Dissertations / Theses on the topic 'Structure Capital efficiency (SCE)'

Doctor of Philosophy<br>Department of Agricultural Economics<br>Brian C. Briggeman<br>U.S. farm profitability is near historic highs. This fact raises many questions related to the economics of production agriculture. Three questions are examined in this dissertation. First, should farmers use a different benchmark for farm profitability? To answer this question, a benchmark of farm profitability is developed that adds balance sheet information to an established benchmark which uses only income statement data. The second and third questions focus on cooperatives since farmers rely on efficient cooperative management to maximize their return on investment in the cooperative and their own farm profitability. How should cooperatives allocate earnings to farmers? To answer this question, a model is developed to inform boards of directors regarding optimal equity allocation decisions. Finally, do cooperatives face agency costs? To answer this question, a variable cost model is estimated to examine the indirect costs of leverage. The first essay used data from Kansas farms to determine the effects of the use of debt on cost efficiency. A nonparametric cost efficiency model was used to examine these effects. Results indicated that farms which were more specialized, had higher capital costs, and used more equity to finance assets experienced larger increases in efficiency when the use of debt was included in the analysis. The second essay used information on effective tax rates and empirically-estimated risk aversion coefficients in a portfolio model to determine the effects of different tax rates on the distribution of earnings. Results indicated that even a large deviation in current effective tax rates is not likely to affect the optimal share of allocated earnings. However, member risk preferences had an economically significant effect on the optimal share of allocated earnings, suggesting that board members focus on understanding member risk preferences. The third essay used data from U.S. agricultural cooperatives to determine the presence of agency costs due to the use of debt. A variable cost function was estimated to generate an index of variable cost efficiency which was used to determine the indirect costs of leverage. A negative relationship between debt and variable cost efficiency was found, indicating that agency costs were present for agricultural cooperatives.

The thesis examines the dynamic impact of capital structure on firm performance in Nigeria. The aims of this thesis are; first, to investigate the impact of capital structure of firms on their performance in a dynamic framework. This is unlike previous studies in the capital structure literature that have used static analysis. Second, to examine the dynamic feedback from performance to capital structure using the two-step system generalized method of moment estimator. Third, to explore the determinants or variables that influence capital structure choice of firms in Nigeria and the rate of adjustment to achieve optimal debt position. Fourth, to assess the possibility of non-monotonicity effect of capital structure on firm performance and non-monotonicity effect of performance on capital structure. The second chapter discusses the theoretical framework and review the empirical literatures on capital structure and firm performance. Also, the chapter review empirical literature on firm performance and capital structure as well as on determinants of capital structure. The study find much evidence in support of the theoretical prediction of the agency cost theory of capital structure. The stuudy observed that there are limited empirical studies on the franchise value and efficiency-risk hypotheses of reverse causality from performance to capital structure. The empirical literatures on determinants of capital structure suggests that both firm specific and country factors are important variables that drive capital structure choice of firms. The thrid chapter examines the methodology of the study. The population, sampling and sampling size, estimation methods were discussed in this chapter. The fourth chapter analysis and described the data employed in the study. Specifically, the results of the dynamic relationship between capital structure and firm performance were presented in this chapter. The results indicate that capital structure has non-monotonic effect on firm performance thereby supports the agency cost theory of capital structure. The fifth chapter provides results on the reverse causality between performance and capital structure. The findings indicate that there is reverse causality between performance and capital structure. This is evidence in the statistically significant negative finding between performance and capital structure. This finding support the franchise value hypothesis. The findings of this study also reveal that non-monotonic relationship exist between performance and capital structure. The sixth chapter provides results on the determinants of capital structure of Nigerian firms. The findings indicate that both firm specific variables (return on equity, risk, profitablity, age, size, tangibility, growth opportunities, dividend, ownership) and country variables (inflation, interest rates, credit to private sector as percentage of gross domestic product, institutional quality) jointly influence capital structure choice of firms in Nigeria. The findings equally indicate that firms in Nigeria adjust to their optimal debt target relatively faster with lower cost of adjustment because of better access to private debt that public debt. Conclusions from the empirical chapters indicate that firm specific and country factors are major determinants of capital structure of firms in Nigeria and that capital structure choice of firms influence their performance. Equally, there is evidence that indicate that there is reverse causality from performance to capital structure of firms. The study therefore contend that the agency cost theory of capital structure and franchise value hypothesis are portable in the Nigerian context. Full portability of these theories in emerging market like Nigeria may require modifications to accommodate specific peculiarities of operating and business environment of Nigeria.

