O objetivo principal deste estudo reside em propor a utilização do indicador EVA® valor econômico agregado, como forma de medir e comparar o desempenho econômico de unidades de uma rede de hotéis. O trabalho irá sugerir a implantação de um modelo de avaliação de desempenho de unidades hoteleiras, com base no indicador EVA® valor econômico agregado. Será utilizada a técnica de estudo de caso, aplicada a duas unidades da rede hoteleira, com o objetivo de desenvolver e verificar a eficácia do indicador EVA®. Como resultado, pretende-se possibilitar à empresa contar com um sistema de avaliação de desempenho que lhe ofereça uma melhor orientação para cada decisão a ser tomada. O trabalho também tem por objetivo contemplar a comparação de alguns indicadores de desempenho, comumente utilizados pelas empresas, com o EVA®, abordar a conceituação de custo de capital e suas formas de cálculo, estabelecer, para esta rede de hotéis, uma fórmula, ou método, para definição de seu próprio custo, definir os ajustes contábeis necessários para cálculo do EVA® e desenvolver o modelo conceitual de avaliação a partir do EVA®, em um caso prático. / The main objective of this study lives in proposing the use of the indicator EVA® economic value added, as form of to measure and to compare the economic performance of units of a net of hotels. The work will suggest the implantation of a model of evaluation of performance of hotel units, with base in the indicator EVA® economic value added. The technique of case study will be used, applied to two units of the hotel net, with the objective of to develop and to verify the effectiveness of the indicator EVA®. As result, intends to make possible to the company to count with a system of performance evaluation that offers it a better orientation for each decision to be taken. The work also has for objective to contemplate the comparison of some performance indicators, commonly used by the companies, with EVA®, to approach the concept of capital cost and their calculation forms, to establish, for this net of hotels, a formula, or method, for definition of his own cost, to define the necessary accounting adjustments for calculation of EVA® and to develop the conceptual model of evaluation starting from EVA®, in a practical case.

Este estudo teve como objetivo principal desenvolver um modelo de mensuração do desempenho financeiro e econômico para empresas em rede. A justificativa para tal desenvolvimento foi, justamente, uma lacuna verificada nos textos de organização industrial, nova economia institucional e modelos de mensuração do desempenho de empresas e cadeias de suprimentos. Estas pesquisas, até o momento, não enfatizaram, diretamente, questões de cunho financeiro: faltou discutir a dinâmica da variável dinheiro nos modelos. Seguindo este argumento, foi desenvolvido um modelo matemático para otimização do lucro e do EVA (Economic Value Added) levando-se em consideração, além do custo e receita operacional, os custos e receitas financeiras, o tipo de cadeia que a empresa está inserida (atividade), o tipo de estrutura de governança (mercado, rede ou hierarquia) adotado e o seu segmento (elo) de atuação dentro da cadeia. Para validar o modelo, foram coletados dados contábeis de 109 empresas do agronegócio brasileiro, entre os exercícios de 2001 a 2005. Aplicou-se um teste MANOVA (ANOVA Multivariado) para verificar a interferência dos fatores (segmento, cadeia, estrutura e constituição jurídica) sobre a variação dos valores dos indicadores de desempenho financeiro (margem bruta, relação entre exigível de longo prazo sobre patrimônio líquido, retorno sobre ativos e sobre o patrimônio líquido e ciclo de caixa) e econômico (EVA). Pelos resultados, pode-se concluir que todos os fatores apresentaram interferência significativa na variação dos indicadores financeiros e somente o fator segmento interferiu no EVA das empresas. / The aim of this study was to develop an economic and financial performance measurement model for companies in network, since there is a gap in the literature texts of industrial organization, new institutional economy and models of performance measurements of companies and supply chains. In the related literature, these researches did not emphasize the questions related to financial matter, in a direct way, since there is a lack of discussion concerning to the dynamics of the \"money\" in the models. Therefore, a mathematical model was developed with the purpose of maximization of the profit and EVA (Economic Value Added) with emphasis in the financial cost and financial incomes. Moreover, the kind of the company\'s supply chain (business), governance\'s form (market, network or hierarchy) and its segment (actor) in the supply chain was studied. For this purpose, 109 Brazilian agribusiness companies had their accounting and financial data collected, during the period of 2001 and 2005. The statistical test MANOVA was used to detect the interference of the factors (segment, network, governance and legal nature) regarding the economic (EVA) and financial performance drivers range (gross margin, long term liability/net assets, return on assets (ROA) and return on net assets). Within the limits of the present study, we may conclude that all the factors provide significant (a<=0.05) interference in the range of the financial performance drivers. In addition, regarding to the economic performance, the segment was the factor that presented significant differences (a<=0.05), affecting the EVA of the companies.

