Tesi sul tema "Déterminants de la structure du capital"
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Guo, Yugang. "Les déterminants de la structure du capital pour les sociétés cotées chinoises :". Poitiers, 2009. http://www.theses.fr/2009POIT4020.
Testo completoGiven the socialist market economy of China, it has proven to be extremely interesting to investigate the sources of Chinese companies financing as well as their capital structure. This dissertation will explore whether this structure is the result of a free choice or is only the reflection of a planned economy whose financial system is dominated by large-scale state-owned banks. An econometric analysis is constructed on both a sample of 1,140 Chinese firms (2006 figures) and their financing choices from internal to external (from internal financing to equity financing). We try to verify whether these choices confirm the modern finance theory of capital structure (pecking order model and trade-off model). Our findings will suggest that the capital structure determinants of Chinese Companies are consistent with the capital structure determinants of both industrialized and emerging countries. The findings will also show that the modern market theory is portable to China, despite profound institutional differences between China and the western world
Abdoune, Radouane. "Structure financière des sociétés d'assurance en France : entre déterminants traditionnels et référentiels prudentiels". Thesis, Bordeaux, 2014. http://www.theses.fr/2014BORD0385.
Testo completoTo maintain the stability of the financial sector and the dynamism in the other sectors ofthe economy, the insurance companies have to improve their solvency and manage theirrisks. Despite the importance of the issue of the level of capital in maintaining the overallstability of the insurance companies sector, it has been the subject of a very fewresearches. In this context, the main objective of our thesis is to analyze the determinantsof the financial structure of French insurance companies and the effect of the integrationof prudential regulation in the formation of their level of capital. To this end, we use TOTand POT to develop our theoretical model that we then tested empirically in a sample ofFrench insurance companies in the period 2006-2012. Our main empirical result is thatprudential regulation affects the determinants of the level of capital in the Frenchinsurance companies
Dayoub, Issam. "Le rôle des déterminants de la performance financière en assurance : étude sur les sociétés d'assurance françaises". Thesis, Bordeaux, 2014. http://www.theses.fr/2014BORD0086.
Testo completoThe insurance industry currently witnesses various regulatory reforms at the Europeanlevel. These reforms aim to improve the functioning of insurers and to guarantee the stability in thefinancial markets. Insurance companies must comply with these new regulations such as capitalrequirements and the financial reporting transparency regulations. In this context, insurers need toidentify the indicators that can help to achieve a financial performance that meets the expectations ofall stakeholders. The aim of this thesis is to define the determinants of financial performance ininsurance, their indicators and their role in it. This thesis proposes a conceptual model for the financialperformance of French insurance companies in the period of (2000-2009) through a quantitativemethod. The empirical results show that the capital structure, the solvency and the profitability of aninsurance company are the main determinants of its financial performance
Trabelsi, Asma. "Les déterminants de la structure du capital et les particularités du financement dans les PME : une étude sur données françaises". Paris 9, 2006. https://portail.bu.dauphine.fr/fileviewer/index.php?doc=2006PA090056.
Testo completoThe neoclassical financial theory assumes enterprises heterogeneity and unlimited access to financial resources. Small businesses (SMEs) are excluded from the financial theory that is sometimes relevant to large enterprises. However, small businesses have great influence on several economic sectors. Therefore, it’s important to understand why these firms have difficulty accessing capital. First, we notice that small businesses are quite different from larger firms. The agency problems and information asymmetries could actually be more serious. In consequence, banks may redline these firms. In this context, what are the determinants of capital structure of small businesses? How to improve their access to financial resources and particularly to debt? Corporate finance is analysed from the point of view of organizational theory and the theory of conventions, an approach which puts special emphasis on the institutional determinants of capital structure. First, different capital theories are reviewed in order to formulate testable propositions concerning the level of debt in small businesses. The sample used is a panel data of 1898 enterprises over a period from 1995 to 2002. The results suggest that most of the determinants of capital structure presented appear indeed to be relevant for French small businesses. Asset structure, commercial credits and liquidity all seem to have an effect on the level of debt in small businesses. Then, we investigate the second approach, which establishes a link between economic reality and financial reality. The goal is to identify a theoretical structure for small businesses. An analysis of data distinguishes the Auto-sector from the Overdraft sector. The segmentation by economic activity doesn’t change significantly our results
Gianella, Christian. "Un réexamen des déterminants de l'emploi à partir de données microéconomiques : le rôle des rigidités salariales et des mécanismes de substitution entre facteurs". Paris 1, 2002. http://www.theses.fr/2002PA010002.
