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Dissertations / Theses on the topic 'Corporations – Finance'

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Published: 4 June 2021
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1

Fracassi, Cesare. "Social networks and finance." Diss., Restricted to subscribing institutions, 2009. http://proquest.umi.com/pqdweb?did=1872060441&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.

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2

Wang, Rong. "Essays in corporate finance." online access from Digital Dissertation Consortium, 2006. http://libweb.cityu.edu.hk/cgi-bin/er/db/ddcdiss.pl?3238684.

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3

Bena, Jan. "Essays on corporate finance." online access from Digital Dissertation Consortium, 2006. http://libweb.cityu.edu.hk/cgi-bin/er/db/ddcdiss.pl?3236700.

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4

Smith, Jason Matthew. "Topics in corporate finance." online access from Digital Dissertation Consortium, 2006. http://libweb.cityu.edu.hk/cgi-bin/er/db/ddcdiss.pl?3238676.

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5

Wagner, Hannes F. "Equity finance and control of corporations /." Berlin : dissertation.de, 2005. http://www.gbv.de/dms/zbw/481918809.pdf.

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6

Kusnadi, Yuanto. "Two essays on corporate finance /." View abstract or full-text, 2007. http://library.ust.hk/cgi/db/thesis.pl?FINA%202007%20KUSNAD.

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7

Rehman, Zahid ur. "Essays in empirical corporate finance." online access from Digital Dissertation Consortium, 2007. http://libweb.cityu.edu.hk/cgi-bin/er/db/ddcdiss.pl?3298766.

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8

Klein, Manuel. "Essays on the theory of corporate finance." online access from Digital Dissertation Consortium, 2007. http://libweb.cityu.edu.hk/cgi-bin/er/db/ddcdiss.pl?3298762.

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9

Markou, Andreas Efstathios. "Essays in empirical corporate finance." Thesis, University of Cambridge, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.648606.

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10

Chang, Xin. "Three essays on corporate finance /." View abstract or full-text, 2003. http://library.ust.hk/cgi/db/thesis.pl?FINA%202003%20CHANGX.

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11

Chang, Yuk Ying. "Three essays on corporate finance /." View Abstract or Full-Text, 2003. http://library.ust.hk/cgi/db/thesis.pl?FINA%202003%20CHANG.

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12

Seru, Amit. "Essays in corporate finance organizational form, financing and innovation /." online access from Digital Dissertation Consortium, 2007. http://libweb.cityu.edu.hk/cgi-bin/er/db/ddcdiss.pl?3276291.

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13

Kusnadi, Yuanto Kusnadi Yuanto. "Two essays on corporate finance." online access from Digital Dissertation Consortium, 2007. http://libweb.cityu.edu.hk/cgi-bin/er/db/ddcdiss.pl?3285724.

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14

Zhang, Ling. "Two essays in corporate finance." online access from Digital Dissertation Consortium, 2006. http://libweb.cityu.edu.hk/cgi-bin/er/db/ddcdiss.pl?3240978.

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15

Miyakawa, Daisuke. "Essays on corporate finance and banking." Diss., Restricted to subscribing institutions, 2008. http://proquest.umi.com/pqdweb?did=1779835321&sid=6&Fmt=2&clientId=1564&RQT=309&VName=PQD.

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16

Yan, Jinghua. "Essays on corporate finance and financial institutions." online access from Digital Dissertation Consortium, 2007. http://libweb.cityu.edu.hk/cgi-bin/er/db/ddcdiss.pl?3271837.

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17

Nguyen, Huyen T., University of Western Sydney, College of Law and Business, and School of Accounting. "Project finance risk pricing decision : Australian evidence." THESIS_CLAB_ACC_Nguyen_H.xml, 2002. http://handle.uws.edu.au:8081/1959.7/352.

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This thesis presents empirical research into the project risk pricing decision undertaken by Australian project leaders for domestic project finance. It addresses questions about the relative importance of various project finance risks on the project risk pricing decision; the impact of risk interactions; and the degree of self-insight possessed by Australian project leaders when making this decision. Five project financing risk most frequently cited in the literature, namely: operating, environmental, market, political/regulation, and sponsors, were selected. Sixteen hypothetical risk pricing cases were structured, which were completed by twenty-five project leaders working in Sydney. The collected data was analysed, and the results show that the five project financing risks had strong impact on the project risk pricing decision. Among them, market risk is the most influential factor, followed by operating, sponsors, and political/regulation risks, while environmental risk was the factor with least effect. Very little support, however, was provided for the hypothesis that risk interactions impact the project risk pricing decision. Among the ten two-level risk interactions tested, only the interaction between sponsors and political/regulation was found to be significant. In relations to the degree of self-insight, various comparisons between subjective and objective weights demonstrated that the project leaders, in general, were quite insightful about their project finance risk pricing decisions
Master of Commerce (Hons)
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18

Kim, Yeo Hwan. "Default risk as a factor affecting the earnings response coefficient : a comparative study of the US and South Korea." Thesis, Queensland University of Technology, 2002.