A eficiência na criação do valor para o acionista é o foco principal das empresas. Uma das formas de se medir essa eficiência é por meio do Valor Econômico Agregado (VEA). Em uma instituição financeira, limitada nesse estudo aos maiores bancos comerciais e múltiplos com ações cotadas na BM&FBOVESPA, os tomadores de decisão também devem buscar essa eficiência. Além disso, a necessidade dos bancos por financiamentos, da mesma forma que nas empresas privadas, exige o atendimento dos requisitos impostos pelo agente que irá fornecer o capital. Nesse sentido, para atender ao acionista, o banco deve promover a agregação de valor. O VEA demonstra essa criação de valor e, para melhor gerenciá-lo, devem ser identificadas, monitoradas e gerenciadas as variáveis que influenciam nessa medida. Diante disso, o presente estudo identificou os principais direcionadores do valor econômico agregado dos maiores bancos comerciais no Brasil: Banco do Brasil, Itaú e Bradesco, utilizando regressão linear múltipla. Por meio da análise dos dados individualizados, referentes ao período de 1996 a 2009, constatou-se que existe um grupo de direcionadores que explicam grande parte das alterações do VEA. Esses direcionadores não foram iguais para os bancos privados e o público em análise, e mesmo entre os privados os resultados não foram coincidentes. Embora algumas variáveis tenham influenciado o VEA, identificou-se que os direcionadores exercem diferentes impactos em cada uma das instituições. Isso indica que a análise deve ser individual e que o tipo de controle também não define as variáveis que mais impactam o VEA. / The efficiency in the creation of the value for the shareholder is the main focus of the companies. One of the ways of measuring this efficiency is through the Economic Value Added (EVA). In a financial institution, limited in this study to the largest and multiple commercial banks and with shares quoted in BM&FBOVESPA, the decision makers should also look for that efficiency. Besides, the need of the banks for financings, in the same way that in the private companies, demands the fulfillment of the requirements imposed by the agent that will supply the capital. In that sense, to assist the shareholder, the bank should promote the aggregation of value. EVA demonstrates this creation of value and, for its better management, the variables that influence in that measure should be identified, monitored and managed. Hence, the present study identified the main determinants of the economical value added from the largest commercial banks in Brazil: Bank of Brazil, Itaú and Bradesco, using multiple linear regression. Through the analyze of the individualized data, regarding the period from 1996 through 2009, it was verified that there is a group of determinants that explain great part of the alterations of EVA. These determinants were not the same for the private and the public banks in analysis, and even among the private ones the results were not coincident. Although some variables have influenced EVA, it has been identified that the determinants provoke different impacts in each one of the institutions. That indicates that the analysis should be individual and that the control type also does not define the variables that impact EVA the most.

O objetivo principal deste estudo reside em propor a utilização do indicador EVA® valor econômico agregado, como forma de medir e comparar o desempenho econômico de unidades de uma rede de hotéis. O trabalho irá sugerir a implantação de um modelo de avaliação de desempenho de unidades hoteleiras, com base no indicador EVA® valor econômico agregado. Será utilizada a técnica de estudo de caso, aplicada a duas unidades da rede hoteleira, com o objetivo de desenvolver e verificar a eficácia do indicador EVA®. Como resultado, pretende-se possibilitar à empresa contar com um sistema de avaliação de desempenho que lhe ofereça uma melhor orientação para cada decisão a ser tomada. O trabalho também tem por objetivo contemplar a comparação de alguns indicadores de desempenho, comumente utilizados pelas empresas, com o EVA®, abordar a conceituação de custo de capital e suas formas de cálculo, estabelecer, para esta rede de hotéis, uma fórmula, ou método, para definição de seu próprio custo, definir os ajustes contábeis necessários para cálculo do EVA® e desenvolver o modelo conceitual de avaliação a partir do EVA®, em um caso prático. / The main objective of this study lives in proposing the use of the indicator EVA® economic value added, as form of to measure and to compare the economic performance of units of a net of hotels. The work will suggest the implantation of a model of evaluation of performance of hotel units, with base in the indicator EVA® economic value added. The technique of case study will be used, applied to two units of the hotel net, with the objective of to develop and to verify the effectiveness of the indicator EVA®. As result, intends to make possible to the company to count with a system of performance evaluation that offers it a better orientation for each decision to be taken. The work also has for objective to contemplate the comparison of some performance indicators, commonly used by the companies, with EVA®, to approach the concept of capital cost and their calculation forms, to establish, for this net of hotels, a formula, or method, for definition of his own cost, to define the necessary accounting adjustments for calculation of EVA® and to develop the conceptual model of evaluation starting from EVA®, in a practical case.