Quando a variável dependente num modelo econométrico tem uma natureza fraccionária, correspondendo a uma proporção ou taxa, o modelo de regressão linear não é a forma mais indicada de modelar essa variável. Em vez disso, deve usar-se o chamado modelo de regressão para dados fraccionários, o qual tem em conta a natureza proporcional e limitada da variável dependente. Esta dissertação descreve as principais características deste modelo e realiza dois estudos empirícos que ilustram a sua utilidade na área da Economia e Finanças. O primeiro estudo analisa a estrutura de capital de empresas transformadoras de Portugal, Grécia, França e Alemanha usando dados para os anos de 2007 e 2013. O objectivo principal é analisar como é que a recente crise financeira, o tipo de tecnologia utilizada (High-Tech ou Low-Tech) e a dimensão das empresas (PME ou Grande) afectam os seus níveis de endividamento. Os resultados mostram que as empresas High-Tech recorrem menos a dívida, que a crise financeira afectou de forma significativa as decisões de financiamento das empresas e que as PME passaram a usar menos dívida desde o início da crise. O segundo estudo analiza os scores de eficiência das mesmas empresas, compreendendo duas etapas. Na primeira, a metodologia de Data Envelopment Analysis (DEA) é usada para obter os scores de eficiência. Na segunda etapa, os modelos de regressão fraccionários são usados para analisar esses scores. Os principais objectivos do segundo estudo são verificar como é que a crise financeira, o tipo de tecnologia, a dimensão e o país de origem afectam a eficiência das empresas. Os resultados mostram que os dois primeiros factores não influenciam a eficiência, que as grandes empresas são mais eficientes que as PME e que as empresas Gregas são menos eficientes; Abstract: Fractional regression models are e ective when the variable of interest appears in the form of proportion or fraction or rate. In other words, use of fractional regression models becomes appropriate when the dependent variable is de ned only on the standard unit interval. This thesis surveys fractional regression models, and conducts two studies using these models. The rst study analyses capital structure of manufacturing rms of Portugal, Greece, France, and Germany by using data from the years 2007 and 2013. It primarily tries to nd how nancial crisis, use of technology (High-Tech or Low-Tech), and rm size (SME or large) a ect rms' capital structure decisions. Results show that rms that use high technology comparatively take less debts, nancial crisis a ects capital structure decisions signi cantly, and SMEs take less debt after crisis. The second study analyses e ciency scores of rms using the same dataset. It has two stages. The rst stage uses data envelopment analysis (DEA) to obtain e ciency scores. Then the second stage employs fractional regression models to analyse those scores. The main aims of the second study are to nd how nancial crisis, use of technology, rm size (SME or large), and country of origin a ect e ciency of rms. Results provide evidence that nancial crisis does not a ect e ciency of rms, use of technology does not play any role in explaining e ciency of rms, large rms more e cient than SMEs, and rms in Greece are comparatively less e cient.

Cette thèse de Doctorat représente une première évaluation empirique des implications de l’interaction entre la compétition bancaire et la titrisation des crédits sur l’efficience, le risque, et la structure du capital des banques commerciales Américaines. Précisément, l’objectif principal de cette thèse de Doctorat est de répondre aux questions suivantes : 1) Quel est l’impact de la compétition et de la titrisation, séparément et conjointement, sur l’efficience bancaire ? 2) La titrisation réduit-elle le risque bancaire sous la pression de la compétition bancaire ? 3) Quelles sont les implications de l’interaction entre la compétition bancaire et la titrisation sur la structure du capital des banques commerciales Américaines ? Le développement de ces questions est motivé par la croissance rapide de la titrisation, par l’évolution de la compétition bancaire à travers diverses réglementations bancaires Américaines, par le débat en cours entre les partisans et les opposants à la compétition et la titrisation, et par le caractère novateur de ces sujets. Après la mise en œuvre de la méthode de score de propension, le premier chapitre suggère que la titrisation augmente significativement l’efficience bancaire mesurée par la méthode de frontières stochastiques (SFA). Cet effet positif est plus prononcé au sein des marchés bancaires compétitifs. Dans le deuxième chapitre, nous utilisons un modèle à effets fixes à partir duquel nous démontrons que la titrisation semble avoir un effet négatif sur le risque bancaire, particulièrement et de manière surprenante lors de la crise financière récente, mais uniquement si les banques titrisent fortement les crédits dans des marchés bancaires compétitifs. Le troisième chapitre démontre que la compétition bancaire pourrait être considérée comme un canal qui explique comment la titrisation influence, d’une manière significative, la structure du capital des banques commerciales Américaines. Nos enquêtes plus approfondies, introduites par la régression quantile, indiquent que les banques légèrement capitalisées, qui titrisent largement des crédits dans les marchés compétitifs, ont augmenté leurs divers ratios de capital, tandis qu’une réduction dans ces derniers est signalée pour les banques fortement capitalisées. En plus d’apporter des contributions empiriques, opérationnelles, managériales et politiques, cette thèse de Doctorat souligne l’importance d’établir une réglementation bancaire prudente sur la titrisation prenant en compte les réponses hétérogènes de la capitalisation bancaire, les différentes réactions des divers crédits titrisés, ainsi que l’effet extrêmement significatif de la structure du marché bancaire Américain<br>This PhD dissertation represents a first empirical assessment of the implications of the interaction between banking competition and securitization on efficiency, risk, and capital structure of US commercial banks United States. Precisely, the main objective of this PhD dissertation is to answer the following questions: 1) What is the impact of competition and securitization, separately and jointly, on bank efficiency? 2) Does securitization reduce bank risk under competitive pressure? 3) What are the implications of the interaction between competition and securitization on bank capital structure? The development of these questions is motivated by the rapid growth of securitization, the evolution of bank competition through various US bank regulations, the ongoing debate between proponents and criticizers of competition and securitization; and the novelty of these topics among academics and practitioners. After implementing a propensity score matching technique, the first chapter suggests that securitization significantly increases bank efficiency as measured by the Stochastic Frontier Approach (SFA). This positive impact appears to be more pronounced in competitive banking markets. In the second chapter, we use fixed-effects model through which securitization is found to have a negative impact on bank risk, particularly and surprisingly during the recent financial crisis, but only if banks highly securitize loans in competitive markets. The third chapter argues that banking competition could be considered a channel that explains how securitization significantly influences US commercial banks’ capital structure. Specifically, deeper investigations, introduced by the quantile regression, show that less-capitalized banks that highly securitize loans in competitive markets are more likely to increase their overall capital ratios, whereas a decrease in these ratios is reported for highly-capitalized banks. Providing several empirical and operational contributions as well as important managerial implications and policy recommendations, this PhD dissertation emphasizes the importance of considering a careful banking regulation on securitization that takes into account the heterogeneous responses of bank capitalization, the different reactions of various securitized loans, and the overall significant effect of US banking market structure