Testo completoAnnaoui, Ilias. "Essais sur le choix de financement par Equity Lines". Electronic Thesis or Diss., Bordeaux, 2023. http://www.theses.fr/2023BORD0178.
Testo completoEquity lines financing allows a manager to raise additional funds at any time during an agreed period to strengthen his or her equity. Little recent research has focused on this Equity lines financing mechanism and none on the determinants of capital structure, internal governance mechanisms, and the information content of equity markets. This thesis is structured around a set of interrelated research segments. It explores the use of Equity lines mechanisms to better understand the factors that motivate the use of this type of financing, by examining both the factors specific to companies and those related to their general environment. Our research shows that growth opportunities, liquidity, the degree of development of the stock market (maturity, experience of financial intermediaries, number of transactions, etc.) are the factors that determine the choice of Equity lines financing. This thesis also proves that male executives, who are not entrenched, relatively old and less educated, also serve as chairman of the board of companies with managerial shareholding. Our work evaluates the information content of the announcement of the Equity lines issue. We show that the negative market reaction around the announcement date, and the persistence of this effect after the announcement date, support the hypothesis of inside information reporting. The various findings of this thesis add to the body of knowledge on capital structure, corporate governance and financial markets. The consequences on the risks inherent in investments using this financial instrument are questionable. These include the risk of losing the capital invested, which is associated with strong downward pressure on the share price
Lounes, Malika. "Les principaux déterminants de la dynamique du capital-risque". Phd thesis, Université Paris-Est, 2012. http://tel.archives-ouvertes.fr/tel-00804566.
Testo completoAlidou, Djaoudath. "Les déterminants des augmentations de capital réservées aux salariés". Thesis, Dijon, 2011. http://www.theses.fr/2011DIJOE004.
Testo completoThis thesis aims to contribute to the understanding of the development of employee equity issue within French companies. The first chapter defines the concept of employee equity issue and presents the relevant legal framework. We consider that an employee equity issue takes place when new shares reserved to non-executive employees acceding to the company savings plan or group savings plan are issued. The second chapter is a literature review of studies of employee stock ownership based on theories that deal with firms’ financing policies. The third chapter examines whether the fact that executives take into account shareholders’ interests, employees’ decision-making modes and the State policy affects companies’ decision to issue shares reserved to employees. We use a sample of 110 non financial French companies belonging to the SBF250 index covering the period 1998 to 2007, totaling 1,083 firms-years. Results partially confirm the predictions of the positive agency theory. They show the relative influence of shareholders’ interests and of the State policy regarding employee equity issue on the decision of companies to resort to this source of financing. The fourth chapter studies the impact of the degree of asymmetric information on companies’ decision to issue shares reserved to employees on the basis of the 110 companies’ sample. Results partially confirm the predictions of pecking order theory. We find that the level of asymmetric information and financing deficit partially influences the decision of companies to resort to employee equity issue. Still on the basis of the 110 companies’ sample, the fifth chapter examines the extent to which companies’ willingness to create and protect a common knowledge base influences their decision to issue shares to employees. Results partially confirm the predictions of cognitive theories (knowledge based view). We show that the intensity of human capital and the innovation effort influence firms’ decision to issue shares destined to employees
Medori, René. "Déterminants et structure du secteur parapétrolier offshore". Paris 9, 1986. https://portail.bu.dauphine.fr/fileviewer/index.php?doc=1986PA090010.
Testo completoThe document includes two main parts: the first one describes the technological factors; the second one analyses the actors strategies
Nguyen, Ngoc Vu. "Déterminants de la structure financière des entreprises vietnamiennes". Lyon 3, 2005. http://www.theses.fr/2005LYO33011.
Testo completoSorokina, Nonna Y. "BANK CAPITAL AND THEORY OF CAPITAL STRUCTURE". Kent State University / OhioLINK, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=kent1402795531.
Testo completoKhan, Muhammad. "Impact de l’Inflation sur la croissance et ses déterminants macroéconomiques". Thesis, Orléans, 2014. http://www.theses.fr/2014ORLE0503/document.