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19

Pan, Carrie H. "Two essays in corporate finance." Columbus, Ohio : Ohio State University, 2007. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1186166338.

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20

Xu, Shujing, and 徐淑婧. "Do financial firms exhibit any special acumen? : evidence from accelerated seasonsed equity offerings." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hdl.handle.net/10722/202254.

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Accelerated bookbuilding method, a streamlined equity offering process, shortens the period for underwriters to exert marketing effort and perform due diligence in seasoned equity offerings. This leads to reduced efforts in minimizing information asymmetry between the issuer, underwriter and investors. My results show that financial issuers have a higher tendency to accelerate the SEO process after controlling for other firm-level offering characteristics. I hypothesize that financial issuers by their nature enjoy less information asymmetry and greater financial expertise, thus they derive only smaller benefit from costly bookbuilding process. Using a sample of financial and non-financial SEOs, I test the equity offering agency model by examining issuers’ decision to accelerate and the accompanying floatation costs. My tests show that only financial issuers can save costs in accelerated SEOs, while non-financial issuers incur higher flotation costs when shortening the bookbuilding process. Further evidence on accelerated SEO post-issue long-run performance shows that financial issuers are better at timing their equity issuance compared with their size and book-to-market matched non-financial counterparts. My results are consistent with Baron’s (1982) agency model in equity offering and Myers and Majluf’s (1984) information asymmetry model of the decision to issue security.
published_or_final_version
Economics and Finance
Doctoral
Doctor of Philosophy
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21

Sungho, Choi. "Three essays in banking and finance." Full text available, 2005. http://images.lib.monash.edu.au/ts/theses/sungho.pdf.

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22

Moyen, Nathalie. "Financing investment with external funds." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape7/PQDD_0019/NQ46396.pdf.

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23

Wang, Hao 1973. "Three essays on corporate debt, capital structure and managerial entrenchment." Thesis, McGill University, 2007. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=103307.

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This dissertation comprises three essays. In the first essay, I develop a contingent-claims model to investigate the impact of managerial entrenchment on corporate policies and security valuation. The model emphasizes the role that managerial agency issues play in determining both a firm's dividend payout and capital structure. I show quantitatively that self-interested managers' leverage choices deviate from those ex ante maximize firm values. The results suggest that dividend yields are negatively affected by both leverage ratios and managerial entrenchment. They provide implications for empirical research attempting to relate dividend policy to capital structure. In addition, the model offers a new framework to measure managerial entrenchment using observed leverage and dividend payout.
In the second essay, we use a set of structural models to evaluate the price of default protection for a sample of US corporations. In contrast to previous evidence from corporate bond data, CDS premia are not systematically underestimated. In fact, one of our studied models has little difficulty on average in predicting their level. For robustness, we perform the same exercise for bond spreads by the same issuers on the same trading date. As expected, bond spreads relative to the Treasury curve are systematically underestimated, consistent with their being driven by significant non-default components. This is not the case when the swap curve is used as a benchmark, suggesting that previously documented underestimation results may be sensitive to the choice of risk free rate.
In the third essay, we develop a valuation model that simultaneously captures credit risk and interest rate risk, and apply it to study the valuation of putable corporate bonds. We ask what risks put features provide insurance against in practice - credit risk, liquidity risk or interest rate risk - and to what degree? We find that they reduce the components of all three risks in bond spreads. The most important, perhaps surprisingly is default or spread risk, followed by term structure risk. The reduction in the liquidity component is present but rather small.
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24

Yick, Ho-yin, and 易浩然. "Tax asymmetry, investment decisions and capital structure." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2008. http://hub.hku.hk/bib/B4098798X.

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25

Gantsho, Mandla Sizwe Vulindlela. "Corporate entrepreneurship in development finance institutions an experimental case study design /." Thesis, Pretoria : [s.n.], 2006. http://upetd.up.ac.za/thesis/available/etd-11152006-162242.

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26

Low, An Chee. "Two essays in corporate finance." Columbus, Ohio : Ohio State University, 2007. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1186598647.

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27

Eichler, Dirk. "Capturing the value of corporate real estate portfolios : separate or integrate? /." Thesis, Hong Kong : University of Hong Kong, 2002. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25940909.

