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Статті в журналах з теми "Management financier":
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Wheatley, A. D. M. "TUBRIDGI — HOW DO SMALL COMPANIES OBTAIN PROJECT FINANCE." APPEA Journal 32, no. 1 (1992): 465. http://dx.doi.org/10.1071/aj91039.
Анотація:
In the current climate, petroleum companies with limited financial resources can expect to experience considerable difficulty in funding their projects. Without the presence of a substantial partner, able and prepared to guarantee completion, projects will need to be exceptional to attract finance. However, the strengths of the Tubridgi Gas Project (Tubridgi) together with the nature of the partnership between Barclays and the sponsors ensured that Tubridgi could proceed without support from a major.A financier's involvement in the final stages of project evaluation and planning can facilitate the project's financing. The early participation by a financier can ensure that critical agreements and studies are bankable, without the need for time consuming and expensive redrafts or additional programs, and may allow the financier to optimise the funding structure to the project sponsor's requirements. This situation can enable the project's sponsors to take advantage of the financier's experience as a reliable source of technical and commercial advice during the process of the technical audit whilst providing the financier with a high degree of comfort regarding the project.The focus for financiers is almost exclusively upon project risk whereas sponsors are able to consider the balancing rewards of 'upside potential'. Without careful management, this difference of viewpoint can lead to difficulties, with financiers requiring a level of certainty, in resource appraisal and project completion, beyond many project sponsors' expectations. Careful appraisal and mitigation of risk during project planning and execution enabled Tubridgi to proceed without the need for the sponsors to 'give away the farm'.
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Gould, Erica R. "Money Talks: Supplementary Financiers and International Monetary Fund Conditionality." International Organization 57, no. 3 (2003): 551–86. http://dx.doi.org/10.1017/s0020818303573039.
Анотація:
What explains the changes in International Monetary Fund (IMF) conditionality? I argue that IMF conditionality agreements are influenced by supplementary financiers. The IMF regularly relies on external financing to supplement its loans to countries facing payments imbalances. As a result, these supplementary financiers are able to exercise leverage over the IMF and the design of its conditionality programs. I consider the influence of one type of supplementary financier, private financial institutions, on IMF conditionality. “Conclusions are supported by a data set of 249 conditionality arrangements, coded according to their terms, and two case studies.”
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Guillaumont Jeanneney, Sylviane, and Kangni Kpodar. "Développement financier, instabilité financière et croissance économique." Économie & prévision 174, no. 3 (2006): 87. http://dx.doi.org/10.3917/ecop.174.0087.
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Tchokogue, André. "Fonction logistique et management financier de l’entreprise." Logistique & Management 3, no. 1 (January 1995): 45–58. http://dx.doi.org/10.1080/12507970.1995.11516612.
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Aubert, Nicole. "Le management à l'ère du capitalisme financier : un management hors sujet ?" Nouvelle revue de psychosociologie 13, no. 1 (2012): 17. http://dx.doi.org/10.3917/nrp.013.0017.
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Hatherly, David, John Innes, Jock Macandrew, and Falconer Mitchell. "An Exploration of the MBO-Financier Relationship." Corporate Governance: An International Review 2, no. 1 (January 1994): 20–29. http://dx.doi.org/10.1111/j.1467-8683.1994.tb00050.x.
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Pandher, Gurupdesh. "Financier Search and Boundaries of the Angel and VC Markets." Entrepreneurship Theory and Practice 43, no. 6 (September 11, 2018): 1223–49. http://dx.doi.org/10.1177/1042258718780476.
Анотація:
This paper studies how critical entrepreneurial finance outcomes such as the investment return and equity division are shaped by venture characteristics, financier risk preferences, and competitive searching. Our analysis uses a double-hazard agency model in which financiers determine the equity division to maximize the expected utility of their investment return while entrepreneurs search for the best deal. Model results provide new theoretical insights on the venture funding cycle, the coexistence of angels/venture capitalists (VCs) with heterogeneous risk aversion, and risk separation in the entrepreneurial finance market. The model predicts that financiers with higher funding capacity and advisory capabilities (e.g., VC firms) will prefer to fund at later stages as their expected investment return rises with the venture’s initial value and financier productivity. Competitive searching by entrepreneurs enables financiers with a diverse set of risk preferences to coexist profitably by reducing the advantage (disadvantage) of lower (higher) risk aversion financiers and making investment returns more similar. Further, the model shows the emergence of a risk separation cutoff beyond which only angels/VCs with lower levels of risk aversion can profitably fund riskier ventures.
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Atah, Ummi Ibrahim, Mustafa Omar Mohammed, Engku Rabiah Adawiyya, and Adewale Abideen Adeyemi. "Proposed Secured Bay-Salam Model for Financing Agriculture by Islamic Banks." International Journal of Management and Applied Research 6, no. 4 (November 1, 2019): 181–95. http://dx.doi.org/10.18646/2056.64.19-013.
Анотація:
Bay Salam is a type of forward contract between two parties to sell or buy a commodity set at agreed terms and conditions on a future date. The Bay Salam contract is beneficial for both buyer and seller because the seller receives full payment in advance while the buyer pays at a favourable price. Despite its benefits to farmers and vendors, this mode of financing is widely available. Therefore, this article aims to explore the concept of the Bay Salam contract and its potential application in financing the agricultural sector in contemporary banking system. This research adopts a qualitative approach by critically reviewing the literature and conducting semi-structured interviews with seven financial and agricultural experts in Nigeria using purposive sampling method. Findings show that Bay Salam is largely unpopular in modern days due to high level of risk and management responsibilities required for the financier. The novelty of this paper lies in the proposed model which combines the concept of Bay Salam and Takaful.
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Mazbouri, Malik, Thibaud Giddey, and Patrice Baubeau. "Le scandale financier comme projet de recherche." Entreprises et histoire 101, no. 4 (2020): 6. http://dx.doi.org/10.3917/eh.101.0006.
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Masson, Paul, and Kevin Clinton. "Un modèle mensuel du secteur financier au Canada." Articles 52, no. 2 (June 25, 2009): 169–84. http://dx.doi.org/10.7202/800669ar.
Анотація:
Abstract In this article we describe preliminary estimates of a model of the Canadian financial system. At the present time, the model explains the behaviour of the authorities, the chartered banks, the public, and the trust and mortgage loan companies. The variables explained include monetary aggregates, several interest rates, and the major assets of the chartered banks and of the trust and mortgage loan companies. The model differs from existing Canadian models in that we use monthly data rather than quarterly or annual data. We think the shorter observation period permits the econometric estimates to capture the dynamic adjustment processes more accurately. In particular, the mean lags implied by our equations tend to be considerably shorter than those in existing models. Another difference with conventional models is the larger influence given to asset and liability management of the chartered banks in the determination of short-term interest rates. The model is intended primarily for forecasting, and results are presented which indicate its usefulness in that regard.
Дисертації з теми "Management financier":
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Yamashita, Mamiko. "Three Essays on Financial Risk Management and Fat Tails." Thesis, Toulouse 1, 2020. http://www.theses.fr/2020TOU10056.
