Example finance dissertation topic 11:

Corporate strategy and capital structure: An analysis of the linkages

between them
Long-term capital structure decisions help determine corporate flexibility and the advancement
of strategies that may be utilised in the face of external or internal pressures. Given this, capital
structure decisions are a complex function, influenced by, amongst other factors, institutional
structures, liquidity constraints, tax regimes, and liquidity constraints. Within this context the link
between corporate strategy and capital structure becomes paramount. Accordingly, this
dissertation answers three questions: first, how the decisions made in developed and
developing countries differ with regard corporate financial leverage. Secondly, it addresses the
implications of cultural diversity between countries upon individual policy makers within firms.
Thirdly, it considers the extent to which there is a similarity between the cross-sectional
variability of individual countries' capital structures. The dissertation can be moulded to suit a
range of individual countries.
Suggested initial topic reading:

DeAngelo, H., DeAngelo, L. and Whited, T.M. (2011) Capital structure

dynamics and transitory debt', Journal of Financial Economics,Vol. 99(2), pp.
235-261.

Kovenock, D. and Phillips, G.M. (1997) Capital structure and product

market behaviour: An examination of plant exit and investment
decisions',Review of Financial Studies, Vol. 10(3), pp.767-803.

Titman, S. and Wessels, R. (1988) The determinants of capital structure

choice', Journal of Finance, Vol.43, pp. 1-19.

Example finance dissertation topic 15:

15) Islamic banking: A matter of semantics?
A popular presentation of Islamic banking is that it does not charge interest. This study
challenges that view and suggests that the reality of Islamic banking differs little from
conventional banking, other than in terminology. It undertakes a comprehensive analysis of the
mechanisms of Islamic banking and compares them to traditional banking, taking note of papers
such as those by Zaman and Movassaghi (2002) and Chong and Liu (2009). Further, the paper

considers how much the presentation of Islamic banking is a propaganda tool of the resurgence
of Islam globally.
Suggested initial topic reading:

Chong, B.S. and Liu, M.H. (2009) Islamic banking: Interest-free or interestbased?' Pacific-Basin Finance Journal, Vol. 17(1), pp. 125-144.

Siddiqui, M.N. (2001) Islamic banking: True modes of financing', New

Horizon, pp. 15-20.

Zaman, M.R. and Movassaghi, H. (2002) Interest-free Islamic banking:

Ideals and reality', The International Journal of Finance, Vol. 14(4), pp. 24282443.

Example finance dissertation topic 1:

According to Barrett (2011), one of the financial instruments of
mass destruction, commercial mortgage-backed securities (CMBS
for short) were at the toxic heart of the credit crunch, providing a
fast route to cheap debt but now, there are hopes that the real
estate securitisation markets could creak back into life' - a critical
appraisal.
The credit crisis has indeed left a trail of destruction in financial markets, but
opportunities to learn from the mistakes of the past abound. This study
undertakes an extensive literature review of commercial mortgage-backed
securities and considers whether there is a strong future for the product,
whilst taking note of the lessons of the past decade. Additionally, the study
utilises a primary research method, with the analysis of one-on-one
interviews with five leading figures in the City. Finally, it concludes with
recommendations for how this market can act responsibly in the future.
Suggested initial topic reading:

Baum, A. (2009) Commercial real estate investment: A strategic

approach. London: Estates Gazette.

Brealey, R. and Myers, S. (2008) Principles of corporate finance.

London: McGraw Hill.

Brueggeman, W.B. and Fisher, D.D. (2008) Real estate finance and
investments (13th edn). London: McGraw-Hill.

Example finance dissertation topic 2:

Lines of credit in corporate finance: A post-global-crisis case study
This dissertation evaluates the decision making factors that lead
organisations and firms to use either cash or bank lines of credit in corporate
liquidity management. In so doing issues relating to viable liquidity
substitutes are investigated as well as the need for firms to maintain high
cash flows. The dissertation suggests that firms need to maintain high cash
flows if they are to remain compliant with covenants, and that banks restrict
access to credit facilities where firms are found guilty of covenant violations.
This is a highly topical dissertation that can be moulded to a number of
global arenas.
Suggested initial topic reading:

Demiroglu, C. and James, C. (2011) The use of banklines of credit in

corporate liquidity management: A review of empirical

evidence', Journal of Banking & Finance, Vol. 35(4), pp. 775-782.
Sufi, A. (2009) Bank lines of credit in corporate finance: An
empirical analysis', The Review of Financial Studies, Vol. 22(3), pp.
1057-1088.