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28

Nguyen, Huyen T. "Project finance risk pricing decision : Australian evidence." Thesis, View thesis, 2002. http://handle.uws.edu.au:8081/1959.7/352.

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This thesis presents empirical research into the project risk pricing decision undertaken by Australian project leaders for domestic project finance. It addresses questions about the relative importance of various project finance risks on the project risk pricing decision; the impact of risk interactions; and the degree of self-insight possessed by Australian project leaders when making this decision. Five project financing risk most frequently cited in the literature, namely: operating, environmental, market, political/regulation, and sponsors, were selected. Sixteen hypothetical risk pricing cases were structured, which were completed by twenty-five project leaders working in Sydney. The collected data was analysed, and the results show that the five project financing risks had strong impact on the project risk pricing decision. Among them, market risk is the most influential factor, followed by operating, sponsors, and political/regulation risks, while environmental risk was the factor with least effect. Very little support, however, was provided for the hypothesis that risk interactions impact the project risk pricing decision. Among the ten two-level risk interactions tested, only the interaction between sponsors and political/regulation was found to be significant. In relations to the degree of self-insight, various comparisons between subjective and objective weights demonstrated that the project leaders, in general, were quite insightful about their project finance risk pricing decisions
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29

Loureiro, Gilberto Ramos. "The reputation of Underwriters, the bonding hypothesis, and the impact on the information environment of U.S cross-listed firms." Columbus, Ohio : Ohio State University, 2007. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1186628938.

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30

Akhand, M. D. Zakir Hossain. "Coercion or persuasion? : making large corporations tax compliant in Bangladesh." Thesis, University of Birmingham, 2012. http://etheses.bham.ac.uk//id/eprint/3801/.

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To induce tax compliance, two opposite approaches are used: the coercive and the persuasive: firm action versus collaboration. Little attention has been paid to the comparative success of these two approaches – a situation this thesis seeks to remedy by investigating the effectiveness of three coercive and three persuasive instruments among large corporate taxpayers registered with the LTU of Bangladesh. Following an analysis of survey data using binary and multilevel logit and CHAID models, and an analysis of elite interviews employing an interpretivist approach, the findings suggest that coercion or persuasion are less likely to improve tax compliance when used separately than when used in combination, although coercion seems the more powerful of the two. Factors underlying the power of the coercive approach are the rationality and regularity of its application, along with its legal and financial imperatives. Reasons contributing to the appeal of the persuasive approach are a reduction in tax compliance costs, an improvement in accountability and a reduction in knowledge gaps between taxpayers and tax administrators, and coordination of the various tax laws.
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31

Frye, Melissa B. "Essays on the effectiveness of corporate governance mechanisms in initial public offerings." Diss., Georgia Institute of Technology, 1999. http://hdl.handle.net/1853/29155.

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32

Sankarasubramanian, Lakshminarayanan. "The impact of personal taxes on two areas in the theory of financial markets." Thesis, University of British Columbia, 1987. http://hdl.handle.net/2429/27524.

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This thesis considers the impact of taxation on two problems in the theory of financial markets. The first paper deals with the optimal choice of debt made by value-maximising firms. We consider a one-period world with personal and corporate taxation and distinguish between the repayment of principal and the payment of interest on corporate debt. It is shown that at optimum, a value-maximising firm may choose to issue multiple debt contracts with differing seniorities. In addition, the impact of a change in the tax rates (corporate or personal) on the optimum level of debt is seen to be ambiguous. Unambiguous statements can, however, be made about the impact of a change in the corporate tax rate on firm value, the value of the equity and on the required rate of return on risky corporate debt. The analysis borrows heavily on a framework that we develop early in the paper which permits us to visualise the value-maximising firm's choice of an optimal capital structure, graphically. The second essay examines the impact that taxes have on the pricing of call options on corporate stock. It is demonstrated that the process of replication can be influenced by the basis of the stocks used for the replication process as a result of the capital gains taxes involved. Consequently, the equilibrium price for an option is some average of the various costs of replication that different investors face. We find that the equilibrium price for the option can be influenced by investor preferences and by the history of the stock price. The empirical findings of an apparently unpredictable strike-price bias that have been observed in the past literature is examined and duplicated numerically. In addition, one explanation is given for the rationale behind covered option positions that consist of an option position and the corresponding hedge.
Business, Sauder School of
Graduate
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33

He, Ting. "Three essays in corporate finance and corporate governance." HKBU Institutional Repository, 2011. http://repository.hkbu.edu.hk/etd_ra/1230.

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34

Payne, Kenneth L. "Financing instructional materials in Indiana public school corporations." Virtual Press, 1987. http://liblink.bsu.edu/uhtbin/catkey/505144.