Анотація:
Dans cette thèse, nous étudions les divers impacts de la spécification erronée du modèle et examinons comment gérer l'incertitude d'un modèle. Nous analysons l'impact de l'ignorance des “fat tails” sur un résultat des tests de comparaison des prévisions dans le premier chapitre, puis étudions les effets de l'ignorance de la dynamique de la prime de risque des rendements sur le montant des exigences de fonds propres des banques dans le deuxième chapitre. Le troisième chapitre fournit un moyen robuste de déterminer les exigences de fonds propres face à l'incertitude d'un modèle, c'est-à-dire à un manque de connaissance du véritable processus de génération de données. Dans le premier chapitre, nous analysons les tests de comparaison des prévisions sous “fat tails”. Les tests de comparaison des prévisions sont largement mis en œuvre pour comparer les performances de deux ou plusieurs prévisions concurrentes. La valeur critique est souvent obtenue par le théorème limite central classique (CLT) ou par le bootstrap stationnaire (Politis et Romano, 1994) avec des conditions de régularité, y compris celle où le deuxième moment de la différence de perte est borné. Nous montrons que si la condition de moment est violée, la taille du test utilisant les asymptotiques normales classiques peut être fortement déformée. Comme approche alternative, nous proposons d'utiliser une méthode de “subsampling” (Politis, Romano et Wolf, 1999) robuste aux queues lourdes. Dans l'étude empirique, nous analysons plusieurs tests de prévision de variance. En examinant plusieurs estimateurs de l'indice de queue, nous montrons que le deuxième moment de la différence de perte est susceptible d'être illimité, en particulier lorsque la fonction d'erreur quadratique populaire est utilisée comme fonction de perte. Nous constatons également que le résultat des tests peut changer si le “subsampling” est utilisé. Le deuxième chapitre explore l'effet d'une erreur de spécification dans la dynamique de la moyenne conditionnelle sur la détermination des exigences de fonds propres des banques. Dans l'accord Bâle II, les exigences de fonds propres pour risque de marché sont déterminées sur la base d'une mesure de risque appelée Value-at-Risk (VaR). Lorsque la VaR est calculée, on suppose souvent que la moyenne conditionnelle du rendement d'un actif est constante dans le temps. Cependant, il est bien documenté que la prévisibilité des rendements augmente à mesure que l'horizon de prévision s'allonge. La contribution de ce chapitre est de démontrer les problèmes liés à l'ignorance de la dynamique moyenne conditionnelle lorsque nous calculons la VaR. Nous constatons que même si les modèles avec une moyenne conditionnelle constante et variable dans le temps peuvent être statistiquement indiscernables, la VaR implicite peut différer. Ce résultat soulève alors une autre question sur la façon de produire la VaR lorsque l'on reconnaît la variabilité temporelle de la moyenne conditionnelle mais qu'il existe une incertitude sur sa valeur actuelle. Le troisième chapitre propose une solution à la question soulevée dans le deuxième chapitre en examinant une manière robuste de déterminer les exigences de fonds propres. Nous proposons de déterminer les réserves de capital sur la base du pire des cas. Autrement dit, nous choisissons la valeur maximale dans un ensemble de prévisions ES mappées à partir de l'ensemble de modèles présélectionnés par le prévisionniste. En supposant que la prime de risque est considérée comme non négative, nous montrons que l'ES robuste peut en fait être atteinte avec un modèle dans lequel la moyenne conditionnelle est constante et la prime de risque toujours nulle. Cette constatation sert de réponse à la question soulevée au chapitre 2 et justifie de supposer une moyenne conditionnelle constanteIn this thesis, we investigate the various impacts of model misspecification and examine how to handle a model uncertainty. We analyze the impact of ignoring fat tails on an outcome of forecast comparison tests in the first chapter, and then study the effects of ignoring the dynamics of the risk premium of returns on the amount of capital requirements for banks in the second chapter. The third chapter provides a robust way to determine the capital requirements when facing a model uncertainty, that is, a lack of knowledge of the true data generating process. In the first chapter, we analyze forecast comparison tests under fat tails. Forecast comparison tests are widely implemented to compare the performances of two or more competing forecasts. The critical value is often obtained by the classical central limit theorem (CLT) or by the stationary bootstrap (Politis and Romano, 1994) with regularity conditions, including the one where the second moment of the loss difference is bounded. We show that if the moment condition is violated, the size of the test using the classical Normal asymptotics can be heavily distorted. As an alternative approach, we propose to use a subsampling method (Politis, Romano, and Wolf, 1999) that is robust to fat tails. In the empirical study, we analyze several variance forecast tests. Examining several tail index estimators, we show that the second moment of the loss difference is likely to be unbounded especially when the popular squared error (SE) function is used as a loss function.We also find that the outcome of the tests may change if the subsampling is used. The second chapter explores the effect of misspecification in the conditional mean dynamics on the determination of capital requirements for banks. In the Basel II accord (Basel Committee on Banking Supervision, 2010), the capital requirements for market risk are determined based upon a risk measure called Value-at-Risk (VaR). When VaR is computed, it is often assumed that the conditional mean of an asset return is constant over time. However, it is well documented that the predictability of returns increases as the prediction horizon becomes longer. The contribution of this chapter is to demonstrate the problems of ignoring the conditional mean dynamics when we compute VaR. We find that even though the models with a constant and a time-varying conditional mean may be statistically indistinguishable, the implied VaR can differ. This finding then raises another question on how to produce VaR when we acknowledge the time-variability of the conditional mean but there is an uncertainty of its current value. The third chapter puts forward a solution to the question raised in the second chapter by examining a robust way to determine the capital requirements when there is an uncertainty in the conditional mean of returns. We focus on Expected Shortfall (ES) rather than Value-at-Risk (VaR), since the capital reserves are now determined by ES in the Basel III accord. We propose to determine the capital reserves based on the worst-case ES. That is, we choose the maximum value within a set of ES forecasts mapped from the set of models that are pre-selected by the forecaster. With an assumption that the risk premium is believed to be non-negative, we show that the robust ES can in fact be achieved with a model in which the conditional mean is constant and the risk premium is always zero. This finding serves as an answer to the question raised in Chapter 2, and is one justification for assuming a constant conditional mean. We then consider a more general setting in which the forecaster is uncertain not only about the conditional mean but also about other aspects of the conditional distribution, such as the second or higher moments or the tails. There are many ways to define the set of models, and we focus on those defined with respect to the relative entropy, applying the robust control theory of Hansen and Sargent (2001)
2
Vuillemey, Guillaume. "Derivatives markets : from bank risk management to financial stability." Thesis, Paris, Institut d'études politiques, 2015. http://www.theses.fr/2015IEPP0007/document.
Анотація:
Dans sa première partie, cette thèse étudie l’utilisation optimale des produits dérivés par les intermédiaires financiers dans leur gestion du risque, en prêtant spécifiquement attention au marché des dérivés de taux d’intérêt. En modélisant la structure de capital optimale d’une banque, le premier chapitre montre comment l’usage optimal des dérivés affecte certaines décisions souvent étudiées en finance d’entreprise : l’offre de crédit, la transformation de maturité, la politique de dividendes ou les probabilités de défaut. La seconde partie de la thèse étudie au contraire le marché des dérivés comme un système à part entière. Le second chapitre utilise une base de données nouvelle et unique d’expositions bilatérales sur des contrats CDS afin d’offrir une description détaillée de la structure du réseau des expositions. Le troisième chapitre a pour objet la régulation des marchés de produits dérivés. Il étudie la compensation centrale des produits dérivés standardisés, et la demande de collatéral induite par cette réforme à l’échelle mondiale, sous une variété d’hypothèses concernant la microstructure du marchéIn its first part, this thesis studies the optimal use of derivatives contracts for risk management by financial intermediaries, focusing especially on interest rate derivative contracts. It models the optimal capital structure policy of a bank and shows how the optimal use of derivatives affects a number of oft-studied decisions in corporate finance: bank lending, maturity mismatching, payout policy or default probabilities. The second part of the thesis, in contrast, studies derivatives market as a system on its own. The second chapter uses a new and unique dataset of bilateral exposures to CDS contracts in order to provide a detailed description of the network structure of exposures. The third chapter focuses on the regulation of derivatives markets. It studies central clearing of standardized derivatives contracts and the collateral demand induced by the reform at a global scale, under a variety of hypotheses regarding the market microstructure
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Ben, Hadj Saifeddine. "Essays on risk management and financial stability." Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01E003/document.