Testo completoThis thesis is concerned with the effects of inflation on output growth and on its determinants. In the first step, ourstudy analyzes two aspects of the inflation–growth relationship. First, it examines the nonlinearity of the relationshipbetween inflation and output growth and identifies several thresholds for the global sample and for various incomespecificsub-samples. Secondly, it identifies some country-based macroeconomic features that influence thisnonlinearity. Our empirical results substantiate both views and validate the fact that the inflation–growth nonlinearityis sensitive to a country’s trade openness capital accumulation, and government expenditures (chapter 2). After that,we explain this inflation–growth nonlinearity by testing a Tobin effect of inflation on physical capital and asubstitution effect – from work to education – for human capital. We find that the positive effects of moderateinflation rate are due to the Tobin effect on physical capital whereas a weak negative effect of high inflation ratestems from a better human capital accumulation. We identify a strong role of well developed financial systems in allthese mechanisms (chapter 3). Lastly, we address a lack of coherence between the macro based optimal inflationthresholds for output growth and the actual preferences of central banks around the world. We notice that centralbanks use micro based New-Keynesian models and their optimal inflation rate is the one that minimizes dispersionsin factors and product markets. We test the effect of inflation on relative price variability and output growthvariability and, for all income groups, the results support a slight positive inflation rate to minimize theseuncertainties. For our selected emerging economies, monetary policy regimes also affect these dispersions (chapter4)
Lahiani, Mohamed. "The capital structure puzzle: On the existence of an optimal capital structure". CSUSB ScholarWorks, 2003. https://scholarworks.lib.csusb.edu/etd-project/2350.
Testo completoNivorozhkin, Eugeniy. "Essays on capital structure". Göteborg, Sweden : Dept. of Economics, Göteborg University, 2001. http://catalog.hathitrust.org/api/volumes/oclc/49281266.html.
Testo completoKhoo, Joye. "Essays on capital structure". Thesis, Curtin University, 2013. http://hdl.handle.net/20.500.11937/1248.
Testo completoKhan, Muhammad. "Impact de l’Inflation sur la croissance et ses déterminants macroéconomiques". Electronic Thesis or Diss., Orléans, 2014. http://www.theses.fr/2014ORLE0503.
Testo completoThis thesis is concerned with the effects of inflation on output growth and on its determinants. In the first step, ourstudy analyzes two aspects of the inflation–growth relationship. First, it examines the nonlinearity of the relationshipbetween inflation and output growth and identifies several thresholds for the global sample and for various incomespecificsub-samples. Secondly, it identifies some country-based macroeconomic features that influence thisnonlinearity. Our empirical results substantiate both views and validate the fact that the inflation–growth nonlinearityis sensitive to a country’s trade openness capital accumulation, and government expenditures (chapter 2). After that,we explain this inflation–growth nonlinearity by testing a Tobin effect of inflation on physical capital and asubstitution effect – from work to education – for human capital. We find that the positive effects of moderateinflation rate are due to the Tobin effect on physical capital whereas a weak negative effect of high inflation ratestems from a better human capital accumulation. We identify a strong role of well developed financial systems in allthese mechanisms (chapter 3). Lastly, we address a lack of coherence between the macro based optimal inflationthresholds for output growth and the actual preferences of central banks around the world. We notice that centralbanks use micro based New-Keynesian models and their optimal inflation rate is the one that minimizes dispersionsin factors and product markets. We test the effect of inflation on relative price variability and output growthvariability and, for all income groups, the results support a slight positive inflation rate to minimize theseuncertainties. For our selected emerging economies, monetary policy regimes also affect these dispersions (chapter4)
Mateus, Inês Pêgo. "Minimum capital policy and start-ups’ capital structure". Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17535.
Testo completoO presente estudo analisa como o conhecimento da lei do capital mínimo afeta a estrutura de capitais das start-ups, explorando quais as razões que levam os fundadores a estabelecer o montante de capital inicial e como a estrutura de capitais se altera nos primeiros anos da empresa. O foco deste estudo são as empresas criadas e ativas em Portugal desde 2011 nos setores de atividade elegíveis para a lei do capital mínimo. Neste estudo foram exploradas as razões que levam as start-ups a estabelecer o capital inicial. Não foi encontrada significância estatística do impacto do conhecimento da reforma do capital mínimo no montante de capital inicial. Pode também ser evidenciado que a reforma influencia o montante de dívida das start-ups e a possível realização de aumentos de capital.
