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Seroka, Ngwanatau. "The Influence of Financing Structure on Performance of MSMEs in South African: "The Valley of Death"." Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/28374.
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Previous researchers, especially on large enterprises, have revealed that debt financing structure influences enterprise performance. Though the issue has been extensively researched, micro, small, and medium-sized enterprises (MSMEs) have traditionally been operating differently as compared to large enterprises in terms of their financial decisions, ownership and management style, and behaviour. Therefore, this study will explore the gaps encountered by all MSMEs to grow their businesses. These include forms and type of industry, firm size, asset tangibility, and a firm’s current assets in relation to its current liabilities and profitability level. The study examines the influence of financing structures on performance of micro, small and medium-sized enterprises (MSMEs) in South Africa. The ordinary least squares (OLS) technique of measurement is applied to examine the effects of financing structure on performance across various industrial sectors in the years 2013, 2014 and 2015. The findings in this study indicate an increase in the use of leverage to drive the influence of total debt on performance in all industrial sectors of MSMEs in South Africa. From the cross-sectional regression analysis, the results show that financing structure has a negative effect on the profitability of MSMEs, although not absolutely. The findings show that the size of the enterprise, asset tangibility, and the ratio of current assets to current liabilities are the most influential of borrowing decisions in total debt, short-term debt, and long-term debt. A significantly negative effect is observed for long-term debt, while short-term debt (STDR) exhibits a significantly positive effect. Thus the influence on MSMEs’ leverage on performance is driven by the usage of short-term debt. The variables of size of the firm, and ratio of current assets to current liabilities, do not have the same effect in all debt levels; the significance is substantially higher for long-term debt than for total debt and short-term debt. On the other hand, our empirical results suggested that transactional costs, and an asymmetric information problem in smaller firms, may lead to a mainly negative influence on size and total debt. The asset structure on profitability observed across the years showed mixed experiences. The ratio of current assets to current liabilities was found to be positive and significant on long-term debt and short-term debt leverage.
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Fairchild, Richard. "Optimal long term financing." Thesis, University of Bristol, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.310694.
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Shultz, James Alan. "Long-term debt in college and university institutional finance." W&M ScholarWorks, 2000. https://scholarworks.wm.edu/etd/1550154165.
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Williams, Thomas Cephis. "Long-term oil warrants--an application to Venezuelan debt relief." Thesis, Massachusetts Institute of Technology, 1990. http://hdl.handle.net/1721.1/27974.
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Tischbirek, Andreas Johannes. "Essays on unconventional monetary policy and long-term government debt." Thesis, University of Oxford, 2014. http://ora.ox.ac.uk/objects/uuid:7b01cae9-95d2-4973-805d-c79ffce22261.
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This thesis studies the optimal conduct of unconventional monetary policy in the form of purchases of long-term government debt by the central bank and, motivated by this policy tool, the evolution of long-term government debt holdings in household portfolios over the course of the life cycle. It is comprised of three self-contained chapters. The first chapter investigates whether it can be beneficial for central banks to use the unconventional tool even when the main policy rate is not constrained by the zero lower bound. A friction in the interaction between households and banks allows central bank purchases of long-term government debt to reduce long-term interest rates and thus to stimulate economic activity. If debt purchases and conventional short-term interest rate policy are coordinated in an appropriate way, the central bank is able to reduce the volatility of output and inflation. In the second chapter, the role that unconventional monetary policy can play in a currency union is analysed. A model is laid out, in which two countries form a currency union with a common central bank but separate and uncoordinated fiscal policy institutions. When monetary policy is implemented only through the common short-term interest rate, the central bank is unable to respond effectively to country-specific shocks. Due to segmentation in the market for long-term government debt, the yield on long-term debt can differ across countries. As a result, a monetary policy authority that can rely on bond purchases is able to address idiosyncratic shocks reflected in volatility of the natural terms of trade more effectively and to achieve higher welfare than one that cannot make use of this instrument. The final chapter studies the long-term government bond share in household portfolios over the course of the life cycle. US data from the Survey of Consumer Finances suggests that participation in the market for long-term government debt first increases and later decreases as agents approach the retirement age. The portfolio share conditional on participation is non-decreasing over the working life. These stylised facts can be explained by means of a portfolio choice model in which agents are subject to aggregate risk through asset returns as well as idiosyncratic risk through labour income and the stochastic events of retirement and death.
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Chaika, Tetiana. "Profitability Ratios on Capital and Investment Analysis of Ukrainian Hospitality Industry (calculated by official statistical reporting)." Thesis, Klaipeda University, 2019. http://repository.kpi.kharkov.ua/handle/KhPI-Press/40895.
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Profitability is a characteristic of the ability of a company to generate profits per unit of revenue (income), assets, capital, investments, cash flows, etc. Single isolated values of return on capital (investment) are not able to provide information about the success or failure of the use of capital and investments. This study presents the main metrics of return on capital and investment and the method of their calculation on the Ukrainian companies’ open financial statements.Рентабельність – характеристика здатності підприємства генерувати прибуток у розрахунку на одиницю виручки (доходу), активів, капіталів, інвестицій, грошових потоків тощо. Поодинокі ізольовані значення рентабельності капіталу і інвестицій не здатні надати інформацію про успішність чи неуспішність використання капіталу і інвестицій. В даному дослідженні наведені основні метрики рентабельності капіталу і інвестицій і методика їх розрахунку по відкритій фінансової звітності українських підприємств.
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Kim, Joung-Eun. "Strategic Choice and Financial Structure in Casual Themed Restaurants." Thesis, Virginia Tech, 2008. http://hdl.handle.net/10919/35526.
