According to the conducted survey the majority of municipalities in Sweden own their municipal school premises, and only a few municipalities hire that type of premises. The reason why municipalities own their schools varies. In many cases it will depend on one or more of the following reasons; because of political reasons, because they have "always done so”, because of policies to own social infrastructure, or because it is considered more economically feasible. In theory, the claim that it will be cheaper to own since a private operator requires a premium to make profit, is correct. Traditionally, municipalities have also been able to borrow money cheaper than private operators. Reasons that some municipalities instead choose to rent their school premises is for instance due to the long-term benefits that the renting option brings. A building will for instance be erected faster if the municipality, instead of a traditional procurement, chooses the renting-procurement alternative. A faster erected building can have socio economic advantages. In addition, the municipality does not lock up a large portion of capital in real estate. Similar to private investors, municipalities has a limit for lending of capital. The rent option of community buildings in general, and school buildings in particular, can therefor enable investments in other buildings that contribute to the municipality's attractiveness. More tax revenue leads to the possibility of investing more in social and traditional infrastructure. The study showed no significant cost difference for renting versus owning. With the increased population and need of new school premises it is important that municipalities conduct investment analysis and base their decisions on the option that is most economically advantageous. Allowing a long-term private operator to construct and rent out the new school should therefore be seen as an option for more municipalities in Sweden, municipalities should hence conduct economic comparing calculations for the two options. The economic assessment, and later the action plan for future school constructions, should be based on the municipality's economic conditions. The assessment should also most probably result in a mix between renting and owning schools, to promote, inter alia, competitiveness and quality. / Enligt den kartläggning som genomförts framkom det att flertalet kommuner i Sverige äger sina kommunala skollokaler och endast ett fåtal kommuner hyr den typen av lokaler. Anledningen till att kommuner äger sina skollokaler varierar men beror i många fall på en eller flera av följande orsaker; på grund av sitt ideologiska styre, för att “de alltid gjort det”, för att kommunen har som policy att äga sina samhällsfastigheter, eller för att det anses vara ekonomiskt fördelaktigt. I teorin stämmer påståendet att det blir billigare att äga eftersom en privat aktör är vinstdrivande och därför kommer kräva en premie på sin affär. Traditionellt sett har även kommuner kunnat låna pengar billigare än privata aktörer. Anledningar till att vissa kommuner istället väljer att hyra sina skollokaler kan bero på de kort och långsiktiga fördelar som hyra-alternativet frambringar. Det kan till exempel gå snabbare att uppföra en skola om kommunen väljer att utlysa en hyresupphandling istället för en vanlig utförandeentreprenad. Rent samhällsekonomiskt kan det vara fördelaktigt att skolan står klar så snabbt som möjligt samt att kommunen inte låser upp för stor andel kapital i fastigheter. Kommuner har dessutom, precis som privata investerare, ett lånetak som försvårar en alltför stor kapitalanskaffning och med tanke på Sveriges rådande och kommande tillväxttakt kan ett allt för stort fokus på att äga bli en utmaning. Genom att välja hyraalternativet av samhällsbyggnader generellt, och för skolbyggnader i synnerhet, kan möjliggöra alternativa investeringar som bidrar till kommunens attraktivitet och därigenom lockar fler medborgare. Mer skatteintäkter leder till möjligheten att investera ytterligare i social och traditionell infrastruktur. I realiteten skiljer sig inte kostnaderna för att hyra kontra äga märkvärt men med den befolkningstillväxt och befolkningsprognos som i dagsläget beskrivs bör investeringsbedömningen utgå ifrån de alternativ som är mest samhällsekonomiskt fördelaktigt. Att låta en långsiktiga privata aktör uppföra den nya skolan för att sedan hyra tillbaka den bör således vara ett fördelaktigt alternativ för fler kommuner i Sverige. Istället för att göra som man ”alltid har gjort” bör det vara självklart att genomföra samhällsekonomiska jämförelsekalkyler för de två alternativen.

