategy and finance
perspectives for business practice, we strongly believe that
a more intense integration also bears substantial implications
for managers. This is as much of the knowledge
developed in international business/global strategy and
finance did not fully transfer into the respective other field.
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Foo, Wing-yan Polly. "Sources of financing for Hong Kong small business start-ups /." Hong Kong : University of Hong Kong, 1997. http://sunzi.lib.hku.hk/hkuto/record.jsp?B18831424.
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Basch, Richard J. "Capitalization Strategies for Small Business Sustainability." Thesis, Walden University, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10684791.
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Over the past 15 years, privately held small businesses generated nearly two-thirds of the net job growth in the United States, yet much of what scholars know regarding the capitalization challenges faced by small businesses is limited to data from large corporations. In 2013 alone, business bankruptcies numbered 33,212, and each year approximately 10% to 12% of U.S. small businesses close. Ineffective capitalization strategies coupled with a limited understanding of funding options frequently results in unsustainable business practices. In this multiple case study, the capital budgeting theory was utilized to explore the capitalization strategies small business owners in the greater Phoenix, Arizona metropolitan area employed to achieve sustainability beyond 5 years of business inception. Participants were purposefully selected based on their tenure in business, number of employees, and geographic location. Data were collected via in-person semistructured interviews with 4 small business owners, coupled with a review of financial archival documents. Data were analyzed using theme interpretation, data grouping, and word frequency tabulation. Three themes emerged: a preference for self-funded, personal capitalization; the leveraging of personal relationships as a primary educational strategy; and a general aversion to debt and high interest rates. Implementing sound capitalization strategies contributes to social change by improving the likelihood of long-term sustainability. Sustainable small businesses increase employment opportunities, wage growth, and community-based services while enhancing the overall quality of life for local families and the community.
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Jakes, Lyndabelle Virgil. "Success Strategies of Small Business Owners." Thesis, Walden University, 2018. http://pqdtopen.proquest.com/#viewpdf?dispub=10751428.
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In the United States, 20% of newly established small businesses, including small businesses in the life insurance industry, fail within 2 years, and over 50% of them fail during the first 5 years. The purpose of this multiple case study was to identify and explore the strategies that life insurance brokerage owners use to sustain business operations beyond 5 years. Porter’s 5 forces model served as the conceptual framework for exploring this subject matter. Owners of 3 separate small life insurance brokerage firms in Texas, who sustained their businesses beyond 5 years, participated in semistructured interviews. A secondary source of data was relevant company documents. Methodological triangulation and member checking assured the reliability and validity of the interpretations. Through thematic analysis and supporting software, 5 themes emerged: exceptional customer service, relationship-building, efficient promotional strategies, regular training of salespersons, and hiring the right employees. The application of the findings of the study could contribute to positive social change by reducing unemployment and thereby catalyzing an economic environment supporting employees, families, and communities.
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Mohamad, Maslinawati. "Three essays in corporate finance." Thesis, University of Sussex, 2017. http://sro.sussex.ac.uk/id/eprint/71251/.
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The financial crisis that started in 2008 led to issues of corporate financial distress and bankruptcy. The global financial crisis has resulted in many venerable institutions being rescued by the government. There is an ongoing research debate in law and economic theories about the efficiency of the US bankruptcy code (Senbet and Wang, 2012; Jory and Madura, 2010; Zhang, 2010; Faelten and Vitkova, 2014). Due to the global financial crisis, there is a fundamental issue questioning whether the bankruptcy law (e.g., Chapters 11 and 7 of the US Bankruptcy Code) is efficient in rehabilitating economically efficient but financially distressed firms and liquidating economically inefficient firms (Senbet and Wang, 2012). Mergers and acquisition (hereafter M&A) involving financially distressed targets and bankrupt targets have become a common practise in the US. Theoretically, restructuring is meant to be a way of reorganizing operations and generating extra resources. However, due to the complexity of businesses and recent global financial crises, there is inconsistency in the association of rewards for Chief Executive Officers (CEOs) and management with the firm's performance. This thesis explores the issues about corporate restructuring, performance and governance of firms including banks in the US emanated from the economic crisis. It comprises three empirical pieces of research. The first empirical research is on the wealth creation of bidders and of M&As of financial distressed and bankrupt targets. Our second research is about the earnings management behaviour of managers. Of those that were involved in