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Capital structure is one of the most frequent topics in the finance literature. This literature has its origins in studies of the manufacturing industry. Much of the results of this work have been applied indiscriminately to other industries without thorough validation. Only limited studies have considered financial structure in hospitality industry.
The service industry is different than manufacturing industry, and even the hospitality industry is not homogeneous. The restaurant industry and lodging industry are quite different from each other. Of interest to this present study is to seek to understand how the patterns of capital structure are shaped within the context of the multi-unit casual themed restaurant industry.
Restaurant industry is well known for a high bankruptcy rate. Many multi-unit restaurants exist in the casual themed restaurants strategic group in the Unites States, and many small independent restaurants are also present. The firmâ s strategic choice and its relationship with financial structure became a topic for my research.
Publicly traded casual themed restaurants have been selected in this study. Hypothetically a common capital structure exists among firms within this strategic group. In this study, an investigation can consider the relationship among financial ratios as well as the uniqueness of the financial structure of the casual themed restaurants.Master of Science
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Petrovic, Katarina. "Government Debt : Why Has the Government Debt Increased? An Analysis of What Factors Influence the Long-Term Interest Rate?" Thesis, Karlstads universitet, Fakulteten för ekonomi, kommunikation och IT, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-29051.
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This paper analyzes what factors influence the long-term interest rate, in order to give an understanding of why the government debt has increased in EU member states. It is a statistical study of panel data analyzed by the fixed effect model. The research of the 27 EU member states is based on secondary data from the European Commission; Eurostat and EconStats. The results by the fixed effect model show that government debt, budget deficit and presidential system are significant and have a positive relationship with the long- term interest rate. The growth rate is significant, having a negative relationship with the long-term interest rate and the financial crisis did not increase the long-term interest rate. The results were not entirely consistent with theories and previous studies.
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Grill, Tomas, and Håkan Östberg. "A Financial Optimization Approach to Quantitative Analysis of Long Term Government Debt Management in Sweden." Thesis, Linköping University, Department of Mathematics, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-2223.
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The Swedish National Debt Office (SNDO) is the Swedish Government’s financial administration. It has several tasks and the main one is to manage the central government’s debt in a way that minimizes the cost with due regard to risk. The debt management problem is to choose currency composition and maturity profile - a problem made difficult because of the many stochastic factors involved.
The SNDO has created a simulation model to quantitatively analyze different aspects of this problem by evaluating a set of static strategies in a great number of simulated futures. This approach has a number of drawbacks, which might be handled by using a financial optimization approach based on Stochastic Programming.
The objective of this master’s thesis is thus to apply financial optimization on the Swedish government’s strategic debt management problem, using the SNDO’s simulation model to generate scenarios, and to evaluate this approach against a set of static strategies in fictitious future macroeconomic developments.
In this report we describe how the SNDO’s simulation model is used along with a clustering algorithm to form future scenarios, which are then used by an optimization model to find an optimal decision regarding the debt management problem.
Results of the evaluations show that our optimization approach is expected to have a lower average annual real cost, but with somewhat higher risk, than a set of static comparison strategies in a simulated future. These evaluation results are based on a risk preference set by ourselves, since the government has not expressed its risk preference quantitatively. We also conclude that financial optimization is applicable on the government debt management problem, although some work remains before the method can be incorporated into the strategic work of the SNDO.
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Schiller, Jan. "Financování schodku státního rozpočtu prostřednictvím emise dluhopisů." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-85116.
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The aim of this thesis is to point out recent development in the field of debt creation, its concordance with academic practice and to outline feasible utilization of financial modeling in the area of government deficits. The effort is to put institutional operation of debt management into context of recent history of financial markets and to verify its success. The process of debt portfolio management with use of advanced financial tools is shown on the sample of Czech debt manager. From the observation of the overall environment we can state the effort to develop efficient domestic debt market and the conception of long-term strategies based on risk management principles and to draw a set of specific recommendations applicable both to local and general conditions.
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Baldauf, Artur, Engelbert J. Dockner, and Heribert Reisinger. "The effects of long-term debt on a firm's new product pricing policy in duopolistic markets." SFB Adaptive Information Systems and Modelling in Economics and Management Science, WU Vienna University of Economics and Business, 1999. http://epub.wu.ac.at/590/1/document.pdf.
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While many marketing models ignore the influence of financial variables on a firm's marketing strategy, this paper explores the effect of debt on the profit maximizing price for a new product. We assume a duopolistic market structure in which two firms produce a heterogeneous new consumer durable that is sold over two different periods. Firms know market demand in the first period with certainty, while demand in the second period is uncertain. Moreover, firms have free access to the capital market and finance part of their operating costs by issuing long-term debt. In this setting, we study the influence of long-term debt on firms' pricing policies. It turns out that leveraged firms compared to unleveraged ones have different pricing strategies. In particular, first-period prices are lower and second-period prices are higher in case of long-term debt than in case of no leverage. Finally we find that prices for firms that take on debtare less volatile than prices for purely equity financed firms.Series: Report Series SFB "Adaptive Information Systems and Modelling in Economics and Management Science"
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Webb, Robert H., and Raymond M. Turner. "A Debt to the Past: Long-term and Current Plant Research at Tumamoc Hill in Tucson, Arizona." University of Arizona (Tucson, AZ), 2010. http://hdl.handle.net/10150/556715.
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Keith, Dana Sims. "Financial factors and institutional characteristics that relate to the long-term debt of U.S. four-year public colleges and universities." Thesis, The University of Alabama, 2013. http://pqdtopen.proquest.com/#viewpdf?dispub=3562431.