The objective of this study is to analyze the economic efficiency of Latin American technology companies according to their capital structure. Therefore, we carried out a descriptive study, using documentary and quantitative evidence. The sample included Latin American companies in the technology sector in Thomson’s® database, from 2009 to 2013. The evidence shows that Brazilian companies had higher debt levels from 2009 to 2013. So, it seems that Brazilian companies use more third-party capital to finance their assets. Regarding the economic efficiency measured by an efficiency score obtained by the DEA,® according to capital structure, debt ratio and profitability, Brazilian companies have a lower economic efficiency compared to other Latin American companies.<br>El objetivo de este estudio es analizar la eficiencia económica de las empresas tecnológicas latinoamericanas según su estructura de capital. Para esto, se realizó una investigación descriptiva, documental y cuantitativa. La muestra incluyó a las empresas latinoamericanas en el sector tecnológico según la base de datos Thomson®, durante 2009 y 2013. Las evidencias demostraron que las empresas brasileñas tuvieron niveles altos de endeudamiento durante el periodo 2009-2013. De esta forma, se entiende que las empresas brasileñas utilizan mayor capital de terceros para financiar sus activos.En relación a la eficiencia económica, medida por el score de eficiencia obtenido por la DEA® a partir de la estructura de capital (nivel de endeudamiento e índices de rentabilidad), las empresas brasileñas muestran una menor eficiencia económica en comparación a las demás empresas latinoamericanas.<br>O estudo objetivou analisar a eficiência econômica das empresas de tecnologia latino-americanas de acordo com sua estrutura de capital. Para tanto, realizou-se uma pesquisa descritiva, por meio de pesquisa documental com abordagemquantitativa. A amostra compreendeu as companhias latino-americanas no setor de tecnologia da base de dados Thomson ®, no período de 2009 até 2013. As evidências demonstram que as empresas brasileiras apresentaram maior nível de endividamento no período de 2009 a 2013. Dessa forma, percebe-se que as empresas brasileiras utilizam um maior nível de capital de terceiros para financiar seus ativos. Em relação à eficiência econômica medida pelo score de eficiência obtido por meio do DEA®, a partir da estrutura de capital, medida pelo nível de endividamento e pelos índices de lucratividade, as empresas brasileiras apresentaram menor eficiência econômica em relação às demais empresas latino-americanas.

To ensure energy security, the first to know what is energy, and second, what are the factors of non-security, means that the challenge of energy security. Finally, puts forward some policy or in the case of a reasonable method to solve it according to these problems. At present, energy security is facing two challenges of structural crisis and crisis management system. Concretely, main problems in that security are analyzed, which are considered to affect China and mostly embody in such four big areas as the great pressure in energy supply, the scarcity of relative energy resources, foreign oil dependence is too large, crisis management systems of energy security, the shortage of green energy. Furthermore the counter measures concerned are proposed, including saving energy and increasing the energy utilization rate, to establish strategic energy reserves, strengthening environmental protection and adjusting the primary energy structure. China's rapid economic growth lead to sharp increase in oil imports. Due to China relies on a single chokepoint, the Malacca Strait, which has caused a high degree of concern about the safety of its energy. Nearly three-quarters of its oil imports flowing through the Strait. In view of its strategic importance to China and China’s little sway on the waterway, this view is mainly focused on China’s energy demand and supply in two aspects of concern. The paper analysis of whether the current energy structure is appropriate and sustainable. Because the energy security is facing China's energy is more and more dependent on imported fuel and the need to convert energy to meet the demand of modern society and the rapid growth of the requirements of the economic challenges. Concludes that the China's new policy should focus on energy efficiency, energy saving, renewable energy and turned to the main energy source of natural gas.

