Made available in DSpace on 2014-06-12T15:07:54Z (GMT). No. of bitstreams: 2 arquivo1597_1.pdf: 1407511 bytes, checksum: f1e12d5f8c82a4d623e39d304470a716 (MD5) license.txt: 1748 bytes, checksum: 8a4605be74aa9ea9d79846c1fba20a33 (MD5) Previous issue date: 2004 / Nos últimos anos, uma atenção cada vez maior tem sido dada às novas medidas de performance empresarial, em substituição à tradicional análise dos lucros por ação. Dentre estas novas medidas, pode se destacar o Economic Value Added (EVA), em virtude da grande atenção recebida na literatura acadêmica e publicações especializadas. Como decorrência da importância e do destaque do EVA no meio acadêmico (principalmente nos Estados Unidos da América e na Inglaterra), diversos trabalhos empíricos foram realizados, na tentativa de identificar se este modelo é relevante para a mensuração dos valores das empresas. Contudo, estes trabalhos empíricos apresentam resultados contraditórios. Além disso, este modelo de mensuração de performance ainda tem sido alvo de poucas pesquisas acadêmicas empíricas no Brasil, o que é insuficiente para identificar a sua importância no país. Motivada por esta carência de trabalhos empíricos, a presente dissertação procura fornecer dados empíricos para analisar se, no Brasil, o EVA é uma medida de desempenho que oferece maior explicação dos retornos das ações do que medidas tradicionais de desempenho, sendo estas: Lucros por Ação, Fluxo de Caixa Operacional, NOPAT (net operating profits after taxes) e Lucro Residual. Verifica-se que o EVA não detém poder de explicação dos retornos por ação, de maneira consistente, maior do que medidas de performance tradicionais para ambas as abordagens informacionais trabalhadas. Por fim, verifica-se que a modelagem por panel data (dados em painel) apresenta-se claramente superior à modelagem pelo método dos MQO (mínimos quadrados ordinários), para a análise de medidas de performance empresarial baseadas em informações contábeis e para a abordagem do conteúdo relativo