O presente trabalho tem por objetivo estudar de avaliação de desempenho empresarial com ênfase na aplicação de um modelo de avaliação de desempenho pela métrica do Economic Value Added - EVA® para uma empresa de bens de consumo. O estudo está estruturado com uma revisão bibliográfica onde são estudados os conceitos e fundamentos do Economic Value Added - EVA® e sua aplicação como instrumento de medição de desempenho e de gestão. Na sequência, aplica o modelo em uma empresa de bens de consumo, localizada no Rio Grande do Sul, fundada nos anos ‘70. O estudo foi realizado com os dados contábeis e financeiros, não auditados, da empresa entre 2010 e 2014. O estudo demonstra que a medição pelo EVA® representa uma importante evolução nas ferramentas de gestão, evidenciando que o gerenciamento pelo lucro não é suficiente para medir a agregação de valor aos proprietários da organização. / The present work aims to study the assessment of business performance with emphasis on the application of a model for evaluating the performance metric Economic Value Added - EVA® for a company of consumer goods. The study is structured with a literature review where we study the fundamentals and concepts of Economic Value Added - EVA® and its application as a tool for performance measurement and management. In sequence, apply the model in a consumer goods company, located in Rio Grande do Sul, founded in the 70s. The case study was conducted with the accounting and financial data, unaudited, between 2010 and 2014. The study shows that measurement by EVA® represents an important evolution in management tools, showing that managing for profit is not enough to measure the added value to the owners of the organization.

O alto nível de competitividade no cenário global faz com que as empresas que competem neste ambiente reinventem suas estratégias de negocio com uma freqüência maior que no passado, exigindo um bom sistema de avaliação. Diante desta necessidade, os gestores buscam indicadores capazes de refletir com exatidão a real situação da empresa. Uma forma de mensurar o desempenho organizacional que vem ganhando espaço e a capacidade de um negocio gerar valor. O objetivo com este trabalho foi o de se analisar os níveis de geração de valor econômico adicional (EVA - Economic Value Added) das empresas dos países do BRIC (Brasil, Rússia, Índia e China) e compará-los com os níveis das empresas dos países desenvolvidos (EUA, Japão e Alemanha). Foram coletados dados dos relatórios financeiros e contábeis das principais empresas de capital aberto de cada pais, referentes ao período de 2000 a 2010. Os resultados mostraram que, em media, as empresas de ambos os grupos de países são agregadoras de valor. Mostraram também que as empresas dos EUA são, destacadamente, mais geradoras de valor, em media e no agregado dos onze anos cobertos pelo estudo, que as empresas de qualquer um dos demais países. Dois resultados inovadores obtidos foram a detecção de que empresas de ambos os grupos de países obtiveram o mesmo nível de retorno sobre o capital investido, e a constatação de que as empresas da maioria dos países emergentes do BRIC são agregadoras de valor, enquanto que a minoria dos países desenvolvidos contou com empresas agregadoras de valor no período. / The high level of competitiveness in the global causes companies to reinvent their business strategies with a higher frequency than in the past, requiring a good evaluation system. Given this need, the managers seek indicators that accurately reflect the real situation of the company. One way to measure organizational performance that has gained importance is the capacity of a business to create value. The aim of this study was to analyze the level of economic value added (EVA - Economic Value Added) of companies from the BRIC countries (Brazil, Russia, India and China) and compare them with the levels of firms developed countries (USA, Japan and Germany). The data was collected financial reports and statements of major public companies in each country, for the period 2000 to 2010. The results showed that, on average, the company both groups are value-adding countries. They also showed that U.S. companies are focusing on those that create more value, on average and in the aggregate of the eleven years covered by the study, that companies of any of the other countries. Two innovative results were obtained for the detection of companies from both groups of countries achieved the same level of return on invested capital, and the realization that companies in most developing countries of BRIC are value-adding, whereas a minority of developed countries had value-adding enterprises in the period.