This paper addresses the problem of a failing net debt approach; deposited funds rarely compensate the cost of debt. Venturing into operational credit facilities, the study evaluates the efficiency and feasibility of transitioning into fully cash-free liquidity management. The study takes a holistic approach and evaluates the research questions from the perspective of management through case studies on four smaller Swedish industrial firms. The study finds that there is substantial potential to free up capital; return on equity could have been boosted by an annual 5-10 percent including substantial one-off distributions. The study also concludes that Agency reasons are strong reasons for why firms are carrying material cash reserves. Through qualitative interviews, the study identifies several additional, but not less important, obstacles in the way of a full out cash-free transition. Most significantly, the financial system is not offering fully committed long term operational credit facilities and operating across different jurisdictions complicates the consolidation of liquidity. The study concludes that the matter would not have vast negative implications on real business activities, although further research would be required in regard to an extended debt overhang problem.<br>Uppsatsen kretsar kring den fallerande logiken med begreppet nettoskuld; tillgodohavanden på bank genererar sällan upp för kostnaden relaterad till motsvarande skuld. Med utgångspunkt i operationella kreditstrukturer utvärderas möjliga effektivitetsvinster och genomförbarheten av en fullständig övergång till kassa-fri likviditetshantering. Studien har ett holistiskt angreppssätt och utvärderar frågeställningarna från ett management-perspektiv genom fallstudier på fyra mindre svenska industriella bolag. Studien finner betydande möjligheter att frigöra kapital; årliga avkastningen på eget kapital hade kunnat öka med 5–10 procent och betydande engångsutdelningar hade varit möjliga. Studien finner vidare att agentteorin är en stark anledning till att bolag bär betydande kassapositioner. Genom kvalitativa intervjuer identifierar studien ytterligare, men ej desto mindre betydande, hinder för en kassa-fri övergång. Mest betydelsefullt, är att nuvarande finansiella system inte erbjuder för syftet fullgoda kreditstrukturer, samt det faktum att företag med verksamhet över olika jurisdiktioner upplever juridiska svårigheter med att konsolidera likviditet. Studien drar slutsatsen att en övergång inte skulle medföra betydande negativa konsekvenser för den operativa affärsverksamheten, men identifierar samtidigt att ytterligare studier skulle vara nödvändiga framförallt kring hur finansiella incitament kopplade till agent-teorins ’debt overhang’ skulle förändras vill en övergång till en fullt garanterad operationell kreditstruktur.

The aim of this investigative thesis was to further study the use of financial bootstrapping in medium to large sized enterprises. The thesis furthermore aimed to investigate if there are any prerequisite bootstrapping methods used in correlation to annual turnover, industry as well as to conduct research to whether enterprises are aware of their current use of financial bootstrapping. The study can conclude that financial bootstrapping is used among medium to large sized enterprises. Furthermore, the study can also conclude that there exists a correlation between desired bootstrapping methods used and annual turnover. A correlation to the current lifecycle phase currently presided in, in regard to a specific financial bootstrapping method used could not be solely concluded as well as industry-based preferences in regards to specific bootstrapping methods could not be established. The thesis overall conclusion is that further research is needed to conclude if there exist any industry-based preferences towards usage of specific bootstrapping methods, as well as further research should be aware of problems this study has identified in order to better prepare future study in the aimed field.<br>Syftet med studien var att undersöka tillämpandet av finansiell bootstrapping bland medelstora och stora bolag. Studien ämnade även att vidareutforska huruvida det råder omsättnings &amp; branschspecifika bootstrappingsmetoder samt förtydliga om det återfinns företag som själva inte framhäver sitt tillämpande. Resultaten visade att finansiell bootstrapping tillämpas bland medelstora och stora bolag samt att det råder vissa omsättningsspecifika bootstrappingsmetoder. Slutsatsen är att trots gynnsamma resultat krävs det vidareforskning inom ämnet för att ytterligare kunna påvisa branschspecifika bootstrappingsmetoder som dessutom kan generaliseras till en bredare population. Forskarna kan även konkludera att det krävs ett beaktande till rådande problematik denna studie påträffat för att öka framtida validitet ytterligare i genomförda studier.