Example finance dissertation topic 3:

Shipping finance in Singapore: A case study of current options
Singapore is an international shipping hub, and ship-building remains a
profitable activity on the island. This study examines the options for ship
owners based in Singapore who seek to finance new builds as well as
reconstruction projects. Banks remain a predominant source of funding, even
in the wake of the financial crisis, which has seen numerous banks seek to
reduce their exposure to shipping firms. This dissertation undertakes
interviews with three ship owners in order to break through the discreet
world of shipping finance, and presents a synthesised analysis of not only
how they arrive at financing decisions, but an objective view of their best
options.
Suggested initial topic reading:

Menkhoff, T. and Evers, H-D. (2011) The governance of Singapore's

knowledge clusters: off shore marine business and waterhub.
Unpublished thesis, Munich University.
Zeng, Y.Y., Gong, S. andYe, H.Q. (2010) Ship financing practices in
Hong Kong: What changes has the financial tsunami
wrought?',International Centre for Maritime Studies, IFSPA 2010, 15-18
October 2010, Chengdu, China.

Example finance dissertation topic 4:

Financial risk management in maritime finance
The volatility of the maritime industry is well known, and this volatility has
been further affected by changes in the financing of ships as banks become
more cautious lenders. This study considers how shipping finance is likely to
become increasingly involved in loan securitisation, which will bring new
risks to ship owners. This study considers the measures ship owners will
need to undertake to prepare themselves for such changes, with particular
regard to financial risk management. It evaluates maximum levels of risk,
and how such levels can be determined, and speculates how this will change
shipping investment and new build rates.
Suggested initial topic reading:

Albertijn, S., Bessler, W. and Drobetz, W. (2011) Financing shipping

companies and shipping operations: A risk-management

perspective',Journal of Applied Corporate Finance, Vol. 23(4), pp. 7382.
Idelhakker, B. and Hamza, F. (2011) Risk management of oil
maritime transportation', Energy Systems, Vol. 2(1), pp. 67-82.

Example finance dissertation topic 5:

A critical discussion of the use, for investment purposes, of
standard deviation as a risk indicator
Risk is a critical component of investing, and within the field of investment
analytical tools are used to guide investment decisions. Chief amongst these,
historically, has been the use of standard deviation. This has been used
because it can illustrate the volatility of a potential investment, and the

correlated inherent risk associated with it, that can be correlated to its
volatility. Using predominantly secondary sources this dissertation charts the
development of the standard deviation over the last forty years and
evaluates its on-going appropriateness as a mechanism by which to evaluate
risk in the post credit crunch era.
Suggested initial topic reading:

Konno, H. and Yamazaki, H. (1991) Mean-absolute deviation

portfolio optimization model and its applications to Tokyo Stock

Market',Management Science, Vol. 37(5), p. 519-531.
Merton, R.C. (1973) On the pricing of corporate debt: The risk

structure of interest rates', American Finance Association, December

1973, p. 1-35.
Tobin, J. (1958) Liquidity preference as behavior towards
risk', Review of Economic Studies, Vol. 25(1), pp. 1-26.

Example finance dissertation topic 6:

An analysis of the extent to the most important risk that
international banks face in cross-border operations is political risk
As Garrett, Mahadeva and Sviridzenka note, systemic risk among the
network of international banking groups arises when financial stress
threatens to criss-cross many national boundaries and expose imperfect
international co-ordination' (2011: 1). This paper considers this phenomenon
and evaluates methods by which international banks may determine and
mitigate risk in a global climate that is no less stressful today than it was ten,
twenty or one hundred years ago. Political understanding is a key component
of managing risk in this environment and must be evaluated carefully in
order to contain risk. This study conducts interviews with a representative of
the Bank of England and well as financial figureheads to develop a wider
understanding of the problem.
Suggested initial topic reading:

Nolle, D.E. and Kelly, H.C. (2003) Cross-border outsourcing and risk
management for banks', Capco Institute Journal of Financial
Transformation, Vol. 8, pp. 63-72.