the restructuring and reorganization of an organization. It is especially related to carve-out, sell-off, spin-off and other types of divestitures. Our third essay is on bank efficiency; taking into consideration the importance and crucial and urgency in the research related areas, such as the pay structure of the top management, and the existence of the internal monitoring. Institutional ownership plays an important role in corporate performance of firms particularly to banks in the US. First, we examine the wealth effects of M&A activities involving financially constrained targets (hereafter FCTs). By interrogating the wealth creation of bidders of these target firms, this study extends the analysis on the relationship between the discount on deal value, and the financial health of bidder firms. Based on sample data between 1985 and 2012, the study finds that bidders of FCTs earn abnormally positive cumulative abnormal returns (CARs) the day of the M&A announcement. This contrasts with the findings of negative to zero CARs accruing to bidders of financially healthy targets, as documented in the literature. The bidder firms benefit from a low M&A premium on these deals. However, in the long run, both their stock and operating performance lag those of bidders of healthy targets. Second, we examine the earnings management (hereafter EM) behaviour of firms engaged in corporate reorganization and restructuring. More specifically, our sample includes carve-outs, spin-offs, asset sell-offs, and divestitures. We follow Anagnostopoulou and Tsekrekos (2015) and Cohen and Zarowin (2010) to calculate the EM variables. This is so especially the accrual-based and real EM variables. To measure firm performance, we use industry-adjusted return on assets (ROA), cumulative abnormal returns (CARs), and Buy-and-Hold Abnormal Return (BHARs). We use the standard deviation of monthly stock returns (SDAR), as the proxy to measure the stock volatility and information asymmetry. We document a direct relationship between firms that manage earnings above the industry-year median EM index, and changes in the ROA, CARs, and BHARs. Conversely, firms that manage their earnings EM are associated with lower standard deviations in the firms' stock returns for carve-outs. Finally, we examine the relationship between the CEO's pay (CPS) and each of the bank's efficiency and risk. We use several measures of CEO pay including the ratio of CEO pay-to-the total pay of the top five managers. The ratio of CEO pay to the total pay of executives who also serve on the firm's board. We use the Stochastic Frontier Analysis (SFA) to measure bank efficiency. To measure firm risk, we compute the Z-Score and standard deviation of daily and annual returns. We document an inverse relationship between CEO pay ratio and bank efficiency. Conversely, high pay disparity is associated with lower insolvency risk, lower Z-scores, and lower standard deviations in the banks' stock returns.
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Kouadio, Gbogbo Nina Marie-Laure. "Difficulties experienced by small businesses in accessing finance." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1018633.
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Small and Medium Enterprises (SMEs) significantly contribute to the growth of the economy and the employment sector. However, it is indicated that SMEs lack access to the financial products and services that are critical to their growth. Therefore, the primary objective of this study was to investigate the difficulties experienced by small businesses in accessing finance. An online questionnaire survey was considered an appropriate measurement method for this study. The targeted population of the study included all small businesses operating in the Nelson Mandela Bay Metropole. Thus, some 208 companies were identified as part of the study sampling frame. A total number of 66 questionnaires were returned out of the 208 targeted companies - giving a response rate of 29 percent. The quantitative data were processed using a STATISTICA program, leading to appropriate descriptive statistical analyses, including frequencies, means, medians and standard deviations. In order to obtain a better understanding of the difficulties experienced by small businesses in accessing finance, hypotheses were also formulated and a t-test was used to establish the statistical significance of certain demographic variables and company characteristics regarding the problems experienced by small businesses in accessing finance. The results of the empirical study revealed that the major difficulties faced by small businesses in their access to finance were the lack of collateral and security, the high cost of borrowing interest and the delay in feedback from the financial institutions. Further, by testing the hypotheses, it was also revealed that the ethnic group of the applicant, the total years of business experience of the applicant and the annual turnover of the business have an impact on the access to finance. Based on the relevant literature study and the empirical results, recommendations were made in order to address the identified problems. However, the unavailability of an exhaustive small business database in the Nelson Mandela Bay Metropole did not allow the research to draw on a larger representative sample. Thus, this limitation has impeded in-depth statistical analysis that would have allowed the research to obtain more accurate findings. Further studies could investigate the reasons why in many cases financial institutions reject the funding of small businesses.
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Derrocks, Velda Charmaine. "Credit risk management in development finance institutions and SMME sustainability." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/14862.