Дисертацію присвячено вирішенню теоретичних і практичних проблем управління капіталізацією підприємства як критерієм ефективності його господарської діяльності. Розширено трактування категорії «реінжиніринг бізнес-процесів» з урахуванням сучасних особливостей розвитку економіки, а також запропоновано застосування ризик-орієнтованого підходу до визначення бізнес-процесів підприємства. Визначено взаємозв'язок між вартістю підприємства та структурою його капіталу. Виявлено вплив факторів капіталізації на діяльність підприємства в умовах доктрини «Industry 4.0». Виявлено методологічні підходи до визначення складових капіталізації підприємства. Також розроблено фінансово-економічну модель складових капіталізації, яку було використано в управлінні підприємством. На підставі всіх перерахованих вище комплексних складових було оцінено ефективність реінжинірингових заходів для підприємства<br>The dissertation is devoted to the solution of theoretical and practical problems of capitalization management of an enterprise as a criterion of the effectiveness of its economic activity. The interpretation of the category "reengineering of business processes" is expanded, the modern features of the development of the economy were taken into account for the study of the issues, and the application of a risk-oriented approach to the definition of business processes of an enterprise is proposed. As a result of the research, the concept of enterprise value was developed because of the synthesis of five value standards (fair market, market, investment, domestic and fair) and two approaches to it (continuous and liquidation). During research, attention was drawn to the fact that, in the context of Ukraine's integration into the international economic community, the widespread introduction of container traffic is becoming increasingly important. An important reserve for further growth of traffic is container traffic in the direction of Europe - Asia, the volume of which is constantly growing. In this context, the geographical location of Ukraine has a significant potential of a transit state. Stevedoring companies play a key role as representatives of the transport and logistics chain in the global freight industry. Therefore, it is extremely important for both investors (business owners) and business management to properly assess the value of each individual company in order to make the right management decisions. The essence of business process reengineering has been improved, which consists in the formation of enterprise management processes, in which costs are decisively reduced, the level of customer service is significantly improved, and time costs are significantly lowered. It was proved that the specifics of business process reengineering involve a radical way of thinking and acting of all management and employees of the enterprise and consists in its key features: fundamental nature, radicalism, innovation, and process approach. The relationship between the value of an enterprise and the structure of its capital has been determined. The influence of capitalization factors on the activity of an enterprise in the conditions of the “Industry 4.0” doctrine is revealed. Economic and mathematical modeling of capitalization of transport and logistics enterprises based on vector autoregressive modeling was improved, which, in contrast to previous studies, considers the influence of macroeconomic, price, financial factors of the enterprise environment. A comprehensive methodological approach to increasing the company's capitalization was developed in the context of the implementation of reengineering 19 measures, which is characterized by the use of the specific indicators that affect the company's capitalization. Methodological approaches to determining the components of the capitalization of an enterprise have been identified, namely: the features of planning an increase in the cost of capital have been investigated, a technical and economic analysis of the activities of enterprises in the studied industry has been carried out for the application of modern technologies for reengineering business processes. Also, a financial and economic model of the components of capitalization was developed, which was used in the management of the enterprise. Scientific and methodological tools for planning the increase in the cost of capital of enterprises in the transport and logistics industry have been developed. A technical and economic analysis of transport and logistics companies for the application of business process reengineering technologies was conducted. An author's approach to the components of the CAPM model was developed, as well as an author's approach to the use of market multipliers, which, in contrast to the existing ones, considers industry specialization. Based on all the above complex components, the effectiveness of reengineering measures for the enterprise was assessed.

碩士<br>銘傳大學<br>國際企業學系碩士班<br>94<br>Because of agency problem can be find in any kinds of industries, recent years government would like to development Taiwan’s biotechnology industry.Biotechnology industry has some characteristics like low pollution and recycle.These characteristics fit Taiwan to develop biotechlology industry. This study adopts a stochastic cost frontier method to examine the cost efficiency of biotechnology industry in Taiwan. Using cost efficiency as the proxy of firm performance, and discusses the relationship among capital structure, ownership structure, firm risk, market concentration and R&D expense. The conclusions of this empirical study are as follows: 1. Increase debt ratio or inside shareholding can reduce the agent problem. 2. Firm risk and market concentration exhibit significantly negative relationship with firm performance and positive relationship with debt ratio. 3. Both R&D expense and expense have positive relationship with frim performance. 4. R&D expense has a negative relationship with capital structure.

碩士<br>大葉大學<br>管理學院碩士在職專班<br>103<br>The purpose of this paper is to examine the effect of ownership structure and board characteristics on efficiency of business investment decisions from the perspective of core agency problem. In addition, we also investigate the monitoring effect of institutional ownership. The main feature of this study is that we use BCG model and divide the sample into several groups to measure the potential impact of ownership structure and board characteristics under different business types. We divide the agency problem into core agency problem and equity agency problem, and we explore the relation between corporate governance and inefficient investment under different business types. Finally, we explore efficient investment decisions whether firms increase investment opportunities and value. Overall, this paper can explain corporate governance can reduce inefficient investment and the efficient corporate governance can increase investment opportunities.