The present study analyzes how the knowledge of the minimum capital policy affects start-ups' initial capital structure, exploiting how start-ups established initial capital and how their capital structure changed in the first years. The target of this study are firms founded since 2011 and currently active in Portugal in sectors of activity eligible for the minimum capital policy. It was exploited the main reasons how start-ups establish initial capital. In addition, it was found no statistically significant impact of the knowledge of the minimum capital reform on start-ups initial capital and that the reform influences start-ups' amount of debt and capital increases.
info:eu-repo/semantics/publishedVersion
Shuwaikh, Fatima. "Les déterminants-cles de l’innovation et de la performance financiere du capital-risque d’entreprise". Thesis, Université Paris-Saclay (ComUE), 2018. http://www.theses.fr/2018SACLS386.
Testo completoThis thesis addresses unexplored issues on corporate venture capital (CVC). This research is designed on insights from resource-based view, knowledge-based view, organizational learning with a special focus on ambidexterity, real options lens, network theory. Our empirical analysis covers the period between 1998 and 2017 and is based on 4206 U.S. companies for the first essay, 1547 U.S. biotechnology companies for the second essay and 12895 investment-deals from 274 North American corporate investors for the third one. To test all hypotheses, we employ multivariate -regression analyses (e.g., ordinary least squares, negative binomial regression, two-staged least squares). In the first essay, we find that CVC-backed companies exercise real options when exogenous uncertainty is mitigated and as a result, experience higher financial injections and prolonged duration. Two influential factors reduce uncertainty and improve the organizational learning process: tie strength and geographic proximity between the corporate investor and the entrepreneurial company. Additional investment amounts lead to a higher frequency of IPO exit for independent venture capital (IVC) backed companies while longer investment durations motivate a higher frequency of acquisition exit for CVC-backed companies for organizational learning reasons. In the second essay, CVC-backed companies display higher rates of innovation output than their IVC-backed counterparts. The performance of CVC-backed companies is responsive to their ability to leverage the complementary resources of corporate investors. We propose three mechanisms that improve the innovation output: absorptive capacity of entrepreneurial companies, tie strength, geographic proximity. In the third essay, sequential ambidexterity drives to higher corporate investors’ financial performance than balanced or simultaneous forms of ambidexterity in CVC investments. Finally, the combination of balanced and simultaneous forms of ambidexterity produce synergy and enhance the financial performance of CVC investments
Habba, Badr. "L'évaluation des banques : les déterminants systématiques et fondamentaux du coût du capital". Bordeaux 4, 2008. http://www.theses.fr/2008BOR40032.
Testo completoThis thesis focuses on the systematic and fundamental determinants of banks' cost of capital and their influences on the market value of these institutions. Part one presents a literature review of the major risks affecting bank valuation. The aim of the theoretical and empirical works presented in the first two chapters is to identify potential determinants of banks' cost of capital. In the second part, we realize two empirical studies. The objective of the firts empirical study is twofold. Firts we estimate a multifactoe model of bank stock returns that incorporates market return interest rate risk, exchange rate risk and macroeconomic credit risk factor. Second, we investigate the relationship between hedging banking risks and bank stock returns. The empirical results show the existence of specific sensitivities not reflected in the traditional market risk incorporated by Capital Asset Pricing Model. Moreover, high levels of capital adequacy or diversification are perceived by investors as being better protected against bank risks. The second empirical study examines the influence of the individual bank fudamental variables on the banks' cost of capital and bank valuation. The results show that there is a very significant influence of the quality of bank loan portfolios, level of capital adequacy, level of functional diversification, operational performance, and size on the bank market value
Escaffre, Lionel. "Contribution à l'analyse des déterminants de l'offre d'information sur le capital intellectuel". Paris 9, 2002. https://portail.bu.dauphine.fr/fileviewer/index.php?doc=2002PA090026.
Testo completoMonod, Violaine. "Les déterminants réels du risque financier de l'entreprise". Paris, Institut d'études politiques, 1991. http://www.theses.fr/1991IEPP0026.
Testo completoBadre, Lara. "Les déterminants de la migration des compétences au Liban". Thesis, Sorbonne Paris Cité, 2015. http://www.theses.fr/2015USPCB172.
Testo completoThis thesis focuses on the determinants of the highly skilled migration in Lebanon whose main purpose is to identify factors and risks associated with migration among highly skilled graduates. The research problem is summarized in the following main question: Given equal level of education, which graduate becomes a migrant? To address the lack of data on this particular topic, we conducted a (online) survey on graduates from the Lebanese American University and the Holy Spirit University of Kaslik in Lebanon. Graduates from both universities form diverse cultural, linguistic and socioeconomic characteristics that are representative of Lebanese graduates in general. The aim of the survey was to compare similarities and contrast differences between migrant and non-migrant graduates in order to understand their diverse behavior with regard to migration. Based on survey results, we carried out a segmentation of graduates and divided them into sub-groups based on their migration status allowing us to understand their behavior with regard to migration. The descriptive analysis of the survey results reveals differences in demographic, economic and family characteristics between migrant and non-migrant graduates, but little divergence were found regarding their university studies and the field of education. We also modeled a number of risks associated with migration and we demonstrated that the risk of migrating could be determined by a number of individual and family factors, but mainly over time, i.e. the time since graduation with the highest university degree. We also demonstrate that even at equal level of education, human capital and social capital can determine international migration among graduates who have obtained the same level of education and experienced the same socio-economic conditions in Lebanon. We have also explored barriers that hinder migration among skilled graduates and briefly analyzed the main factors determining their return migration to Lebanon. Based on these findings we confirm that we have validated our assumptions by facts based on survey results. Despite the relative difficulty in the study of international migration in general and the implementation of online surveys, we managed to obtain very interesting results which we also compared to available data on skilled migration in Lebanon and at the global level
Schauten, Maximilien Bernard Joseph. "Valuation capital structure decisions and the cost of capital /". Rotterdam, 2008. http://hdl.handle.net/1765/13480.
Testo completoSamoud, Iheb. "Evolution des IDE en Tunisie : déterminants et effets sur la croissance". Thesis, Bordeaux 4, 2013. http://www.theses.fr/2013BOR40024.
Testo completoAddressing the issue of the attractiveness of foreign direct investment is a major concern for countries like Tunisia. Since the 1970s, the attractiveness of FDI became a key variable in the country’s economic growth, as shown by the adoption of different legislative and regulatory measures meant to create a favorable environment for investors. However, given the amount of efforts invested and benefits granted, the results come across as being pretty disappointing and all remain far from the goals and hopes initially raised. In this context, it is interesting to study the FDI determinants in Tunisia and their impact on the local economy especially in terms of national growth. To this end, we will focus on the important role played by the human capital, its effects on growth and the way it interacts with the flows of FDI. The core of the thesis will indeed revolve around this theme. The statistical and econometric analysis undertaken in the dissertation will show that for the past two decades, FDI in Tunisia have been the result of a few oil exploration projects and privatization of big public companies. It is mainly the annuitant sector (hydrocarbon) and the non-renewable privatization projects that have attracted the most FDI, whereas industrial FDI remain polarized by the textile-Apparel industries. It also appears that, privatizations and energy sector set aside, FDI remain weak. Not only that, these operations have not triggered a dynamic input on FDI for these sectors. In conclusion, the results clearly prove that progress in FDI and school enrollment ratio (human capital) in Tunisia has had little effect on the Tunisian economic growth. It also has been brought to our attention that, taken alone, FDI have a positive impact on growth; however they fail to create spillover effects
Birkeland, Mariell Kversøy, Ane Eidem Eriksen e Ellen Ueland. "Executive Incentives and Capital Structure". Thesis, Norges teknisk-naturvitenskapelige universitet, Institutt for industriell økonomi og teknologiledelse, 2011. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-15038.
Testo completoChan, Yan-cheong Archie, e 陳忍昌. "Capital structure of selected industries". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1989. http://hub.hku.hk/bib/B31264268.
Testo completoWang, Senyu. "Essays in bank capital structure". Thesis, University of Glasgow, 2019. http://theses.gla.ac.uk/40939/.
Testo completoLawson, Daniel. "Two essays on capital structure". Tallahassee, Florida : Florida State University, 2009. http://etd.lib.fsu.edu/theses/available/etd-06242009-150345.