Анотація:
La thèse analyse la question de la stabilité du système financier international dans son ensemble et plus précisément comment améliorer sa résilience. Chaque chapitre se focalise sur un type d'acteur dans ce système complexe, à savoir les banques, les organismes de supervision et les régulateurs internationaux. Le premier chapitre introduit de nouvelles techniques d'optimisation pour accélérer le calcul de mesure de risque dans les banques et les institutions financières. Il propose également une étude théorique pour valider les algorithmes d'optimisation proposés. Le second vise à quantifier l'externalité négative générée par les activités d'une banque ou d'une d'institution financière. Finalement, le dernier chapitre concerne la coopération entre régulateurs nationaux en présence de coûts de coordination en proposant une analyse qui s'appuie sur la théorie des jeuxWe first investigate the computational complexity for estimating quantile based risk measures, such as the widespread Value at Risk for banks and Solvency II capital requirements for insurance companies, via nested Monte Carlo simulations. The estimator is a conditional expectation type estimate where two stage simulations are required to evaluate the risk measure: an outer simulation is used to generate risk factor scenarios that govern price movements and an inner simulation is used to evaluate the future portfolio value based on each of those scenarios. The second essay considers the financial stability from a macro perspective. Measuring negative externalities of banks is a major challenge for financial regulators. We propose a new risk management approach to enhance the financial stability and to increase the fairness of financial transactions. The basic idea is that a bank should assume as much risk as it creates. Any imbalance in the tails of the distribution of profit and losses is a sign of the bank's failure to internalize its externalities or the social costs associated with its activities. The aim of the third essay is to find a theoretical justification toward the mutual benefits for members of a bonking union in the context of a strategic interaction model. We use a unique contagion dynamic that marries the rich literature of game theory, contagion in pandemic crisis and the study of collaboration between regulators. The model is focused toward regulating asset classes, not individual banks. This special design addresses moral hazard issues that could result from government intervention in the case of crisis
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Cruz, Martinez Enrique. "Le fédéralisme financier au Mexique." Thesis, Paris 2, 2012. http://www.theses.fr/2012PA020038/document.
Анотація:
L’étude des institutions financières fédérales ont la plupart du temps, été l’objet de travaux de recherche portant sur des pays développés et plus particulièrement sur le système américain. Cependant, l’adoption et l’évolution du système fédéral par d’autres pays comme le Mexique, reste encore très peu connues. Ces dernières années, le système fédéral mexicain a suscité de nombreuses critiques de la part des gouvernements locaux, lesquels dénoncent un haut niveau de centralisation du pouvoir fiscal de la fédération. Ils plaident pour une reconfiguration du système où aurait lieu un véritable partage du pouvoir fiscal entre les trois niveaux gouvernementaux à savoir ; la fédération, les Etats fédérés et les municipalités. Néanmoins, des réformes ont été mises en place pour augmenter la décentralisation des ressources financières mais pas de la dévolution du pouvoir d’imposition. Un processus de centralisation gouvernemental qui semble s’installer progressivement depuis l’adoption du modèle fédéral, exige ainsi une reconsidération de son évolution. Le fédéralisme financier au Mexique est une thèse qui analyse non seulement la structure financière du pays, mais qui cherche aussi des réponses afin de comprendre quelles sont les causes et comment le système fédéral est devenu un fédéralisme centralisé. Quels sont les outils juridiques qui ont permis le fonctionnement de ce système fédéral en neutralisant l’autonomie locale et la concurrence entre les autorités gouvernementales? Pourquoi est-il difficile de changer de direction ou de concevoir une réforme de grande ampleur qui pourrait rénover les relations intergouvernementales? Les réponses à de tels questionnements nous amènent à une conception plus large et plus vaste que l’analyse juridique de la structure fédérale ne suffirait pas à expliquer même si celle-ci constitue la base légitime d’une telle organisation politique. En effet, il existe toute une organisation de relations formelles et informelles nées des relations du pouvoir qui mènent à un fonctionnement conflictuel, aggravé par une hétérogénéité régionale. Sous cette perspective, l’organisation institutionnelle de l’Etat est le résultat de plusieurs facteurs où les intérêts de groupes du pouvoir est indissociable de la pratique centralisée du fédéralisme, suivi d’une répétition de crises économiques et d’une tendance à contrôler depuis le centre la gestion publique nationale. Toutefois, dévoiler le fonctionnement de ce système fédéral n’est pas simplement dû à la multiplicité des facteurs qui interagissent dans sa conception. L’intérêt de notre recherche est justement d’interpréter le fonctionnement conflictuel du fédéralisme financier mexicainOver the past few years, the Mexican federal system has borne the brunt of numerous criticisms from local government which denounces a high level of centralised fiscal power in the Federation. They advocate a restructuring of the system where a genuine sharing of fiscal power would be instituted between the three levels of government, those being: the Federal Government, the State Government and the Municipalities.Although some reforms have been implemented to increase the decentralisation of financial resources, this has not been the case with taxation power. The process of governmental centralisation, which seems to have progressively taken hold since the adoption of the federal model, demands a reconsideration of its evolution.Financial federalism in Mexico is a thesis which not only analyses the financial structure of the country, but also seeks answers to better understand how the federal system became a centralised federalism and what the causes are. Why is it difficult to change direction or to conceive of a large-scale reform which could reform intergovernmental relations?The responses to such questioning will lead us to a broader conception of the subject where a legal analysis of the federal structure alone will not suffice to explain it, even if this does constitute the legitimate basis of such a political organisation.Indeed, a structure of formal and informal relations exists (power relations) which leads to a conflictual functioning of the system, exacerbated by regional heterogeneousness. From this perspective, the institutional organisation of the State is the result of several factors where the interests of power groups are an integral part of the centralised practice of federalism, followed by a series of economic crises and a tendency to control the management of public affairs from the centre of government.However, uncovering the functioning of this federal system is not simply due to the multitude of factors interacting in its construct. The interest of our research is to interpret the conflictual functioning of financial federalism in Mexico
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Lefebvre, Vivien. "Stratégie de croissance, cycle de vie financier et gestion financière des petites et moyennes entreprises." Thesis, Strasbourg, 2020. http://www.theses.fr/2020STRAB002.