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The purpose of the study was to analyze current procedures utilized for financing textbooks and related instructional materials by Indiana public school corporations and public school corporations in selected states. Respective practices were examined in order to determine feasible methods/alternatives for Indiana school corporations to use in overcoming the contemporary financial and administrative dilemma which existed in the 1985-86 school year.A descriptive questionnaire was developed from a review of literature and with the assistance of colleagues. Data obtained by the instrument were analyzed using frequency tabulations and percentages. Based on information gained from the study and data collected in superintendents in Indiana, solutions to financing instructional materials for Indiana school corporations were determined.Data collected supported the following conclusions: 1. Public school corporations in Indiana charge fees for textbooks and related instructional materials and are experiencing difficulties in collecting textbook rental and related fees from parents or guardians of school children.2. The use of small claims court for recovering fees is not an effective method for most public school corporations in Indiana.3. Township trustees and/or county councils should pay for textbooks and instructional materials of students whose parents or guardians are declared by the courts to be indigent.4. The current formula for determining textbook rental rates is satisfactory.5. Legislation should be adopted to permit public school corporations to increase revenue in order to finance textbooks and related instructional materials.6. To be in concert with other states in the United States and more specifically within the Great Lakes Region, public school students should be supplied textbooks and related instructional materials without charge.7. The location and size of school corporations have implications to problems existing in public school corporations when administering textbook rental programs.8. Lack of additional finance has restricted public school corporations in implementing new programs to be funded by the general fund budget.9. Based on the average rankings of ten regions, public school corporations in Regions I, II, and VI encountered the greatest difficulty in financing textbooks and related instructional materials. Public school corporations have the least problems in supplying textbooks to school students.10. Based on the average rankings of six enrollment groups, public school corporations in the smallest three groups had the greatest success in financing textbooks and related instructional materials for students.11. Additional costs for school corporations are incurred when interest is paid to publishers for overdue accounts or for installment payment programs.12. School corporations with deficit balances or significantly decreasing balances in textbook rental accounts are in. need of assistance in collecting outstanding fees from constituents and/or means of generating sufficient revenue to account for required textbooks and related instructional materials for students.
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35

Rozelle, Zachari D. "Nontraditional revenue sources being used by Indiana school corporations and Indiana high schools." Virtual Press, 2006. http://liblink.bsu.edu/uhtbin/catkey/1336624.

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Nontraditional revenue is the term used to describe sources of funding other than those provided by federal and state support, including grants, and those provided by local property tax levies. Examples included licensing agreements, advertising in school facilities and on school property, school business partnerships, booster clubs, education foundations, and user fees. The purpose of this study was (1) to identify the sources of nontraditional revenue used by Indiana school corporations and Indiana high schools, (2) to assess local school officials' attitudes and expectations regarding the use of nontraditional revenue, and (3) to provide some insight as to how Indiana school corporations and schools utilize those funds.A QUAN-Qual Model was used for this study. The QUAN-Qual Model enabled the researcher to conduct the study in two phases. The first phase was comprised of a survey instrument used to identify the kinds of nontraditional revenue being used and to collect data regarding the amounts of nontraditional revenue being generated. The instrument was also used to measure attitudes towards nontraditional revenue and the perceived importance of those funds. The second phase was comprised of qualitative data collection through telephone interviews with school corporation and high school administrators conducted in February and March 2006. Analysis and interpretation of that data provided additional information about attitudes towards nontraditional revenue and how those funds are used.All Indiana school corporations and high schools that were included in the study utilized nontraditional revenue sources to varying degrees. They supplemented traditional funding with licensing agreements, school-business partnerships, booster clubs, education foundations, individual donations, and user fees. Nontraditional sources of revenue were identified as being essential for supporting some activities and programs. However, the researcher's sampling of corporation level administrators' and high school principals' attitudes regarding that revenue suggested that neither group relied on it to provide for essential personnel or programs. Statistically significant data suggest that school corporations and schools located in rural settings might be at a disadvantage with respect to their capacity to generate nontraditional revenue.
Department of Educational Leadership
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36

Nguyen, Huyen T. "Project finance risk pricing decision : Australian evidence /." View thesis, 2002. http://library.uws.edu.au/adt-NUWS/public/adt-NUWS20030728.091703/index.html.

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Thesis (M.Comm. (Hons.)) -- University of Western Sydney, 2002.
"An empirical study of the project finance risk pricing decision made by Australian project leaders in terms of project finance risk weighting and degree of self-insight" Bibliography : leaves 98-105.
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37

Zeitun, Rami M. A. "Firm performance and default risk for publicly listed companies in emerging markets a case study of Jordan /." View thesis, 2006. http://handle.uws.edu.au:8081/1959.7/35666.