Efficiency, Leverage and Exit: The Role of Information Asymmetry in Concentrated Industries This paper develops a real options model of imperfect competition with asymmetric information that analyzes firms' exit decisions. Optimal exit decision is linked to firm characteristics such as financial leverage and efficiency. The model shows that informational asymmetries can lead more efficient and less leveraged firms to leave the product market prematurely. It also demonstrates how firm efficiency can increase debt capacity relative to rival firms. The model also has implications for firm risk and asset returns. Specifically, the paper shows that, when there is information asymmetry among rivals, rival actions can have a "news effect" that change a firm's dynamic risk structure. Human Capital Investment and the Completion of Risky R&D Projects We consider a firm that employs human capital to make a technological breakthrough. Since the probability of success of the breakthrough depends on the current stock of human capital the firm has an incentive to expand its human capital stock. The present value of the patent is stochastic but can be observed during the R\&D phase of the project. The exogenous value of the patent determines the firm's decisions to invest in human capital, to abandon the project if necessary, and to invest in marketing the new product. We study the corresponding optimal stopping times, determine their value and risk consequences, and derive optimal investment in the stock of human capital. While optimal investment in human capital is very sensitive to its productivity do increase the probability of a breakthrough it is insensitive to changes in the volatility of the present value of the patent. The value of the firm is driven by fixed labor costs that occur until the breakthrough is made, the call option to invest in human capital and market the product, and the put option to abandon the project. These options together with labor costs' based operating leverage determine the risk dynamics. Risk varies non-monotonically with the stochastic value of the patent and is U-shaped. Migration Options for Skilled Labor and Optimal Investment in Human Capital This paper develops a model of optimal education choice of an agent who has an option to emigrate. Using a real options framework, we analyze the time evolution of human capital in the country of origin and investigate the role of migration possibilities in the accumulation of different types of human capital. The analysis shows that the accumulation of human capital depends crucially on the level of uncertainty and the transferability of human capital across countries. Government subsidies are an important determinant of the composition of different types of human capital and can be crucial in alleviating the brain drain problem. (author's abstract)

This study investigated the relationship between capital structure, performance and replacement of chief executive officer in firms listed on the Nairobi Securities Exchange (NSE). Data was collected from a sample of 37 firms listed on the NSE over a period of 23 years, from 1990 to 2012. The analysis was conducted at three stages. The canonical correlation technique was employed to investigate the bi-directional relationship between capital structure and performance and to select competing indicators of performance and capital structure. Second, the general linear model (GLM) procedure was used to test the effect of performance and ownership structure and to test the effect of capital structure and ownership structure. Lastly, the generalised estimating equation (GEE) was used to assess effects of performance, capital structure and ownership structure on change in CEO. The results revealed that a bidirectional relationship exists between capital structure and debt capital. The indicators found to be useful in examining the relationship between performance and capital structure are asset turnover ratio and total debt to the total asset ratio. The findings support the efficiency hypothesis but not the franchise hypothesis. The results also indicated that firms with a low asset turnover are with a low asset turnover are 3.045 times likely to change CEO compared to firms with a high asset turnover. The results also indicated that firms with high leverage (debt) are he results also indicated that firms with high leverage (debt) are 3.430 times likely to change CEO compared to firms in low leverage, while the firms with medium leverage are are are are 6.491 times likely to change CEO. Therefore managers should not be passive when it comes to choosing between equity and debt capital played a disciplinary role on firms listed on the NSE.<br>Business Management<br>DCom (Business Management)

У роботі розглядаються теоретичні аспекти оборотних коштів підприємства, їх склад та напрями підвищення ефективності використання Проаналізовано історія та сучасний стан підприємства ПрАТ «Нова лінія» досліджено показники ефективності діяльності підприємства та рівень ефективності використання оборотних фондів підприємства Запропоновано підвищити ефективність використання оборотних коштів підприємства за рахунок скорочення товарних запасів підприємства шляхом впровадження програмного продукту Forecast NOW! та підвищення оборотності товарних запасів за рахунок стимулювання збуту<br>The paper considers the theoretical aspects of working capital of the enterprise, their composition and ways to improve efficiency The history and current state of the enterprise of PJSC "Nova Liniya" are analyzed. It is proposed to increase the efficiency of working capital of the enterprise by reducing the company's inventories by implementing the software product Forecast NOW! and increasing the turnover of inventories by stimulating sales

