Ao longo da última década, tem aumentado o reconhecimento de medidas de gerenciamento de valor. Dentre essas, uma que tem recebido grande atenção tanto no meio acadêmico quanto nas empresas em geral é o valor econômico agregado (EVA®). Muito se tem discutido sobre essa medida, sendo que seus defensores afirmam que ela é uma melhor medida de desempenho do que as medidas contábeis tradicionais. Nessa perspectiva, uma série de pesquisas tem sido realizada, verificando a relação entre o EVA® e o retorno de ações, onde os resultados alternam-se entre uma relação superior dessa medida e o retorno de ações em comparação com as medidas contábeis tradicionais e uma fraca relação ou a ausência de relação entre essas variáveis. Em diferente abordagem, Machuga, Pfeiffer Jr. e Verma (2002) realizaram um estudo no mercado norte americano para verificar a capacidade do EVA® na predição de lucros futuros. Replicando a metodologia desse estudo, esta pesquisa teve como objetivo verificar empiricamente se o EVA® fornece informação incremental para predição de lucros futuros das empresas de capital aberto do Brasil. Na metodologia, foram aplicados modelos de regressão linear múltipla no período de 1998 a 2006 para testar a proposição de que o EVA® fornece informação incrementalmente útil para predizer lucros de um ano adiante das empresas de capital aberto do Brasil. Foram aplicadas regressões anuais (crosssection) e verificou-se a significância estatística dos coeficientes médios. Com os resultados obtidos, não se pode comprovar a utilidade incremental do EVA® na predição de lucros futuros. Na seqüência, realizou-se um teste do valor incremental da inclusão da informação EVA® no modelo de predição, sendo que foram aplicadas novas regressões sem as variáveis EVA® e apurados os novos coeficientes médios; em seguida, foram efetuadas duas previsões de lucros, uma utilizando os valores médios com e outra sem o EVA® . Por meio da comparação desses valores previstos com os reais dos lucros e apurando suas respectivas diferenças, obteve-se os erros médios de previsão. Foi observado que os erros médios de previsão apresentaram-se elevados em função da alta dispersão das variáveis da pesquisa, também foi encontrado que os erros médios de previsão foram menores quando houve a inclusão da informação do EVA® , indicando a utilidade incremental dessa medida na predição de lucros futuros, entretanto esses resultados devem ser interpretados como indicativos e não como conclusivos, já que os coeficientes das variáveis, em sua maioria, não se demonstraram estatisticamente significantes. / There has been increased recognition over the last decade of the measures of management of value. Among these, one that has received the great attention either on the academic field or in the companies in general is the Economic Value Added (EVA®). A lot has been argued about this measure, its defenders affirm that it is one measure of performance better than the traditional accounting measures. In these perspective, a lot of researches have been done, verifying the relation between the EVA® and the stock returns, where the results change between one relation superior of these measures and the stock returns in comparison with the usual accounting measures and a weak relationship or absence of relation between these variables. In a different approach, Machuga, Pfeiffer Jr. and Verma (2002) realize a study on the North America market to verify the ability of EVA® in the prediction of future earnings. Applying the methodology of this study, this research had as goal to verify empirically if the EVA® supplies incremental information to predict future earnings of the Brazilian public companies. After, in the methodology, some multiple linear regression models were applied on the period of 1998 to 2006 to test the proposition that EVA® supplies information incrementally useful to predict one-year-ahead earnings of the Brazilian public companies. The annual cross-section regressions were applied and verified the statistic significance of the average coefficients. With the gotten results, one cannot confirm the incremental utility of EVA® in the future earnings prediction. In the sequence, a test of the incremental value of the inclusion of the information EVA® on the model of prediction was realized, it being that news regressions were applied without the variables EVA® and gotten the new average coefficients, after that, two predictions of earnings was effected, one using the mean values with and the other without the EVA® information. By the comparison of the predicted values with the actual earnings and checking its respective differences, one got the average forecast errors. It was observed that the average forecast errors had been presented high in function of the high dispersion of the variables of the research. It was founded too that the average forecast errors were lower when was included the information of EVA®, indicating the incremental utility of this measure on the prediction of future earnings, however, these results must be interpreted as indicative and not as conclusive, since the coefficients of the variables, in its majority, did not show statistically significant.

En el Perú, el sistema financiero es fundamental para fomentar el desarrollo económico, por lo que la adopción de las buenas prácticas de gobierno corporativo tiene un impacto positivo, permitiendo la estabilidad del sistema, generando nuevas inversiones y el desarrollo del mercado de capitales. La presente investigación, tiene como principal objetivo analizar si existe una relación entre la adopción de las prácticas de buen gobierno corporativo y el grado de solvencia económica que mantienen los Bancos del Sistema Financiero Peruano. La investigación busca obtener evidencia con relación causal entre variables y su efecto. Además, fue necesario realizar una investigación de tipo cuantitativa, utilizando el scoring establecido por el índice de buen gobierno corporativo, y la medición de solvencia económica. Se analizaron diversos modelos de medición de solvencia y valor económico como; el Modelo Z de Altman, el Valor Económico Agregado y la Q de Tobin, determinándose como indicador el modelo Z de Altman lo que permite ser una herramienta útil en la evaluación de la viabilidad de las empresas. Además de ser considerado por expertos como un modelo de calificación para mercados emergentes como el Perú. La investigación comprende desde el año 2012 al 2018 y se analizaron a 15 Instituciones Financieras. Finalmente, los resultados hallados permiten asociar el buen uso de prácticas del gobierno corporativo con un impacto positivo para el fortalecimiento de la solvencia económica en el Sector Financiero del Perú. / In Peru, the financial system is essential to promote economic development, so the adoption of good corporate governance practices has a positive impact, allowing the stability of the system, generating new investments and the development of the capital market. The main objective of this research is to analyze whether there is a relationship between the adoption of good corporate governance practices and the degree of economic solvency maintained by the Banks of the Peruvian Financial System. The research seeks to obtain evidence with a causal relationship between variables and their effect. In addition, a quantitative investigation was necessary using the scoring established by the good corporate governance Index, and the measurement of economic solvency. Various solvency and economic value measurement models were analyzed, such as the Altman Z Model, the Added Economic Value and the Tobin Q. The Altman Z model was the indicator chosen, which allows it to be a useful tool in the evaluation of the viability of the companies. In addition, many experts consider it as a rating model for emerging markets such as Peru. The research includes the periods from 2012 to 2018 and 15 Financial Institutions were analyzed. Finally, the results found allow us to associate the good use of corporate governance Practices with a positive impact for the strengthening of economic solvency in the Financial Sector of Peru. / Trabajo de investigación

Zugl.: Hannover, Universiẗat, Diss., 2007.

Natural resources management is one of the world‟s greatest concerns. It is a difficult task due to its complex nature. Natural resources are limited and scarce. Unfortunately and worst of all, they are under pressure, and stress due to unprecedented increase in their demand and inefficient use. But it is still possible to tackle this complex problem. This study focuses on understanding the value of the ecosystem services that human well-being depend on, as for more sustainable environment strategy on aquatic ecosystems management, such as lakes and rivers. Changing behavior and attitude can be a crucial complement and likely can stimulate our conscious effort towards saving our ecosystems beyond money contribution. This way of thinking seems to be overlooked and most people think that the development of technology and advancement in knowledge alone can provide solution. One way to overcome the problem of pressure and stressing of the environment is to develop adequate strategy and environmental policy. This policy should include economics measures where, when necessary and feasible. Since there are "no one solution and no one answer" to achieve the desired outcome of a sustainable future, it becomes necessary to adopt a multidisciplinary approach to environmental management and the understanding of the value and dynamism change of the ecosystem services. Adoption of efficient management is not enough; we have to adjust our attitude as well. To discuss this issue, the aquatic ecosystem, which the lake Vänern in Kristinehamn Municipality served as a case study.