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Thesis (Ph.D.)--University of Western Sydney, 2006.
A thesis presented to the University of Western Sydney, College of Law and Business, School of Economics and Finance, in fulfilment of the requirements for the degree of Doctor of Philosophy. Includes bibliographies.
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38

Kish, Richard John. "Noncallable debt evidence and effect /." Gainesville, FL, 1988. http://www.archive.org/details/noncallabledebte00kish.

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39

Suchard, Jo-Ann Clair Banking &amp Finance Australian School of Business UNSW. "The use of hybrid securities to raise capital in Australian listed markets." Awarded by:University of New South Wales. School of Banking and Finance, 2001. http://handle.unsw.edu.au/1959.4/30377.

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Studies on the use of hybrid securities by listed firms to raise capital in international markets have been limited. The existing evidence on the seasoned capital raising process has concentrated on straight equity and debt issues in the United States (US) market. The Australian market provides a unique comparative capital raising environment as it has a number of operating and structural features that are different to many other markets. These differences include the method of issuing securities (rights issues), underwriting contracts (standby contracts), the trading volume of securities (thin trading), the industry makeup of listed firms (a high number of resource firms) and characteristics of capital raising instruments (convertible debt is non callable and is the only type of listed debt instrument, options are used as stand alone instruments to raise capital). This research focuses on how these differences give rise to differences in the share price reaction to security issues, the relevant explanations of the share price reaction, the security choice decision and the demand for underwriter services in the Australian market, compared to other markets. The impact of the announcement of hybrid security issues is examined using event study methodology adjusted for thin trading (as per Maynes and Rumsey(1993). Australian markets have differing characteristics to international markets including differing issue and issuer characteristics of hybrid security issues. However, the announcement effect evidence for Australian hybrid issues is consistent with international evidence for convertible debt issues but is inconsistent for company issued options and preference shares. Announcements of convertible debt are met with a significant negative share market response, a positive pre announcement runup and negative post announcement dnft, similar to US and UK issues. Although the announcement of an option issue can be viewed as an issue of delayed equity, option issues are met with a significant positive share price response rather than the negative share price response found for international equity issues. Announcements of preference share issues are met with an insignificant positive share price response which is in contrast to US and UK results. The results of the analysis of the explanation of the announcement effect of issuing new hybrid securities in the Australian market, suggest that different variables are significant explanators for the Australian market compared to international markets. The results of the models developed for the explanations of the announcement effect of Australian hybrid issues differ across security type. In general, the results for Australian issues of hybrid securities provide the greatest support for variants of the information asymmetry hypothesis. Convertible debt issues are best explained by the general information asymmetry hypothesis and the information asymmetry : external monitoring hypothesis. Option issues are best explained by information asymmetry : rights issues information asymmetry : signalling and agency cost hypotheses. Preference share issues are best explained by information asymmetry : rights issues, information asymmetry : external monitoring and the information asymmetry : signalling hypothesis. The security choice decision between hybrid securities is examined using logit regression analysis. When the choice is restricted to options and convertible debt, firms with high financial risk (leverage) and firm nsk (share volatility) are more likely to issue equity or in this study, equity like securities (options) and firms with higher pre announcement returns and larger issue size are more likely to issue debt or debt like securities (convertible debt). When the choice is extended to include preference shares, firms with high firm risk are more likely to choose options and firms making a relatively large issue are less likely to choose options (when financial risk is measured as long term debt over total assets) or more likely to choose convertible debt (when financial risk is measured as long term debt over equity). The determinants of underwriter use are examined using logit regression analysis for option issues as they are the only type of hybrid instruments that are not mostly underwritten. The results for the demand for underwriter services show that issue size, trading frequency and market risk are the determinants of the use of underwriters for Australian option issuers. This implies that mangers are more likely to choose to use an underwriter, the higher the amount of capital to be raised, the higher the trading frequency of the shares and the lower the market risk. The results are similar to partial results found for New Zealand and Norwegian equity issues where subscription price discount, issue size, firm risk, trading frequency, shareholder concentration and shareholder precommitments are determinants of underwriter use.
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40

Chan, Yan-cheong Archie, and 陳忍昌. "Capital structure of selected industries." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1989. http://hub.hku.hk/bib/B31264268.

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41

Nakale, Mansueta Maria Nandjila. "An impact analysis of working capital management on profitability of working capital entensive companies listed on the Johannesburg stock exchange." Thesis, Stellenbosch : Stellenbosch University, 2009. http://hdl.handle.net/10019.1/97171.