Testo completoAdvisor: James S. Ang, Florida State University, College of Business, Dept. of Finance. Title and description from dissertation home page (viewed on Oct. 20, 2009). Document formatted into pages; contains vi, 73 pages. Includes bibliographical references.
Choi, Youngrok. "Taxes and corporate capital structure /". free to MU campus, to others for purchase, 2003. http://wwwlib.umi.com/cr/mo/fullcit?p3115535.
Testo completoKisgen, Darren J. "Credit ratings and capital structure /". Thesis, Connect to this title online; UW restricted, 2004. http://hdl.handle.net/1773/8825.
Testo completoSun, Zhiyue. "Investigations into Corporate Capital Structure". Thesis, Curtin University, 2020. http://hdl.handle.net/20.500.11937/81775.
Testo completoHebert, Camille. "Essais sur la Structure du Capital et le Capital Humain". Thesis, Paris Sciences et Lettres (ComUE), 2019. http://www.theses.fr/2019PSLED073.
Testo completoThis thesis consists of three chapters and studies the firm's organizational structure at a different stage of its life cycle: early-stage, growth, business group. The first chapter investigates the underlying reasons for the gender funding gap in the venture capital industry. It highlights a significant role for investors' stereotypes that ultimately impedes minority-founded startups' growth. Entrepreneurs’ human capital mitigates to some extends investors’ stereotypes. The second chapter identifies conditions under which firms choose to grow by buying an incumbent company as opposed to building on their pre-existing human capital resources. The third chapter focuses on large business groups. It provides evidence that investors are not always aware of the boundaries of the firm and miss predictive information released at another level of the group
Pédé, Célestin Euloge. "Principaux déterminants des investissements directs étrangers : une analyse régionale". Master's thesis, Université Laval, 2014. http://hdl.handle.net/20.500.11794/25376.
Testo completoThe present study uses gravity model to investigate the main determinants of foreign direct investment flows from OECD countries to various regional economies. Accounting for potential endogeneity, we estimated the average treatment effect (ATE) and Average treatment effect on the treated (ATET). Our approach has allowed us to make a regional analysis based on the location of the destination countries, their income level and their level of the corruption. Our results suggest that compared to Sub Sahara Africa, regions of Latin America, East Asia and Pacific, South Asia and Middle East and North Africa attract more strongly FDI from OECD while Europe and Central Asia seem indifferent from these investments. FDI decrease when the destination nation is intermediate, middle or low income. Finally, the level of the corruption dose not determines the FDI from OECD. Keywords: Foreign direct investment, gravity model, regional trade agreements.
Fosu, Samuel. "Capital structure, product and banking market structure and performance". Thesis, University of Leicester, 2014. http://hdl.handle.net/2381/28601.
Testo completoDufour, Lucas. "Les déterminants de l'intégration des jeunes à faible capital scolaire au sein des organisations". Aix-Marseille 3, 2008. http://www.theses.fr/2008AIX32083.
Testo completoYu, Albert Chun-ming. "The dynamics of capital structure choice". Thesis, University of British Columbia, 1985. http://hdl.handle.net/2429/24408.
Testo completoBusiness, Sauder School of
Graduate
Tompkins, Lindsay. "Capital Structure in Corporate Carve-outs". Honors in the Major Thesis, University of Central Florida, 2006. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/1006.
Testo completoBachelors
Business Administration
Finance
Bayster, Andrew P. (Andrew Philip). "Capital structure in mixed-use development". Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/33190.
Testo completoThis electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaf 71).
A survey-based approach was employed to determine the most important factors contributing to the successful financing of mixed-use development. Individual real estate developers were contacted to discuss their specific projects along with construction and permanent lenders. These projects contained three or more uses and were located in major metropolitan infill locations across the US. Specific questions were asked about the entire capital structure including equity, construction and permanent debt. 'The thesis contains a background on mixed-use development and its growing importance in the marketplace, discussion of equity and lending fundamentals within commercial real estate, a presentation of the data and finally an analysis of the findings. From the data, three main factors were derived that affect the ability of mixed-use developments to successfully receive financing. These include the size of the developer in relation to the project, the amount of pre-leasing and pre-sales completed and the ability to compartmentalize the project by use. These conclusions are important for any developer attempting to complete a mixed-use development of any size or complexity. To successfully build the project and appease any lender concerns, the developer must address each issue.
by Andrew P. Bayster.