Tian Vane Ing. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 71-74). / Abstracts in English and Chinese. / Abstract --- p.ii / 摘要 --- p.iii / Acknowledgements --- p.iv / Chapter Chapter 1 --- Introduction and Overview --- p.1 / Chapter Chapter 2 --- Literature Review --- p.4 / Chapter 2.1 --- Shareholder Value and Corporate Governance --- p.4 / Chapter 2.2 --- Measures of Value --- p.7 / Chapter Chapter 3 --- Data and Methodology --- p.12 / Chapter 3.1 --- Data --- p.12 / Chapter 3.2 --- Economic Value Added (EVA) --- p.12 / Chapter 3.2.1 --- Net Operating Profit After Taxes (NOPAT) --- p.14 / Chapter 3.2.2 --- Invested Capital (INCAP) --- p.16 / Chapter 3.2.3 --- Cost of Capital --- p.17 / Chapter 3.2 --- Hypothesis of Interest --- p.18 / Chapter Chapter 4 --- Empirical Results --- p.23 / Chapter 4.1 --- The Cost of Capital --- p.23 / Chapter 4.2 --- Economic Value Added (EVA) in China and Hong Kong --- p.25 / Chapter 4.2.1 --- Analysis of the EVA: Overall --- p.25 / Chapter 4.2.2 --- Analysis of the EVA: Industry --- p.28 / Chapter 4.2.3 --- Discussions --- p.31 / Chapter 4.3 --- Testing of the Hypothesis --- p.36 / Chapter 4.3.1 --- EBEI and CFO in China and Hong Kong --- p.37 / Chapter 4.3.2 --- Regression on Market Value --- p.41 / Chapter 4.3.3 --- Discussions --- p.43 / Chapter Chapter 5 --- Summary and Concluding Remarks --- p.68 / Bibliography --- p.71

Submitted in fulfillment of the requirements of the Degree of Master of Technology: Cost and Management Accounting, Durban University of Technology, 2014. / Economic Value Added (EVA) is a value based accounting measure used by companies to measure the amount of value created for shareholders. Accounting values derived from company annual financial statements (AFS), are used to calculate EVA. EVA requires the conversion of accounting values to economic values. This conversion process is known as the EVA adjustment. If accounting values are not converted to economic values, the value of the EVA can be distorted. Previous studies have shown that companies are experiencing difficulties in implementing EVA adjustments. To reduce these difficulties, companies have decided to limit their EVA adjustments to ten or even fewer. The problem is that if the appropriate adjustments are not made, an inaccurate EVA measure will be calculated. The aim of the research was to measure the impact of deferred taxes on the EVA measure. The study was conducted within a quantitative research paradigm. Secondary data analysis was carried out on JSE-listed Food producers and Retailers over a seven-year period, from 2004 to 2010. The unadjusted EVA was compared to the adjusted EVA measure to determine the before and after effects of deferred taxes on EVA. The findings of the study revealed that deferred taxes either understated or overstated the value of the EVA during 2004 to 2010. In addition, the results from the regression analysis revealed an overall significance for all deferred tax predictors. The regression results showed that deferred taxes significantly impacted the value of EVA. The study recommends that companies implement the deferred tax adjustment on the EVA measure.

隨著台灣加入WTO的無關稅障礙及全球化的無國界政策，台灣傳統產業面臨的營業環境，將從國內轉變為國際化的競爭，企業體不能奢望在政府的保護傘下從事營利活動，應順應時代的潮流，從事合併的工作，從世界著名重電機廠商ABB及Schneider最近幾年相繼併購小廠，證明傳統產業為了生存，併購是必經的途徑。 本文以價值衡量觀點出發，以經濟附加價值（EVA）為公司價值之衡量指標，實證結果發現： （一）提高資產週轉率、降低進貨成本，確有助創造企業價值提升。 （二）銷售成長率、加權平均資金成本與企業價值不相關。 （三）現金稅率愈高，企業價值愈高。 （四）增加投入資本反而有損企業價值，爰此引證，傳統產業應注重資產的管理，而不是一昧的追求營收的成長，對於未能賺取正的超額報酬率的產業，不當的投資及營收成長，反而造成企業價值的不增反減效果。 本研究再以能增加企業價值的財務因子，以進貨/營收作規模經濟效益分析及以資產週轉率作效率分析發現，與樂士電機、東元電機、亞力電機、士林電機公司合併後，分別增加的營運綜效為102%、65%、17%、4%，爰此證明，合併確能增加綜效，也是目前環境下企業價值創造必經的過程。 從財務報表發現，最近三年重電機產業營運紛紛虧損、投資報酬率低於資金成本、產能過剩、資產週轉率偏低的情況下，如維持現況即是在耗損企業價值，企業應將價值納入規劃中，瞭解價值驅動因子，建立以價值導向的管理系統，朝向內部改善及外部改善，以水平合併的方式，勿支付超額成交溢酬，管理併購後的整合工作，創造潛在的企業價值。 / Joins WTO along with the non-customs duty barrier and the globalization non-national boundary policy, the business running environment for Taiwanese traditional industry will extend from domestic to global competitions. The enterprises cannot hope to seek and make profit under government's protection. They should follow the trend to engage in the merger work. Within these several years the world famous heavy electric machinery companies ABB and Schneider continue to merge and acquire the small factories and companies, which proved that merger and acquisition are the essential ways for the traditional industry to survive. This paper based on the viewpoint of the value measuring, and used Economic Value Added (EVA) as the benchmark. The study results are: 1. Increasing asset turnover and reducing costs is helpful to create the enterprise value. 