Андрієнко Є. А. Організаційно-методичні засади обліку та аналізу основних засобів ТОВ «Видавничий будинок «Кераміст» : кваліфікаційна робота магістра спеціальності 071 "Облік і оподаткування" / наук. керівник О. Р. Саєнко. Запоріжжя : ЗНУ, 2019. 106 с.<br>UA : Кваліфікаційна робота: 106 с., 8 рис., 15 табл., 57 літературне джерело. Об’єктом дослідження є процес формування організаційно-методичних засад обліку та аналізу основних засобів на підприємстві. Предметом дослідження є сукупність теоретичних, методичних і практичних засад бухгалтерського обліку та аналізу ефективності використання основних засобів на підприємстві. Мета кваліфікаційної роботи – дослідження організаційно-методичних засад обліку та аналізу основних засобів з метою розробки практичних рекомендацій щодо їх удосконалення з урахуванням особливостей і потреб управлінської діяльності в забезпеченні ефективності використання основних засобів. Методи дослідження – діалектичний метод пізнання – для розкриття сутності основних засобів, зносу й амортизації як економічних категорій; метод індукції та дедукції – для оцінки сучасного стану та виявлення тенденцій подальшого розвитку обліку основних засобів і амортизації; методи аналізу, синтезу, статистичні та економетричні методи – для комплексної оцінки ефективності використання основних засобів та пошуку резервів для її підвищення. Результати та значимість роботи полягають у розробці теоретичних та методичних положень щодо вдосконалення обліку основних засобів на підприємстві у сучасних умовах, зокрема: удосконалено: – класифікацію операцій з використання та утримання основних засобів відповідно до критерію зміни одержуваних економічних вигід від їх експлуатації з метою поліпшення облікового процесу на промисловому підприємстві на підставі формування повної та неупередженої інформації; – підхід до управління основними засобами на підставі формування комплексу заходів, що враховують їх вплив на результативні показники діяльності підприємства з метою забезпечення формування для управлінських цілей обліково-аналітичної інформації. набули подальшого розвитку: – сутність поняття «основні засоби» як засобів праці, виражених у грошовому вимірнику та призначених забезпечувати виробничі, адміністративні й соціально-культурні аспекти господарської діяльності підприємства, яке, на відміну від існуючих, розкриває сутність поняття на підставі комплексного підходу до оцінки використання основних засобів у господарській діяльності підприємств. – підхід до процесу формування амортизаційної політики на підставі визначення взаємозв’язку завдань амортизаційної політики на макро- і мікрорівнях з метою врахування впливу амортизаційних відрахувань на результати діяльності підприємства.<br>EN : Qualification work: 106 p., 8 pic., 15 tables, 57 literary source. The object of the study is the process of formation of accounting and analytical information on the effective management of the use and updating of fixed assets. The subject of the research is a set of theoretical, methodical and practical problems of accounting and analytical support for the management of the use and updating of fixed assets. The purpose of the qualification work is to study the features of the accounting and analysis of fixed assets in order to develop practical recommendations for improving it, taking into account the specific features and needs of management activities in ensuring the efficiency of the use of fixed assets. Research methods - dialectical method of cognition - for disclosure of the essence of fixed assets, depreciation and amortization as economic categories; Method of induction and deduction - to assess the current state and identify trends in the further development of accounting for fixed assets and depreciation; Methods of analysis, synthesis, statistical and econometric methods - for a comprehensive assessment of the effectiveness of the use of fixed assets and the search for reserves to increase it. The results and significance of the work consist in the development of organizational and methodological provisions for improving the accounting of incomes and expenses as well as analysis of the fixed assets of the enterprise, in particular: improved: - classification of operations on the use and retention of fixed assets according to the criterion of changing the economic benefits derived from their operation in order to improve the accounting process at the industrial enterprise on the basis of the formation of complete and impartial information; - approach to the management of fixed assets on the basis of the formation of a set of measures that take into account the impact on the performance indicators of the enterprise in order to ensure the formation of a accounting and analytical information for management purposes. have been further developed: - the essence of the concept of "fixed assets" as a means of labor, expres jn sed in a monetary measure and designed to provide industrial, administrative and socio-cultural aspects of economic activity of the enterprise, which, unlike existing, reveals the essence of the concept on the basis of a comprehensive approach to the assessment of the use of fixed assets in the economic activity of enterprises; - approach to the process of forming depreciation policy based on determining the relationship of the objectives of the depreciation policy at the macro and micro levels to take into account the impact of depreciation on the results of the enterprise.

Об’єкт дослідження – процес формування, використання та відновлення основних фондів ТОВ «Фінансовий системний інтегральний сервіс». Предметом дослідження є сукупність теоретичних, методичних і практичних проблем формування й ефективного використання основних фондів підприємства. Мета виконання магістерської роботи – розробка напрямів підвищення ефективності використання основних фондів підприємства. У магістерській роботі розглянуті теоретичні та методичні основи використання основних фондів, проведений аналіз ефективності використання основних фондів і досліджені питання підвищення ефективності використання основних фондів підприємства. Визначені резерви, шляхи і розроблені організаційно-технічні і економічні заходи підвищення ефективності використання основних фондів підприємства.<br>The object of research is the process of formation, use and restoration of fixed assets of LLC "Financial System Integral Service". The subject of research is a set of theoretical, methodological and practical problems of formation and effective use of fixed assets of the enterprise. The purpose of the master's work - to develop ways to improve the efficiency of fixed assets of the enterprise. In the master's work the theoretical and methodical bases of use of fixed assets are considered, the analysis of efficiency of use of fixed assets is carried out and questions of increase of efficiency of use of fixed assets of the enterprise are investigated. Reserves, ways are defined and organizational-technical and economic measures of increase of efficiency of use of fixed assets of the enterprise are developed.