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Thesis (MBA)--Stellenbosch University, 2009.
ENGLISH ABSTRACT: The purpose of this report is to establish whether a statistically significant relationship exists between a company's profitability and its working capital management. Profitability is measured by the return on assets, return on equities and Tobin's q ratio - the dependent variables in the report. Working capital management is assessed by inventory period, receivable period, payable period, operating cycle, cash conversion cycle and operating cash flow to total assets ratio - the independent variables in the report. Other independent variables applied are leverage and real gross domestic product growth rate. The report used a sample of working capital intensive companies listed on the Johannesburg Stock Exchange for the period of 1995-2005. These companies are divided into four sub-samples based on their working capital intensiveness. Companies with a ratio of current assets to total assets ranging from 0% to 24,99%, and from 25,00% to 49,99% are regarded as less working capital intensive. Companies with a ratio of current assets to total assets ratio ranging from 50,00% to 74.99%, and from 75,00% to 100.00% are considered high working capital intensive. The results of this research reveal that there is a positive statistically significant relationship between profitability and operating cash flow to total assets ratio. Therefore, companies with positive operating cash flow figures are likely to be profitable. The results exhibit a negative relationship between profitability and leverage. This is an indication that in order to increase its profitability, a company needs to reduce its debt ratio and keep it within the optimum capital structure level. The relationship between profitability and other independent variables is not consistent, indicating variation in working capital policies across industries. There is also a positive relationship between profitability and real GDP growth rate, although this is reflected during 2000 only. This indicates that companies' profitability is influenced by the overall economic performance. The report further evaluates whether less working capital intensive companies are more profitable as compared to high working capital intensive companies. Evidence shows that there is no difference in the profitability of less working capital intensive companies and high working capital intensive companies. However, there is confirmation that less working capital intensive companies have a high Tobin's q ratio as compared to high working capital intensive companies. This means that the percentage difference between the market value and assets is higher for less working capital intensive companies as compared to that of high working capital intensive companies.
AFRIKAANSE OPSOMMING: Die doel van hierdie verslag is om vas te stel of 'n statisties betekenisvolle verhouding tussen die winsgewendheid en die bedryfskapitaal bestuur van 'n maatskappy bestaan. Winsgewendheid word gemeet aan die opbrengs op bates, opbrengs op aandeelhouersbelang en Tobin se q-verhouding - die afhanklike veranderlikes in die verslag. Bedryfskapitaal bestuur word gemeet deur voorraadperiode, debiteursperiode, krediteursperiode, operasionele siklus, kontantomsettingsilkus en kontantvloei uit bedryfsaktiwiteite tot totale bates-verhouding - die onafhanklike veranderlikes in die verslag - te bepaal. Ander onafhanklike veranderlikes aangewend is skuldkapitaal verhouding en groei-tempo van die reele binnelandse produk. Die verslag het gebruik gemaak van 'n seleksie van bedryfskapitaal intensiewe maatskappye wat op die Johannesburgse Aandelebeurs genoteer was vir die tydperk 1995-2005. Hierdie maatskappye is in vier sub-groepe verdeel volgens bedryfskapitaal intensiwiteit. Maatskappye met 'n verhouding van bedryfsbates tot totale bates tussen 0% en 24,99%. en 25,00% tot 49,99% word as minder bedryfskapitaal intensief beskou, terwyl maatskappye waar hierdie verhouding tussen 50,00% en 74,99%, en 75,00% en 100,00% Iê as hoogs bedryfskapitaal intensief beskou word. Die resultate van hierdie navorsing dui op 'n statisties betekenisvolle verhouding- tussen winsgewendheid en die verhouding van kontantvloei uit bedryfsaktiwiteite tot fatale bates. Dus is maatskappye met positiewe kontantvloei-syfers uit bedryfsaktiwiteite waarskynlik winsgewend. Die resultate dui op 'n negatiewe verhouding tussen winsgewendheid en skuldkapitaal-verhouding, wat daarop dui dat 'n maatskappy die skuld-verhouding moet verminder en binne die optimale kapitaalstruktuur vlak te bly om winsgewendheid te vcrbeter. Die verhouding tussen winsgewendheid en ander onafhanklike veranderlikes is nie konstant nie, wat op beleidsverskille dui ten opsigte van bedryfskapitaal tussen verskillende nywerhede. Daar is 'n positiewe verhouding tussen winsgewendheid en groei in reele binnelandse produk, selfs al word hierdie verhouding slegs gedurende 2000 gesien. Dit dui daarop dat die winsgewendheid van maatskappye beinvloed word deur die algehele ekonomiese toestand. Die navorsing ondersoek verder of minder bedryfskapitaal intensiewe maatskappye meer winsgewend is as meer bedryfskapitaal intensiewe maatskappye. Resultate dui geen verskil tussen die winsgewendheid van minder bedryfskapitaal intensiewe maatskappye en meer bedryfskapitaal intensiewe maatskappye aan nie, maar bevestig wel dat minder bedryfskapitaal intensiewe maatskappye 'n hoër Tobin se q-verhouding toon. Dit beteken dat die persentasie verskil tussen markwaarde en totale bates hoër is vir minder bedryfskapitaal intensiewe maatskappye as vir meer bedryfskapitaal intensiewe maatdkappye.
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42

ZHOU, Ying. "Ownership structure, board characteristics, and tax aggressiveness." Digital Commons @ Lingnan University, 2011. https://commons.ln.edu.hk/acct_etd/3.

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Tax aggressiveness, as commonly proxied by the effective tax rate (ETR), measures a firm’s effort spent on minimizing its tax payments. It is suggested that more tax aggressive firms have greater incentives to allocate resources to minimize taxes and thus have lower ETRs. Corporate governance has been continuously receiving attention in literature across different fields and can affect a firm’s tax strategy through its control mechanism. This thesis investigates how corporate governance influences a firm’s tax aggressiveness. The main hypothesis of this thesis is whether firms with good corporate governance will have less incentives and opportunities to manage tax aggressively. Specifically, I take advantages of the distinct institutional settings in China to study whether the Chinese firm’s tax aggressiveness is affected by ownership structure and the characteristics of board of directors. Using all non-financial listed companies in the Chinese A-share market during 2003 and 2009 period, I find that firms with state-controlled nature and lower proportion of controlling shares pursue less aggressive tax strategies and maintain higher ETRs. In addition, my finding is consistent with prior literature that a higher percentage of the boards’ shareholdings and dual service duties performed by the board chairman result in lower ETRs. However, I do not find a significant relationship between the percentage of independent directors and tax aggressiveness which may suggest the ineffective role of independent directors in China.
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43

Aborbie, Solomon. "Narrowing the Gap of Financial Fraud Detection in Corporations." Thesis, Walden University, 2015. http://pqdtopen.proquest.com/#viewpdf?dispub=3688003.

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Business leaders remain exposed to financial and accounting fraud as well as loss of profitability, despite the dictates of the SOX Act of 2002. The most challenging aspect of corporate management is the unexpected nature of an emerging, existing, or an inherent financial risk. Guided by the evolution of fraud theory, this exploratory case study's purpose was to identify and explore the financial management strategies that corporate financial managers need to adequately protect investors. Twenty participants from a population group of corporate auditors of Fortune 1000 corporations within 70 miles of Columbus, Ohio provided input for this study. Data from the interviews were analyzed through coding, reviewing, categorizing, and combining common statements. The research findings included themes of knowledge and types of risks; the impact of financial fraud and risks on investment; the impact of accounting, auditing, and financial reporting standards; as well as financial management training to minimize audit expectations. These themes formed the focus of exploring the financial management strategies that corporate financial managers need to adequately protect investors and investments. In addition to the antifraud measures, financial managers may detect and control inherent risks in emerging opportunities for positive social change that includes enhanced knowledge in diversification of investments, an increase in economic resources, economic growth, and greater employment in the United States.

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44

Pearson, Joseph R. "Indicators of deficit financing in the general fund of Indiana public school corporations." Virtual Press, 2004. http://liblink.bsu.edu/uhtbin/catkey/1285413.

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The purpose of this study was to determine if a set of twelve financial ratios developed from revenue and expenditure characteristics of Indiana public school corporations in 1998, 1999, and 2000 could forecast a district's financial condition in 2001 and 2002. The study was limited to the statutory general fund which finances a district's day-to-day instructional expenditures. A district's financial status was determined by computing a composite financial status ratio (CFSR) using the district's annual net revenues and expenditures for 2001 and 2002. The relationship of twelve independent variables was examined with the CFSR continuum using multiple linear regression analyses. The population of the study included 286 of the 293 public school corporations in Indiana. The findings of the study found: (1) 94.4 percent of Indiana's public school corporations were considered non-financially distressed and 5.6 percent were considered financially distressed; (2) four independent variables were identified as significant and practical predictors of a district's financial condition: annual spending, December 31st encumbered cash balance, biannual spending, and annual expenditures/ADM ratios; (3) three independent variables were significant; however, the variables were not considered functional predictors of a district's financial condition: personnel/annual expenditure, certified instruction/personnel expenditure, and local property tax/annual revenue; and (4) four independent variables were not significant and were unable to predict a school district's financial condition: December 31S` net cash balance, employee benefit/annual expenditure, student growth, and school size impact factor ratios. The conclusions indicate: (1) financial ratios can be utilized by administrators to forecast a district's financial condition; (2) several financial ratios capable of forecasting a district's financial condition are under the management control of administrators; (3) financial ratios vary in the period of time they are capable of predicting a district's financial condition; (4) all statistically significant financial ratios may not be consistent predictors of a district's financial condition; (5) not all financial ratios serve as predictors of a district's financial condition even though the ratios provide important financial information; and (6) combined multiple year financial data, in addition to single year data, can be utilized to enhance the model's ability to predict a district's financial condition.
Department of Educational Leadership
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45

