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Petersen, Hans-Georg. "Capital flight and capital income taxation." Universität Potsdam, 2004. http://opus.kobv.de/ubp/volltexte/2006/896/.
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Contents:Problems of Traditional Income and Profit Taxation
-Basic Principles
-Consequences of the Existing Traditional Tax and Transfer Schemes
-Avalanche Effects
-Cumulative Effects
-Arbitrary Companies Taxation
The Last Resort: Easy Tax
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Mateus, Inês Pêgo. "Minimum capital policy and start-ups’ capital structure." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17535.
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Mestrado em FinançasO presente estudo analisa como o conhecimento da lei do capital mínimo afeta a estrutura de capitais das start-ups, explorando quais as razões que levam os fundadores a estabelecer o montante de capital inicial e como a estrutura de capitais se altera nos primeiros anos da empresa. O foco deste estudo são as empresas criadas e ativas em Portugal desde 2011 nos setores de atividade elegíveis para a lei do capital mínimo. Neste estudo foram exploradas as razões que levam as start-ups a estabelecer o capital inicial. Não foi encontrada significância estatística do impacto do conhecimento da reforma do capital mínimo no montante de capital inicial. Pode também ser evidenciado que a reforma influencia o montante de dívida das start-ups e a possível realização de aumentos de capital.
The present study analyzes how the knowledge of the minimum capital policy affects start-ups' initial capital structure, exploiting how start-ups established initial capital and how their capital structure changed in the first years. The target of this study are firms founded since 2011 and currently active in Portugal in sectors of activity eligible for the minimum capital policy. It was exploited the main reasons how start-ups establish initial capital. In addition, it was found no statistically significant impact of the knowledge of the minimum capital reform on start-ups initial capital and that the reform influences start-ups' amount of debt and capital increases.
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Sorokina, Nonna Y. "BANK CAPITAL AND THEORY OF CAPITAL STRUCTURE." Kent State University / OhioLINK, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=kent1402795531.
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Ihara, Ryusuke. "Private capital, public capital and economic geography." Kyoto University, 2005. http://hdl.handle.net/2433/144828.
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Rivera, Sylvia Manzano. "Mas capital: Latino politics and social capital." Diss., The University of Arizona, 2004. http://hdl.handle.net/10150/290148.
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This study examines the role of social capital in the political life of Latinos in the United States. I consider the likelihood that Latinos accumulate and utilize social capital differently than the dominant political science literature has suggested. Most social capital research has examined the majority population and the participatory outcomes of their network resources. For Latinos, social capital is complicated by ethnicity. Latino social networks and political participation can occur in two different ethnic contexts: one which is exclusively Latino and one which is dominated by the majority, Anglo population. Using Robert Putnam's definition and classification of social capital, I examine how the three largest Latino national origin groups accumulate social capital and participate in the American political system. Ultimately I examine not only how much social capital exists among Latinos, but also how it functions for them. This dissertation engages in testing and building upon social capital theory by examining its five components and its bifurcated nature. This dissertation offers a full analysis of social capital presence and performance among Latinos. First I examine social capital accumulation among Latinos. Then I explore how social capital operates in the context of political participation. I find clear evidence of two types of social capital: bridge and bond. I find that Latinos are accumulating both bond and bridge social capital, and levels of political activity are highly affected by these resources. National origin, nativity, gender and language largely influence how Latinos accumulate and employ their social capital resources. Foreign born, female and Spanish dominant Latinos have their social capital more densely concentrated among co-ethnics. The implications of the differing levels of bond and bridge social capital resources in the political setting are varied. My analysis indicates that bridge social capital has consistently strong and positive effects on Latino political participation in any ethnic political context. Bond social capital generally has a positive impact on Latino participation as well, though not as consistent as bridge capital. Social capital theory does indeed help explain some of the uniqueness found in Latino political behavior.
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Carayol, Timothée. "Social capital, human capital, and labour market outcomes." Thesis, London School of Economics and Political Science (University of London), 2011. http://etheses.lse.ac.uk/414/.
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This thesis aims to document several aspects pertaining to the dynamics of human capital, both from a theoretical and an empirical viewpoint. Chapter 2 studies how informational flows arising from social connections can affect careers and promotions. It aims to achieve identification of this causal pathway by focusing on the careers of bishops in the Catholic church. The range of the data, both in time and in space, makes it possible to infer some types of social connections between bishops (based on geography and careers), which in turn allows for the identification of their effect on careers. I find that being connected to the relevant bishops has a positive and significant effect on the likelihood of promotion to a diocese. Chapter 3 investigates the transmission of human capital from one generation to the next. While the correlation of parents’ educational achievement with that of their children is strong and well documented, there is a scarcity of consensual evidence that this relationship has a causal nature. We use a French reform that increased the duration of compulsory schooling by two years as a natural experiment, providing exogenous variation in parental years of schooling, and study its effect on the children of the affected individuals. We find evidence of a strong effect of paternal education on the educational achievement of children. Research on employer learning has concentrated on contexts where there is uncertainty only on either the general or the match-specific human capital of the worker. Chapter 4 develops a model where general and specific human capital coexist, and the uncertainty is on their respective shares in total productivity. The model generates predictions on a number of dimensions, e.g. declining worker mobility with experience and increase in wage variance over the lifetime.
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Szpiro, Daniel. "Fonctionnement du capital physique / fonctionnement du capital financier." Paris 9, 1994. https://portail.bu.dauphine.fr/fileviewer/index.php?doc=1994PA090048.
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La durée de vie des équipements industriels. Productivité et progrès technique dans l'industrie. Rentabilité et efficacité du capital productif fixe industriel. Les rendements d'échelle: une analyse sur données de panel. Les dimensions productives et rentables sont-elles les mêmes ? Points de repères sur 25 ans d'épargne des ménages en France. La diffusion des produits financiers en France. L'anomalie de week-end à la bourse de Paris: un effet de la reprise des cotations ? Un panorama de la volatilité des cours boursiers. Mesures de l'effet des contrats d'animation sur la liquidité du S. M. Informations et vitesse de réaction du marché boursier en continu. Investissement, rentabilité, débouchés et investissement: une analyse et une estimation sur données individuelles. Placements financiers, investissements et désendettement des firmes: y a-t-il un arbitrage ?
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Oliveira, Edineide Maria de. "A RELAÇÃO ENTRE CAPITAL HUMANO E CAPITAL PSICOLÓGICO." Universidade Metodista de São Paulo, 2011. http://tede.metodista.br/jspui/handle/tede/11.
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Previous issue date: 2011-10-06Intangible assets received special attention from scholars in recent years in the organization context of human resource management, since theoretical proposals were developed to understand (them) and measure them. Anchored in this line of research are human capital and psychological capital. While human capital is what workers can do, the psychological capital consists of a positive mental state made up of self-efficacy, hope, optimism and resilience. The overall purpose of his study was to analyze the relationship between human capital and psychological capital. It s about a quantitative study which involved 60 workers, students of the last period of Business Administration, with a average age of 23.85 years, mostly female, single and employed. Data for the study were collected in classrooms of a private university found in the Greater ABC area , through a self-administered instrument containing an interval measure of psychological capital with 12 items, validated for Brazil, and a measure of capital human with six questions,with two to measure the experience range and four to probe education. An eletronic database was design which was submitted to descriptive analysis and correlation (Pearson s) by means of SPSS 19.0 The results revealed that participants held a human capital represented by average 4.38 years work experience and that the majority (75%) had revealed to have a maximum of five years in this topic (regard). Regarding the dimension extent of education of human capital, the majority (96.70%) had not completed any graduate course, spent between 11 and 20 years to the studies(y) (81.60%), didin t exchange shift studies (93%), while 86.70% (is) already included in their academic curriculum complementary activities in the Educational Plan of Business Administration Course attended, and 73.30% had between one and three internships. The analysis poit out a median score of psychological capital, 9 accentuated strengthened by the difficulty of the participants to recognize that they are in a phase of success at work and could see the bright side of things on the job. Investigating the relationship between human capital and psychological capital significant correlations were not found. Given these results, it s presumable that the study s participants, for the reason of being predominantly young workers who have not yet completed an undergraduate degree, although in its way of life more than 10 years devoted to studies and worked for about five years on average still do not recognize themselves, in the presence of a consistent human capital psychological. The lack of relationship observed between the two intangibles advocated by theorists as important to ensure that employees can contribute to the company in pursuit of their goals seems to reveal that more studies are still needed and developing theory to support not only the assumptions about asset intangible as well as to identify the relationship of dependence that may exist between the categories of human capital and psychological.