The overall purpose of this thesis is to investigate the economic value and use of geological information. Earthobservations of a geological nature, may have profound impacts on peoples everyday lives. Geological informationplays a key role in addressing the challenges of sustainable development, and contributes to improved decisionmakingprocesses related to, for instance, land degradation and water protection. Still, few have researched theeconomic values attached to such information. This thesis contains an introduction and five self-contained papers.Paper (I) provides a review of previous research addressing the economic value of geological information andother earth observations, as well as, related products, services and infrastructure. The paper also identifiesimportant lessons and topics that require increased attention in future research. The review of prior research showsthat significant economic benefits can be attached to the use of geological information. Still, it is often difficult tocompare results across studies since they differ in scope and make alternative assumptions concerning whichsectors to cover. Furthermore, previous research is not uniform in its treatment of potential (rather than onlyexisting) users, and it employs varying conceptions of avoided costs. The paper concludes that future researchshould devote more attention to the public and experience good characteristics of geological information and othertypes of earth observations, thus highlighting the preconditions for information adoption as well as addressing therole of potential users.Papers (II) and (III) investigate the determinants of adopting geological information in the public sector, with anemphasis on Swedish municipalities. Paper (II) contributes to the literature by providing theoretical explanationsand empirical findings on various individual and organizational factors influencing the adoption of geologicalinformation. The paper employs an information adoption model based on literature on diffusion of innovation. Itis estimated using data collected from 677 officials in all Swedish municipalities. The results indicate thatperceived usefulness and educational efforts have the largest influence on the adoption decision followed by agender effect. Furthermore, the results also show that organizational effects exist at the working unit level, butthere appear to be no spatial interactions across municipal boundaries.Paper (III) further investigates the adoption of geological information in the public sector by considering whetheranalyses of user patterns can be improved by considering an interrelated model estimation involving two types ofgeoinformation. The empirical tests focus on whether there are gender differences in how peer advice affects theuse of geoinformation. The information adoption model is estimated using probit and bivariate probits. Overall theresults indicate a more accurate prediction pattern when a secondary geoinformation decision was included, thussuggesting that different types of geoinformation should be analyzed jointly. The officials at Swedishmunicipalities tend to use both types of geoinformation, thus alluding to a demand for combined geoinformationproducts among the target population. Finally, there is evidence of women’s decisions to use geoinformation beingaffected by peer advice.Paper (IV) focuses on the economic value of hydrogeological information, namely water quality. The willingnessto pay (WTP) for reduced health risks following the exposure to emerging contaminants and microbial outbreaksin drinking water is assessed. Emerging contaminants, such as highly fluorinated substances (e..g., PFOA andPFOS), have been found in drinking water post treatment on a global level. The drinking water is the main sourceof exposure for humans. The WTP is assessed through a choice experiment approach, which also accounts fordifferences in perceptions between PFASs and microbial outbreaks due to parasites or bacteria. Knowledge aboutpublic preferences across different health threats is key to assessing support for policies aimed at reducing suchhealth risks. A majority of the respondents were found to have a higher WTP for reducing the risk of chemicalexposure to PFASs than reducing the corresponding risk of microbial outbreaks.In Paper (IV) it is evident that risk adverse individuals have a higher WTP for reducing health risks of drinkingwater, compared with individuals with other risk preferences. However, there is no consensus in the literature onhow to accurately capture risk preferences beyond financial decisions. Paper (V) therefore discusses thetheoretical assumptions used when measuring risk preferences and whether it is necessary to address domain riskspecific preferences. In order to test if a general risk preference is enough we present a hypothetical experimenton risk preferences for the health and financial domains, respectively. We also consider the design of theexperiment and compare the format with a reduced form to control for potential framing effects. The riskpreferences were elicited using switch multiple price list lotteries with hypothetical payments, and the questionswere adapted to the health domain by framing the lotteries as improvements in current health status using a visualanalogue scale as the reference point. The results show that individual risk preferences tend to be relativelyinconsistent across the two studied domains, and that the respondents appear to be more risk averse in the healthdomain than in the financial. The majority of the respondents tend to give too much weight to low-probabilityevents, which is consistent with cumulative prospect theory.

This thesis deals with the economic analysis of the company Presbeton Nova Ltd. The main target is to assess the economic situation in the company and thereby to help management with the decision about future development. In the theoretic part there are described methods related to this area. Applied part devotes to the application methods -- analysis of production, financial analysis and Economic Value Added. The CAPM (capital asset pricing model) is being used to calculate costs of Equity. The cost of foreign capital is calculated according to the trend of rate 3M PRIBOR.

The thesis is aiming to analyze the method of value creation in mergers and acquisitions. The introductory chapter includes a general classification and framework for terms like value; synergies; and basic valuation models. The following chapter introduces valuation models which are more oriented towards shareholder value, generally speaking, frameworks introduced by Value Based Management: Economic Value Added, Economic Profit or Cash Value Added. Economic Value Added is described through three adjusted EVA models in the next chapter: (1) The impact of MVA on the negotiation position of parties in M&A, (2) EVA Style of Investing model, which is applied as a screening tool for value creators, (3) EVA Momentum model. In the closing chapter all three models are applied and conclusions and recommendations are drawn. The three models enable us for example to identify industries worth investing in or to understand how specific companies create value and how to set up an optimal price negotiation strategy.