The primary investment objective of investors is to create their wealth which is reflected in the change of stock market price and dividend yield they receive over the investment period. Thus, investors need financial tools to assess and forecast company performance before making investment decisions. Traditionally, such accounting measures as Earnings Per Share (EPS), Return On Assets (ROA), Return On Equity (ROE) and Return On Sales (ROS) are basic tools for investors in Thailand to evaluate companies¡¦ performance in the stock market. Value based approaches such as Economic Value Added (EVA) and Market Value Added (MVA) are not widely known among investors yet. Therefore, this study aims to examine the explanatory power of various accounting measures (EPS, ROA, ROE and ROS ) and value based measures ( EVA and MVA ) on the stock returns. This study focuses on 190 sample companies which are representative of all listed companies in the years from 2006-2010 in terms of the spread of EPS and industry diversification. The empirical results indicate that accounting measures are more associated with stock returns than MVA and EVA respectively. Among accounting measures, ROA provides highest explanatory power on stock return although the analysis is done separately by sector. In contrast, the results for EVA appear in some sectors and are not consistent with the past research done in other stock markets including Thailand. Thus, the analysis is extended to examine the company characteristics that have relationship between EVA and stock return. The findings indicate that EVA tends to be associated with stock return in companies that have low book to market ratio. In terms of portfolio returns, typical investing styles, such as value and growth strategies still outperform the return from MVA and EVA strategies.

NONE

¡iAbstract¡j After the disregulation of the telecommunication in Taiwan, Strategy Alliances become the hit among the companies. And the M&A is a great mass fervor in advanced countries. What we concern are if the alliance performance is the same with what the manger expect and how to measure the value of the enterprise. As we know, Sometimes the financial reports can¡¦t reflect the market value of a company. EVA (Economic Value Added) is a new indicator in financial field. It is aimed at the new hi-tech companies, which have little asset and high R&D abilities. The research is focused on the Excite@Home, the biggest broadband internet service provider (ISP) in the USA. Excite, the sixth internet content provider (ICP) in America, was merged by @Home in 1999. According to the conclusion, the marketing cost affect FGV so much, both of them are direct proportion. It means the marketing makes sense and increases the market value of the business when the merger occurred. But the margin advertising revenue didn¡¦t increase for a long time. Why? Because the integration of the merger didn¡¦t work out very well and people anticipate negatively for the company¡¦s future. Thus it can be seen the value drivers reflect the success or failure of their strategic decision. The result also shows the business model drives FGV. Taking the Excite@Home for example, FGV has huge variation accompany COV just a ripple when the company makes vast investment. In a word, when the strategic planning matches with the market expectation and it implement successfully, the FGV goes up so that the market value of the enterprise increases. On the contrary, either the failure operation or the wrong strategy makes FGV slump, even lower than COV.

A three-year field experiment was conducted to evaluate the tolerance and compensatory response of rice (Oryza sativa L.) to injury caused by the sugarcane borer, Diatraea saccharalis (F.). Two mechanisms of within-plant tolerance/compensation were observed. Stem injured plants produced ca. 0.69 more tillers than uninjured plants, while tillers with leaf and leaf sheath injury produced larger panicles, up to 39.5% and 21.0% heavier than uninjured tillers, when injury occurred at 3rd tiller stage and at panicle differentiation, respectively. A 2-year field cage experiment was conducted to determine the biological control potential of Cotesia flavipes (Cameron) against the sugarcane borer on rice. The effective search rate was 49 cm2 ground area (2.2 tillers) parasitoid-1 day-1. A cohortbased age-structured model was developed to simulate the population dynamics and economic value of the sugarcane borer and C. flavipes in rice, as affected by overwintering larval density, timing and rate of parasitoid aerial release, and year-to-year climate (temperature and rainfall). The results suggest C. flavipes was most effective when released during the 1st sugarcane borer generation. The maximum simulated economic benefit ($112.05 ha-1) was ca. 7.8% of that provided by insecticide-based control. The inability of C. flavipes to provide economic control in temperate-subtropical areas is due to its high rearing cost, a low effective search rate, a low maximum rate of parasitism per female, and both spatial and temporal asynchrony of parasitoid emergence with the larval hosts. The biocontrol capability of Trichogramma galloi Zucchi was also simulated. The maximum economic benefit provided by T. galloi was $1128.75 ha-1, ca. 79.0% of that provided by insecticide-based control. Theoretical analyses were conducted to estimate the effectiveness of augmentative releases, using data from previous studies of parasitism of lepidopteran pests by hymenopteran parasitoids with host and parasitoid density as factors. The maximum daily parasitism per female was highest for parasitoids that attack exposed larvae, followed by parasitoids that attack eggs, semi-exposed larvae, and concealed larvae. Simulation analyses were conducted to estimate the population dynamics and economic value of D. saccharalis, herein used as a model host, and each of 5 parasitoid categories (solitary parasitoids that attack eggs, exposed larvae, and semi-exposed larvae, gregarious parasitoids that attack eggs and concealed larvae) in rice, as affected by overwintering larval density, timing of parasitoid release, and year-to-year climate. Among the 13,500 simulations that were conducted, 480 (3.6%) provided a greater economic value than insecticide-based control. All 480 simulations were obtained using solitary parasitoids that attack exposed or semi-exposed larvae. Solitary egg parasitoids provided an average of 42.2% of the economic value provided by insecticide-based control when released 30 days after planting. Gregarious parasitoids that attack eggs or concealed larvae provided almost no positive economic benefit. For parasitoid species that do not overwinter successfully in areas where they are released or that exhibit temporal or spatial asynchrony with their host early in the spring, our results suggest augmentative biological control is only effective for solitary parasitoids that attack either exposed or semi-exposed larvae, with current rearing, shipping and release costs.

S. David Young and F. O¡¦Byren (2000) divided the economic value added (EVA) into two parts, current operating value (COV) and future growth value (FGV). From financial markets, it was found out that the fluctuations of stock prices of businesses were mainly based on the expectation of the investors to the operation performance and future growth of the businesses. Hence, the businesses can create higher market value only their substantial growth rate exceeds expected growth rate from the market. This study adopts O¡¦Byren¡¦s theory (2000) to do the empirical case study of IC design industry in Taiwan. Firstly, the relationship between future growth value of business and their long term equity input rate (LTEI/IC), net operating profit after tax (NOPAT(G)%), Gross Profit/OE were examined. Secondly, by paradigm empirical case study, this study tries to find out the relationship between the factors that affect future growth value of business and the innovation strategy. Thirdly, this study tries to figure out recommendations for the business to enhance its future growth value. This study finds out the factors that affect the future growth value (FGV), in stock market, of business of IC design industry in Taiwan. The investors focus on NOPAT(G)% for on-growing businesses; they focus on continuous growth of Gross Profit/OE for expanding businesses; and they focus on higher expectation of investment performance from LTEI/IC for mature business sectors. In addition, the results of this empirical study of investors¡¦ expectation on the growth of MediaTek Inc. are as follows: 1. Its Gross Profit/OE and NOPAT(G)% are obviously superior to the other sample business sectors. 2. There is positive correlation between Gross Profit/OE and NOPAT(G)% for killer applications (high market-share products) resulted from applying disruptive innovation strategy. In conclusion, this study provides some recommendations for the businesses pursuing incremental growth or constant growth, as below: 1. Competition strategy decision: To take the innovation strategy in accordance with the performance and specification of the products, target customers and business models. 2. Effective cost control: Continuous improvements by innovative concepts and managements to reduce the costs in marketing, R&D, management, risk from material acquiring, yield rate and operation costs, etc. 3. Profit maximization: It is the key for business success and profit to apply correct innovation strategy as well as effective cost management.

Diss. (sammanfattning) Uppsala : Sveriges lantbruksuniv., 2009. / Härtill 4 uppsatser.