Chu, Kai-cheung, and 朱啟祥. "The effects of mean reversion on dynamic corporate finance and asset pricing." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2012. http://hub.hku.hk/bib/B47752762.

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 This thesis aims to investigate the effects of mean reversion on dynamic corporate finance decisions and stock pricing. In Chapter 1, a continuous-time real option model of mature firm that produces product with exogenous mean reverting price is developed to study the firm’s optimal exit and leverage policies. Simulation results show that both liquidation and bankruptcy triggers are negatively related to the long run price levels, while the speed of mean reversion interacts with the long run price level to affect the firm’s exit decisions in two opposite directions depending on the level’s relative magnitude to total operating expenses (the firm’s instantaneous operation costs plus coupon payments). Regarding the leverage policy, apart from showing the static tradeoff result that firm uses more debts when the current revenues are high, the model exhibits at high long run price levels low-debt scenarios that are analogous to the pecking order prediction, suggesting that both static tradeoff and pecking order effects coexist under a mean reversion environment. Because equity values increase more vigorously with prices than debt values do, the tradeoff effect is overwhelmed and the resulting optimal leverage ratios are generally decreasing with the current price levels. Chapter 2 extends the model in Chapter 1 to derive the closed-form expression of the firm’s equity beta. Because expected stock returns are linearly related to the equity beta by model assumption, several implications to the cross-sectional behaviors of stock returns are obtained. First, it is predicted that firms with mean reverting characteristics should earn lower average returns than others without. The model further reveals the coexistence of positive book-to-market and leverage premiums to stock returns. Most importantly, due to the possession of bankruptcy option by equity holders, high distress risk stocks are expected to earn lower average returns than otherwise similar but low distress risk stocks. This provides an extra dimension to study the ‘distress premium puzzle’. Finally to verify the model predictions, empirical tests using historical market and accounting data from CRSP and COMPUSTAT are conducted, and supportive results are generally obtained.
published_or_final_version
Economics and Finance
Doctoral
Doctor of Philosophy
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46

Zou, Fei. "Essays on the accounting accruals anomaly." 2003. http://wwwlib.umi.com/cr/utexas/fullcit?p3116245.

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47

Wang, Cong. "Essays in corporate finance." Diss., 2007. http://etd.library.vanderbilt.edu/ETD-db/available/etd-06252007-103057/.

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48

Wei, Dan. "Two essays on international corporate finance." Thesis, 2002. http://wwwlib.umi.com/cr/utexas/fullcit?p3108534.

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Pshisva-Goldsmit, Rony. "Essays in corporate finance." 2005. http://catalog.hathitrust.org/api/volumes/oclc/72035833.html.

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50

"Tax efficient finance for South African entities." Thesis, 2012. http://hdl.handle.net/10210/6203.

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M.Comm.
At some stage in the development of multi-national organisations, the need for a company to raise adequate finance for the group and use the group's retained earnings in the most efficient way may well arise. In order to raise adequate finance tax efficiently, careful consideration should be given to, inter alia, income tax consequences pertinent to different jurisdictions considered as a possible locus for a finance company. Since South Africa's emergence into the modern day commercial village, many foreign investors were either re-introduced or introduced to South Africa as a place of business or potential business. Also, South African businesses started to expand more rapidly across the country's borders. Assuming, as the optimist would, that what has been experienced is only the start of greater things to come, the need for the development of international tax planning techniques and/or the identification of planning opportunities in the context of group finance companies is imperative. Naturally, such techniques can only be developed subsequent to analysing the tax systems of the home jurisdiction of potential major investors (for instance the United States of America) and/or of jurisdictions which traditionally represented planning opportunities from a South African perspective (for instance the Netherlands) and/or of jurisdictions that may become relevant from a planning perspective as a result of South Africa's transition or some other reason such as differences in tax systems opening up the opportunity for tax arbitrage (for instance Mauritius or Ireland, respectively). However, since the first and second of the above categories have been explored amply up until the current point in time there is no need to take them into account in yet another study.
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