Анотація:
Les petites et moyennes entreprises (PME) font face à des contraintes de financement qui restreignent leurs stratégies de croissance et la flexibilité de leur gestion financière. Cette thèse contribue à une meilleure compréhension des stratégies de croissance de PME ainsi qu’à leur gestion et leur financement du besoin en fonds de roulement (BFR). La première partie se concentre sur les stratégies de croissance mises en œuvre par les PME. Le premier chapitre présente les principales caractéristiques des opérations de croissance externe des PME et l’articulation de ces opérations avec l’introduction en bourse. Le deuxième chapitre étudie l’impact sur la performance des opérations de croissance externe. Le troisième chapitre propose une étude exploratoire de la formation de groupes de sociétés par les PME. Dans la deuxième partie, les caractéristiques de la gestion et du financement du BFR des PME sont analysées. Le quatrième chapitre montre ainsi que la performance des PME est négativement affectée par un sous-investissement en BFR à travers des coûts d’opportunités et que cet effet est plus fort que pour des entreprises plus grandes. Le cinquième chapitre indique que les PME nouvellement introduites en bourse offrent des délais de paiement plus importants à leur clients mais sans que d’autres aspects de la gestion du BFR ne soient modifiés par l’introduction. Le sixième chapitre montre la flexibilité financière offerte par l’appartenance à un groupe de sociétés en matière de gestion du BFRSmall and medium-sized enterprises (SMEs) face financing constraints that limit both their growth choices and financial management. This thesis contributes to a better understanding of SMEs growth strategies and working capital management. The first part focuses on SMEs growth strategies. The first chapter documents the main characteristics of SMEs acquisition activities at the initial public offering stage. The second chapter investigates the impact of acquisitions on SMEs performances. The third chapter is an exploratory study of the formation and expansion of business groups by SMEs. In the second part, we study the characteristics of SMEs working capital management. The fourth chapter highlights that the performance of SMEs is negatively related to underinvestment in working capital due to opportunity costs and that this effect is higher than for larger firms. Chapter five reports that newly listed SMEs offer longer payment delays to their customers but that going public does not impact other aspects of working capital management. Chapter six documents the financial flexibility offered by business group affiliation with respect to working capital management
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Vo, Dinh-Tri. "Essays on enterprise risk management : the case of european insurance industry." Thesis, Université Paris-Saclay (ComUE), 2016. http://www.theses.fr/2016SACLE018/document.
Анотація:
Dans un monde de plus en plus intégré, les entreprises doivent affronter un grand nombre de risques avec une plus grande complexité. Gérer les risques complexes avec une vision globale, holistique à tous les niveaux est vital pour les assureurs car le risque est dans leur cœur de leur métier. Toutefois, à périmètre réglementaire constant, les différentes stratégies de gestion de risques ne donneraient toujours pas les mêmes résultats.Cette thèse de doctorat cherche à examiner trois aspects de la gestion des risques des entreprises (ERM) pour le secteur de l'assurance européenne :i) les typologies s des compagnies d’ assurance qui mettent en œuvre l'ERM,ii) l'impact de l'ERM sur les performances de l'entreprise,et iii) la relation entre ERM et solvabilité.Bien que le marché européen de l’assurance représente un tiers du marché mondial, la majorité des études empiriques portant sur l’ERM dans le marché de l’assurance sont basées sur des données américaines. En outre, les exigences de Solvabilité II ont poussé les assureurs en Europe de se conformer à l’ERM. Le premier essai de la thèse étudie les caractéristiques de (101) cent-un compagnies d’assurance cotées dans l'Union Européenne, comprenant notamment la taille, l’ancienneté, l’effet de levier, le type d'entreprise, la diversification des activités, les investissements à long terme, et certains indicateurs de performance (les ratios combinés, ROA, Tobin's Q, et EPS). En utilisant le modèle Probit sur des données de panel avec les effets aléatoires, les résultats obtenus montrent que les compagnies d'assurance ont tendance à adopter l'ERM lorsqu’elles ont un niveau d’endettement élevé, une taille importante et une concentration sur leur cœur de métier. De plus, ces entreprises investissent davantage sur le long terme, ont une valeur de marché élevée, et se trouvent dans les marchés développés. Ces résultats corroborent les conclusions de plusieurs études dans la littérature i.e. Pagach and Warr (2011), Hoyt and Liebenberg (2011).Dans le deuxième essai, j'étudie l'impact de l'ERM sur la performance de l'entreprise au regard de deux indicateurs: valeur de marché et valeur comptable. Suivant les résultats de l’identification des éléments déterminant l’adoption de l’ERM (premier essai), l’échantillon de base peut être divisé en deux groupes de compagnies d’assurance: un groupe avec ERM et un groupe sans ERM. Afin de tenir compte d’éventuel problème d’endogénéité entre la performance et l’ERM, et de possibles biais relatifs à la sélection de l'échantillon, l’approche d’estimation en deux étapes de Heckman (avec le ratio de Mills inversé) et les instruments internes de Hausman-Taylor sont utilisés. Les résultats obtenus sont en faveur de l’hypothèse selon laquelle l'ERM a un impact positif et significatif sur la performance des entreprises. Ces résultats complètent les études précédentes qui préconisaient l'adoption de l'ERM i.e. Nocco and Stulz (2006), McShane et al. (2011), Hoyt and Liebenberg (2011), Eckles et al. (2014).Le troisième essai examine la solvabilité des compagnies d’assurance qui disposent d’un système de gestion des risques - l'ERM. Avec une approche similaire à celle du deuxième chapitre, je confirme que l'adoption de l'ERM a un impact positif sur la solvabilité de la société d'assurance. Cette nouvelle approche par la solvabilité des compagnies d’'assurance contribue à une vision alternative de la valeur de l'ERM.Les résultats de cette thèse ont des implications pour les parties prenantes majeures telles que les gestionnaires de risques, les régulateurs et les actionnaires: l'adoption de l'ERM a un impact positif et significatif sur la performance de l'entreprise et sa solvabilité. Par ailleurs, l'adoption de l'ERM est corrélée à certaines typologies des entreprises telles que le niveau de la dette, la taille de l'entreprise, l'investissement à long terme et la diversificationIn a world that becomes more and more integrated, every firm has to cope with increasing complexity of different risks. Managing complex risks with a global view, holistic at all firm levels for insurers is vital because risks are their businesses. Over the last two decades, enterprise risk management (ERM) has become a crucial framework to provide firms with methods and processes to manage risks and augment the likelihood of business success. However, even within the same regulatory framework, different risk management strategies and risk management activities would lead to different outcomes.This doctoral thesis aims to examine three aspects of ERM in the European insurance industry:i) the characteristics of insurers that implement ERM,ii) the impact of ERM on firm performance,and iii) the relationship between ERM and solvency.Although the market share of the EU market is more than one-third of the world's maket share, most of empirical studies on ERM in the insurance industry based on the US data. Moreover, the Solvency II pushed insurers in this continent more close to ERM.The first essay investigates the characteristics of 101 publicly traded EU insurers, including firm size, firm age, leverage, business type, diversification, long-term investment, and some performance indicators (combined ratio, ROA, Tobin's Q and EPS). Using a Probit model with random-effects panel data, the obtained results show that European insurance firms are more likely to adopt ERM when they are more leveraged, bigger, and focus more on their core businesses. In addition, they have higher firm value, invest more over the long-term horizon and are mostly located in developed markets. Our evidence is consistent with the findings of some previous studies, i.e. Pagach and Warr (2011), Hoyt and Liebenberg (2011).In the second essay, I study how ERM impacts firm performance via both market value and book-value indicators. With constraints in the identification of ERM evidence, I have two groups of ERM insurers and non-ERM insurers. As a result, I have to solve the problems of endogeneity (included reverse causality) and sample selection bias by using comprehensive methods: Heckman's two-step (with inverse Mills ratio), Treatment Effects, and Hausman-Taylor estimators. With comprehensive methods employed, the findings support the hypothesis that ERM have a positive impact on firm performance. These results thus complement previous studies advocating ERM adoption i.e. Nocco and Stulz (2006), McShane et al. (2011), Hoyt and Liebenberg (2011), Eckles et al. (2014).The third essay examines the solvency of insurers that have adopted an ERM system. Using a similar approach as in the second essay, I find that ERM adoption has a positive and significant impact on insurance firm solvency. This new investigation into insurance solvency contributes an alternative view of the value of ERM.The findings of this thesis have some implications for major stakeholders such as risk managers, regulators, and shareholders: ERM adoption does have a positive and significant impact on firm performance and firm solvency. Moreover, ERM adoption is associated with certain firm characteristics such as leverage, firm size, long-term investment, and diversification
7
Ullah, Muhammad. "The Nexus Between Firm's Environmental Performance and Financial Resilience." Thesis, Université Clermont Auvergne (2017-2020), 2020. http://www.theses.fr/2020CLFAD012.