2. Sales growth rate, the weighted average cost of capital (WACC), and the enterprise value are not related. 3. The higher the tax rate, the greater the enterprise value. 4. Rising invested capital will harm the enterprise value. The evidences show that the traditional industry must pay great attention to the asset management, not only focus on sales growth. Regarding those unable to earn economic profit industries, the improper investments and the sales growths will cause the destroying the enterprise value instead of enhancing. Our studies also use the financial factors to increase the enterprise value. Using cost/sales to do economic scale and benefit analyses and using asset turnover to do efficiency analyses, we discovered that after merged and acquired with LUX Electric Co., TECO Electric Co., ALEX Electric Co., and Shih-Lin Electric Co, the operating synergies for each company grow up 102%, 65%, 17%, and 4% individually. The evidences prove that merger could increase the synergies. It is the path for the value creation under the present environment. From the financial statement we could find out that in the pass three years heavy electric machinery industry companies lost money one after another. The return on invested capital is lower than cost of capital. Because of surplus production and low asset turnover, to maintain the companies’ present situation is consuming the enterprise value. The enterprise should put the value into planning, understand the drivers of value, and develop value-oriented management system for the internal and external improvements. Enterprises could use horizontal mergers, not over premiums paid, to manage post-merger integration and create the potential value.

對於企業或非營利組織而言，創造經濟價值亦或社會價值，不僅不再有壁壘分明的責任歸屬，兩迥異型態的組織能緊密合作，或者透過一新型態組織予以連結，皆有助於促進經濟層面與社會層面兼備的價值產出成果。然而，經濟與社會一向被認為必須有所取捨，在創造價值的過程中又能如何共存？ 　　回顧論及「企業之於社會價值」及「非營利組織之於經濟價值」相關文獻，發現其探討多源於以機構為核心的價值創造思考；然而，價值創造理論已然發展至共創（Value Cocreation，即以個人為核心的創價思考），當更多人有能力參與組織創價過程時，組織的價值創造又將如何發展？ 　　於價值共創架構下，能創造更大經濟價值已被廣為驗證，機構如與個人共創解決社會問題，亦能創造社會價值。本研究透過個人為中心的價值共創架構，以孟加拉葛拉敏銀行（Grameen Bank）為例，試圖詮釋選定個案與共創架構的對應關係，藉以觀察葛拉敏銀行與借款人參與經濟價值與社會價值的創造脈絡，尋求經濟價值、社會價值可同時發展，取得機構與個人共識之可行性研究。 經由本研究有以下發現： 1.以機構為核心的創價邏輯，是單向且簡化地揣測個人需求價值，以致於局限了創價來源的廣度與價值內涵的深度。 2.葛拉敏銀行不需獨斷地揣測客戶需求，客戶確實需要什麼，什麼價值對客戶有意義，全在不斷地互動過程中明確獲知、參與討論、進而共創。 3.信任基礎、小處著手、避免衝突、留給借款人介入空間、共同原則，皆有助於葛拉敏銀行與借款人之間互動品質的提升。 4.產品為主的經驗環境尚需隨著大環境的改變進行演進，在基礎建設匱乏的孟加拉，員工於經驗環境中的重要性更高。 5.以個人為中心與銀行、行員、純粹社群、及葛拉敏姐妹機構所構成的經驗網絡，能使個人自由選擇共創經驗，是謂未來葛拉敏銀行強力的競爭基礎。 6.葛拉敏銀行透過價值共創直接針對社會需求缺口提供服務。社會價值，是每一借款人與葛拉敏銀行共創價值的集合，社會價值的最大公約數是雙方共同的目標。 7.於價值共創架構中，葛拉敏銀行透過互動品質的追求、經驗環境的創新、與經驗網絡的建置，維持獲利。追求社會價值之餘，不需犧牲機構的經濟價值。

Clinical laboratory test results are integral to patient management. Important aspects of laboratory tests’ contributions are the use of the test information and the role they have in facilitating efficient and effective use of healthcare resources. Methods of measuring those contributions were examined using quantitative HCV RNA test results (HCV VL) in therapeutic management decisions as a model. Test precision is important in those decisions; therefore, the clinical use was evaluated by studying the impact that knowledge of inherent assay imprecision had on clinicians’ decisions. A survey describing a simulated patient at a decision point for HCV triple-combination therapy management was sent to 1491 hepatology clinicians. Participants saw HCV RNA results at five different levels and were asked to choose to: continue therapy, discontinue therapy, or repeat the test. Test results were presented both with and without the 95% confidence intervals (CIs). Three of the VLs had CIs that overlapped the therapeutic decision level. Participants saw both sets of results in random order. Demographics and practice preferences were also surveyed. One-hundred-thirty-eight responses were received. Adherence to clinical guidelines was demonstrated in self-reported behaviors and in most decisions. However, participants chose to repeat the test up to 37% of the time. The impact of the knowledge of assay imprecision did not have a statistically significant effect on clinicians’ decisions. To determine economic value, an analytic decision-tree model was developed. Transition probabilities, costs, and Quality of Life values were derived from published literature. Survey respondents’ decisions were used as model inputs. Across all HCV VL levels, the calculated test value was approximately $2600, with up to $17,000 in treatment-related cost savings per patient at higher HCV VLs. The test value prevailed regardless of the presence or absence of CIs, and despite repeat testing. The calculated value in cost savings/patient was up to 100 times the investment for HCV VL testing. Laboratory tests are investments in efficient uses of healthcare resources. Proper interpretation and use of their information is integral to that value. This type of analysis can inform institutional decisions and higher level policy discussions.

The main topic of diploma thesis is evaluation of the financial situation of company NICOTRANS, Inc. in years 2006 až 2009 from the viewpoint of external evaluator with the aim to analyzing financial health of the company and point out possibly problematic areas within the financial management of organization. The author formulates detailed analysis according to the methods of financial analyses for every part of the company.The last chapter of the practical part of the diploma thesis is devoted to calculation of the indicator Economic Value Added (EVA) as the indicator for evaluating the efficiency of company, revealing if the company is generating any added value to its owners or not. For the calculation, will be applied the methodology of Ministry of Industry and Trade of the Czech Republic.

Made available in DSpace on 2015-12-03T18:35:29Z (GMT). No. of bitstreams: 1 Emerson_Nogueira_Sales.pdf: 3549816 bytes, checksum: f538ff67f65baa2727ce0452ad14fcab (MD5) Previous issue date: 2014-04-02 / In Brazil there were more than 6000 mergers and acquisitions (M&A) in the last ten years, these operations have been the subject of research on its effects, resulting in differing conclusions as to the consequences of these operations, especially in relation to the benefits to shareholders regarding the creation of economic value, motivating this research to seek possible theoretical explanations and empirical confirmation about F&A. Thus, the objective of this research was to investigate whether the M&A events occurred between years 2000 and 2010 in companies listed on the BM&FBOVESPA created shareholder value. Variables Tobin's Q and the EVA?? were used as proxies for value creation. Data of 83 transactions M&A were analyzed in 28 purchasing companies or resulting companies, seeking to observe the behavior of the variables after the announcement of the transaction within 36 months and for the remainder of the period (ten years) where there was data availability. Also, the data allowed comparison between results of the sample's averages and the averages of others companies listed on the BM&FBOVESPA non-sampled. The results showed symmetry with those of most previous studies demonstrating that M&A did not affect the creation of value for any of the studied variables and that the variables had negative growth over the first 36 months and had continued showing a decline when it was possible to analyze by remainder of the period, and showed symmetry with the results of the companies non-sampled / No Brasil ocorreram mais de 6 mil transa????es de fus??es e aquisi????es (F&A) nos ??ltimos dez anos, e estas opera????es tem sido alvo de pesquisas acerca dos seus efeitos, resultando em conclus??es divergentes quanto aos reflexos destas opera????es, principalmente a respeito dos benef??cios aos acionistas no tocante ?? cria????o de valor econ??mico, motivando esta pesquisa a buscar explica????es te??ricas poss??veis de confirma????o emp??rica acerca das F&A. Desta forma, o objetivo geral desta pesquisa foi investigar se as opera????es de F&A ocorridos entre 2000 a 2010 em empresas listadas na BM&FBOVESPA criaram valor para os acionistas. Foram utilizadas como proxies para cria????o de valor as vari??veis Q de Tobin e o EVA??. Foram analisados dados de 83 transa????es de F&A em 28 empresas adquirentes ou resultantes, buscando observar o comportamento das vari??veis ap??s o an??ncio das transa????es em at?? 36 meses e tamb??m para o restante do per??odo (dez anos) nos casos em que houve a disponibilidade dos dados, bem como permitiu a compara????o com os resultados das m??dias entre a amostra e as m??dias das demais empresas listadas na bolsa. Os resultados obtidos guardam simetria com aqueles da maioria dos estudos anteriores demonstrando que as F&A n??o influenciaram a cria????o de valor por nenhuma das vari??veis estudadas e que as vari??veis apresentaram varia????o negativa ao longo dos primeiros 36 meses e continuaram mostrando o decl??nio quando puderam ser acompanhados pelo restante do per??odo, e mostraram simetria com os resultados das empresas que n??o pertenciam ?? amostra

Made available in DSpace on 2017-07-21T14:42:57Z (GMT). No. of bitstreams: 1 Gislalaine Rocio Rocha.pdf: 2576794 bytes, checksum: 7cbd133f16ddb7b4ea670aec655b062b (MD5) Previous issue date: 2009-12-22 / This is the Decade of Water, celebrated within 2005 and 1015. Time to rethink and redefine values, as it is not any secret that all environmental issues have been deeply discussed, a general agreement of determining that the urgency in having repairing measures in order to avoid degradation and foment the Planet Natural Resources preservation requires the capacity of governments, companies and civil society, acting together and articulated. In 8th January 1997, it was implemented an integrated management systems of the Hydric resources fundamented in State Legislations and in the Law n.9.433. Through this Law, water became a public domain asset and a limited natural resource, having economic value, putting in evidence that all society, the government and the companies should understand it as a public asset, finite and of economic value. Under these conceptions, this study is based on the proposition of this Law, which induces the State, civil society and companies to articulate and join in a sustainable project regarding the use of water, considering economic, social, political and cultural aspects, done from local factors and its interaction and adequacy. Therefore, the aim of this study is to identify the obstacles which contribute to the difficulty of charging the use of water, as the Law 9.433/1997 states, under the State apparatus which promotes the public policies, seeking to answer to the question: “Are the obstacles which impede the wide and effective implementation of charging for the use of water related to the system of formation and action methods of the members of the River Basin Committees?”. To reach such purpose, it was necessary an interdisciplinary study of the natural sciences and cultural sciences, involving Hidrology, Politics, Economics, Society, Law and History. It has been adopted as a theorical framework the Complexity Theory, which has as one of its great exponents Morin, having chosen the documental study, bibliographic research, being this study conducted by the deductive and analytic method and by the approach of qualitative research. Having the theorical and documental knowledge about the economic value of water, it was investigated the effectiveness of Law n. 9.433/97, noticing how little it has been applied in Brazilian States. Only three out of the 26 existing in Brazil are making a charge, besides, the companies which would generate a higher value for the charging of use of water are those responsible for the Basic Sanitation. Being limited in the State of Paraná and delimiting the research at SANEPAR, it has been found out that the path to be walked is long for the effectiveness of the mentioned Law. The positioning of SANEPAR managers, linked to the slowness of decisions of the members of the River Basin Committees goes upon a burocratic and inefficient process. Such situation was analyzed regarding the conceptions of Max Weber about burocracy as Power tool, taking into account that the attachment between the Democratic State of Law and the environmental issue faces the obstacles created by burocracy in the mechanisms of participative action in the River Basin Committees. / Esta é a Década da Água, comemorada no período 2005 a 2015. Momento de repensar e redefinir valores, pois não é segredo que as questões ambientais estão sendo discutidas com veemência nos últimos tempos, um consenso geral de determinar que a urgência de medidas reparadoras para evitar a degradação e fomentar a preservação dos recursos naturais do planeta requer a capacidade de governos, empresas e sociedade civil organizada atuarem de forma articulada e integrada. Em 8 de janeiro de 1997 houve a implantação de um sistema integrado de gestão dos recursos hídricos fundamentada em legislações estaduais e na Lei n. 9.433. Por esta lei a água passou a ser um bem de domínio público e um recurso natural limitado, dotado de valor econômico, evidenciando que toda a sociedade, o governo e as empresas devem entendê-la como um bem público, finito e de valor econômico. Sob estas concepções, este estudo está embasado na proposição desta lei que induz ao Estado, sociedade civil e empresas articularem-se e integrarem-se em um projeto sustentável quanto ao uso da água considerando aspectos econômicos, sociais, políticos e culturais, elaborado a partir dos fatores locais e de sua interação e adequação. Objetivou-se, então, com este estudo, identificar os obstáculos que contribuem para dificultar a cobrança pelo uso da água previsto na Lei 9.433/1997, sob a luz do aparato estatal que promove as políticas públicas, buscando responder à problemática: “os obstáculos que impedem a ampla e efetiva implantação da cobrança pelo uso da água estão relacionados com o sistema de formação e métodos de ações dos membros dos Comitês da Bacia Hidrográfica?”. Para atingir tal finalidade, foi necessário um estudo interdisciplinar das ciências naturais e ciências da cultura, envolvendo: hidrologia, política, economia, sociedade, direito e história. Adotou-se como marco teórico a Teoria da Complexidade que tem como um dos seus grandes expoentes Edgar Morin, tendo-se optado pelo estudo documental, pesquisa bibliográfica, sendo, o estudo conduzido pelo método dedutivo e analítico pela abordagem da pesquisa qualitativa. De posse do conhecimento teórico e documental sobre o valor econômico da água, foi investigada a efetividade da Lei n.9.433/97, percebendo o quão pouco ela tem sido aplicada nos estados brasileiros. Somente 3 Estados dos 26 existentes no Brasil estão realizando esta cobrança, além de que as empresas que gerariam maior valor pela cobrança do uso da água são aquelas responsáveis pelo saneamento básico. Detendo-se no Estado do Paraná e delimitando a pesquisa na SANEPAR, foi constatado ser longo o caminho a percorrer para a efetividade da mencionada lei. O posicionamento dos gestores da SANEPAR aliados à morosidade das decisões dos integrantes do Comitê da Bacia Hidrográfica do Paraná vai de encontro a um processo burocrático e ineficaz. Tal situação foi abordada segundo as concepções de Max Weber sobre burocracia como instrumento de poder, levando à conclusão que o vínculo entre Estado Democrático de Direito e a questão ambiental depara-se com obstáculos criados pela burocracia nos mecanismos de atuação participativa nos comitês da bacia hidrográfica.

Made available in DSpace on 2015-03-05T19:11:29Z (GMT). No. of bitstreams: 0 Previous issue date: 6 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Diversos estudos têm apontado que a busca das empresas de capital aberto em atender às expectativas dos acionistas pode muitas vezes ter como conseqüência a tomada de decisões com foco no lucro imediato. Isso teria como conseqüência a perda de oportunidades de investimento em projetos mais lucrativos, com retorno a médio e longo-prazo. Alguns pesquisadores entendem que esse fato pode ser sanado com o uso de ferramentas de gestão que proporcionem o equilíbrio entre aspectos financeiros e não-financeiros na empresa. Dentre esses pesquisadores, Kaplan e Norton afirmam ser esta a principal virtude do Balanced Scorecard (BSC). Considerando o problema a que essa ferramenta visa solucionar, o presente estudo buscou identificar se as características da mesma são mais aderentes às empresas de capital aberto do que às de capital fechado. A questão foi investigada através de uma survey envolvendo a participação de executivos de 77 empresas com faturamento acima de R$10 milhões. Análises de distribuições de freqüência, t / Several researchers have pointed out that the focus public companies have on meeting shareholders expectations may frequently lead decision makers to focus on short-term profits. As a consequence, this would lead to the loss of investment opportunities in more profitable mid-term and long-term return projects. Some researchers support that the mentioned problem can be solved with the use of management tools that bring balanced between financial and non-financial aspects in the company. Among these researchers, Kaplan and Norton argue that to facilitate kind of balance is Balanced Scorecard’s (BSC) main virtue. Considering the problem BSC aims to solve, this study seeks to identify if that tools characteristics are more adherent to public companies than to private companies. The problem was investigated through a research involving executives from 77 companies with annual revenues above R$10 million. Frequency distribution analyses, chi-square tests, and Phi and Cramér’s V tests were applied with the use of SP