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Debt for public colleges and universities has been increasing while financial resources, which provide the support to repay debt, have been declining. As debt increases in proportion to assets, the risk profile of a college or university increases. This study examined the relationships between financial variables and institutional characteristics that relate to long-term debt and leverage of U.S. four-year public colleges and universities during a period of economic downturn. Understanding these relationships is needed to determine factors that enable or constrain public higher education's ability to borrow funds to meet organizational goals. In addition, this study also explored long-term debt and leverage trends categorized by Carnegie classification and geographic region from 2005 to 2009.
The data for the study were obtained from IPEDS. Descriptive statistics, ANOVA, and OLS regression were used to analyze the data. The findings showed that both long-term debt and leverage of public institutions had increased from 2005 to 2009. However, leverage increased at a slower pace, which indicated that public universities were able to use existing assets to offset the increase in liabilities associated with the additional long-term debt. This study also found that differences existed in long-term debt by Carnegie classification. Doctoral/Research institutions had more long-term debt than Master's institutions, and Master's institutions had more long-term debt than Baccalaureate institutions. Although Master's institutions did not have the greatest amount of long-term debt, they had greater amounts of leverage than Doctoral/Research and Baccalaureate institutions in all fiscal years. Additionally, Master's and Doctoral/Research institutions located in the Northeast had mean leverage in all five years that exceeded recommended thresholds.
The variable with the strongest relationship with long-term debt was property, plant, and equipment. Approximately 65.9% of the variance in long-term debt was explained by property, plant, and equipment. In comparison, the leverage model showed that geographic regions had the strongest relationship with leverage. Collectively, the West, Midwest, and Southeast regions accounted for 27.1% of the variance in leverage. The detailed results of the findings, conclusions, and recommendations are provided at the end of the study.
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Stump, Michael Lee. "Relationships among long -term debt, current fund revenues and expenditures, and endowment value at public four-year colleges and universities." W&M ScholarWorks, 2001. https://scholarworks.wm.edu/etd/1539618686.
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The purpose of this study is to determine what relationships exist among current fund revenues, current fund expenditures, long-term debt, and endowment value for public four-year colleges and universities, for fiscal years 1992 through 1997. An important objective of the study is to "let the data speak for itself." The research questions focused on trends among the four variables; whether long-term debt displaced some portion of current fund revenue and whether endowment value influenced this relationship; whether institutions incurred more debt when their revenues and endowment values have been increasing; and whether revenues failed to keep pace with institutions' needs and/or the Higher Education Price Index.;Exploring the relationships among revenues, expenditures, debt, and endowment value may yield important data about the influence of these variables upon one another and may help scholars and administrators develop comprehensive models to manage institutional debt and finances. The source of data for this study was the U.S. Department of Education's National Center for Education Statistics. The data were analyzed using cluster and ratio analyses to group schools as a function of the four variables.;Current fund revenues and expenditures were approximately equal and showed modest increases after adjusting for inflation. In general, long-term debt decreased after adjusting for inflation and endowment values increased significantly. It did not appear that long-term debt was displacing any portion of current fund revenues. In general, long term debt decreased in terms of 1992 dollars and as a percentage of endowment value. After adjusting for inflation, institutions have not incurred more debt, revenues showed modest increases, endowment values showed significant increases and grew much faster than expenditures. The data suggest that revenue sources have kept pace with institutions' needs and inflation.
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Carter, Kelly E. "Capital Structure, Credit Ratings, and Sarbanes-Oxley." Scholar Commons, 2011. http://scholarcommons.usf.edu/etd/3033.
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Since Sarbanes-Oxley (SOX) is an exogenous shock to the information environment of U.S.-listed firms, those firms might adjust their capital structures to reflect the new information environment. Using univariate and multivariate tests, including differences-in-differences, I examine SOX's effect on the capital structure of U.S.-listed firms relative to Canadian firms listed in Canada, which are treated as control firms since they are not subject to SOX. The results indicate that, after the passage of SOX, U.S.-listed firms raise their long-term debt ratios by two to three percentage points, relative to the control group. U.S. firms listed in the U.S. drive this result, while Canadian firms cross-listed in the U.S. do not alter their long-term leverage ratios after SOX. The higher debt ratios do not occur because of lower rates of growth in equity and short-term debt after SOX for U.S.-listed firms, relative to control firms. In addition, firms that heavily (lightly) manage earnings prior to SOX use less (more) debt after SOX.
Previous research argues that the Sarbanes-Oxley Act (SOX) could require managers to reveal bad news about their firms. Bad news may cause market participants, including credit rating agencies, to update their beliefs about those firms and conclude that their outlook is not as profitable as initially thought. In this paper, I examine short- and long-term credit ratings after SOX. The main finding is that, in the SOX era, aggressive earnings management is associated with lower short- and long-term credit rating levels. This result is robust to size and suppliers' outlook on the economy.
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Lagergren, Cajsa, and Emil Persson. "Kapitalstrukturens påverkan vid val av kapitalbudgeteringsteknik i stora bolag." Thesis, Högskolan Kristianstad, Avdelningen för ekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-18250.