Анотація:
Cette thèse comprend trois essais empiriques traitant de l’impact de la performance environnementale des entreprises sur leur résilience financière. Nous mobilisons la vaste littérature concernant le lien entre la performance environnementale et la performance financière et contribuons en analysant un aspect non traité de la performance financière, à savoir la résilience financière. La résilience financière peut être définie comme “à la fois la capacité d'un système à persister malgré des événements financièrement stressants et la capacité de régénérer et de maintenir l'organisation existante” (Gunderson and Pritchard, 2002, DesJardine et al., 2017). D’une part, du point de vue actionnarial, une performance environnementale élevée peut être considérée comme un surinvestissement ou un gaspillage de ressources financières et peut donc réduire la résilience financière d’une entreprise face à un événement défavorable. D'un autre côté, conformément à la vision de l'environnement en tant que ressource, les entreprises avec un performance environnementale élevée peuvent amortir le choc et récupérer plus rapidement en bénéficiant de l'attention des parties prenantes, et cela grâce à leur réputation d'être respectueuses de l'environnement et à l'avantage concurrentiel d'avoir des ressources inimitables.Le premier chapitre présente la performance environnementale et la résilience organisationnelle, et traite de leurs implications financières à partir des littératures théoriques et empiriques. Mobiliser la littérature des deux domaines nous amène à notre question de recherche générale, qui cherche à investiguer le lien entre la performance environnementale des entreprises et leur résilience financière. S'appuyant sur cela, le chapitre présente ensuite les pistes de recherche qui sont conduites dans les chapitres suivants.Dans le deuxième chapitre, nous étudions la relation dans le contexte d'un choc mondial pour l'économie, la crise financière des subprimes de 2007. En utilisant un échantillon international de 1622 observations, nous mesurons la résilience financière des entreprises comme le temps nécessaire que le cours de bourse de l’entreprise retrouve son prix de marché du niveau d'avant la crise. En effectuant une analyse de survie, nous constatons qu'une performance environnementale élevée est négativement lié à la résilience financière des entreprises. Cela indique qu'une performance environnementale élevée semble être une contrainte organisationnelle qui limite la capacité d'une entreprise à être financièrement résiliente à la crise financière générale. Cependant, nous constatons également que la performance environnementale n'est pas préjudiciable à la résilience dans sa dimension spécifique d'innovation de produit, ni pour les entreprises dont le siège sociale est localisé dans des pays moins soucieux de l'environnement.Dans le troisième chapitre, nous étudions la relation dans le contexte des exigences réglementaires, plus précisément par les perturbations causées par la divulgation des émissions vérifiées dans le cadre des ETS européens (EU ETS). En effectuant l'analyse de survie sur un échantillon de 3194 observations couvertes par l'EU ETS, nous constatons qu'un EP élevé est positivement lié à la résilience financière, mesuré par le temps nécessaire à la récupération du prix du marché de l'entreprise jusqu'à la celui de la veille de la publication. Conformément à la vision basée sur les ressources environnementales (Hart, 1995, Russo and Fouts, 1997) et au cadre de l’environnement comme une ressource (Flammer, 2013), cette constatation suggère qu'une performance environnementale élevée est bénéfique pour l'entreprise et améliore la capacité des entreprises à être financièrement résilientes dans un cadre réglementaire environnemental.Le quatrième chapitre examine l'impact de la performance environnementale sur la résilience financière dans le contexte des controverses environnementales spécifiques aux entreprises. (...)This thesis comprises three empirical essays investigating the impact of environmental performance (EP) of firms on their financial resilience. We capitalize from the vast literature of EP on financial performance and contribute to uncover an unexplored aspect of financial performance, i.e. financial resilience. Financial resilience can be defined as “both the ability of a system to persist despite financially stressful events and the ability to regenerate and maintain existing organization” (Gunderson and Pritchard, 2002, DesJardine et al., 2017). On the one hand, based on shareholders’ expense view, high EP may be viewed as an overinvestment or waste of financial resources and may therefore reduce a company’s financial resilience when confronted to an adverse event. On the other hand, in line with the environment-as-a-resource view, high EP companies may buffer the shock and recover faster by benefitting from stakeholders’ attention through their reputation of being eco-friendly and the competitive advantage of having valuable and inimitable resources.The first chapter introduces the EP and organizational resilience and discusses their financial implications from theoretical and empirical literatures. Bridging the literatures of both areas from a financial viewpoint lead us to our general research question, to investigate “the nexus between firms’ EP and their financial resilience”. Building on this, the chapter then introduces the avenues of research that are undertaken in the following chapters.In the second chapter, we investigate the relationship in the context of a global shock for the worldwide economy, the subprime financial crisis of 2007. Using an international sample of 1,622 observations, we measure firm’s financial resilience by the time to recovery of their market prices to the pre-crisis level. By performing survival analysis, we find that high EP is negatively related to the financial resilience of companies. This indicate that high EP seems to be an organizational constraint that limits the ability of a company to be financially resilient to general financial crisis. However, we also find that EP is not detrimental to resilience for its specific product innovation dimension, nor for companies in less environmentally oriented countries.In the third chapter, we investigate the relationship in the context of regulatory requirements, more precisely by the disruptions caused by the disclosure of verified emissions under the EU ETS. Performing the survival analysis over a sample of 3,194 observations covered under the EU ETS, we find that high EP is positively related to the financial resilience, measured by time to recovery of firm’s market price to the day before the publication. In line with the Environmental resource based view (Hart, 1995, Russo and Fouts, 1997) and the environment-as-a resources framework (Flammer, 2013), this finding suggest that high EP is beneficial for company, and improves the ability of companies to be financially resilient in the context of an environmental regulative framework. However, we find that high EP is more beneficial if firm is in carbon-intensive industry, the carbon prices are high.Finally, the fourth chapter investigates the impact of EP on financial resilience to jolts caused by company specific environmental controversies. We apply survival analysis and OLS regression models to assess the impact of firms’ EP on their flexibility (time to recovery of market value) and stability (severity of loss in market value) dimensions of resilience, respectively. Using an international sample of 233 observations over the 2010-2016 period, we find that prior EP significantly enhances the both dimensions of financial resilience of companies. (...)
8
Mouti, Saad. "Le management du risque pour les compagnies d'assurance : une approche marchés financiers." Thesis, Paris 6, 2017. http://www.theses.fr/2017PA066744.