Os ativos intangíveis receberam atenção especial de estudiosos nos últimos anos, no contexto organizacional de gestão de pessoas, visto que foram desenvolvidas propostas teóricas para compreendê-los e mensurá-los. Ancorados nesta linha de investigação, encontram-se o capital humano e o capital psicológico. Enquanto o capital humano representa o que os trabalhadores sabem fazer, o capital psicológico compreende um estado mental positivo composto por autoeficácia, esperança, otimismo e resiliência. Este estudo teve, como objetivo geral, analisar as relações entre capital humano e capital psicológico. Tratou-se de um estudo quantitativo do qual participaram 60 trabalhadores, estudantes do último período do Curso de Administração, com idade média de 23,85 anos, sendo a maioria do sexo feminino, solteira e empregada. Os dados para o estudo foram coletados em salas de aula de uma universidade particular, situada na Região do Grande ABC, por meio de um instrumento auto aplicável, contendo uma medida intervalar de capital psicológico com 12 itens, validada para o Brasil, e uma de capital humano com seis questões, sendo duas para medir a dimensão experiência e quatro para aferir educação. Foi criado um banco eletrônico, o qual foi submetido a análises descritivas e de correlação (r de Pearson) por meio do SPSS, versão 19.0. Os resultados revelaram que os participantes detinham um capital humano representado por 4,38 anos médios de experiência de trabalho , e que a maioria (75%) havia revelado possuir no máximo cinco anos neste quesito. Quanto à dimensão educação do capital humano, a maioria (96,70%) não havia concluído nenhum curso de graduação, se dedicou entre 11 a 20 anos aos estudos (81,60%), não realizou intercâmbios de estudos (93%), enquanto 86,70% já incluíram, em seu currículo acadêmico, atividades complementares previstas no Plano Pedagógico do Curso de Administração que cursavam, bem como 73,30% realizaram entre um a três estágios curriculares. As análises indicaram um escore mediano de capital psicológico, acentuado pela dificuldade dos participantes para reconhecerem que estavam em uma fase de sucesso no trabalho e de conseguirem enxergar o lado brilhante das coisas relativas ao trabalho. Ao se investigar as relações entre o capital humano e capital psicológico não foram encontradas correlações significativas. Diante de tais resultados, pareceu provável que os participantes do estudo, por serem predominantemente jovens trabalhadores que ainda não concluíram um curso de graduação, embora tivessem em seu percurso de vida mais de 10 anos dedicados aos estudos e trabalhado por volta de cinco anos em média, ainda não reconheciam, em si, a presença de um consistente capital humano nem psicológico. A ausência de relação observada entre os dois ativos intangíveis preconizados por teóricos como importantes, para que o trabalhador pudesse contribuir com a empresa no alcance de suas metas, pareceu revelar que ainda eram necessários mais estudos e desenvolvimento de teorização, para sustentar não somente as hipóteses acerca de ativos intangíveis, como também permitir identificar a relação de dependência que pudesse existir entre as categorias de capital humano e psicológico.
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Fondo, Clint B., and Darren B. Wright. "Intellectual capital." Thesis, Monterey, California. Naval Postgraduate School, 2004. http://hdl.handle.net/10945/34234.
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MBA Professional ReportThe purpose of this MBA Project was to investigate and provide a comprehensive overview of the historical and current efforts directed at valuing intellectual capital (IC). This project was conducted with the sponsorship and assistance of the Office of Military Base Retention and Reuse (OMBRR), of the California Business, Transportation and Housing Agency. The goal of this project was to identify and document both the history of valuing IC, and the models currently in use throughout the private sector. Additionally, an effort was made to develop a definition that would be appropriate for use in a governmental setting and to develop a working model that can be used to manage IC within the Department of Defense (DoD).
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Pfitzner, Marcus. "Working Capital." Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2016. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-201911.
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Ausgehend vom Bedarf an unternehmensinternen, relativ marktunabhängigen Maßnahmen zur Stärkung der Innenfinanzierungskraft von Unternehmen, kann die angestrebte Liquiditätssicherung und Ertragsstabilisierung aus einer effizienten Steuerung der Working-Capital-beeinflussenden Prozesse hervorgehen. Der vorliegende Beitrag fokussiert dabei die definitorische Abgrenzung des Working Capital und des Working Capital Management. Außerdem werden die finanziellen Wirkungen des WCM aufgezeigt. Eine detaillierte Betrachtung der das Working-Capital-beeinflussenden Prozesse verdeutlicht die Komplexität des Prozessgefüges und die Notwendigkeit eines ganzheitlichen Ansatzes zur Working-Capital-Steuerung.
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Conocimiento, Dirección de Gestión del. "Capital IQ." S&P Global, 2004. http://hdl.handle.net/10757/655267.
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Pasko, D. "Human capital." Thesis, Sumy State University, 2015. http://essuir.sumdu.edu.ua/handle/123456789/40418.
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Ighnatenko, E. V. "Capital punishment." Thesis, Сумський державний університет, 2013. http://essuir.sumdu.edu.ua/handle/123456789/33628.
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Some crimes are so terrible that the only appropriate punishment is death. Furthermore, the existence of the death penalty deters violent crime. Capital punishment means condemning a criminal to death, regardless of the method of execution used. Execution by the state has a long history, and legislation around the issue is still changing.
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Суярова, Олена Олексіївна, Елена Алексеевна Суярова, and Olena Oleksiivna Suiarova. "Innovation capital." Thesis, Видавництво СумДУ, 2008. http://essuir.sumdu.edu.ua/handle/123456789/16080.
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Klymenko, O. V. "Capital budgeting." Thesis, Вид-во СумДУ, 2005. http://essuir.sumdu.edu.ua/handle/123456789/19912.
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Stidham, Steve P. "Waste= Capital." University of Cincinnati / OhioLINK, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1306501008.
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Castro, Humberto Adão de. "Capital imtelectual." Florianópolis, SC, 2003. http://repositorio.ufsc.br/xmlui/handle/123456789/85356.
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Dissertação (mestrado) - Universidade Federal de Santa Catarina, Centro Tecnológico. Programa de Pós-Graduação em Engenharia de ProduçãoMade available in DSpace on 2012-10-20T17:52:03Z (GMT). No. of bitstreams: 1 227692.pdf: 1073229 bytes, checksum: fd85d1c3f059f4048fdef3491d04ccba (MD5)
Desde que o homem separou-se da idade da pedra, mudou do sistema de escambo para a moeda, os valores econômicos passaram a ter um fator determinante na tomada de decisões, em relação à aplicação em algum investimento. Por esta razão, na economia da informação, o objetivo deste trabalho será demonstrar de que maneira os ativos intangíveis de uma organização influenciam em seu valor de mercado, que eles podem ser identificados e mensurados e por fim evidenciá-los pelas ferramentas contábeis existentes, as "Demonstrações Financeiras". As empresas contemporâneas, muitas vezes, têm sido negociadas bem acima de seu valor patrimonial, as vezes cinco, oito, dez vezes mais, todavia os profissionais dos segmentos econômicos: contadores, economistas, administradores, etc. têm encontrado dificuldades em explicar o porquê desse fenômeno. Essa diferença entre o valor patrimonial e o valor de mercado atribuímos de "Capital Intelectual", ou "Ativos Intangíveis". Nossa pesquisa consiste em aplicar um modelo de mensuração desses ativos intangíveis em uma organização e provar que o Capital Intelectual, apesar de imaterial, incorpóreo, pode ser medido, inclusive porque, no transcorrer do trabalho, iremos ratificar que ele existe e é concreto. Outro fator importante no discorrer de nossa pesquisa é a evidenciação do capital intelectual no Balanço Patrimonial, ou seja, os investidores têm informações extracontábeis, dentro de uma demonstração contábil, mesmo antes da negociação dos valores mobiliários da empresa. Since the man turn away from the stone age, and has changed from de barter system to the money system, the economics values had become a vital factor for decision make with regard to any investment. Therefore, in information economy, the objective of this work is to demonstrate the way that the intangible actives have influence in the organization value, and that they can be identified and measured and finally evidenced by the accounting tools which exists in the market, the "Financial Reports". The contemporaneous enterprises, often, has been negociated for a higher value than its assets, sometimes five, eight, ten times more, however the professionals of the economics environment such as: accountants, economists, business managers etc. have had difficulties in explain the reason of this phenomenon. This difference between the asset value and the market value is what we name "Intelectual Capital", or "Intangible assets". Our research consists in apply a model of measurement of this intangible assets of an enterprise and prove that the Intelectual Capital, despite inmaterial, invisible, can be measured and in this work, we will confirm that it exists and it is real. Another important factor in this research is the evidenciation of the Intelectual Capital in the Balance Sheet, in another words, the investors have extra informations, inside the accounting demonstration, even before the negociation of the enterprise securities, bonds or stocks.
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Zandavali, Eduardo Freiberger. "O capital." Florianópolis, SC, 2004. http://repositorio.ufsc.br/xmlui/handle/123456789/88066.