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Studien avser att förklara hur kapitalstrukturen, bestående av eget kapital, kortfristiga skulder och långfristiga skulder påverkar valet av kapitalbudgeteringsteknik inom stora svenska bolag vid strategiska investeringar. Genom Trade Off teorin och Principal Agent teorin formulerades studiens hypoteser. Empirin samlades in via enkäter som skickades ut till 325 bolag listade på Nasdaq OMX Small, Mid och Large Cap, där svarsfrekvensen blev ca 19 %. För att kartlägga kapitalstrukturen inhämtades årsredovisningar för att sedan beräkna nyckeltal som mäter de olika delarna i kapitalstrukturen. Resultatet har analyserats med hjälp av statistiska analyser, vilket visar att kapitalstrukturen påverkar valet av kapitalbudgeteringsteknik inom stora bolag. En hög andel kortfristiga skulder har en positiv association med osofistikerade tekniker medan en hög andel långfristiga skulder inte har någon association med varken osofistikerade eller sofistikerade tekniker. Vidare påvisas det inte att högt eget kapital har en positiv association med sofistikerade tekniker, däremot finns en negativ association med osofistikerade tekniker. Tidigare studier har inte delat upp skuldstrukturen och menar att en hög andel skulder ökar användandet av osofistikerade tekniker. Studier som är baserade på stora företag har inte tidigare påvisat ett samband mellan hög skuldsättning och osofistikerade tekniker, vilket gör skäl för uppdelningen. Denna studien har bidragit med att dela upp skuldstrukturen i kortfristiga skulder respektive långfristiga skulder.The study intends to explain how the capital structure, consisting of equity, short-term liabilities and long- term liabilities, affects the choice of capital budgeting techniques in large Swedish companies in strategic investments. Through the Trade Off theory and Principal Agent theory, the study's hypotheses were formulated. Empirical was collected true surveys sent to 325 companies listed on Nasdaq OMX Small, Mid and Large Cap, where the response rate was about 19 %. To chart the capital structure, annual reports were obtained to calculate key ratios that measure the various components of the capital structure. The result has been analyzed using statistical analyzes, which shows that the capital structure affects the choice of capital budgeting techniques in larger companies. A high proportion of short-term liabilities has a positive association with unsophisticated techniques, while a high proportion of long-term liabilities has no association with neither unsophisticated or sophisticated techniques. Furthermore, it is not shown that high equity has a positive association with sophisticated techniques, but there is a negative association with unsophisticated techniques. Previous studies have not broken up the debt structure and mean that a high proportion of debt increases the use of unsophisticated techniques. Studies based on larger companies have not previously demonstrated a link between high leverage and unsophisticated techniques, which makes the division possible. This study has helped to break down the debt structure in short-term liabilities and long-term liabilities.
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Babičová, Martina. "Dlouhodobá udržitelnost financování státního dluhu a dopad na rozvojové aktivity vlády ČR." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-206880.
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The aim of the thesis called: Long-term sustainability of state debt financing and the impact on development activities of the Czech government, is to evaluate the long-term sustainability. To achieve this aim the analysis of the development of the Czech state debt and identification of factors working for the deepening of fiscal imbalance was conducted. The work also explores the relationship between state debt and state budget expenditures on development activities of the government. Spending on research, development and innovation were chosen to identify that relationship. On the basis of the analysis there are suggested possible changes in fiscal policy which could contribute to improving the current situation and rebalance.
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Lalechère, Etienne. "Apports des modèles de métapopulation hors équilibre : application à l'évaluation de la dynamique des plantes forestières." Thesis, Université Clermont Auvergne (2017-2020), 2017. http://www.theses.fr/2017CLFAC057/document.
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Les modèles de métapopulations permettent de prédire l'occupation des habitats au sein desquels elles évoluent en fonction de la configuration spatiale du paysage. La destruction et la création d'habitats peuvent induire une dette d'extinction ou un crédit d'immigration, c'est-à-dire des dynamiques d'espèces qui ne sont pas immédiates mais décalées dans le temps par rapport cette rotation des habitats. La présence d'un délai temporel signifie que les espèces ne sont pas à l'équilibre avec les paysages actuels. Cette thèse a pour objectif d'évaluer l'apport de modèles de métapopulations hors équilibre pour comprendre ces dynamiques décalées dans le temps de façon théorique et à partir de données empiriques sur les plantes forestières. A ces fins, nous avons évalué la robustesse d'une méthode d'inférence de paramètres de dynamique de métapopulations hors équilibre, adaptée à l'échelle régionale. Elle a ensuite été appliquée sur des données contemporaines de plantes forestières et de séries temporelles de cartographies des forêts dans les départements de la Seine-et-Marne et de l'Eure-et-Loir. A partir des modèles utilisés, nous avons pu reproduire certaines caractéristiques de la répartition des espèces qui sont dues à l'évolution historique des surfaces forestières. En effet, certaines espèces sont plus fréquentes en forêt anciennes et d'autres en forêt récentes, ce qui s'explique en partie par les traits des espèces et leurs affinités pour des conditions environnementales spécifiques. A partir de projections à long-terme de leurs dynamiques, nous avons montré que les délais de réponse de ces espèces peuvent être de plusieurs siècles et dépendent fortement de la connectivité fonctionnelle des habitats. Des scénarios virtuels de rotation des habitats ont été simulés pour pallier l'analyse des seules zones d'études. Associé à des projections de dynamiques de métapopulations, qui permettent de contrôler les paramètres à étudier, nous avons testé l'importance relative de la distance de dispersion des espèces et de la configuration spatiale de la rotation des habitats sur ces dynamiques. Le temps de retour à l'équilibre des métapopulations ne s'explique pas uniquement par l'amplitude de la dette d'extinction ou du crédit d'immigration mais dépend aussi de ces deux facteurs. Ces résultats mettent en évidence l'importance d'approfondir nos connaissances sur les effets de perturbations successives qui rendent le retour théorique à l'équilibre des espèces très incertainMetapopulation models are used to predict the occupancy of habitats from landscape spatial configuration. Habitat destruction and creation can lead to an extinction debt or an immigration credit that are time-delayed species dynamics following habitat turnover. Such delays mean that species are not in equilibrium with the current landscape structures. The aim of this thesis is to evaluate the contribution of non-equilibrium metapopulation models to understand time-delayed dynamics theoretically and from empirical datasets about forest plants. For this purpose, we assessed the robustness of the method used to infer metapopulation parameters at the regional scale. Then, we applied this method from contemporary plant inventories and time-series of forest maps of the Seine-et-Marne and the Eure-et-Loir french regions. Models satisfactorily reproduced some characteristics of forest plant spatial structure that are due to historical changes in forest areas. Indeed, some species are more frequent in ancient forests and some others are more frequent in recent forests notably due to species traits and their affinity for specific environmental characteristics. From long-term projections of species dynamics, we showed that the delays in forest plant dynamics are several centuries following habitat turnover and strongly depend on habitat functional connectivity. Virtual scenarios of habitat turnover were simulated to assess other study cases than the two study areas. We projected metapopulation dynamics, while controlling for some metapopulation parameters, to test the relative effects of species dispersal distance and the spatial configuration of habitat turnover on these dynamics. Metapopulation return time towards equilibrium not only depends on the magnitude of the extinction debt or on the magnitude of the immigration credit but also on these two variables.These results put forward the need to improve our knowledge on the effects of successive perturbations that make species return towards equilibrium unsure
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Brou, Kouakou N' Guessan Jean Claude. "Harmonisation de politiques économiques et dette publique dans les pays d’Afrique subsaharienne." Thesis, Pau, 2019. http://www.theses.fr/2019PAUU2079.
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L’objectif de cette thèse est triple. Il s’agit dans un premier temps de lier l’endettement au contexte régional gouverné par les critères de convergence.Après avoir confronté la situation des pays d’Afrique subsaharienne de façon générale à celle des Communautés économiques régionales, nous analysons la relation entre la dette publique et la croissance économique et évaluons lapertinence des critères de limitation de la dette. Nous nous interrogeons sur le rôle de l’appartenance à un regroupement régional dans la réduction du niveau de l’endettement. Dans un second temps, nous menons une analyse centrée sur la convergence et l’explosivité de la dette, afin de suggérer des regroupements à partir du niveau d’endettement. Nous parvenons, à partirde méthodes récentes, à proposer un ensemble de recommandations pertinentes.Dans un troisième temps, nous appliquons des méthodes innovantes, initialement utilisées dans l’analyse des fréquences cardiaques, de la segmentation de l’ADN, des neurones ou de la structure des nuages, pour examinerla problématique de la dette. Ces méthodes, qui n’ont encore jamais été appliquées à cette problématique, nous ont permis de mettre en lumière des aspects importants de l’endettement public dans le contexte régional des pays d’Afrique subsaharienne. Il apparaît ainsi que les critères de limitation instaurés dans les CER sont bel et bien justifiés. L’hétérogénéité au sein mêmede ces pays nous a conduit à préconiser des regroupements basés sur la règle budgétaire et sur la convergence budgétaire. Il est dès lors possible de douter de la pertinence de la mise en place d’une politique commune ou uniqueau niveau continentale. D’autant plus qu’il est mis en exergue que les seuils d’endettement ne sont pas figés et dépendent des caractéristiques propres à chaque pays. Par ailleurs, le regroupement régional ne devrait plus être exclusivementgéographique mais plutôt politique. L’application de la méthode récente MF-DFA révèle que la dette publique sud-africaine est caractérisée par un effet de mémoire longue débouchant sur un caractère multifractalThe objective of this thesis is threefold. First, we link debt to the regional context governed by the convergence criteria. After comparing the situation of sub-Saharan African countries in general with that of the Regional Economic Communities, we analyze the relationship between public debt and economic growth and assess the relevance of the debt limitation criteria. We question the role of membership in a regional grouping in reducing the level of debt. In a second step, we conduct an analysis focused on the convergence and explosiveness of the debt, in order to suggest re-groupings basedon the level of indebtedness. In a third step, we apply innovative methods, initially used in the analysis of heart rates, DNA segmentation, neurons or cloud structure, to examine the debt problem. These methods, which have never before been applied to this problem, have enabled us to highlight important aspects of public debt in the regional context of sub-Saharan African countries. It thus appears that the limitation criteria in place in the RECs are well and truly justified. The heterogeneity even within these countries has led us to recommend groupings based on fiscal regulation and fiscal convergence.It is therefore possible to doubt the relevance of setting up a common or single policy at the continental level. All the more so since it is emphasized that debt thresholds are not fixed and depend on the specific characteristics of each country. Moreover, regional grouping should no longer be exclusively geographical but rather political. The application of the recent MF-DFA methodologyreveals that South Africa’s public debt is characterized by a long memory effect leading to a multifractal character
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Jörgensen, Fredrik. "The Law BusinessmanTM : Five Essays on Legal Self-efficacy and Business Risk." Doctoral thesis, Stockholms universitet, Företagsekonomiska institutionen, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-97625.
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The thesis challenges the notion of effectiveness of law as being based on the formal institutions of courts, law enforcement and written law. It argues that the best way to measure the effectiveness of law is the legal self-efficacy of laymen who are the end users of law. It presents a new perspective on the effectiveness of law. It turns the traditional perspective of studying the effects of legal institutions around and instead studies the effect of how individuals perceive their own ability to use law. This self-reflexive ability - legal self-efficacy - is the answer to the question “How comfortable are with communicating with legal terminology?”. The thesis makes several comparisons using the traditional perspective and legal self-efficacy and finds that legal self-efficacy is a better measure of legal effectiveness. This thesis analyzes 246 businesspeople in Russia and their risk behavior with regards to economic transactions in relation to legal self-efficacy. The theory behind legal self-efficacy is a combination of Luhmann’s theory of law as communication and Bandura’s concept of self-efficacy. The first paper applies the traditional approach. It analyzes the effect of legal efficiency on leverage and debt maturity for listed and non-listed companies. The second paper is describes the conceptual foundation of the legal effectiveness based on the individual. The third paper compares the effect of private order (including legal self-efficacy) and public order institutions on the granting of trade credit. The fourth paper analyzes the impact of legal self-efficacy and formal legal institutions on sanctions against clients in a comparative perspective. The final paper seeks out possible sources of legal self-efficacy. Legal self-efficacy can be used to better understand the interaction of individuals and law including such fields of research as behavioral accounting, behavioral law and finance, legal sociology and legal studies.
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Chueh, Fei-Chun, and 闕妃君. "The Relationship between Long-Term Debts and Leases." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/48503327971019584272.
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碩士國立交通大學
財務金融研究所
94
The primary goal of this study is to examine the relationship between long-term debts and leases. This paper assumes that there exits negative relationship between non-debt tax shields and debts and that the lessee has the ability to sell the non-debt tax shields through leasing. Under the determination of leasing decision and financing decision, this study controls all significant variables that may affect leases and debts to explore the relationship between leasing and debt. As expected, the results show that capital leases and long-term debts are substitute, but operating leases and long-term debts are complementary.
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Kafka, Stanislav. "Rozpočtová odpovědnost." Master's thesis, 2017. http://www.nusl.cz/ntk/nusl-267015.
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The thesis deals with the term of budgetary responsibility, past drafts trying to enact this term to the legal system of Czech Republic, and also deals with applicable legal rules contained in the European Union legal system. The aim of this thesis is to analyze every existing draft in the Czech legal system (with the special attention to the last legal draft), and trough this analysis reach to the ideal set of rules for the budgetary responsibility. The first chapter contains the description of the basic term and the theoretical basis for the rest of this thesis. Elementary terms are described first and trough that it comes to the main term of the principle of the long-term balance of public budgets and to the term of budgetary responsibility. The second chapter aims to describe every single legal draft made in Czech Republic during the past year. Main attention is provided to the last legal draft of the constitutional act of budgetary responsibility and to the related draft of the secondary legal adaptation, which was presented in the year 2015. The third chapter aids to the European Union legal adaptation of the budgetary responsibility. At first the thesis deals with the form of budgetary responsibility in the Treaty on European Union and the Treaty on the Functioning of the European Union....
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Chen, Shih-Jen, and 鄭世仁. "Relation Between Debt and Equity and Long-term Influence With Dividend Initiation." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/92494901417188714457.
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碩士國立中央大學
財務金融研究所
93
This paper examines the risk structure changes and the relation between debt financing and dividend payment. Our finding presents that the decrease in total equity risk is followed by the decrease in the residual variance, and there is also a decrease in equity beta after dividend initiation. Dividend payout is the main factor to reduce firms’ total equity risk and the most part of the decrease comes form the decrease in the residual variance. This study also identifies the influence of dividend initiation in earning per hare, turnover rate and outside shareholders. The result indicates that the sample firms only experience a significant increase in earning per share in year +1 but a decrease from year +2 to +5. We further identify the relation between debt and dividend with short-term and long-term method. We find that the firms with dividend increasing would likely choose lower debt to equity ratio, so the relation between debt and dividend is so-called substitution effect. Moreover, we implement the long-term method to justify the relation, and the result also shows that a substitution effect between debt and dividend, consistent previous result, but it is a transitory effect.
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Liu, Yuanchi, and 劉原祺. "The Relationship Between "The Substitutability Of Capital Leases for Long Term Debt" And "Debt Ratio": Empirical Finding and Implication." Thesis, 1995. http://ndltd.ncl.edu.tw/handle/60122216234428525047.
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博士國立交通大學
管理科學研究所
83
This paper is to explore the relationship between "the substitu- tability of capital leases for long term debt" and "debt ratio." The substitutability of capital leases for long term debt is a function of debt ratio because the cost of long term debt is a function of debt ratio and the rent of capital leases has no significant linkage with debt ratio. Thus, we suggest that the lease-debt substitutability be moderated by capital structure. This paper obtains similar debt ratio within each group by par- titioning the sample into several groups by the portfolio appro- ach, finds the substitutability of capital leases for long term debt by revised Ang-Peterson model, tests our empirical result by Chow test, and extends Chow test to more than three groups by using dummy variables. We find that "the substitutability of capital leases and long term debt" is relevant to debt ratio. Given our empirical evidence, a conceptual pattern can be inferred. Three implications can be inferred from our finding: (1) capital leases and long term debt are substitutes rather than complement and perfect substitutes (2) the substitutability of capital leases for long term debt rises when debt ratio rises if business operations are normal and deteriorates when the firm suffers from huge loss (3) financing with high substitutability is suggested.
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"The effects of long-term debt on a firm's new product pricing policy in duopolistic markets." SFB Adaptive Information Systems and Modelling in Economics and Management Science, 1999. http://epub.wu-wien.ac.at/dyn/dl/wp/epub-wu-01_1d8.
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Liu, Chang-Chen, and 劉昶珍. "Establish a Bad Debt Forecasting Model for Long Term Hospitalized Mental Disorder Patients Using Data Mining." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/e9hbpp.
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碩士國立虎尾科技大學
工業工程與管理研究所在職專班
97
After implementing global budget system by the National Health Insurance, hospital’s operation has become more and more difficult. Many hospitals have placed their focus on increasing emergent inpatients and deductibles, and reducing chronic ward costs in order to increase profit. As for the mental hospitals, the extra sources of income are very limited. Hence, when the long term hospitalized mental disorder patients did not pay the deductibles and other charges, hospital’s financial risk will increase. Therefore, the purpose of this study is to establish a bad debt forecasting model for the long term mental disorder inpatients using data mining technique. The PolyAnalyst 6.0 data mining software is used for data analysis in this study. Link analysis and decision tree methods are applied to analyze and compress data. In addition, the neural network technique is utilized to predict bad debt. The result show that the neural network model can predict bad debt with 90.38% accuracy. Finally, a suggested inpatient handling process has provided in this study.
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Liang, Hsiu-Ping, and 梁秀萍. "The study on Developing a Tool to Diagnose Misconceptions of Commerce Students about The Cost of Long-term Debt Securities Investments." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/72490411863458701988.
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碩士國立彰化師範大學
商業教育學系
93
The main purpose of this research is to investigate the commerce-oriented students’ misconceptions for the unit “The Cost of Long-Term Debt Securities Investments”, to understand the reasons of these misconceptions, and to develop the two-tier diagnostic test. The samples were taken out of 3 classes of commerce students from 3 senior high schools located in Tainan country. There were 91 commerce students to join the half-open-questionnaire test, and then 9 of the participants were invited to join the qualitative interview for further understanding those reasons of students’ misconceptions. Last, we tested and developed the two-tier questionnaire. There are 79 samples were tested, the valid samples were 75. The two-tier diagnostic test is accomplished by semi-open-questionnaire, qualitative interviews, and two-tier choice pretest. The results of the test are distributed according to the reasons of students by using half-open-questionnaire, qualitative interviews, and two-tier choice pretest. The analysis of the result is to realize these misconceptions of students’ who have learned the cost of long-term debt securities investments theorem, and to establish the surface, content, expert, and Kuder-Richards on reliability validity of diagnostic Tools. Analyzing the result of the test, the two-tier diagnostic instrument have high reliability. Kuder-Richardson reliability equals 0.758. Individually different reasons analysis and students’ knowledge analysis supported the two-tier diagnostic instrument with high construct validity. Experts analyzed the primarily two-tier diagnostic test and qualitative interviews supported the two-tier diagnostic test with high content validity and high reliability. Analyzed from the result of test, the misconceptions of students in “The Cost of Long-Term Debt Securities Investments” are generalized as the following 4 modes: 1.The misconceptions on the definition on long-term debt securities investments. There are mistakes about that the period of long-term investments, the sufficient conditions on debt securities. The samples understand know-what about long-term debt securities investments, but don’t understand know-why. 2. The misconceptions on the cost of long-term debt securities investments. The samples understand know-what about the principle of cost, but are confused about the arithmetic account. They also fail to judge necessary expenditure, and to account the present value. 3. The misconceptions on the classes on long-term debt securities investments. The samples are confused about judging the rate of interest between market and bond. They are not careful enough in accounting the receivable interest. 4. The misconceptions on accounting about long-term debt securities investments. They have forgotten about overdue interest. The samples usually forgot the receivable interest account. The account between bondholder and issuer always confused some samples.
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Huang, Po-Hsiang, and 黃柏翔. "The Impact of Long－Term Investment and Debt on Firm Value： Evidence from Taiwan Cement Companies Listed on Taiwan Stock Exchange." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/79172649666294240869.
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碩士大葉大學
企業管理學系碩士班
99
To investigate the threshold effects among long-term investment ratio,Debt ratio, and firm value for Taiwan Cement Listed Companies. The research period containing 78 quarters is selected from the first quarter of 1991 to the second quarter of 2010 and the type of data is panel. Total of 6 Taiwan Cement Listed Companies are selected as the research subjects. Conclusively, there is one threshold effect between debt ratio and firm value. The higher debt ratio is also positively associated with firm value when the debt ratio is more than 44.93%. However, there are three threshold effects between long-term investment ratio and firm value. The higher long-term investment ratio is also significantly positively associated with firm value when the long-term investment ratios are less than 17.23%, between 17.23% and 24.43%, and between 24.43%~57.86%. The slope is bigger when the long-term investment ratio is between 17.23% and 24.43%
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Neto, Jorge Manuel Godinho Ferraz de Freitas. "Short run behaviour of long-term interest rates in the euro area 12 : a probit model approach." Master's thesis, 2020. http://hdl.handle.net/10400.14/32051.
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O objetivo da investigação é avaliar os fatores que afetam o comportamento de curto prazo das taxas de juro de longo prazo na área do euro 12 e aconselhar os respetivos governos sobre o momento de emissão de dívida soberana, evitando a ocorrência de custos desnecessários com o serviço da dívida. Uma abordagem de modelo Probit é usada nesta avaliação. Os resultados mostram que as três variáveis que mais afetam o comportamento de curto prazo das taxas de juros de longo prazo nominais são: as compras do governo, o investimento fixo e a inflação do índice de preços do consumidor (IPC). Os governos da área do euro 12 enfrentam taxas de juro de longo prazo nominais mais baixas quando emitem dívida em períodos de expansão económica. Deste modo, os custos gerais com o serviço da dívida podem ser reduzidos.The research objective is to assess the factors that affect the short run behavior of long-term interest rates in the euro area 12 and advise the respective governments on the timing of issuing sovereign debt, avoiding the occurrence of unnecessary costs with the service of debt. A Probit model approach is used in this assessment. Results show that the three variables that most affect the short run behavior of long-term interest rates are: government purchases, fixed investment, and Consumer Price Index (CPI) inflation. Governments of the euro area 12 face lower nominal long-term interest rates when issuing debt in periods of economic expansion. In this way, the general costs of servicing the debt can be reduced.
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Пікалова, Анна Михайлівна. "Організаційно-методичні засади обліку та аналізу дебіторської заборгованості на ПрАТ «Запорізький електроапаратний завод»." Магістерська робота, 2020. https://dspace.znu.edu.ua/jspui/handle/12345/2439.
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Пікалова А. М. Організаційно-методичні засади обліку та аналізу дебіторської заборгованості на ПрАТ «Запорізький електроапаратний завод» : кваліфікаційна робота магістра спеціальності 071 "Облік і оподаткування" / наук. керівник В. П. Гpинь. Запоріжжя : ЗНУ, 2020. 121 с.UA : Кваліфікаційна робота: 121 с., 22 рис., 27 табл., 4 дод., 56 літературних джерел. Мета роботи – обґрунтування теоретичних положень, а також розробка практичних рекомендацій щодо удосконалення обліку, аналізу та ефективності управління дебіторської заборгованості на прикладі діяльності ПрАТ «Запорізький електроапаратний завод». Об'єктом дослідження є процес відображення в обліку дебіторської заборгованості та її аналіз на прикладі діяльності ПрАТ «Запорізький електроапаратний завод». Методи дослідження: системний підхід до вивчення економічних явищ і процесів. Під час виконання дослідження використано загальнонаукові методи пізнання: історичний метод, методи індукції та дедукції, статистичні методи, метод теоретичного узагальнення і порівняння; методи причинно-наслідкового зв’язку, абстрактно-логічний метод та ін. Наукова новизна дослідження полягає в теоретико-методологічному обґрунтуванні та вирішенні комплексу питань, пов’язаних з організацією обліку та аналізу дебіторської заборгованості на підприємстві, задля підвищення ефективності діяльності підприємства. У процесі дослідження отримано такі наукові результати, яким притаманна наукова новизна: удосконалено: – теоретичні основи поняття дебіторської заборгованості, як синтезованої (узагальненої) економічної категорії; – класифікацію дебіторської заборгованості через доповнення класифікаційних ознак та структурних складових, що дозволило враховувати їх специфіку при розробці моделі управлінського обліку та прийняття відповідних рішень; – організаційно-методичні положення бухгалтерського обліку дебіторської заборгованості на підприємстві, що сприяє посиленню контролю за своєчасним здійсненням розрахунків з покупцями та попередженням виникнення безнадійних боргів; – графік документообігу на підприємстві, що дозволить мінімізувати ризик допущення недоліків та помилок та окреслено чіткі вимоги щодо термінів та стандартів роботи з документами; – процес управління дебіторською заборгованістю, який надасть можливість вибору її оптимального розміру підприємства, що дозволить максимально уникати прострочення термінів її погашення, оптимізувати контингент покупців та замовників, ураховуючи їх платоспроможність, а це у свою чергу вплине на зменшення обсягів сумнівних боргів, безнадійної заборгованості. Використання на практиці розроблених у кваліфікаційній роботі пропозицій дозволить упорядкувати ведення бухгалтерського обліку дебіторської заборгованості, уніфікувати методику контролю й економічного аналізу дебіторської заборгованості підприємства та у цілому сприятиме ефективному функціонуванню підприємства.
EN : Qualifying work: 121 pp., 22 fig., 27 tab., 4 ар., 56 references. The purpose of the work is to substantiate theoretical provisions, as well as to develop practical recommendations for improving the accounting, analysis and efficiency of receivables management on the example of activity of PJSC «Zaporozhye Plant of electrical apparatuses». The object of the research is the process of reflecting the accounts receivable and its analysis on the example of the activity of PJSC «Zaporozhye Plant of electrical apparatuses». Research Methods: A systematic approach to the study of economic phenomena and processes. During the research general scientific methods of cognition were used: historical method, methods of induction and deduction, statistical methods, method of theoretical generalization and comparison; methods of causation, abstract-logical method, etc. The scientific novelty of the research lies in the theoretical and methodological substantiation and solution of a complex of issues related to the organization of accounting and analysis of accounts receivable at the enterprise, in order to increase the efficiency of the enterprise. In the course of the research the following scientific results were obtained, which are characterized by scientific novelty: improved: – theoretical bases of the concept of receivables as a synthesized (generalized) economic category; – classification of accounts receivable through the addition of classification features and structural components, which allowed to take into account their specificity when developing a model of management accounting and making appropriate decisions; – organizational and methodological provisions of accounting of accounts receivable at the enterprise, which helps to strengthen the control over timely settlement of payments with customers and prevention of bad debts; – a workflow schedule at the enterprise, which will minimize the risk of making shortcomings and errors and outline clear requirements for terms and standards of work with documents; – the process of managing accounts receivable, which will allow to choose its optimal size of the enterprise, which will maximize avoiding the delay of its repayment, optimize the contingent of buyers and customers, taking into account their solvency, which in turn will reduce the amount of doubtful debt, hopelessness. Using in practice the proposals developed in the qualification work will streamline accounting of accounts receivable, unify the method of control and economic analysis of accounts receivable of the enterprise and in general will contribute to the effective functioning of the enterprise.