Анотація:
Cette thèse traite plusieurs aspects des risques financiers liés aux contrats d’assurance vie. Elle étudie trois sujets distincts et est composée en six chapitres qui peuvent être lus indépendamment. Le comportement de l’assuré est un risque majeur pour les assureurs dans le cadre de produits d’assurance vie comme les annuités variables. Ainsi, nous nous penchons dans les premiers chapitres sur le comportement optimal pour deux classes de produits commercialisés. Nous traitons le cas du rachat total pour les « guaranteed minimum account benefits » (GMAB), et le retrait optimal dans le cadre des « guaranteed minimum income benefit » (GMIB). Le troisième chapitre est dédié au management et à la couverture d’une classe de produits à unité de compte également commercialisés par les assurances.Le second sujet consiste en un chapitre et traite l’exécution optimal d’un large portefeuille d’options. En effet, les produits d’assurance vie sont partiellement couverts statiquement par la détention d’options vanilles. Nous considérons le cas où la taille des trades affecte le prix des options et cherchons à définir la stratégie optimale permettant de minimiser le coût de l’acquisition de ce portefeuille de couverture, en prenant en compte l’impact de marché.Enfin, le dernier thème de la thèse étudie le processus de volatilité. A cet effet, nous utilisons deux types d’estimateurs. En l’absence de données haute fréquence, les estimateurs dit de « range » permettent de revérifier que la volatilité est rugueuse. Ensuite, en utilisant les prix d’options, la volatilité implicite et une version raffinée de cette dernière permettent encore une fois d’aboutir à la même conclusionThis thesis tackles several aspects of financial risks encountered in the life insurance industry and particularly in a class of the products insurers offer; namely variable annuities and unit-linked products. It consists of three distinct topics and is split into six chapter that can be read independently.In variable annuities (VAs), policyholders’ behavior is a major risk for the insurer that affects life insurance industry in almost every aspect. The first two chapters of this first part deal with policyholders’ optimal policyholder for two VAs products. We address the rational lapse behavior in the guaranteed minimum account benefit (GMAB), and optimal withdrawals in the guaranteed minimum income benefit (GMIB). The third chapter is dedicated to a class of unit-linked products from a managing and hedging point of view. The second topic consists of one chapter and addresses the optimal execution of a large book of options. Typically, life insurance products are partially hedged using vanilla options. We consider the case where trades are affected by the traded quantity, and seek to find an optimal strategy that minimizes the expected cost and the mean-variance criterion.Finally, in the last topic we study the volatility process using two different proxies. First, range based estimators that rely on the asset price range data allow us to double-check that volatility is a rough process in the sense that it has a scaling parameter H less than 1/2. Then, using short time-to-maturity implied volatility, and a refined version of it, allows us to confirm that the rough aspect of volatility is universal along different proxies
9
Busca, Laurent. "Le façonnement des marchés par les pratiques marketing routinières : une application au Social Media Management." Thesis, Toulouse 1, 2017. http://www.theses.fr/2017TOU10063/document.
Анотація:
Le budget dédié au marketing sur les réseaux sociaux est en forte croissance depuis quelques années, soulignant l‘importance du Social Media Management dans la stratégie des entreprises. Dès lors, la mise en œuvre à grande échelle de cette pratique a nécessairement des effets sur les marchés, intentionnels ou non. Par quel mécanisme la pratique routinière du Social Media Management façonne-t-elle les marchés sur lesquels elle intervient ? Nous répondons à cette problématique à l‘aide de trois approches qualitatives : une étude ethnographique et documentaire de quatre ans est complétée par une étude historique et trois séries d‘entretiens semi-directifs avec des Social Media Managers. Trois chapitres empiriques mettent successivement en évidence la constitution historique des structures de représentations mobilisées par le marketing digital ; le mécanisme par lequel les Social Media Managers enchevêtrent quotidiennement plusieurs de ces structures au sein de leur routine ; le mécanisme par lequel la pratique routinière fait évoluer ces structures. Cette recherche contribue à la littérature sur les marchés en montrant comment des marketers façonnent ces derniers à travers leurs actions routinières. Ce travail donne aux managers des outils permettant d‘étudier et de mobiliser différentes structures culturelles dans leur stratégie digitale, notamment sur les médias sociauxInvestments dedicated to Social Media Marketing have been growing for a few years, outlining the importance of Social Media in the marketing strategy. These massive investments must cause changes on markets, either intentional or not. How are markets made up by routine marketing practices such as Social Media Management? We study the impact of routine marketing practices on markets through an application to Social Media Management. We use three qualitative methods: a four years netnographical and documentary analysis, a historical study and three sessions of interviews with Social Media Managers. Three empirical chapters outline the historical constitution of representation structures involved in digital marketing practices; the mechanism through which Social Media Manager intertwine different of these structures into their routines; the mechanism through which routines make these structures evolve. We contribute to the literature on market by showing how marketing managers enact routines that make up markets. We give managers tools to study and use different cultural structures in their digital strategy, especially on Social Media
10
Jebabli, Ikram. "Essays on the transmission of shocks between financial, energy and food markets : transmission channels, measurement, effets and management." Thesis, Université Clermont Auvergne (2017-2020), 2017. http://theses.bu.uca.fr/nondiff/2017CLFAD007_JEBABLI.pdf.
Анотація:
Cette thèse par essais a pour objectif de contribuer à une meilleure compréhension de la transmission au marché alimentaire des chocs provenant des marchés financier et énergétique. Le premier essai étudie l’efficience du marché alimentaire. Le deuxième essai examine les transmissions de rendements et de volatilités entre les trois marchés. Quant au troisième essai, il s’intéresse à l’analyse de la dépendance extrême entre ces marchés. Nos principaux résultats permettent de souligner l’impact de la crise financière de 2007-2008 et la financiarisation des marchés de commodités dans l’intensification aussi bien des transmissions de volatilités et de prix que des dépendances (notamment les dépendances de queue) entre ces marchés. Ils permettent également de souligner l’efficacité de la couverture du risque par la construction de portefeuilles diversifiés incluant les commodités alimentairesThe aim of this three essays thesis is to contribute to a better understanding of the transmission of shocks from energy and financial markets to food market commodities. The first essay investigates the efficiency of food market. The second essay studies returns and volatilities transmission between the three markets. Extreme dependence between these markets is analyzed in the third essay. Our main results underline the impact of the 2007-2008 financial crisis in the intensification of returns and volatilities spillovers between these markets as well as tail dependencies (namely tail dependencies). They allow also underlining hedge effectiveness by the construction of diversified portfolios including food commodities
Книги з теми "Management financier":
1
Lévy, Aldo. Management financier. Paris: Economica, 1993.
2
Langford, Charles K. Financial risk management: Managing portfolio risk with interest rate futures. Saint-Cloud: SEFI, 1989.
3
Robert, Hudson. The capital markets & financial management in banking. Chicago: Glenlake Pub., 2000.
4
Shapiro, Alan C. Foundations of multinational financial management. 6th ed. Hoboken, N.J: John Wiley & Sons, 2009.
5
Shapiro, Alan C. Foundations of multinational financial management. Boston: Allyn and Bacon, 1990.
6
Shapiro, Alan C. Foundations of multinational financial management. Boston: Allyn and Bacon, 1991.
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Shapiro, Alan C. Foundations of multinational financial management. 5th ed. New York: Wiley, 2005.