The Sahel region located in Western Africa is well known for its high rainfall variability. Severe and recurring droughts have plagued the region during the last three decades of the 20th century, while heavy precipitation events (with return periods of up to 1,200 years) were reported between 2007 and 2014. Vulnerability to extreme events is partly due to the fact that people are not prepared to cope with them. It would be of great benefit to farmers if information about the magnitudes of precipitation and streamflow in the upcoming rainy season were available a few months before; they could then switch to more adapted crops and farm management systems if required. Such information would also be useful for other sectors of the economy, such as hydropower production, domestic/industrial water consumption, fishing and navigation. A logical solution to the above problem would be seasonal rainfall and streamflow forecasting, which would allow to generate knowledge about the upcoming rainy season based on information available before it's beginning. The research in this thesis sought to improve seasonal rainfall and streamflow forecasting in the Sahel by developing statistical rainfall and streamflow seasonal forecasting models. Sea surface temperature (SST) were used as pools of predictor. The developed method allowed for a systematic search of the best period to calculate the predictor before it was used to predict average rainfall or streamflow over the upcoming rainy season. Eight statistical models consisted of various statistical methods including linear and polynomial regressions were developed in this study. Two main approaches for seasonal streamflow forecasting were developed here: 1) A two steps streamflow forecasting approach (called the indirect method) which first linked the average SST over a period prior to the date of forecast to average rainfall amount in the upcoming rainy season using the eight statistical models, then linked the rainfall amount to streamflow using a rainfall-runoff model (Soil and Water Assessment Tool (SWAT)). In this approach, the forecasted rainfall was disaggregated to daily time step using a simple approach (the fragment method) before being fed into SWAT. 2) A one step streamflow forecasting approach (called as the direct method) which linked the average SST over a period prior to the date of forecast to the average streamflow in the upcoming rainy season using the eight statistical models. To decrease the uncertainty due to model selection, Bayesian Model Averaging (BMA) was also applied. This method is able to explore the possibility of combining all available potential predictors (instead of selecting one based on an arbitrary criterion). The BMA is also capability to produce the probability density of the forecast which allows end-users to visualize the density of expected value and assess the level of uncertainty of the generated forecast. Finally, the economic value of forecast system was estimated using a simple economic approach (the cost/loss ratio method). Each developed method was evaluated using three well known model efficiency criteria: the Nash-Sutcliffe coefficient (Ef), the coefficient of determination (R2) and the Hit score (H). The proposed models showed equivalent or better rainfall forecasting skills than most research conducted in the Sahel region. The linear model driven by the Pacific SST produced the best rainfall forecasts (Ef = 0.82, R2 = 0.83, and H = 82%) at a lead time of up to 12 months. The rainfall forecasting model based on polynomial regression and forced by the Atlantic ocean SST can be used using a lead time of up to 5 months and had a slightly lower performance (Ef = 0.80, R2 = 0.81, and H = 82%). Despite the fact that the natural relationship between rainfall and SST is nonlinear, this study found that good results can be achieved using linear models. For streamflow forecasting, the direct method using polynomial regression performed slightly better than the indirect method (Ef = 0.74, R2 = 0.76, and H = 84% for the direct method; Ef = 0.70, R2 = 0.69, and H = 77% for the indirect method). The direct method was driven by the Pacific SST and had five months lead time. The indirect method was driven by the Atlantic SST and had six months lead time. No significant difference was found in terms of performance between BMA and the linear regression models based on a single predictor for streamflow forecasting. However, BMA was able to provide a probabilistic forecast that accounts for model selection uncertainty, while the linear regression model had a longer lead time. The economic value of forecasts developed using the direct and indirect methods were estimated using the cost/loss ratio method. It was found that the direct method had a better value than the indirect method. The value of the forecast declined with higher return periods for all methods. Results also showed that for the particular watershed under investigation, the direct method provided a better information for flood protection. This research has demonstrated the possibility of decent seasonal streamflow forecasting in the Sirba watershed, using the tropical Pacific and Atlantic SSTs as predictors.The findings of this study can be used to improve the performance of seasonal streamflow forecasting in the Sahel. A package implementing the statistical models developed in this study was developed so that end users can apply them for seasonal rainfall or streamflow forecasting in any region they are interested in, and using any predictor they may want to try.