In search of a better investment metric, researchers began to study Economic Value Added, or EVA, which was introduced in 1991 by Stern Stewart & Co in their book, "The Quest for Value" (Turvey, 2000). Stern Stewart & Co devised EVA as a better alternative to evaluate investment projects within the corporate finance field, later to be considered for use as a performance metric for investor use. A wide array of multinational corporations, such as Coca-Cola, Briggs and Stratton, and AT&T adopted the EVA method, which led to EVA's worldwide acclaim. Several points in the study reveal that EVA does not offer less risk, higher returns, and more adaptability for an investor. In fact, EVA underperformed the traditional portfolio performance metrics in key measurements including mean returns, and confidence intervals. EVA is a difficult performance metric to calculate, with several complex components that can be calculated in several different ways such as NOPAT, cost of equity, and cost of debt. Any information that is inaccurate or lacking can significantly impact the outcomes. Traditional performance metrics, on the other hand, such as ROA, ROE, and E/P are simple to calculate with few components, and only one way to calculate them.

The economic value creation is something that affects all companies, that is why, it is crucial to establish , for which purpose, there are a variety of procedures. Among which, especially the method of economic value added (EVA), which can compare the yield of investment to its financial cost. This methodology is very useful, but its definition does not distinguish EVA from the business effects with EVA generated results, so in this article we propose a new way to determine the EVA that allows differentiation and the EVA distinction created by many results achievable by the company. Finally, an explanatory case it is presented to demonstrate if the new proposal it is applicable or not. / La creación de valor económico es el norte que mueve a toda empresa, por lo tanto, es crucial establecer su valor económico, para lo cual existe una diversidad de procedimientos. Entre todos ellos, destaca el método del valor económico añadido (VEA), el cual tiene la virtud de comparar el rendimiento de la inversión con su costo de financiamiento. La propuesta metodológica es de mucha utilidad, pero en su delimitación no permite distinguir el VEA proveniente de los efectos del negocio con los VEA generados por otros resultados, por lo que en este artículo se plantea una nueva forma de determinar el VEA que permite diferenciar y distinguir los VEA creados por los diversos resultados que podría obtener la empresa. Por último, se presenta un caso explicativo que permite demostrar la aplicabilidad de la nueva propuesta.

The Lunsemfwa river catchment is of paramount importance to the Zambian economy, particularly with regards to energy, agricultural and water for domestic, as well as wildlife. Water shortages during dry spells in the area present a huge problem for the various stakeholders in the basin. As the impact of climate variability increases in the basin, water resources managers in the basin are increasing challenged to efficiently allocate decreasing reserves of water resources against increasing levels of demand. This paper attempts to highlight the value of water resources to the earlier mentioned sectors; hydropower, agriculture and households, in order to inform allocation decisions in the Lunsemfwa catchment area of Zambia. The paper uses the SDDP method to investigate the average cost of electricity production, coupled with market electricity prices to ascertain the value of a unit of electricity given reservoir outflow levels. The PF method was used to evaluate the marginal value of water is agriculture, while the value of water for domestic consumers was evaluated using the Contingent Valuation method, particularly the willingness to pay, which essentially uses market prices to represent the consumers’ willingness to pay. A value of US$93/MWh is attached to hydropower produced here, while the marginal value of water in agriculture is estimated to be US$0.068/m3. The willingness to pay for connection to piped water is approximately US$34.13, while the monthly value is US$6.9. The Gross Financial Value (GFV) generated from hydropower, agriculture and domestic water supply is US$24,174,000, US$ 262,083,045.91 and $7,140,000.00 respectively.

The study aims to evaluate the understanding of value – based management (VBM) as a decision making tool, how it is embraced in all management levels and its impact on the performance of a petrochemical company. The application of VBM links business strategy, finance, performance management and management processes all together to create value. VBM is a powerful management framework with the aim to focus all managerial processes on shareholder value creation. It encourages employees at all levels within an organisation to focus on value creation. This study investigated VBM by means of literature study to formulate an understanding of how it can be used as a decision making tool in a petrochemical company. The VBM metrics were presented and some successes and failures of such metrics were considered to provide a better understanding of VBM implementation. A quantitative study was conducted through the use of a standardised questionnaire to collect primary data. The questionnaire was distributed to managers (from junior managers to senior managers) at Sasol. The completed questionnaire was tested for reliability and validity before it was analysed and specific constructs were developed from the literature review together with the respondents’ demographic profile. Even though most respondents indicated that they have not received adequate training and education on VBM, the results of the study indicate that there is a general knowledge and understanding of VBM and its principles in Sasol. After analysis the study provided practical recommendations to ensure that VBM is sustainably used as a decision making tool in a petrochemical company. / MBA, North-West University, Potchefstroom Campus, 2014

The study aims to evaluate the understanding of value – based management (VBM) as a decision making tool, how it is embraced in all management levels and its impact on the performance of a petrochemical company. The application of VBM links business strategy, finance, performance management and management processes all together to create value. VBM is a powerful management framework with the aim to focus all managerial processes on shareholder value creation. It encourages employees at all levels within an organisation to focus on value creation. This study investigated VBM by means of literature study to formulate an understanding of how it can be used as a decision making tool in a petrochemical company. The VBM metrics were presented and some successes and failures of such metrics were considered to provide a better understanding of VBM implementation. A quantitative study was conducted through the use of a standardised questionnaire to collect primary data. The questionnaire was distributed to managers (from junior managers to senior managers) at Sasol. The completed questionnaire was tested for reliability and validity before it was analysed and specific constructs were developed from the literature review together with the respondents’ demographic profile. Even though most respondents indicated that they have not received adequate training and education on VBM, the results of the study indicate that there is a general knowledge and understanding of VBM and its principles in Sasol. After analysis the study provided practical recommendations to ensure that VBM is sustainably used as a decision making tool in a petrochemical company. / MBA, North-West University, Potchefstroom Campus, 2014

Natural capital is a way of conceptualizing the linkages between economics and the environment. The concepts foundations can be traced back to the environmental movement of the 1970s and the works of influential economists at that time. Natural capital has come to have an elevated position in environmental conservation approaches in the United Kingdom. The UK government's advisory body, the Natural Capital Committee, is the first of its kind in the world to be established. The concept of natural capital points to those aspects of the environment that directly or indirectly are of value to people. Such aspects include the functions and services of ecosystems, species, and habitats, as well as atmospheric protection and clean air and rivers. Natural capital is also a central concept in the capital approach to sustainable development and the ecological economics field. However, natural capital has not been accepted into environmental conservation approaches in the UK without criticism. Considering natural capital's history then, and its current popularity in environmental conservation, this thesis is interested in addressing the key question: what is natural capital? To be able to account for natural capital's origins, definitions, development, and issues and debates about it, the method used for this thesis is wholly comprised of a literature-review. Throughout the review, reference is made to key scholarly works where natural capital is defined, developed, and used as a central concept. With regard to literature about natural capital, much of it is comes from scholars strongly associated with ecological economics. In addition, natural capital is analysed from three different perspectives. The first perspective is conceptual-historical, the second is a sustainable-development perspective, and the third a political-ecology perspective. From a conceptual-historical perspective, natural capital can be understood as a concept which has developed out of a body of thought of environmentally-aware economists who argue that economics must better take account of ecological systems and their complexity. From a sustainable development perspective, natural capital is a central concept underpinning a capital-based approach to sustainable development. Natural capital also features centrally in debates about how to give an operational meaning to 'sustainability' based around the traditional economic concept of capital. The key debate in this regard concerns weak versus strong sustainability. From a political-ecology perspective, the natural capital approach to environmental conservation is, in ideological terms, of a neo-liberal nature. Natural capital and economic valuation in environmental conservation arguably facilitate the 'monetization' and 'economization' of the environment. Natural capital is opposed for ideological and ethical reasons. Another view would present natural capital as a key part of the economists pragmatic attempts to improve the way economies are managed through better linking economics and the environment. By conveying the economic value of the environment we may be able to put it in a better standing in the priority policy-lists and economic-development agendas of governments and international development agencies. In the United Kingdom there continues to be an ongoing debate about natural capital's place in environmental conservation. This thesis is intended to be a contribution to that debate.