S.M.
Lima, Elaine Janine Martins de. "Determinants of start-ups capital structure". Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/7377.
Testo completoO objetivo deste trabalho é analisar os determinantes mais relevantes da estrutura de capital inicial de novas empresas, através do desenvolvimento de um estudo empírico. A estrutura de capital tem sido a ser um dos temas mais controversos na literatura financeira. Embora haja uma grande quantidade de estudos empíricos e teóricos sobre este tema, não há ainda acordo na escolha da estrutura ótima de capital. Grande parte dos estudos concentra-se em empresas estabelecidas, negligenciando o tema das novas empresas. Recentemente, final dos anos 90, estudos sobre a estrutura de capital começaram a abordar o tema start-ups e pequenas empresas. Neste sentido, combinando dados financeiros de empresas e dados do fundador, que contêm informações detalhadas sobre as start-ups Portuguesas ao longo do período 2004 a 2009, a influência de fatores como o tamanho, a estrutura de ativos, o crescimento e as características dos fundadores na estrutura de capital inicial de start-ups foram analisadas. Os resultados confirman a hipótese de que o tamanho e a estrutura de ativos têm um impacto positivo sobre a estrutura de capital das start-ups, enquanto que o crescimento tem uma relação negativa. Esses resultados são consistentes com a teoria do pecking order que refere os problemas de assimetria de informação e a teoria do trade-off que refere os problemas de agência. O nível de significância e o impacto das características dos fundadores, nomeadamente a experiência no setor, regional e empresarial, educação, idade e género na estrutura de capital inicial das start-ups varia muito, não fornecendo resultados consistentes.
The objective of this paper is to analyze the most relevant determinants of new ventures initial capital structure, by developing an empirical study. Capital Structure has been one of the most controversial issues in financial literature during the past years. Although exists an enormous amount of empirical and theoretical studies on this topic, there is no agreement in choosing the optimal capital structure. Much of the existing research focuses on established firms, neglecting the field of entrepreneurial finance. Only recently, in the late 90s, the studies on capital structure were extended to start-ups and small firms. Concerning this, by combining Portuguese firm-level financial data with the matched employer-employee database, that contains unique and detailed information about the start-ups during the period 2004 to 2009, the influence of factors such as size, asset structure, growth orientation and owners' characteristics on start-ups initial capital structure were examined. The results support the hypotheses that size and asset structure have a positive impact on start-ups initial capital structure, while growth have a negative relation. These results are also consistent with the pecking order theory that incorporates information asymmetries issues and the trade-off theory with the agency problems. The level of significance and impact of owners' characteristics such as industry experience, regional experience, entrepreneurial experience, education, age and gender on start-ups initial capital structure varies widely, not providing consistent results.
Pina, Filipa Alexandra Norte. "Gazelles and their initial capital structure". Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17637.
Testo completoEmpresas gazelas têm sido alvo de muitos estudos dado o seu importante contributo para a economia. Elas são, segundo a OCDE, empresas com menos de cinco anos que, tendo um número mínimo de trabalhadores, atingem um crescimento anualizado de 20% ao ano durante três anos consecutivos. O objetivo deste trabalho é perceber se existem diferenças que distingam a estrutura de capital de empresas gazelas de empresas não gazelas. Mais especificamente, nós avaliamos se as gazelas apresentam maiores necessidades de capital e se as fontes de capital divergem entre os dois tipos de empresa. A fim de cumprimos o objetivo deste trabalho, utilizámos a base de dados "Central de Balanços" que é composta por dados de todas as empresas portuguesas criadas entre 2006 até 2015. Assim, identificámos cerca de 94 066 empresas não financeiras nascidas entre 2006 e 2011 das quais apenas 307 são gazelas. Os nossos resultados sugerem que as empresas gazelas obtêm valores mais elevados de capital total inicial, sugerindo que estas empresas têm maiores necessidades de financiamento do que as não-gazelas. A fim de financiarem as suas atividades, as gazelas tendem a usar mais capitais próprios do que dívida, uma vez que apresentam valores do rácio debt-to-capital inferiores às empresas não gazelas, mesmo considerando que a crise financeira e soberana influenciou a subida deste rácio para empresas nascidas entre 2008 e 2011.