Дисертація присвячена аналізу структури капіталу та ефективності господарської діяльності підприємства. Використовуючи метод випадкового відбору, для дослідження було проаналізовано 31 підприємство. Розраховані середні коефіцієнти за період 1999-2013 рр. Результати показують різні тенденції. Змінні аналізу є суперечливими щодо різних коефіцієнтів корпоративної ефективності та структури капіталу. Запропоновано комбінувати динамічну і статичну моделі панельних даних в короткостроковому і довгостроковому періодах. В основу аналізу структури капіталу покладена теорія статичного компромісу, сигнальні моделі теорії структури капіталу (теорія ієрархій), теорія агентських витрат. У процесі визначення тенденцій залежності структури капіталу і показників ефективності господарської діяльності в умовах конкуренції були встановлені нелінійні відносини між цими категоріями, що суперечить стандартної теорії статичного компромісу Майерса і Майлуфа. Крім того, встановлена неточність у трактуванні теорії статичного компромісу Леланда щодо того, що великі підприємства більш схильні до збереження високих показників діяльності, ніж середні при однаковому коефіцієнті рівня левериджу.<br>Диссертация посвящена анализу структуры капитала и эффективности хозяйственной деятельности предприятия. Используя метод случайного отбора, для исследования было проанализировано 31 предприятие. Рассчитаны средние коэффициенты за период 1999-2013 гг. Результаты показывают разные тенденции. Переменные анализа являются противоречивыми относительно разных коэффициентов корпоративной эффективности и структуры капитала. Предложено комбинировать динамическую и статическую модели панельных данных в краткосрочном и долгосрочном периодах. В основу анализа структуры капитала положена теория статического компромисса, сигнальные модели теории структуры капитала (теория иерархий), теория агентских издержек. В процессе определения тенденций зависимости структуры капитала и показателей эффективности хозяйственной деятельности в условиях конкуренции были установлены нелинейные отношения между этими категориями, что противоречит стандартной теории статического компромисса Майерса и Майлуфа. Кроме того, установлена неточность в трактовке теории статического компромисса Леланда относительно того, что крупные предприятия более склонны к сохранению высоких показателей деятельности, чем средние при одинаковом коэффициенте уровня левериджа. Практическое внедрение разработанных научных положений, выводов и рекомендаций подтвердило их достоверность и целесообразность использования в финансовой политике предприятий. Применение предложенных автором методик и рекомендаций даёт возможность установить разные компромиссы в цепочке стоимости капитала, покрывать неожидаемые потребности в денежных средствах за счёт банковских кредитных линий. Результаты анализа структуры капитала дают возможность оценить финансовый риск привлечения внешних источников капитала, установить профиль времени платежей (регулирование выплат дивидендов), рефинансирование рисков, связанных со структурой задолженности, а также продолжительность и соотношение краткосрочной и долгосрочной задолженности. Анализ плана действий относительно сходства и различий между краткосрочным и долгосрочным эмпирическим анализом выявил наличие влияния структуры капитала с использованием обоих методов. Однако краткосрочный эмпирический анализ является более целесообразным, поскольку он показывает решающее влияние возможностей роста предприятия при исследовании эффективности корпоративных компаний в Нигерии. Кроме того, рассмотрены сходства и различия между краткосрочной и долгосрочной эмпирической ситуацией и обнаружено, что существует значительное отличие между этими двумя ситуациями: в краткосрочной ситуации соотношение между заемным и собственным капиталом и стоимость общих активов корпоративных компаний являются двумя неважными негативными факторами, в то время как в долгосрочной ситуации – наоборот. Кроме того, если доля материальных активов (сокращенно atan) и размер предприятия (fsiz) имели негативное влияние при оценке краткосрочной ситуации, то влияние в долгосрочной ситуации является положительным. Также изменилось на противоположное (с положительного на отрицательное) влияние рыночной капитализации компаний (сокращенно mcap). Выявлено, что значительная часть корпоративных общих активов является очень весомой для стимулирования корпоративных прибылей. Кроме того, дезагрегированная модель, которая отражает независимое влияние макроэкономической политики на корпоративную прибыль, показывает, что процентная ставка является наиболее значимой в краткосрочной перспективе, но только при наличии внутренней стабильности, что также связано с соответствующим уровнем инфляции.<br>The thesis presented theoretical generalization and proposed combinational approach to solving an empirical problem, which is to study and develop scientific, methodological and practical recommendations for improving the analysis of capital structure and effectiveness of business enterprises. The study undertakes the panel models for long-run and short-run situations for the empirical estimations of 31 companies for the period of 1999-2013. As a summary, for the measure of efficiency, we used return on assets (ROA). The independent variables include both firm-specific variables (such as the total assets, growth opportunities, firm size, shares of tangible assets in their total value) and macroeconomic variables such as the interest rate, inflation and market capitalization. The choice of independent variables is informed by the theoretical framework employed for the study. The short-run panel data were analyzed for basic linear panel data estimates. It was found that the growth opportunities of the firms (gop), rather than capital structure (deb), is the main factor of importance for the corporate enterprise's efficiency, while the in the long-run situation show that the financial structure and the value of total assets (totasset) are factors of importance for corporate effectiveness in Nigeria. The results obtained indicate enable us draw some conclusions and proffer some policy suggestions.