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Small, Medium and Micro Enterprises (SMMEs) make a significant contribution to the South African Economy. Regardless of size, these businesses have the ability to create employment, make a generous contribution to tax collections, uplift communities and serve as a beacon of hope for those trapped in the cycle of poverty and unemployment. However, SMMEs lack access to much-needed financial resources that are critical for their growth. Development Finance Institutions (DFIs) aim to bridge the gap between the SMME’s financial needs and the development of the respective SMME businesses, by providing funding to entrepreneurs with potentially viable businesses and ideas. Debt funding to these SMMEs are based on sound commercial lending principles that take various non-quantitative variables into account. The sustainability of SMMEs is a primary concern to all participants in the economy, as it is known that SMME failure rates are high Therefore, the primary objective of this study was to investigate the impact that the credit risk management practices of DFIs have on the sustainability of SMMEs, by examining a case study of a typical DFI. An electronic questionnaire survey was considered as an appropriate measurement method for this study. The targeted population of the study included SMMEs in the Eastern Cape that are Trust for Urban Housing (TUHF) clients and 23 SMMEs were identified as part of the study sampling frame. A total number of 14 questionnaires were returned out of the 23 targeted SMMEs - giving a response rate of 61%. The quantitative data was processed using the STATISTICA program, leading to appropriate descriptive statistical analyses. In order to better understand the impact of credit risk management practices on the sustainability of SMMEs, a hypothesis was formulated and linear regression analysis was used to establish the statistical significance of certain credit risk principles and sustainability characteristics. The results of the empirical study revealed that credit risk management practises do impact on the sustainability of SMMEs. Further, by testing the hypothesis, it was also revealed that certain sustainability variables are regarded as more important than others.
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Morozumi, Atsuyoshi. "Credit market imperfections, nominal rigidities, and business cycles." Thesis, University of Warwick, 2009. http://wrap.warwick.ac.uk/3178/.
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This thesis is a theoretical study of the role of credit market imperfections in business cycle dynamics. In particular, Chapters 2 to 4 focus on the credit channel of the monetary transmission mechanism, while Chapter 5 studies the role of shocks to credit markets in generating business cycle dynamics. The common framework used throughout the thesis is a New Keynesian (NK) framework characterised by imperfect competition and staggered pricesetting. The essence of the credit channel of monetary transmission is endogenous movements in the external finance premium, which, in turn, are caused by endogenous movements of agency costs generated in the presence of credit frictions. The credit channel works to complement the interest rate channel inherent to the standard NK model. Chapter 2 aims to shed light on the workings of the credit channel by presenting an analytical solution for the simpli
ed case where agency costs are modelled acyclical. I show that when acyclical agency costs are incorporated into an otherwise standard NK model, they amplify the real impact of money shocks but reduce the persistence of the real effects. This happens because credit frictions flatten both aggregate supply (AS) and aggregate demand (AD) relations of the model, where the former is essentially the New Keynesian Phillips curve while the latter is derived from the consumption Euler equation and money market equilibrium condition. Chapter 3 replaces the assumption of economy-wide input markets made in Chapter 2 with the one of segmented input markets. The reason for doing this is twofold. First, the latter assumption seems to capture the reality better. Second, the previous literature shows that the segmented market assumption is a crucial determinant for the degree of the persistence of the real effects of money shocks. I show that for given agency costs, both the real impact of money shocks and the persistence of the real effects are much greater in a model with the segmented input market assumption. This happens because the new assumption greatly flattens the AS curve. Chapter 4 directly studies the workings of the endogenous agency costs. Focusing on credit frictions in borrowing by firms (entrepreneurs), it compares the different business cycle dynamics generated by two alternative modelling strategies. The first assumes that entrepreneurs make a consumption/saving decision to maximise their intertemporal utility, but have a higher discount rate than households (original lenders). The second assumes that a constant fraction of entrepreneurs die each period and they consume all the accumulated wealth just before their death. These assumptions are widely used in the literature to keep agency costs operative. I show that the choice of the modelling strategies is key to the way the credit channel operates within the NK framework. Chapter 5 investigates the effect of shocks to credit markets on business cycle dynamics. Using the framework developed in Chapter 2, I show that shocks to credit markets affect agency costs and thus the external finance premium faced by entrepreneurs (borrowers). In turn, this causes a change in output. Then, turning to the framework developed in Chapter 4 with endogenous agency costs, I highlight that there is a feedback effect from macroeconomic conditions to the premium through endogenous developments in entrepreneurs' net worth. The change in the premium caused by the feedback effect leads to the further change in output.
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Sittimalakorn, Wuthichai. "Market orientation versus quality orientation : sources of superior business performance." Thesis, University of Strathclyde, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.405547.
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Lee, Dong Wook. "Two essays in corporate finance." Connect to this title online, 2003. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1060687110.
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Thesis (Ph. D.)--Ohio State University, 2003.Title from first page of PDF file. Document formatted into pages; contains x, 104 p.; also includes graphics (some col.). Includes bibliographical references. Available online via OhioLINK's ETD Center.