Gazelle firms have been the center of many studies given their important contribution for the economy. According to OECD, they are firms with less than 5 years that, have a minimum number of employees, achieve an annualized growth of 20% a year for three consecutive years. The goal of this study is to understand the differences in the capital structure between gazelle and non-gazelle firms. More specifically, we evaluate if gazelle present higher financial needs and if the sources of financing differ from non-gazelle firms. In order to achieve this goal, we used the "Central de Balanços" database that includes data from all Portuguese firms from 2006 to 2015. Thus, we identify 94 066 non-financial firms born between 2006 and 2011, from those only 307 are gazelles firms. Our results suggest that gazelle firms raise higher amounts of initial capital, suggesting that these firms have higher financial needs than non-gazelle firms. To finance their activities, gazelle firms tend to use more internal funds, since they present lower debt-to-capital ratios, even considering that the financial and sovereign crisis tend to increase the D/C ratio for companies born between 2008 and 2011.
info:eu-repo/semantics/publishedVersion
Chen, Rei-Ning. "Regulation Fair Disclosure and Capital Structure". The Ohio State University, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=osu1250181533.
Testo completoNguyen, Thu Thuy. "Capital structure, strategic competition, and governance". [Rotterdam] : Rotterdam : Erasmus Research Institute of Management (ERIM), Erasmus University Rotterdam ; Erasmus University [Host], 2008. http://hdl.handle.net/1765/14005.
Testo completoSimard, Roch. "Structure du capital et management stratégique /". Thèse, Chicoutimi : Université du Québec à Chicoutimi, Département des sciences économiques et administratives, 1991. http://theses.uqac.ca.
Testo completoSerfling, Matthew. "Firing Costs and Capital Structure Decisions". Diss., The University of Arizona, 2015. http://hdl.handle.net/10150/555889.
Testo completoShoham, Bazel Ofra. "GENDER EFFECTS ON FIRM CAPITAL STRUCTURE". Diss., Temple University Libraries, 2017. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/445929.
Testo completoPh.D.
The literature of sociobiology and culture recognize that, statistically, females often make different choices than males across a wide range of issues. Scholars of business, economics, and finance find that females react differently than males to diverse financial and business situations. Moreover, extant research indicates that females on boards of directors exert a positive impact on monitoring, value, and performance. This dissertation extends the gender literature by empirically testing the hypothesis that female board representation limits the use of debt in firms’ capital structures because of females’ greater risk aversion, lower overconfidence, and less competitive nature compared with males. The empirical results indicate that influential female representation, such as a female chair of the board, has a causal negative and significant impact on the leverage of the company.
Temple University--Theses
Perez, Giovanni. "Essays on Capital Structure of Nations". ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2539.
Testo completoLe, Forner Hélène. "Human capital inequalities : family structure matters". Thesis, Paris 1, 2019. http://www.theses.fr/2019PA01E039/document.
Testo completoFamily has known great transformations in the last decades in a large number of OECD countries. On one hand, fertility rates have decreased. On the other hand, the number of separations has increased sharply. This thesis asks whether these major changes of family structure affect child’s human capital, being a new source of inequalities. Using very large datasets and micro-econometric methods, the three chapters present original empirical evidence on whether parental separation and family size impact individual’s human capital. The first chapter studies the effect of parental separation in France on individual’s achievement, and find a negative effect of parental separation on individual’s educational attainment and social position. Using an American dataset, the second chapter asks whether this effect is driven by changes in time spent with parents, and find that 30% of the effect of parental separation on socio-emotional skills is explained by the decrease in time spent with at least one parent present. The third chapter accounts for another aspect of family structure: the number of children. Using a British dataset, we find that having a second sibling in the United Kingdom decreases the child’s socio-emotional skills, especially for girls
van, Gestel Robert T. M. "Leverage and international capital structure : an extension of the Modigliani and Miller propositions on capital structure for multinationals". Thesis, Liverpool John Moores University, 1995. http://researchonline.ljmu.ac.uk/5098/.
Testo completoAl, Zein Eza Ghassan. "Capital controls and external debt term structure". Texas A&M University, 2005. http://hdl.handle.net/1969.1/2556.
Testo completoLindbergh, Lars. "Essays of Financial Performance and Capital Structure". Doctoral thesis, Umeå universitet, Företagsekonomi, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-213.
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