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Shapiro, Alan C. Foundations of multinational financial management. 2nd ed. Boston: Allyn and Bacon, 1994.
9
Shapiro, Alan C. Foundations of multinational financial management. 3rd ed. Upper Saddle River, N.J: Prentice Hall, 1998.
10
Shapiro, Alan C. Foundations of multinational financial management. 3rd ed. New York: John Wiley, 1998.
Частини книг з теми "Management financier":
1
Jiyenze, Mwandu Kini, Albino Kalolo, Boniphace Richard, and Mackfallen G. Anasel. "Health Financing and Financial Management." In Leadership and Governance in Primary Healthcare, 79–89. Boca Raton: CRC Press, 2023. http://dx.doi.org/10.1201/9781003346821-7.
2
Jung, Changhoon. "Public finance and financial management." In Public Administration and Policy in Korea, 118–39. Abingdon, Oxon ; New York, NY : Routledge, 2017. | Series: Routledge advances in Korean studies ; 25: Routledge, 2017. http://dx.doi.org/10.4324/9781315225678-6.
3
Sharma, Dinesh Kumar, and Shiv Ranjan. "Behavioral Finance for Financial Acumen." In Financial Intelligence in Human Resources Management, 119–49. Boca Raton: Apple Academic Press, 2021. http://dx.doi.org/10.1201/9781003083870-7.
4
Cammack, John. "Communication and financial management." In Communicating Financial Management with Non-finance People, 1–6. Rugby, Warwickshire, United Kingdom: Practical Action Publishing, 2012. http://dx.doi.org/10.3362/9781780440521.001.
5
Lukefahr, Steven D., James I. McNitt, Peter R. Cheeke, and Nephi M. Patton. "Economics and financial management." In Rabbit production, 83–88. 10th ed. Wallingford: CABI, 2022. http://dx.doi.org/10.1079/9781789249811.0006.
Анотація:
Abstract This chapter aims to ensure that prospective rabbit raisers enter the business fully aware of the financial limitations and to emphasize the procedures that might aid in attaining financial success. Sections of this chapter cover the financing, expenses, income and cash flow of rabbit enterprises.
6
Tonge, Richard. "Financial Management." In Managing the New Public Services, 78–98. London: Macmillan Education UK, 1993. http://dx.doi.org/10.1007/978-1-349-22646-7_4.
7
Byrne, Philip. "Financial Management." In International Humanitarian Action, 519–29. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-14454-2_25.
8
Harris, Frank, and Ronald McCaffer. "Financial Management." In Management of Construction Equipment, 227–47. London: Macmillan Education UK, 1991. http://dx.doi.org/10.1007/978-1-349-21198-2_14.
9
Aluise, John J. "Financial Management." In The Physician as Manager, 67–90. New York, NY: Springer New York, 1987. http://dx.doi.org/10.1007/978-1-4612-4646-6_4.
10
Hore, A. V., J. G. Kehoe, R. McMullan, and M. R. Penton. "Financial Management." In Construction 1, 84–98. London: Macmillan Education UK, 1997. http://dx.doi.org/10.1007/978-1-349-13932-3_6.
Тези доповідей конференцій з теми "Management financier":
1
Özel, Çağlar. "Portfolio Management Contract." In International Conference on Eurasian Economies. Eurasian Economists Association, 2018. http://dx.doi.org/10.36880/c10.02050.
Анотація:
This document aims to explain the portfolio management contract. Portfolio Management Contract is constitutive of a mouth certain value of wealth and portfolio called is integrally managed. By the contract, the aim is that financier wealth value direct to market expectation investment, mainly in commerce. The contract usually forms through the transport of Securities and Exchange Commission Notices. Portfolio Management Companies, whose major business line is established and management and as be found incorporated company securities and exchange commission, stockbrokers and banks, which are nonaccedding deposits, constitute the part of the contract. Counterparty is individual or corporate financier. According to general principles of Obligations Law, the contract, which does not have any mandatory condition, depends on requirement of written form with regard to notice of this/the subject.
Remuneration is the essential component for Portfolio Management Contract, which has the characteristics of the anonymous contract. In this case, it has to be agreed on getting charge for servitude given by Portfolio Management Companies, stockbrokers and banks, which are nonaccedding deposits. The contract is aimed to commit the obligation with caution rather than extrapolating to a specific condition. In suitable conditions of primarily provisions of the contract of not against of this subject’s issue notices and in case of gaps, provisions of contract of mandate will be applied to the contract by comparison.
2
STAN, Adelina Elena, and Cătălin Emilian HUIDUMAC – PETRESCU. "THE BANKING SYSTEM IN ROMANIA IN THE CONTEXT OF THE PANDEMIC CRISIS." In International Management Conference. Editura ASE, 2023. http://dx.doi.org/10.24818/imc/2022/03.19.
Анотація:
In the context of the effects of the COVID 19 pandemic on the economy, the Banking Sector in Romania had to identify new solutions to reduce risks and maintain a high financial performance within a competitive environment. This article aims to present the way in which the Romanian banking system has managed possible risks (credit risk, market risk, operational risk), and to what extent the pandemic has affected the profitability of this sector. Despite the challenges encountered, the Romanian banking system proved that it resisted its effects, as a result of the fact that the responsible authorities reacted effectively by promptly implementing the economic and legislative policies adopted at national and European Union level. Another important aspect is that commercial banks have learned the lessons of the previous economic crisis, continued the lending process, and strengthened their role as the main financier of the economy, despite the uncertainty surrounding national economic stability.
3
Emanova, A. A., and T. A. Stavrova. "On the need for comprehensive improvement of state control and supervision in the sphere of financial legal relations." In VIII Information school of a young scientist. Central Scientific Library of the Urals Branch of the Russian Academy of Sciences, 2020. http://dx.doi.org/10.32460/ishmu-2020-8-0026.
Анотація:
In each state, organization of the management over public finances plays a crucial role, and a well-established management system is an integral part of public administration. In order to ensure the stability and balance of the country's economy, the task of improving the effectiveness of the state financial management is one of the most important tasks of the state. The result of risk management in the economy, as well as the socio-economic well–being of citizens (and of other aspects) depends on how the issue of the management in the sphere of public (state) Finance is resolved in society.
4
Yalmaev, R. A., L. V. Grigoryeva, and E. A. Shkarupa. "Financial engineering in personal finance management system." In I INTERNATIONAL CONFERENCE ASE-I - 2021: APPLIED SCIENCE AND ENGINEERING: ASE-I - 2021. AIP Publishing, 2021. http://dx.doi.org/10.1063/5.0075841.
5
BEIZITERE, Ilona, Biruta SLOKA, and Ieva BRENCE. "THE ROLE OF FINANCIAL SUPPORT FOR THE PERFORMANCE AND SURVIVAL OF MICRO-ENTERPRISES." In International Scientific Conference „Contemporary Issues in Business, Management and Economics Engineering". Vilnius Gediminas Technical University, 2021. http://dx.doi.org/10.3846/cibmee.2021.636.
Анотація:
Purpose – to examine the Latvian micro-enterprises having indicated the external financing as an important factor for their development. Research methodology – the results of the ad hoc survey (WAPI) on companies registered in Latvia in nationally defined sectors are used. Valid responses were received from 2.511 companies, of which 1.879 were micro-enterprises, the results were processed by using the SPSS programme. Findings – micro-enterprises that have not received the necessary external financing in previous years were less sustainable in the later period. Of the liquidated micro-enterprises examined, 16% were closed in 2020. Research limitations – the study highlights the impact of the availability of finance factor on the survival of micro-enterprises. Practical implications – the findings are useful for business support policy makers to identify preventative measures to ensure the resilience of micro-enterprises in times of economic turmoil when the spread of the Covid-19 has affected economy. Originality/Value – although scientific research on the need for financial support for companies has already been conducted in recent years, our study emphasizes the importance of access to finance for micro-enterprises.
6
Tetrevova, Libena, and Jan Svedik. "Assessment of financial benefits of selected mezzanine financing instruments." In Business and Management 2016. VGTU Technika, 2016. http://dx.doi.org/10.3846/bm.2016.02.
Анотація:
The paper deals with the problems of assessment of financial benefits of subordinated loans and convertible bonds. The paper authors aim to propose and verify methodology for assessment of the financial benefits of subordinated loans and convertible bonds. The introductory part characterizes the theoretical background of assessment of the financial benefits of the classic financing sources. Subsequently, the authors propose methodology for assessment of the financial benefits of subordinated loans and convertible bonds. The final part includes a case study that, using the proposed methodology, documents the outcomes of the comparison of the financial benefits of the mentioned instruments in the actual conditions of the Czech Republic.
7
Asanov, Turusbek. "Efficiency of Public Finance Management in Kyrgyzstan." In International Conference on Eurasian Economies. Eurasian Economists Association, 2012. http://dx.doi.org/10.36880/c03.00457.
Анотація:
The article analyzes the importance of public finances as the main instrument of economic management. The main attention is paid to the clarifying the mechanism and forms of effective relationships between fiscal policy and economic growth. The criteria of the effectiveness of public financial management. In this paper attempted evaluating the effectiveness of public financial management in the Kyrgyz Republic based on generalization of the practice of the budget of Kyrgyzstan and other countries. Substantiated the need of improving budget planning, consolidation of public finances, transition to planning budget, and improving budget process.
8
Stojanović, Dragica. "GREEN BONDS AS AN INSTRUMENT FOR FINANCING RENEWABLE ENERGY PROJECTS." In 4th International Scientific Conference – EMAN 2020 – Economics and Management: How to Cope With Disrupted Times. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/eman.2020.111.
Анотація:
The paper analyses green bonds as sources of financing renewable energy projects. Green bonds are a relatively new form of financing and thanks to increased investors’ climate awareness, the market has seen an enormous growth in the last few years. Therefore, the guidelines and standards adopted in financial markets clearly indicate what should be considered a green investment and are a key to further development of the market and achieving the goals of green financing. The goal of the theoretical approach to green bond market in the paper is to identify the key barriers that prevent many countries from taking advantage of this new but growing source of financing renewable energy. The lack of appropriate institutional arrangements for managing green bonds, issuing a minimum volume and high transaction costs are the key obstacles to the development of green bond market. The overall conclusion of the paper is that with just the right measures, many countries could make full use of green bonds to finance climate change adaptation and mitigation projects and thus increase renewable energy capacities.
9
Huang, Huiping, and Huimin Huang. "Network Finance-Financial Management Information in E Times." In 2016 International Conference on Education, E-learning and Management Technology. Paris, France: Atlantis Press, 2016. http://dx.doi.org/10.2991/iceemt-16.2016.108.
10
Giertliova, Blanka, Iveta Hajduchova, and Stanislava Kristakova. "POSSIBILITIES OF USING ALTERNATIVE SOURCES OF FINANCING IN THE CONDITIONS OF SLOVAK FOREST ENTERPRISES." In 9th SWS International Scientific Conferences on SOCIAL SCIENCES - ISCSS 2022. SGEM WORLD SCIENCE, 2022. http://dx.doi.org/10.35603/sws.iscss.2022/s03.032.
Анотація:
The capital structure of a company represents the way in which companies finance their needs. Currently, there is no unifying determining the selection between debt and equity. Existing scientific knowledge does not lead to the creation of a unified theory of capital structure, mainly because of the complexity and number of factors that influence these decisions. Considering the specifics of forest enterprises, including from the point of view of financial management, this problem is even more complex. The article analyses the internal and external factors that influence the decision-making about the optimal capital structure of business entities. In terms of applying the principles of the green economy, the importance of forestry and its contribution to reducing the amount of carbon in the air is emphasized. Forest ecosystems provide benefits known as ecosystem services, which have ecological, social, and economic importance for society. Their fulfilment requires ensuring sufficient and appropriate forms of financing. The article analyses the possibilities of applying the alternative forms of financing that are obtained outside the banking system and classic capital markets in the case of forest enterprises. As the results of the analysis showed, in some cases the choice of a suitable capital source is not a matter of the company's management's decision, but the result of its limited and in some cases conditional availability.
Звіти організацій з теми "Management financier":
1
Piatti-Fünfkirchen, Moritz, and Lodewijk Smets. Public Financial Management, Health Financing and Under-Five Mortality: A Comparative Empirical Analysis. Inter-American Development Bank, February 2019. http://dx.doi.org/10.18235/0001561.
2
Granetto, Paul J., James L. Kornides, John K. Issel, Clarence E. Knight, Frawley III, Bennett John P., and Karen M. Financial Management: Contracts Classified as Unreconcilable by the Defense Finance and Accounting Service. Fort Belvoir, VA: Defense Technical Information Center, December 2004. http://dx.doi.org/10.21236/ada432937.
3
Andersen, Torben, Tim Bollerslev, Peter Christoffersen, and Francis Diebold. Financial Risk Measurement for Financial Risk Management. Cambridge, MA: National Bureau of Economic Research, May 2012. http://dx.doi.org/10.3386/w18084.
4
Sturgess, Patricia. Risk Management and Financing. Evidence on Demand, May 2015. http://dx.doi.org/10.12774/eod_tg.may2016.sturgess1.
5
McBride, Ronald H. Tactical Unit Financial Management. Fort Belvoir, VA: Defense Technical Information Center, April 1985. http://dx.doi.org/10.21236/ada156504.
6
Naminova, K. A., K. I. Makaeva, P. A. Baboshkina, and A. YA Auslender. Financial management (in English). OFERNIO, December 2022. http://dx.doi.org/10.12731/ofernio.2022.25088.
7
Okisatari, Mahesti, Richa Kandpal, and Upalat Korwatanasakul. Managing the Impact of COVID-19 on City Finances. United Nations University Institute for the Advanced Study of Sustainability, November 2022. http://dx.doi.org/10.53326/hwlb9913.
Анотація:
This policy brief provides recommendations for local policymakers and financial administrators on managing the short- and medium-term impacts of the COVID-19 crisis on city finances by improving fiscal policy effectiveness and building robust financial management systems.
8
Stone, Michael, Chinedum Irrechukwu, Harry Perper, Devin Wynne, and Leah Kauffman. IT asset management: financial services. Gaithersburg, MD: National Institute of Standards and Technology, September 2018. http://dx.doi.org/10.6028/nist.sp.1800-5.
9
Impavido, Leo M. Transforming Army Financial Management Support. Fort Belvoir, VA: Defense Technical Information Center, March 2010. http://dx.doi.org/10.21236/ada520002.
10
Stewart, Bryan A. Financial Management in a Drawdown. Fort Belvoir, VA: Defense Technical Information Center, March 2013. http://dx.doi.org/10.21236/ada590302.