Garrett, R., Mahadeva, L. and Sviridzenka, K. (2011) Mapping

systemic risk in the international banking network', Bank of England
Working Paper No. 413, London: Bank of England.

Example finance dissertation topic 7:

With reference to the Dutch banking sector and contemporary
developments within corporate governance: To what extent is there
now a closer correlation between the expectations of internal and
external auditors?
The introduction of a new Dutch Corporate Governance code from 1st
January 2009 has ushered in a new era of corporate governance within the
Dutch banking sector. Underlying the reforms was a desire, as a
consequence of the global credit crunch, to restore trust in the system. The
reforms have centred upon three specific aspects: increasing governance
within banks, audit, risk management, and remuneration policies. Three
years into this new system this dissertation seeks to evaluate the extent to
which the reforms have realised their creators' intentions and does so via
reference to the auditing and governance arrangements presently in
existence within four Dutch banks. Accordingly, this dissertation supplements
existing academic knowledge through conducting interviews with a number
of senior banking officials so that this study advances understanding within
the field.
Suggested initial topic reading:

Code Tabaksblat (Frijns, J., ed.) (2008) De Nederlandse corporate

governance
Code. Available at:

http://www.commissiecorporategovernance.nl/page/downloads/Dec_20
08_Code_NL.pdf [accessed 27 May 2012].
Friesland Bank (2010), Financieel jaaroverzicht 2010, Friesland

Bank: Leeuwarden, pp. 1-163.

Glover, S.M., Prawit, D.F. and Wood, D.A. (2008) Internal audit
sourcing arrangement and the external auditors' reliance
decision',Contemporary Accounting Research, Vol. 25, pp. 193-213.

Example finance dissertation topic 8:

Since 2010, has the IMF done enough to overcome its perceived
institutional illegitimacy and inefficiency?
According to its then Managing Director, Dominique Strauss-Kahn, the IMF
agreed in 2010 to the most fundamental governance overhaul in the Fund's
65-year history and the biggest ever shift of influence in favour of emerging
market and developing countries to recognize their growing role in the global
economy' (IMF, 2010). This was done in partial response to previous claims
by, amongst others, Coffey and Riley, (2006), that the IMF lacks legitimacy
and is inefficient. Using Strauss-Kahn's pronouncement along with the
academic opinions of Coffey and Riley this dissertation evaluates the post
2010 reforms to the governance of the IMF.
Suggested initial topic reading:

Coffey, P, and Riley, R. (2006) Reform of the international

institutions: The IMF, World Bank and the WTO. Cheltenham: Edward
Elgar Publishing Limited.
Seabrooke, L. (2007) Legitimacy gaps in the world economy:

Explaining the sources of the IMF's legitimacy crisis', International

Politics, Vol. 44, pp. 250-268.
Suchman, M. C. (1995) Managing legitimacy: Strategic and

institutional approaches', Academy of Management Journal, Vol. 20,

pp. 571-610.
Thatcher, M. and Stone Sweet, A. (2002) Theory and practice of
delegation to non-majoritarian institutions', West European Politics,
Vol. 25, pp. 1-22.

Example finance dissertation topic 9:

Quantitative easing: The controversial approach of the Bank of
England
Even within the Bank of England itself, the approach of quantitative easing to
the current financial crisis has been riven by controversy. This study
examines the methods by which the Monetary Policy Committee arrives at its
decision, and takes a particular interest in the views of the former member of
the Committee, Professor Andrew Sentance, who was a vociferous opponent
to the rounds of quantitive easing undertaken by the Bank. The author will

seek to interview Prof. Sentance (currently at the University of Warwick) to

gain a greater understanding of the dilemmas faced by the Committee.
Suggested initial topic reading:

Joyce, M. (2012) Quantitative easing and other unconventional

monetary policies: Bank of England conference summary', Bank of

England Quarterly Bulletin. London: Bank of England.
Joyce, M., Tong, M. and Woods, R. (2011) The United Kingdom's

quantitative easing policy: Design, operation and impact', Bank of

England Quarterly Bulletin. London: Bank of England.
Sentance, A. (2011) The UK's inflation problem: Selling England by
the pound?', Speech given by Andrew Sentence, at the Institute of
Economic Affairs, State of the Economy Conference, London, 17
February 2011.

Example finance dissertation topic 10:

A critical assessment of the role of the WTO in world trade. To what
extent can it be argued that the organisation, in its institutional
operations, is designed primarily to advance the interests of
developed nations?
This dissertation seeks to evaluate the extent to which the five underlying
principles noted still guide the work of the WTO. First, it examines the
principle of non-discrimination. Secondly, the study reviews the issue of
transparency (in both operations and internal governance). Thirdly, it
considers the principle of fairness and equitability within trade negotiations
and agreements. Fourthly, the dissertation explores the principle of
reciprocity, and finally the extent to which preferential trade treatment is still
enshrined within the workings of the WTO so as to support the infant
industries of developing nations. Through an analysis of various policies and
protocols adopted by the WTO over the last fifteen years this dissertation
offers a range of comments and analysis as to the extent to which each of
these underlying principles still shapes the workings of the WTO in this
decade of the 21st century.
Suggested initial topic reading:

Bowman, G.W. (2011) Of haves and have-nots: A review of

developing countries and the multilateral trade regime: The failure and
promise of the WTO's development mission', Trade, Law and
Development, Vol. 3(1), pp. 242-265.
Hanegraaf, M., Beyers, J. and Braun, C. (2011) Open the door to
more of the same? The development of interest group representation
at the WTO', World Trade Review, Vol. 10, pp. 447-472.

Example finance dissertation topic 11:

Corporate strategy and capital structure: An analysis of the linkages
between them
Long-term capital structure decisions help determine corporate flexibility and
the advancement of strategies that may be utilised in the face of external or
internal pressures. Given this, capital structure decisions are a complex
function, influenced by, amongst other factors, institutional structures,
liquidity constraints, tax regimes, and liquidity constraints. Within this
context the link between corporate strategy and capital structure becomes
paramount. Accordingly, this dissertation answers three questions: first, how
the decisions made in developed and developing countries differ with regard
corporate financial leverage. Secondly, it addresses the implications of
cultural diversity between countries upon individual policy makers within
firms. Thirdly, it considers the extent to which there is a similarity between
the cross-sectional variability of individual countries' capital structures. The
dissertation can be moulded to suit a range of individual countries.
Suggested initial topic reading:

DeAngelo, H., DeAngelo, L. and Whited, T.M. (2011) Capital

structure dynamics and transitory debt', Journal of Financial

Economics,Vol. 99(2), pp. 235-261.
Kovenock, D. and Phillips, G.M. (1997) Capital structure and

product market behaviour: An examination of plant exit and

investment decisions',Review of Financial Studies, Vol. 10(3), pp.767803.
Titman, S. and Wessels, R. (1988) The determinants of capital
structure choice', Journal of Finance, Vol.43, pp. 1-19.

Example finance dissertation topic 12:

Investment banking: Global multinationals or regional players?
This dissertation applies the ideas espoused by Li and Rugman (2007) to
investment banking. As a consequence, this thesis posits that within the
investment banking sector it is more appropriate to view such firms not as
global multinationals but rather in terms of their regional dominance and
predominance. This contention is explored within this study not only via
reference to the work of Li and Rugman but also through an analysis of the
importance of individual investment banks to individual economies and the
specific nature of banking regulation within individual countries.
Suggested initial topic reading:

Li, J. and Rugman, A.M. (2007) Real options and the theory of

foreign direct investment', International Business Review, Vol. 16(6),

pp. 687-712.
Smith, R.C., Walter, I. and DeLong, G. (2012) Global banking (3rd
edn). Oxford: Oxford University Press.

Example finance dissertation topic 13:

Given the on-going effects of the global recession, what measures
should be enacted to regulate credit rating agencies so as to
minimise the potential for previous mistakes within the sector being
repeated?
Advancing three interlocking hypothesises, this dissertation assess each with
reference to existing academic literature upon the subject area and through
the collation of primary research. First, to what extent can the credit rating
agencies be blamed for giving investment grade credit ratings to toxic
securities? Second, as no mathematical model exists that accurately predicts
the risks inherent in such types of derivatives, is it appropriate to suggest
that the credit rating agencies should not have given credit ratings to
mortgage-backed securities? Third, because there was no sectoral incentive
to ensure that the credit ratings given were of high quality, what regulatory
measures can be enacted to safeguard against such an approach being
adopted in the future?
Suggested initial topic reading:

Ashcraft, A.B. and Schuermann, T. (2008) Understanding the

securitization of subprime mortgage credit. Hanover, MA: Now

Publishers Incorporated.
Gupta, V., Mittal, R.K. and Bhalla, V.K. (2010) The role of the credit

rating agencies in the financial market crisis', Journal of Development

and Agricultural Economics, Vol. 7, pp. 268-276.
Hunt, J.P. (2009) Credit rating agencies and the Worldwide Credit
Crisis': The limits of reputation, the insufficiency of reform, and a
proposal for improvement', Columbia Business Law Review, Vol. 1,
2009, pp. 109-209.

Example finance dissertation topic 14:

An analysis of the motivational factors encouraging British nationals
to become expat workers in Spain
This is a dissertation that seeks to be primarily focused on the collection of
new data. Though there is a need for all research to be grounded in existing
academic opinion and literature this dissertation uses such literature purely
as a theoretical backdrop. Accordingly, the majority of the research revolves
around interviews with 150 British expats and their motivation for living and
working abroad. Issues such as cultural diversity, climate and economic
rewards are discussed as well as issues pertaining to financial governance
and taxation.
Suggested initial topic reading:

Brewster, C. (1995) Effective expatriate training', in Selmer, J.

(ed.), Expatriate management: New ideas for international business.

Westport, CT: Quorum Books.
Deshpande, S.P. and Viswesvaran, C. (1992) Is cross-cultural

training of expatriate managers effective: A metaanalysis', International Journal of Intercultural Relations, Vol. 16, pp.
295-310.
Dowling, P.J., Welch, D.E. and Schuler, R.S. (1998) International
human resource management: Managing people in a multinational
context. Cincinnati, OH: South-Western College Publishing.

Example finance dissertation topic 15:

15) Islamic banking: A matter of semantics?

A popular presentation of Islamic banking is that it does not charge interest.
This study challenges that view and suggests that the reality of Islamic
banking differs little from conventional banking, other than in terminology. It
undertakes a comprehensive analysis of the mechanisms of Islamic banking
and compares them to traditional banking, taking note of papers such as
those by Zaman and Movassaghi (2002) and Chong and Liu (2009). Further,
the paper considers how much the presentation of Islamic banking is a
propaganda tool of the resurgence of Islam globally.
Suggested initial topic reading:

Chong, B.S. and Liu, M.H. (2009) Islamic banking: Interest-free or

interest-based?' Pacific-Basin Finance Journal, Vol. 17(1), pp. 125-144.

Siddiqui, M.N. (2001) Islamic banking: True modes of

financing', New Horizon, pp. 15-20.

Zaman, M.R. and Movassaghi, H. (2002) Interest-free Islamic
banking: Ideals and reality', The International Journal of
Finance, Vol. 14(4), pp. 2428-2443.

http://ppie.fe.ui.ac.id/index.php/pengumuman/355daftar-judul-tesis-s2-ppie

3.ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI

KINERJA KEUANGAN PT. BERDIKARI UNITED LIVESTOCK
(ANALYSIS FACTORS AFFECTING THE FINANCIAL PERFORMANCES AT BERDIKARI UNITED
LIVESTOCK CORPORATION )

STRUKTUR MIKRO PASAR VALAS

DAN MANAJEMEN RISIKO PASAR BANK:
STUDI EMPIRIS DI PERBANKAN INDONESIA