The aim of this thesis is perform financial analysis of KUPÁLA spol. s r.o. within four-year period from 2010 to 2013. First, the various methods of financial analysis are theoretically described, including value and bankruptcy models and economic value added. Then the described methods are applied to a particular company. Selected resulting values are compared with average values in the sector each year. In conclusion of this thesis is the evaluation of the analysis and draw conclusion about the company's financial situation.

<p>Istraživanje faune insekata opra&scaron;ivača(Hymenoptera: Apoidea i Diptera: Syrphidae) u<br />Vojvodini je rezultiralo registrovanjem 238 vrsta iz 7 familija na četiri tipa zemlji&scaron;nog<br />pokrivača klasifikovanih po CORINE nomenklaturi&nbsp; (2.1.1.&nbsp; -&nbsp; Nenavodnjavan oobradivo zemlji&scaron;te, 2.4.3.&nbsp; -&nbsp; Pretežno poljoprivredna zemlji&scaron;ta sa većim područjima prirodne vegetacije,&nbsp; 3.1.1.&nbsp; -&nbsp; Listopadne &scaron;ume&nbsp; i 3.2.1. - Prirodni travnjaci). Po broju&nbsp; zabeleženih vrsta izdvaja se pokrivač&nbsp; Listopadne &scaron;ume (158).&nbsp; Na prirdonim&nbsp; travnjacima nađeno je 124 vrste, na poluprirodnim stani&scaron;tima 62 i najmanji broj vrsta registrovan je na poljoprivrednim područjima (8).&nbsp; Nova&nbsp; vrsta&nbsp; za&nbsp; nauku&nbsp;<em> Eumerus pannonicus</em>&nbsp; sp.&nbsp; nov.&nbsp; Ricarte,&nbsp; Vujić&nbsp; i Radenković,&nbsp; zabeležena&nbsp; je&nbsp; na&nbsp; lokalitetu Pa&scaron;njaci velike droplje u okviru klase 3.2.1.</p><p>Shannon-ov indeks diverziteta je najveći za Listopadne &scaron;ume (3,385). Za Prirodne travnjake indeks diverziteta je 3,022. Vrednost indeksa za poluprirdona stani&scaron;ta je 2.431, dok je za poljoprivredna područja najmanji (0.765). Shannon-ov indeks diverziteta je računat i za svaki lokalitet&nbsp;&nbsp; posebno.</p><p>Prema&nbsp; Jaccard-ovom&nbsp; koeficijentu&nbsp; sličnosti,najsličnije&nbsp; su&nbsp; faune&nbsp; Slanog&nbsp; Kopova&nbsp; i&nbsp; Pa&scaron;njaka velike&nbsp; droplje&nbsp; (32,7%). Najmanju sličnost pokazala je fauna lokaliteta Đurđevo u kombinaciji sa faunama Fru&scaron;ke gore, Vr&scaron;ačkih planina I, Okanj bare i Vr&scaron;ačkih planina II, gde su svi koeficijenti imali vrednost ispod 4%.</p><p>Na&nbsp; području&nbsp; Vojvodine&nbsp; tri&nbsp; nađene&nbsp; vrste&nbsp; iz&nbsp; reda Hymenoptera&nbsp; uvr&scaron;tene&nbsp; su&nbsp; na&nbsp; IUCN-ovu&nbsp; crvenu listu. Prema nacionalnom Pravilniku o progla&scaron;enju i za&scaron;titi strogo za&scaron;tićenih i za&scaron;tićenih divljih vrsta biljaka, životinja i gljiva, iz kategorije strogo za&scaron;tićenih vrsta nađena je jedna, a od za&scaron;tićenih vrsta nađene su dve osolike muve.</p><p>RDA&nbsp; analizom&nbsp; pokazano&nbsp; je&nbsp; da&nbsp; su&nbsp;&nbsp; statistički značajne&nbsp; sve&nbsp; ispitivane&nbsp; varijable:&nbsp; ko&scaron;enje,&nbsp; UOP(udaljenost&nbsp; od&nbsp; poljoprivrednih&nbsp; područja),nadmorska visina i ispa&scaron;a.</p><p>Ekonomska vrednost ekosistemske usluge polinacije procenjena za period od 2009-2014.godine pokazuje rastući trend. Vrednost polinacije tokom&nbsp; godina rasla je sa 110,5miliona EUR u 2009. godini do 203,7 miliona EUR u 2014.</p> / <p>Research of pollinators fauna&nbsp; (Hymenoptera: Apoidea i Diptera: Syrphidae) in&nbsp; Vojvodina results in a finding of 238 species within 7 families on 4 CORINE land&nbsp; cover habitat types (2.1.1.&nbsp; -&nbsp; Non-irrigated arable&nbsp; land, 2.4.3.&nbsp; -&nbsp; Land principally occupied by agriculture, with significant areas of natural vegetation, 3.1.1. &nbsp;- Broad- leaved forest and 3.2.1.&nbsp; -&nbsp; Natural grasslands). The highest number of species has been recorded on class Broad-leaved forest (158). On class Natural grasslands were found 124 species, on the seminatural habitats 62 species and the lowest&nbsp; number was registered on arable&nbsp; land (8). New species for science Eumerus&nbsp; pannonicus&nbsp; sp.nov.&nbsp; Ricarte,&nbsp; Vujić&nbsp; i Radenković has been recorded in locality Pa&scaron;njaci velike droplje within the class 3.2.1.</p><p>Broad-leaved forest class have&nbsp; the highest values for the scored&nbsp; diversity index (3,385), followed by&nbsp; Natural grasslands (3,022) and saminatural habitats (2,431). Arable land class have&nbsp; the lowest diversity values, only 0,765. The Shannon diversity index is calculated for each locality.