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Dissertação (mestrado) - Universidade Federal de Santa Catarina, Centro Sócio Econômico. Programa de Pós-graduação em Economia.Made available in DSpace on 2012-10-22T05:16:59Z (GMT). No. of bitstreams: 1 208362.pdf: 670349 bytes, checksum: 5f64c7ff288d8ef353f3f0e63aaa5b74 (MD5)
A análise pretende aqui tratar do capital e de seus limites a partir de Marx, abrindo com isso caminho para estudo cada vez mais aprofundado da origem e movimento dessa realidade concreta (tanto nas suas formas aparentes como essenciais) compreendida como sistema capitalista ou sociedades modernas, em que a produção é voltada para produção de lucro, sociedades portanto produtoras de lucro. E em que a forma elementar da riqueza é a
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Schwarz, Susan. "The role of human capital, social capital, and psychological capital in micro-entrepreneurship in China." Thesis, University of Nottingham, 2017. http://eprints.nottingham.ac.uk/40361/.
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A key question in entrepreneurship research is how certain individuals in different contexts are able to generate superior venture performance. Micro-entrepreneurs in emerging and transition economies lack access to various forms of capital to launch and grow new ventures, as they operate in settings characterised by resource scarcity and underdeveloped market institutions. To meet the need for tangible financial resources, lenders provide small loans to stimulate business development. Yet financial capital alone does not ensure successful business outcomes, raising questions as to how micro-entrepreneurs deploy intangible resources to drive growth. Based on in-person survey interviews conducted with 164 entrepreneurs receiving loans at community banks in Zhejiang Province, China, as well as qualitative field data, this study examines the impact of human capital, social capital, and psychological capital on the growth of micro-enterprises in China, with a focus on the moderating role of psychological capital. By integrating psychological capital with human capital and social network approaches, this study fills a research gap at the intersections of these three perspectives. The contributions of this study include establishing boundary conditions for these theories to explain how entrepreneurs overcome resource scarcity to grow ventures within a relational society undergoing a transition to a market economy.
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Neto, José Machado Barbosa. "O mercado de ações no Brasil e o ciclo de aberturas de capital no período 2004/2007: um estudo exploratório-descritivo." Universidade de São Paulo, 2009. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-06052009-122920/.
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O Sistema Financeiro de um país tem como uma de suas funções principais a de permitir a eficiência alocativa de recursos da sociedade, ou seja, viabilizar a transferência de recursos entre agentes superavitários e agentes deficitários, de maneira que os benefícios sejam adequadamente distribuídos, incentivando tanto a poupança quanto o investimento produtivo. O Mercado de Capitais, por sua vez, como um dos segmentos do sistema financeiro, atua na intermediação financeira de médio e longo prazo, disponibilizando recursos para investimentos com prazos de maturação mais longos, assumindo um relevante papel no desenvolvimento econômico. No Brasil, o mercado de capitais se especializou, historicamente, no repasse de recursos de dívida (debt). No entanto, nos últimos 4 anos, especificamente a partir de 2004, um segmento do mercado de capitais aflorou novamente: o de recursos de capital (equity). De fato, o volume de aberturas de capital via emissão pública de ações (initial public offer IPO) cresceu mais de 600% entre 2004 e 2007, saltando de um volume de R$ 9,2 bilhões naquele ano para cerca de R$ 67,3 bilhões em 2007. Para que se torne uma alternativa de financiamento permanente às empresas brasileiras, objetivo historicamente sempre perseguido pelas autoridades econômicas, é fundamental que os benefícios decorrentes do funcionamento desse mercado estejam sendo adequadamente distribuídos entre tomadores e doadores de recursos. Nessa lógica, o presente estudo possui dois objetivos específicos: (i) traçar um quadro geral do processo de abertura de capital via oferta pública de ações ocorrido no período 2004/2007 e (ii) verificar se os benefícios de tal processo estão sendo adequadamente distribuídos entre vendedores e compradores desses papéis. Para tanto, numa abordagem exploratório-descritiva, o trabalho foi estruturado em duas linhas: (i) análise comparada do atual ciclo de emissão de ações com os ciclos anteriores de abertura de capital, e (ii) análise dos retornos gerados por essas ações após sua emissão, a curto e longo prazo, analisando seus efeitos e conseqüências para vendedores e compradores, bem como para a sociedade em geral. Pela análise comparada com os ciclos anteriores, verificou-se a repetição do mesmo conjunto de características, com destaque para os indícios de especulação financeira. Na análise dos retornos dessas ações, verificou-se a ocorrência do underpricing no primeiro dia, enquanto que, no médio e longo prazo, observou-se a ocorrência de overpricing. Já quando comparadas com o retorno do Ibovespa, essas ações apresentaram retornos inferiores, enquanto o esperado seria um retorno superior, em função do risco mais elevado das novas ações. Em termos de retornos nominais, essas novas ações apresentaram retornos positivos enquanto o mercado estava em um ciclo de alta (20.05.08, pico de Ibovespa), e forte retorno negativo quando o mercado mudou para um período de queda (data-base 31.10.08). Por fim, foram apurados, mediante consulta aos prospectos de emissão, os valores patrimoniais das novas ações antes da emissão, identificando-se um conjunto de preços bem inferiores aos respectivos preços de lançamento. Tal realidade indica que as empresas e sócios que fizeram a venda desses papéis via oferta pública inicial obtiveram preços bastante elevados, que dificilmente obteriam em negociações privadas de ativos. Nessa lógica, a questão do underpricing perde consistência, cuja perda seria compensada pelo ganho com a abertura de capital. Esse conjunto de análises aponta que o atual ciclo vem trazendo ótimos retornos para os vendedores (empresas e sócios), mas retornos negativos aos compradores (investidores), com o que não estaria sendo benéfico para a sociedade como um todo.The Financial System of a country has as one of its main features that of allowing the efficient allocation of resources of the society, that is, promote the transfer of resources between superavitary and deficitary agents, so that the benefits can be suitably distributed, fostering both savings and the productive investment. The Capital Market, on its side, as one of the segments of the financial system, acts in the financial intermediation of medium and long term, making resources available for investments with longer maturity terms, taking over a relevant role in the economic development. In Brazil, the capital markets historically specialized in the transfer of debt resources (debt). However, during the last 4 years, specifically as of 2004, a segment of the capital market has once again come up: that of capital resources (equity). Actually, the volume of the capital openings through public issue of shares (initial public offer - IPO) grew more than 600% between 2004 and 2007, jumping from a volume of R$ 9.2 billion during such year to around R$ 67.3 billion in 2007. In order to remain a permanent finance alternative for the Brazilian companies, the object which has been historically pursued by the economic authorities, it is essential that the benefits originated from the operation of such market are suitably distributed among receivers and donors of resources. Within this logic, the present study has two specific purposes: (i) trace a general picture of the capital opening process by public offer of shares occurred during the period 2004/2007 and (ii) check whether the benefits of such process are being suitably distributed among sellers and buyers of such papers. For such purpose, in a descriptiveexploratory view, the work was structured in two lines: (i) comparative analysis of the current cycle of issue of shares with the previous cycles of capital opening, and (ii) analysis of returns generated by such shares after their issue, at short and long term, analyzing their effects and consequences for sellers and buyers, as well as for the general society. From the compared analysis with the previous cycles, we found the repetition of the same set of characteristics, with emphasis for the indications of financial speculation. From the analysis of the returns of such shares, we found the occurrence of underpricing on the first day, whilst at the medium and long range, overpricing was determined. When compared with the Ibovespa return, such shares showed inferior returns, whilst the expected would be a higher return, as a consequence of the higher risk of the new shares. In terms of nominal returns, such new shares showed positive returns whilst the market was in a height cycle (05.20.08, Ibovespa peak), and strong negative return when the market changed to a drop period (base date 10.31.08). Finally, there were determined, by means of consultation of the issue prospectus, the book values of the new shares prior to issue, identifying a set of prices quite lower than the corresponding launching prices. Such reality indicates that the companies and partners performing the sale of such papers through initial public offer obtained quite high prices, which would seldom be obtained in private negotiations of assets. Under such logic, the issue of underpricing looses consistency, which loss would be offset by the gains due to the open capital. This set of analysis points out that the current cycle has been producing excellent returns to the sellers (companies and partners) but negative returns to the buyers (investors), reason why it would not be beneficial to the society as a whole.
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Telkes, William. "L'implication des fonds de capital-risque dans l'industrie des biotechnologies : les apports du capital-risque indépendant et du capital-risque industriel." Thesis, Orléans, 2012. http://www.theses.fr/2012ORLE0505.
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Étant donné que les espoirs de croissance des pays développés reposent largement sur leur capacité à développer l’innovation, la question du financement de l’innovation est cruciale. Les biotechnologies sont au centre de nombreux débats et sont décrites comme étant une source de croissance et d’emplois pour nos économies modernes. Pour pouvoir se financer, les entreprises spécialisées dans les biotechnologies rencontrent beaucoup de difficultés à accéder à des financements. Il semblerait que les capital-risqueurs sont l’un des rares investisseurs à vouloir supporter les risques liés à l’activité des entreprises de biotechnologies, parmi lesquels il convient de distinguer entre capital-risque indépendant (IVC) et capital-risque d’entreprise (CVC). Cette thèse a pour principal objet l’analyse des apports de ces différents capital-risqueurs dans le contexte des biotechnologies et plus singulièrement l’apport d’un co-investissement faisant intervenir ces deux types d’investisseurs. Dans un premier temps, nous nous intéressons à l’étude des disparités entre IVC et CVC en nous basant sur les résultats d’une enquête menée auprès des capital-risqueurs et des entreprises financées. Étant donné la capacité des IVC et CVC à créer de la valeur, nous développons, dans un second temps, un modèle théorique qui décrit les conditions sous-lesquelles un co-investissement mixte est beaucoup plus plausible que toute autre stratégie d’investissement, tel qu’un investissement autonome. Enfin, nous tentons de voir si notre hypothèse centrale qui est la plus grande capacité des syndicats mixtes à apporter de la valeur aux entreprises serait « valorisée » par les marchés au moment de l’introduction en bourse et dans les deux ans qui suivent cette dernièreGiven that the growth prospects of developed countries rely heavily on their ability to develop innovation, the issue of financing innovation is crucial. Biotechnologies are the center of many debates and are described as a source of growth and jobs for our modern economies. Companies specializing in biotechnology encounter many difficulties in accessing funding. It seems that venture capitalists are one of the few investors that are willing to bear the risks related to the business of biotechnology companies, among which it is necessary to distinguish between independent venture capitalists (IVC) and corporate venture capitalists (CVC). The main objective of this thesis is to analyze the contributions of these venture capitalists in the context of biotechnology and particularly the contribution of a co-investment involving both types of investors. As a first step, we are interested in the study of differences between IVC and CVC. This study is based on the results of a survey of venture capitalists and corporate funding. Given the ability of IVC and CVC to create value, we develop in a second step, a theoretical model that describes the conditions under which a co-investment involving both types of venture capitalists is much more plausible than any other investment strategy, i.e. a stand-alone investment. Finally, we try to check if our main hypothesis, i.e. greater value-adding capacity of mixed syndications, is valued by public markets at the time of IPO and during the two years following that event
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Ulu, Fatma. "VENTURE CAPITAL - Important factors for venture capital investment decisions." Thesis, Halmstad University, School of Business and Engineering (SET), 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-1890.
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The decision process of venture capitalists has received much attention from researchers and it is a complex and unclear process. There are plenty of factors that affect venture capitalists´ investment decisions. The purpose of this study is to find out the important factors in the due diligence process for the venture capital firms and venture capitalists during their investments. The authors find it interesting to find out factors that influence venture capitalists during their investment decisions according to due diligence process. Qualitative method was seen suitable for this study. Three phone interviews were conducted with three venture capital firms in Turkey named Is Private Equity, Ilab Ventures and Bosphorous Group. The authors find out management, market, location, product, industry and financial factors are important factors for venture capitalists to decide whether to invest or not.
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Perruchet, Aurélien. "Investir dans une thèse : Capital humain ou capital culturel ?" Phd thesis, Université de Bourgogne, 2005. http://tel.archives-ouvertes.fr/tel-00109909.
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La première partie est principalement consacrée à l'étude des perspectives théoriques de Gary Becker et de Pierre Bourdieu, avec comme fil conducteur la vision de l'éducation comme un capital. Les concepts de capital humain (Becker) et de capital culturel (Bourdieu) sont présentés, comparés, et critiqués, chacun d'eux étant replacé dans son contexte théorique. La seconde partie est consacrée aux analyses empiriques concernant le diplôme de doctorat. Nous tentons dans un premier temps une mesure de la rentabilité salariale de la thèse. Puis nous recherchons quels peuvent être les motifs de la poursuite d'études en thèse, étant donné que le gain monétaire ne peut à lui seul expliquer une telle décision. Il apparaît que la thèse est d'abord un passeport permettant d'accéder aux emplois de l'enseignement supérieur et de la recherche publique. Plus que de capital humain, il s'agirait d'un capital n'ayant de valeur réelle que dans le champ académique.
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Graca, Job. "Essays on capital market imperfections, human capital and growth." Thesis, University of Essex, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.242257.
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Oliver, Aaron Keith. "School Capital and Student Engagement| Does School Capital Matter?" Thesis, University of Redlands, 2016. http://pqdtopen.proquest.com/#viewpdf?dispub=10151108.
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School Capital has been shown to affect school setting, effectiveness and student achievement. Schools are a system within society that utilizes the social resources of social networks to develop an engaged school setting. This study applied a conceptual framework based on Bourdieu’s concepts of social capital. This study examined the school capital, the mobilization of social networks, and social resources available for student engagement at an intermediate school. This qualitative study used an interview protocol and narrative inquiry approach. Using NVivo software, eleven participant interviews were coded and analyzed for emergent themes in the areas of school capital. Four dominant themes emerged, these included: Obligations to the learning process; social networks that highlighted relationships between school members; a sense of trust between student and teacher; and positive relationships within the school community. The findings from this study suggest that feelings of connection to teachers, students, and their peers helped to engage students in the classroom. Students from the study indicated that high expectations, high interest projects, and socially engaged activities provided opportunities for student engagement. Implications and recommendations for practice and future research are also discussed as part of this study.
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Schauten, Maximilien Bernard Joseph. "Valuation capital structure decisions and the cost of capital /." Rotterdam, 2008. http://hdl.handle.net/1765/13480.
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Catani, Gustano. "Fatores de estímulo à captação de capital de risco para projetos." reponame:Repositório Institucional da UCS, 2017. https://repositorio.ucs.br/handle/11338/3691.
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O investimento em capital de risco, enquanto participação acionária em projetos embrionários, ou ainda em fase inicial, é envolto em incerteza, baixa liquidez e grande risco, oferecendo como contrapartida uma possibilidade de rentabilidade acima de qualquer padrão de mercado). O presente trabalho buscou classificar os diversos fatores de atratividade dos empreendimentos de risco, de modo a poder classificá-los pela sua relativa prioridade média em relação ao poder de decisão dos investidores de capital de risco. Os itens que obtiveram maior média foram a indicação através de uma rede confiável, a taxa de retorno e potencial donegócio e a existência de produto ou idéia superior. Ainda, o perfil médio dos investidores foi identificado como sendo do sexo masculino, com idade entre os 25 e os 34 anos, possui pósgraduação, com um montante total investido de menos de 250 mil dólares, realiza os investimentos de forma particular, investiu de uma a duas vezes nos últimos cinco anos no mercado de capital de risco, deixa seu capital investido por um período de 1 a 3 anos, se classifica como um investidor anjo, e não utiliza recursos de terceiros em seus investimentos. Foram identificadas variações dentre grupos específicos de investidores, como uma maior procura por liquidez e segurança nos investidores que optam por estratégias de investimento de menor prazo médio, a menor busca por experiência prévia do empreendedor em investidores de menor faixa etária, bem como uma maior exigência média geral nas investidoras de sexo feminino, bem como uma exigência por maior capacidade e experiência gerencial da equipe de gestão do empreendimento por investidores que possuem uma maior frequência de investimento no mercado de capital de risco. Por fim, o trabalho buscou apresentar um modelo de atração para os investidores a ser utilizado por empreendimentos que planejem captar recursos no mercado de capital de risco BrasileiroInvestment in venture capital, as an equity investment in embryonic projects, or even in the initial phase, is surrounded by uncertainty, low liquidity and great risk, offering as a counterpart a possibility of profitability above any market standard. The present work sought o classify the various factors of attractiveness of risk ventures, in order to be able to classify them by their relative average priority in relation to the decision-making inpact of venture capital investors. The items that obtained the highest average were the indication through a reliable network, the rate of return and potential of the business and the existence of a superior product or idea. In addition, the average profile of investors was identified as male, aged 25 to 34 years, has a postgraduate degree, with a total amount invested of less than $ 250,000, makes investments in a particular way, invested one to two times in the last five years in the venture capital market, leaves its capital invested for a period of 1 to 3 years, qualifies as an angel investor, and does not use third-party resources in its investments. Variations have been identified among specific groups of investors, such as a greater demand for liquidity and security in investors who opt for smaller term investment strategies, the smaller search for previous experience of the entrepreneur in younger investors, as well as a higher requirement overall average in female investors, as well as a requirement for greater capacity and managerial experience of the venture management team by investors who have a higher frequency of investment in the venture capital market. Finally, the work sought to present a model of attraction for investors to be used by enterprises that plan to raise funds in the Brazilian venture capital market.
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Telkes, William. "L'implication des fonds de capital-risque dans l'industrie des biotechnologies : les apports du capital-risque indépendant et du capital-risque industriel." Electronic Thesis or Diss., Orléans, 2012. http://www.theses.fr/2012ORLE0505.
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Étant donné que les espoirs de croissance des pays développés reposent largement sur leur capacité à développer l’innovation, la question du financement de l’innovation est cruciale. Les biotechnologies sont au centre de nombreux débats et sont décrites comme étant une source de croissance et d’emplois pour nos économies modernes. Pour pouvoir se financer, les entreprises spécialisées dans les biotechnologies rencontrent beaucoup de difficultés à accéder à des financements. Il semblerait que les capital-risqueurs sont l’un des rares investisseurs à vouloir supporter les risques liés à l’activité des entreprises de biotechnologies, parmi lesquels il convient de distinguer entre capital-risque indépendant (IVC) et capital-risque d’entreprise (CVC). Cette thèse a pour principal objet l’analyse des apports de ces différents capital-risqueurs dans le contexte des biotechnologies et plus singulièrement l’apport d’un co-investissement faisant intervenir ces deux types d’investisseurs. Dans un premier temps, nous nous intéressons à l’étude des disparités entre IVC et CVC en nous basant sur les résultats d’une enquête menée auprès des capital-risqueurs et des entreprises financées. Étant donné la capacité des IVC et CVC à créer de la valeur, nous développons, dans un second temps, un modèle théorique qui décrit les conditions sous-lesquelles un co-investissement mixte est beaucoup plus plausible que toute autre stratégie d’investissement, tel qu’un investissement autonome. Enfin, nous tentons de voir si notre hypothèse centrale qui est la plus grande capacité des syndicats mixtes à apporter de la valeur aux entreprises serait « valorisée » par les marchés au moment de l’introduction en bourse et dans les deux ans qui suivent cette dernièreGiven that the growth prospects of developed countries rely heavily on their ability to develop innovation, the issue of financing innovation is crucial. Biotechnologies are the center of many debates and are described as a source of growth and jobs for our modern economies. Companies specializing in biotechnology encounter many difficulties in accessing funding. It seems that venture capitalists are one of the few investors that are willing to bear the risks related to the business of biotechnology companies, among which it is necessary to distinguish between independent venture capitalists (IVC) and corporate venture capitalists (CVC). The main objective of this thesis is to analyze the contributions of these venture capitalists in the context of biotechnology and particularly the contribution of a co-investment involving both types of investors. As a first step, we are interested in the study of differences between IVC and CVC. This study is based on the results of a survey of venture capitalists and corporate funding. Given the ability of IVC and CVC to create value, we develop in a second step, a theoretical model that describes the conditions under which a co-investment involving both types of venture capitalists is much more plausible than any other investment strategy, i.e. a stand-alone investment. Finally, we try to check if our main hypothesis, i.e. greater value-adding capacity of mixed syndications, is valued by public markets at the time of IPO and during the two years following that event
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Lindgren, Ragnar. "On capital formation and the effects of capital income taxation." Doctoral thesis, Handelshögskolan i Stockholm, Samhällsekonomi (S), 1985. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-777.
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How should a tax on realized capital gains be designed in order to yield the same revenue and the same impacts on savings and portfolio choice as a tax on current income? Should income from risky investments be taxed at a higher or lower rate than income from assets without risk? How is the capital structure and the dividend policy of firms determined in the presence of taxes and what are the effects of tax differentials on the debt ratio, on the dividend policy, on the capial intensity, on the willingness to take nonfinancial risks and on the welfare of workers and investors? These and related questions are analyzed in this dissertation, which uses models based on the theory of neoclassical economics and the theory of finance. As background, a comprehensive presentation is given of the theory of savings, investment and portfolio choice. The general effects of capital income taxes on housholds and firms are also analyzed.Diss. Stockholm : Handelshögsk.
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Hokayem, Charles. "ESSAYS ON HUMAN CAPITAL, HEALTH CAPITAL, AND THE LABOR MARKET." UKnowledge, 2010. http://uknowledge.uky.edu/gradschool_diss/23.
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This dissertation consists of three essays concerning the effects of human capital and health capital on the labor market. Chapter 1 presents a structural model that incorporates a health capital stock to the traditional learning-by-doing model. The model allows health to affect future wages by interrupting current labor supply and on-the-job human capital accumulation. Using data on sick time from the Panel Study Income of Dynamics the model is estimated using a nonlinear Generalized Method of Moments estimator. The results show human capital production exhibits diminishing returns. Health capital production increases with the current stock of health capital, or better current health improves future health. Among prime age working men, the effect of health on human capital accumulation is relatively small. Chapter 2 explores the role of another form of human capital, noncognitive skills, in explaining racial gaps in wages. Chapter 2 adds two noncognitive skills, locus of control and self-esteem, to a simple wage specification to determine the effect of these skills on the racial wage gap (white, black, and Hispanic) and the return to these skills across the wage distribution. The wage specifications are estimated using pooled, between, and quantile estimators. Results using the National Longitudinal Survey of Youth 1979 show these skills account for differing portions of the racial wage gap depending on race and gender. Chapter 3 synthesizes the idea of health and on-the-job human capital accumulation from Chapter 1 with the idea of noncognitive skills in Chapter 2 to examine the influence of these skills on human capital and health capital accumulation in adult life. Chapter 3 introduces noncognitive skills to a life cycle labor supply model with endogenous health and human capital accumulation. Noncognitive skills, measured by degree of future orientation, self-efficacy, trust-hostility, and aspirations, exogenously affect human capital and health production. The model uses noncognitive skills assessed in the early years of the Panel Study of Income Dynamics and relates these skills to health and human capital accumulation during adult life. The main findings suggest individuals with high self-efficacy receive higher future wages.
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Hokayem, Najwa. "Capital humain et capital financier : une approche intégrée orientée valeur." Aix-Marseille 3, 2005. http://www.theses.fr/2005AIX32050.
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Cette thèse concerne les possibles définitions et intégrations du ‘capital humain' dans les documents de la comptabilité générale, vieux problème devant lequel les chercheurs bloquaient depuis longtemps. Ici le problème est repris d'une toute autre façon, dans la continuité du modèle de Trémolières, en considérant que le capital humain n'a pas à être intégré dans les actifs comme d'autres l'ont préconisé, le personnel continuant en fait à garder sa distinction par rapport à l'entité juridique qu'est l'entreprise, et que seule la valeur ajoutée qu'il apporte à l'entreprise,- ‘ajoutée' par rapport au travail normal que l'on attend de lui dans le cadre de son emploi-, doit être comptabilisée. C'est là vraiment que se trouve la raison d'une intégration de ses efforts ou de ses initiatives. Cela conduit à introduire la notion d'actionnaire virtuel qui, sans devoir être considérée comme devant participer aux dividendes, mérite cependant d'être consignée comme un dû moral de l'entreprise. Cette notion peut être traduite en dettes virtuelles, ou en réserves spécifiques, ou alors participer à des augmentations en capital avec distribution de titres. L'intérêt de cette approche est de permettre d'obliger l'organisation bénéficiaire à conserver la mémoire des contributions ‘hors salaires et primes' des employés ou partenaires qui lui sont attachés. Cette idée devrait permettre à plus d'honnêteté et de justice quand une entreprise se sépare de certaines personnes auxquelles elles devraient en toute logique devoir un minimum de reconnaissance, mais aussi pour un meilleur management des hommes. La théorie de la Valeur Humaine Ajoutée à la Moyenne (on veut dire par là : par rapport à ce qui est attendu ‘en moyenne' par contrat) est validée par une importante enquête auprès de gens d'entreprise pour savoir comment la notion d'actionnaire ‘virtuel' peut-être perçue au niveau des employés, des responsables et des dirigeants dans le cadre d'un meilleur managementThis thesis aims at defining and integrating the' human capital' notion within the framework of General Accounting. This very old problem had not received up to now any acceptable solution. Here the problem is reconsidered according to the proposed model by Trémolières, where it is assessed that ‘Human Capital' doesn't have to be integrated in the firm assets as imagined or defended by several other researchers. Here the employees keep their juridical independence with respect to the firm identity, and only the ‘added value' that they give to the firm must be accounted for. By ‘added value' it is assumed here that this is relative to any supplementary effort, not written by contract, that brings more value to the firm. It is really there that can be found a reason to speak of ‘accounting human capital' , the term ‘capital' being taken in the accounting meaning of ‘virtual shareholders', that is people having contributed, ‘not by contract', to an increased value of the considered firm. In some sense it is nothing else that the moral debts that the classical shareholders owes to other contributors to the value of the firm. The new shareholders are called ‘virtual' because they don't have, a priori, any right to benefit from the dividends that can be distributed. Nevertheless, the idea of associating them to the set of people having contributed to a better value of the firm is important to morally thank these people for their ‘free' implication in the sense of the' liberalitarism' notion by Aristotle. This can be registered as virtual debts, or specific ‘human reserves', or even ‘virtual shareholders' or ‘virtual equities' that can be recognized in case of increase in capital. The interest of this relies on the fact that the ‘free' initiatives' having succeeded can be memorized by the firm in the accounting equities capital This idea can lead to more honesty and justice with respect to the firm's employees but also to a better management. This theory of Human Value Added to an ‘average behavior' is validated by an important inquiry aiming to know how these new ideas can be accepted in modern management
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Hebert, Camille. "Essais sur la Structure du Capital et le Capital Humain." Thesis, Paris Sciences et Lettres (ComUE), 2019. http://www.theses.fr/2019PSLED073.
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Cette thèse comprend trois chapitres et étudie la structure organisationnelle de l'entreprise à un stade différent de son cycle de vie : démarrage, croissance, grande entreprise. Le premier chapitre examine les raisons sous-jacentes aux différences de financement entre hommes et femmes entrepreneurs dans le contexte de l'industrie du capital risque. Ce chapitre met en lumière les effets des stéréotypes de genre qui entravent la croissance des jeunes entreprises fondées par des entrepreneurs issus des minorités de genre. Dans ce contexte, le capital humain des entrepreneurs atténue dans une certaine mesure les stéréotypes des investisseurs. Le deuxième chapitre décrit les conditions dans lesquelles les entreprises choisissent de croitre en achetant une entreprise existante plutôt que de se développer en prenant appui sur les ressources en termes de capital humain. Le troisième chapitre porte sur les grands groupes d'entreprises. Ce chapitre montre que les investisseurs ne sont pas toujours conscients des limites de la structure de l'entreprise et omettent de l’information prédictive révélée à un autre niveau du groupeThis thesis consists of three chapters and studies the firm's organizational structure at a different stage of its life cycle: early-stage, growth, business group. The first chapter investigates the underlying reasons for the gender funding gap in the venture capital industry. It highlights a significant role for investors' stereotypes that ultimately impedes minority-founded startups' growth. Entrepreneurs’ human capital mitigates to some extends investors’ stereotypes. The second chapter identifies conditions under which firms choose to grow by buying an incumbent company as opposed to building on their pre-existing human capital resources. The third chapter focuses on large business groups. It provides evidence that investors are not always aware of the boundaries of the firm and miss predictive information released at another level of the group
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Warganegara, Dezie L. "Internal Capital Market and Capital Misallocation: Evidence from Corporate Spinoffs." Thesis, University of North Texas, 2001. https://digital.library.unt.edu/ark:/67531/metadc2862/.
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This study investigates the importance of reduced capital misallocation in explaining the gains in corporate spinoffs. The capital misallocation hypothesis asserts that the internal capital market of a diversified firm fails to meet the needs of the relatively low growth divisions for less investment and the needs of the relatively high growth divisions for more investment. Higher differences in growth opportunities imply that more capital is misallocated. This study finds that the higher the difference in growth opportunities of a diversified firm's businesses, the more likely the firm is to conduct a spinoff. This finding supports the argument that diversified firms conduct spinoffs to reduce capital misallocation. This study finds differences in managerial ownership of spinoff firms and of nonspinoff firms. This suggests that the misallocation of internal capital is an agency problem. A low management ownership stake, coupled with the existing differential in growth opportunities between parent and spunoff firms, leads to misallocation of internal capital, thus creating incentives for a spinoff. Spinoffs should result in a shift to the “right" investment policy and to better operating performance for both the parent and spunoff firms. This improvement in operating performance for the post-spinoff firms is expected to be higher when they are from highly different growth opportunity spinoffs. I find mixed evidence regarding market reaction, changes in investment policy, and changes in operating performance. The evidence that supports the capital misallocation hypothesis does not appear uniformly and consistently across the proxies for growth opportunities. However, there is evidence that both parent and spunoff firms benefit from a spinoff. The magnitude of the benefits is larger for spunoff firms than for parent firms. This is as expected because the capital misallocation problem may be reduced, but does not entirely disappear, in the parent firm.
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Levin, Victoria, and Anna Hallgren. "The choice of capital budgeting techniques : a human capital approach." Thesis, Högskolan Kristianstad, Sektionen för hälsa och samhälle, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-16891.
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Tidigare forskning har identifierat ett gap mellan teori och hur företag använder kapitalbudgeteringstekniker i praktiken. Forskning tyder på att gapet är särskilt stort vid SME-företag, eftersom de tenderar att använda de enkla kapitalbudgeteringsteknikerna. Genom att försöka förklara förekomsten av fenomenet the theory-practice gap har forskare reflekterat kring vilka bakomliggande faktorer som ligger till grund för valet av kapitalbudgeteringsteknik i SME-företag. En bakomliggande faktor som påverkar valet av kapitalbudgeteringsteknik är en individs humankapital, i form av utbildningsnivå och yrkeserfarenhet. Syftet med denna studie är att undersöka hur humankapitalet påverkar valet av kapitalbudgeteringsteknik vid strategiska investeringar i svenska SME-företag. För att undersöka och analysera studiens syfte har en kvantitativ datainsamlingsmetod använts i form av en internetbaserad enkät. Studien har en positivistisk forskningsfilosofi som utgår från en deduktiv forskningsansats som används för att möjliggöra hypotesprövningar. Studiens resultat baseras på 56 respondenter vilka är beslutfattare vid strategiska investeringar i svenska SME-företag, där resultaten illustreras med hjälp av statistiska analysmetoder. Studiens resultat och slutsats visar att beslutfattare i svenska SME-företag med högre utbildningsnivå eller högre grad av yrkeserfarenhet ökar användningen av avancerade kapitalbudgeteringstekniker. Dock kan inte studiens resultat signifikant påvisa att en beslutsfattare i svenska SME-företag med låg utbildningsnivå eller lägre grad av yrkeserfarenhet använder enkla kapitalbudgeteringstekniker.Previous research has identified a gap between theory and how companies actually use capital budgeting techniques in practice. Research highlights that the gap is particularly large among SMEs, as they tend to use simpler capital budgeting techniques. By trying to explain the phenomenon of the theory-practice gap, researchers have reflected on underlying factors that influence the choice of capital budgeting techniques in SMEs. An underlying factor, that influences the choice of capital budgeting techniques, is on the individual level in terms of educational degree and occupational level of experience. The aim of this thesis is therefore to increase the understanding of how the human capital influences the choice of capital budgeting techniques in Swedish SMEs. To examine the aim of the study, a quantitative method is used by a web-based survey. Furthermore, the study is based on a positivism research philosophy that evolve from a deductive research method in order to draw general conclusions. The result of the study is based on 56 responses from decision makers for strategic investments in Swedish SMEs, where the results are illustrated using statistical analysis methods. The results and conclusions of the study shows that decision makers in Swedish SMEs with higher degree of education or higher level of occupational experience increase the use of more advanced capital budgeting techniques. However, the results do not support that decision makers in Swedish SMEs with a lower degree of education or lower level of occupational experience use more simple capital budgeting techniques.
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Koshio, Senichiro. "Custo de capital e estrutura de capital de empresas multinacionais." reponame:Repositório Institucional do FGV, 1994. http://hdl.handle.net/10438/5034.
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Previous issue date: 1994-04-25T00:00:00ZSintese da teoria de custo de capital e estrutura de capital de empresas multinacionais. Aborda o efeito da política financeira de uma empresa, incluindo diversificação internacional da empresa, administração do risco cambial e poítica de financiamento, no custo de capital e no valor da empresa, na hipótese em que os mercados financeiros internacionais são perfeitos e completos e nas condições em que os mesmos são imperfeitos e incompletos
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Choi, Duk Young. "Capital humano e estrutura de capital: evidência de empresas brasileiras." reponame:Repositório Institucional do FGV, 2011. http://hdl.handle.net/10438/8372.
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This study verified jointly the determinants of capital structure and the effect of human capital cost on employee payment in Brazilian companies, based on the model of Berk, Stanton and Zechner (2010). As results, we could infer that the employee payment increases 0.26% for each percent of increase in leverage. Moreover, it is possible to observe that more capitalintensive company pays higher wage and the individual characteristics of CEO can define leverage level of the firm. Additionally, this study also confirms empirically the validity of some theories about capital structu re, like pecking order theory, substitution between debt and dividends, and negative correlation between risk and leverage.
Este estudo verificou conjuntamente os determinantes da estrutura de capital e o efeito do custo de capital humano na estrutura de capital das empresas brasileiras, baseando-se no modelo de Berk, Stanton e Zechner (2010). Como resultado tem-se que a remuneração dos funcionários aumenta 0,26% para cada porcentagem de aumento na alavancagem. E ainda, as empresas mais intensivas em capital remuneram melhor seus funcionários. As características individuais de CEO também é um determinante que pode influenciar o nível da alavancagem da empresa. Conjuntamente, esse estudo empírico confirma várias teorias relacionadas à estrutura de capital, tais como a de pecking order, substituição entre dívida e dividendos, correlação negativa entre risco e a alavancagem.
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Decroix, Yann. "Du capital social à la situation nette." Rouen, 2003. http://www.theses.fr/2003ROUED001.
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Le capital social, garantie des créanciers et mesure des droits et du pouvoir des associés, n'est plus. Cet échec justifie de proposer un nouvel instrument juridique : la situation nette comptable. Reflet de la solvabilité et de la valeur patrimoniale de la société, la notion répond favorablement à l' "intérêt commun des créanciers sociaux et des tiers ", qui réside dans la confiance ou l'assurance de l'exécution par la société de la prestation promise ou attendue. Elle autorise une mesure satisfaisante de la solvabilité et de la valeur de la société, dont l'appréciation permet de juger la capacité de l'entreprise à réaliser cette prestation et qui est le siège véritable de la protection des tiers et des créanciers sociaux. A l'égard des associés, la situation nette révèle la réelle consistance de leurs droits financiers et politiques. La notion permet encore d'approcher davantage la réalité du pouvoir social et de jauger et protéger la pérennité économique de la sociétéShare capital, as a guarantee to creditors and gauge of the rights and powers of shareholders, is dead. Its failure justifies putting forward a new legal tool : the "net book position". This notion, which reflects the solvency of a company and the value of its patrimony, satisfies the "mutual interest of creditors and third patries", which resides in the belief or assurance that such company will fulfill its obligations and their expectations. It allows a satisfactory evaluation of the solvency and the value of a company, which enables a judgement to be made on its ability to fulfill such obligations and expectations, and which is the issue of creditors and third patries'protection. With respect to shareholders, "net book position"reveals the true extent of their financial and voting rights within a company. This notion also allows us to take a closer look at the reality of power within companies and to ascertain and protect their economic perennation
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Noda, Rafael Falcão. "Custo de capital ex-ante: variáveis explicativas e prêmio pelo risco de mercado no Brasil." Universidade de São Paulo, 2013. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-01042014-150329/.
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Este trabalho propõe um modelo para estimativa do custo de capital próprio ex-ante baseado no índice lucro/preço, E/P, na taxa de crescimento esperada para o lucro na perpetuidade, g, e no coeficiente ?, o qual mede a taxa de conversão de crescimento em rentabilidade e, portanto, em valor. Tal modelo é testado com base em uma amostra brasileira, utilizando metodologia econométrica de regressões multivariadas em primeira diferença de séries temporais. São utilizadas como variáveis explicativas medidas alternativas para a taxa livre de risco e para a taxa esperada de crescimento do lucro na perpetuidade. Diversas das medidas utilizadas foram relevantes para explicar os índices E/P no Brasil, corroborando as hipóteses formuladas. Os resultados mostram, também, que as medidas mais individualmente adequadas para a taxa livre de risco a serem utilizadas para precificação de ações no Brasil são aquelas baseadas em yields de títulos soberanos emitidos pelo governo dos EUA adicionados do prêmio pelo risco Brasil, medido com base no índice EMBI+ Brazil. Identifica-se que as taxas de juros locais, apesar de apresentarem poder explicativo individualmente inferior, são fatores com poder explicativo conjunto significativo, resultando em um modelo com uma taxa livre de risco média ponderada. Quanto à taxa esperada para o crescimento na perpetuidade, a variável mais significativa foi a projeção de consenso de mercado de curto prazo para o crescimento do PIB. Por fim, estima-se o prêmio pelo risco de mercado ex-ante no Brasil, com base no modelo proposto, utilizando coeficientes e variáveis identificadas nos testes econométricos. Tal estimativa mostrou-se substancialmente mais precisa quando comparada àquelas baseadas em retornos ex-post, inclusive em mercados internacionais, bem como quando comparada a outras metodologias ex-ante no Brasil.This work proposes a model for the estimation of the implied cost of equity. Such model is based on earnings/price ratios, E/P, on the expected perpetual earnings growth rate, g, and on the ? coefficient, which measures the rate of conversion of growth to return, and, therefore, to value. The proposed model is tested on a Brazilian sample, using multivariate first-difference time series regressions. The explanatory variables include several alternative measures for the risk-free rate and the expected perpetual earnings growth rate. The results show that most of the selected measures were relevant in explaining E/P ratios in Brazil, confirming the proposed hypothesis. The results also show that US sovereign bonds, combined with a measure for the Brazilian risk premium, the EMBI+ Brazil index, are the most relevant measures for the risk-free rate to be used in equity valuation in Brazil. Additionally, we conclude that local interest rates, albeit having individually lower explanatory power, remain relevant in conjunction with international bond yields, resulting in a weighted average risk-free rate. The most significant measure for the expected perpetuity growth rate was the short term consensus forecast for the GDP. Finally, we estimate the ex-ante market risk premium in Brazil, using the proposed model with coefficients and variables selected based on the econometric results. Such estimate is substantially more accurate when compared to ex-post estimates, including those for international markets, as well as other ex-ante estimates for the Brazilian market.
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Noda, Rafael Falcão. "Laudos de avaliação: metodologias utilizadas, erros e vieses." Universidade de São Paulo, 2018. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-20072018-100047/.
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Este trabalho se baseia na análise de 125 Laudos de Avaliação emitidos no contexto de Ofertas Públicas de Aquisição (OPAs) no Brasil realizadas no período entre 2006 e 2017. As OPAs movimentaram dezenas de bilhões de Reais, envolvendo companhias avaliadas, no total, em mais de R$ 300 bilhões. Os objetivos principais são três: (i) mapear as metodologias de avaliação utilizadas, (ii) identificar erros cometidos, comparando as metodologias utilizadas com o referencial teórico e (iii) medir vieses de posição na preparação das avaliações. Os resultados indicam (i) diversidade de metodologias aplicadas, o que pode gerar inconsistência e viés nos resultados, (ii) existência de erros, inclusive relacionados a conceitos básicos de avaliação de empresas e (iii) viés de posição por parte dos avaliadores, especialmente empresas independentes de consultoria, que tendem a emitir resultados consistentes com os interesses dos contratantes, potencialmente causando expropriação dos minoritários. Tais resultados mostram a necessidade de aumentar tanto a qualidade técnica dos avaliadores como o nível de controle sobre possíveis conflitos de agência. Possíveis mitigadores incluem a aplicação de legislação e regulação mais rigorosas, com maior controle do processo de avaliação pelos minoritários, e exigências relacionadas à qualificação técnica dos avaliadores, às metodologias aplicadas e à responsabilização do avaliador.This work is based on the analysis of 125 valuation reports (Laudos de Avaliação) issued in the context of tender offers (OPAs) in Brazil during the 2006-2017 period. Such offers had a total value of tens billions of Reais, with firms valued at over R$ 300 billion. The main objectives are (i) describe the valuation methodologies, (ii) identify errors, comparing the adopted methodologies with the theoretical framework and (iii) measure valuation biases. The results indicate (i) diversity of methodologies used by practitioners, possibly causing inconsistencies and biases in the results, (ii) existence of errors, some of them related to basic valuation concepts and (iii) valuation biases, especially in reports prepared by independent consulting firms, which tend to issue results consistent with the controlling shareholders\' interests, potentially causing expropriation of the minority shareholders. Such results indicate the need to improve the practitioners\' technical quality as well as the controls against agency conflicts. Possible mitigators include stricter legislation and regulation, with greater control by minority shareholders of the valuation process, and minimum requirements regarding the practioners\' technical qualification, acceptable methodologies and accountability of the report\'s issuer.
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Hauser, Marc. "Working Capital Management." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/04603254001/$FILE/04603254001.pdf.
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Plent, Adrien. "Le capital variable." Thesis, Aix-Marseille, 2016. http://www.theses.fr/2016AIXM1067.
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Spécificité légale, introduite dans notre droit positif par la loi du 24 juillet 1867, la variabilité du capital social demeure encore de nos jours trop méconnue et devrait, de fait, être érigée au rang des curiosités juridiques. On ne saurait objecter pareil constat en ce que le législateur lui-même ne semble pas lui porter un incommensurable intérêt. En effet, en ce que la variabilité du capital ne résulte que de l’adoption, par une forme sociale de droit commun, d’une simple clause statutaire, ce dernier n’a semble-t-il pas jugé indispensable d’édicter un régime juridique précis et autonome en sa faveur. Aussi, devrait-on y voir ici une renonciation certaine du législateur à la création d’une nouvelle forme sociale ne faisant, en conséquence, que renforcer la singularité dont elle fait l’objet. Toujours est-il que s’arrêter à une telle acception serait réducteur en ce que cette approche desservirait inexorablement la spécificité prévue aux articles L. 231-1 à L. 231-8 du Code de commerce et notamment quant aux nombreuses possibilités qu’elle octroie tant à la société se dotant de la spécificité légale qu’aux associés la composantLegal specificity, introduced into our substantive law in July 24th, 1867, the variability of the share capital is still too unknown even today and should in fact be raised to the ranks of legal curiosities. We could not object such report in the fact that the legislator does not seem himself to carry him immense one interest. Indeed, the fact that the variability of the capital only results from the adoption, by a social form of common law, of a simple statutory clause, the latter does not see it necessary to enact a specific and independent legal regime in its favour. Also, should the legislator object to the creation of a new social form, it will consequently only reinforce the peculiarity of such objection. The fact remains that to stop such acceptance would be reducing in the fact that this approach would serve inexorably the specificity outlined in articles L. 231-1 in L. 231-8 of the commercial law in particular as for the numerous possibilities that she grants as long to the company being equipped with the legal specificity that to the partners making up her
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Sega, Rafael Augustus. "Melhoramentos da capital." reponame:Repositório Institucional da UFPR, 2012. http://hdl.handle.net/1884/27112.
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Jokipii, Terhi Katariina. "Bank capital management." Thesis, City University London, 2009. http://openaccess.city.ac.uk/11926/.
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The work undertaken in this study empirically explores the determinants of regulatory bank capital buffers, and how they influence bank decisions. Focusing on bank capital management under the Basel I framework, this thesis serves to address some of the concerns that have been voiced regarding the implementation of the new regulation (Basel II) and the broader economic effects that could result. In particular, the research chapters of this thesis examine the cyclical behavior of European bank capital buffers, the long run relationship between bank capital buffers and charter values, and the simultaneous adjustments of capital and risk. In each of the research chapters, we acknowledge the endogenous nature of the capital decision of a bank, and assume that banks will define an internally optimal probability of default (a function of risk and capital) to be managed over the long term. Adjustment costs, illiquid markets, together with the costs associated with a regulatory breach contribute as factors in a banks internal decision when setting a target capital ratio. Treating capital in this way, we note that it is the amount of capital held above the requirement that determines a banks attitude towards risk. Importantly, this work has shown that excessive risk taking is rarely a consequence of insufficient capital.
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陳鶴明 and Hok-ming Nelson Chan. "Capital Museum, Beijing." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1999. http://hub.hku.hk/bib/B31984381.
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Rogan, Michelle A. "Acquiring social capital." Thesis, London Business School (University of London), 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.435932.
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Verma, Sanjeev. "Corporate venture capital." Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/10500.
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Berg, H. A. (Hendrik Alexander). "Measuring intellectual capital." Thesis, Stellenbosch : Stellenbosch University, 2003. http://hdl.handle.net/10019.1/49769.
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Thesis (MBA)--Stellenbosch University, 2003.ENGLISH ABSTRACT: Accounting in its current state of practice has lost its ability to inform business accurately about the current state of an organization. In awareness of this lack of information managers and academic researchers have developed different ways of measuring and navigating in a new landscape that has moved from watching tangible, physical assets towards intangible assets. The intellectual capital (IC) of organizations stands in the core of this movement which has to be measured, enabling managers to identify previous IC investment decisions that improved the organization's overall situation. The field of IC measurement is still a young discipline which requires regular reviews about what has been done and what should come next. The purpose of this thesis is to give a comprehensive overview of the field of intellectual capital measurements. In this the thesis focuses on the separation of IC into the three elements mostly used: human capital, structural capital and customer capital. IC measurement tools of commonly known IC-authors like Edvinsson and Malone, Stewart, Sveiby and Kaplan and Norton are presented. Afterwards the thesis discusses those measurements and ends by giving several suggestions creating a foundation for future development of IC measurement tools for organizations and researchers. By doing so the author intends to present a new platform of measurement tools from which further research can be done. Among the most important suggestions the author recommends a stronger focus towards finding standards. Also, organizations and governments should develop certification programmes to ensure the value of IC measurement tool. Other suggestions include the importance of putting lC measuring (and its management) on a strategic level and the relevance of publication of IC in order to learn from criticism. This research has shown that in the young field of IC measurement significant developments have been taking place. Further development will also have to focus on the theoretical background on the practically found measurement applications.
AFRIKAANSE OPSOMMING: In sy huidige staat het rekeningkunde sy vermoë verloor om besigheid akkuraat in te lig omtrent die huidige stand van 'n organisasie. Omdat hulle van hierdie gebrek aan inligting bewus is, het bestuurers and akademiese navorsers verskillende maniere ontwikkel om 'n nuwe omgewing wat wegbeweeg het van die monitering van tasbare, fisiese bates na onaantasbare bates, te meet en daarin te navigeer. Die intellektuele kapitaal (IK) van organisasies is die kern van hierdie beweging wat gemeet moet word, en stel bestuurders in staat om vorige IK-beleggingsbesluite wat die organisasie se algehele situasie verbeter het, te identifiseer. Die gebied van IK-meting is nog 'n jong dissipline wat gereelde hersiening van wat gedoen moet word en wat volgende moet gebeur, vereis. Die doel van hierdie tesis is om 'n omvattende oorsig te gee van die gebied van die meting van intellektuele kapitaal. In hierdie tesis val die fokus op die verdeling van IK in drie elemente wat die meeste gebruik word, naamlik menslike kapitaal, strukturele kapitaal en kliëntekapitaal. IK-metingsinstrumente van bekende skrywers oor IK, soos Edvinsson en Malone, Stewart, Sveiby en Kaplan, en Norton word aangebied. Daarna word daardie metings bespreek, en word die tesis afgesluit met voorstelle oor die daarstelling van 'n fondament vir toekomstige ontwikkeling van IK metingsinstrumente vir organisasies en navorsers. Sodoende poog die skrywer om 'n nuwe platform van metingsinstrumente aan te bied vir verdere navorsing. Die skrywer stel onder andere 'n sterker fokus op die daarstelling van standaarde voor. Organisasies en regerings behoort ook sertifiseringspropgramme te ontwikkel om die waarde van IK-metingsinstrumente te verseker. Ander voorstelle sluit in die belangrikheid daarvan om IK-meting (en die bestuur daarvan) op 'n strategiese vlak te plaas, en van die publikasie van intellektuele kapitaal ten einde uit kritiek te leer. Hierdie navorsing het getoon dat belangrike ontwikkelings op die jong gebied van IKmeting plaasvind. Verdere ontwikkeling sal ook op die teoretiese agtergrond van die prakties gebaseerde metingstoepassings moet fokus.
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Baudasse, Thierry. "Social capital creation." Universidad Peruana de Ciencias Aplicadas (UPC), 2014. http://hdl.handle.net/10757/333778.
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Si capital social es una fuente de desarrollo económico, es importante crear mecanismos de inversión social que sean capaces de alimentar el Si capital social es una fuente de desarrollo económico, es importante. En la tercera parte se evalúa el rol del capital social en la educación capital social, particularmente en países en vías de desarrollo económico,superior en lo concerniente a la formulación de políticas publicas en el sector educación.
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Gonçalves, Madalena Telo. "BPI: capital reinforcement." Master's thesis, NSBE - UNL, 2013. http://hdl.handle.net/10362/11679.
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Dana-Démaret, Sabine. "Le capital social." Lyon 3, 1988. http://www.theses.fr/1988LYO33004.
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La notion de capital social est liee a celle de personnalite morale des societes. Malgre les critiques qui ont pu lui etre adressees et les defauts qui peuvent etre releves, cette notion est essentielle en droit des societes et son importance doit etre affirmee. Un point semble acquis en fonction des reformes recentes, ce n'est plus un instrument de controle de la societe (le droit de vote n'est plus uniquement fonction de la possession d'actions). Lui attribuer ce role n'entrainerait que deception et critiques. En revanche, le capital social est un instrument fondamental en matiere de financement de l'activite sociale; il faut en ce sens l'envisager de maniere extensive (cela vise la possible inclusion des apports en industrie, et le regime de ce que l'on peut appeler quasi-capital). Il a aussi un role a jouer comme instrument de protection des creanciers (non comme gage direct, mais comme garantie indirecte), grace aux principes de fixite et d'intangibilite, qu'il faut cependant redefinir clairement : et dans une moindre mesure comme instrument de protection des associes par le role d'ecran qu'il joue parfois. En conclusion, la reflexion aboutit a affirmer la necessite du capital social, et lui organiser un reel statut juridique, notamment par une redefinition des regles qui le caracterisentThe share capital's notion is closely linked to the legal entity's one. In spite of criticisms that were levelled at him, and defects which can be finded, the share capital is quite basic in company law, and his importance must be asserted. According to french new legislative reforms, it seems now established that he can't any longer be regarded as a companies' control instrument (the voting power does not depend any more on the share's property). Assigning still now to him such a part would mean disappointment and criticisms. The share capital represents a basic instrument for financing the company's activity. So he must be regarded in an extensive way : that concerns the potential inclusion of "intellectual contribution" and the legal system of what could be named "quasicapital". Also, he can be used as a creditors'protection tool (not as direct pledge but as an indirect guarantee), because of steadiness and intangibility principles, which have to be redefined. To a lesser extent, he can be used as a partners'protection tool because of the screen-role he acts sometimes. In conclusion, the share capital is an essential notion and he needs a real legal status, particulary through a new definition of principles which accompany him (steadiness and intangibility)