</p><p>According to Jaccard similarity coefficient, Slano Kopovo and Pa&scaron;njaci Velike Droplje have shown to be most similar faunistically (32,7%). The fauna of Djurdjevo had the lowest similarity value comparing to faunas of Fruska gora, Vrsacke planine I, Okanj bara and Vrsacke planine II, where all the coefficients were below 4%.</p><p>Two of the 238&nbsp; recorded bee species in Vojvodina are included in the IUCN red list. Acording to Serbian&nbsp; regulatory&nbsp; act&nbsp; &bdquo;Regulation on the promulgation and protection of the protected and strictly protected wild species of plants,&nbsp; animals and fungi&ldquo; one&nbsp; Syrphidae species&nbsp; is catalogued as a Strictly Protected,while two found hoverflie species are Protected. RDA analysis has demonstrated that all the environmental variables used for the analysis are of statistical significance: mowing, UOP(distance from the agricultural area), elevation and grazing intensity.</p><p>Economic value of insect pollination was estimated for&nbsp; a length of&nbsp; time 2009.-2014., and displays&nbsp; an&nbsp; increasing&nbsp; trend.The value of pollination&nbsp; has increased&nbsp; over these years, starting with 110,5 millions of EUR in 2009., up to 203,7 millions of EUR in 2014.</p>

The research will compare the alignment of the remuneration between United States and South African banks with respect to the Economic Value Added, a measure of a firm's economic profit that adjusts profit by subtracting the cost of capital.South African banks have been widely recognised for their high standard of corporate governance and stability during the financial crisis. Executive remuneration based on short-term equity has been recognised by both academic literature as well as bank regulators as one of the causes of the financial crisis. The research seeks to understand the differences in remuneration alignment between the failed and surviving banks.Misaligned incentives within the United States banks are accepted by both academics and regulators as one of the causes of the 2008 financial crisis and subsequent economic downturn. This research puts this theory to the test by comparing the alignment of executive remuneration between South African banks that were internationally recognised for successfully navigating the financial crisis, and the largest United States banks, of which three failed catastrophically over the same time period.The remuneration for the largest United States and South African banks is tested for correlation against Economic Value Added (EVA®), share price and return on equity. Correlation between executive remuneration and the constructs is tested between the two countries before as well as after the financial crisis.South African bank executive remuneration correlated strongly with EVA® and this correlation strengthened after the financial crisis. In comparison, the United States sample banks exhibited strong correlation between share price and remuneration before the financial crisis. The failed United States banks had no correlations between executive remuneration any of the constructs, a pattern that has been repeated in the United States Banks that have survived the financial crisis.Practically, the research demonstrated the vast differences in executive remuneration alignment between the United States and South Africa. In South African banks, executive remuneration is far more closely aligned to EVA®, whereas the United States banks only correlated with share price before the financial crisis, raising the question of whether managers are able to exert excessive power. The research demonstrates the magnitude of the gap between the recommendations of regulators and remuneration policies, with South African banks far more closely aligned than their United States counterparts.The research findings concur with theory presented in literature that misaligned incentives based on equity contributed towards the financial crisis. Of particular concern is the change in remuneration correlation after the financial crisis, where South African banks increased correlation with EVA® while United States banks no longer correlated with EVA®, ROE or share price. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted