The cost of mining companies listed on the Johannesburg Stock Exchange (JSE) have not been immune to inflationary pressures. Increasing cost pressures, lower grades, and reduced electricity supply imply that management will have to apply rigorous cost saving measures to mitigate the effect on profits. One such measure is value based management (VBM). VBM is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. Discounted cash flow to the present value at the weighted average cost of capital lies at the heart of these metrics. Through the use of value mapping, underlying value drivers are linked to the overall strategy of value creation. While value-based management is used to increase shareholder value, one of the serious drawbacks is the short-term focus on immediate results to the detriment of long-term sustainable competitive advantage. A quantitative study was done on the mining sector to determine if investors can use productivity as a value based management measurement to predict share price movement. The results from this study indicate that productivity measures do not influence share price. Productivity is good for determining shareholder value, but not adequate for determining stock performance. Even though it was found that investors do not rely on productivity measures, companies should still focus on creating value for the shareholders. It is beneficial to investors to understand what value based management is, and to understand management actions in terms of value creation. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

The cost of mining companies listed on the Johannesburg Stock Exchange (JSE) have not been immune to inflationary pressures. Increasing cost pressures, lower grades, and reduced electricity supply imply that management will have to apply rigorous cost saving measures to mitigate the effect on profits. One such measure is value based management (VBM). VBM is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. Discounted cash flow to the present value at the weighted average cost of capital lies at the heart of these metrics. Through the use of value mapping, underlying value drivers are linked to the overall strategy of value creation. While value-based management is used to increase shareholder value, one of the serious drawbacks is the short-term focus on immediate results to the detriment of long-term sustainable competitive advantage. A quantitative study was done on the mining sector to determine if investors can use productivity as a value based management measurement to predict share price movement. The results from this study indicate that productivity measures do not influence share price. Productivity is good for determining shareholder value, but not adequate for determining stock performance. Even though it was found that investors do not rely on productivity measures, companies should still focus on creating value for the shareholders. It is beneficial to investors to understand what value based management is, and to understand management actions in terms of value creation. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

Univ., Diss.--Frankfurt a.M., 2003.

Researchers posit that the primary objective of a business enterprise is to create shareholder value, and Economic Value Added (EVA) has been found to be the best available financial metric for measuring value. It is argued that EVA differs from other metrics in the sense that it incorporates both the enterprise profits and the capital costs for such profits. The study intended to establish attributes and competencies that are relevant, key and can bear the relationship with the EVA. In order to achieve this, the following questions were posed, namely; what key attributes and competencies an executive needs to possess for the purpose of organisational value creation?; and what is the measure to be utilised that includes these competencies to ensure organisational value creation and leadership development? The study aim was to propose and develop a diagnostic Value Creating Competencies Index, which is based on the components of or influenced by EVA. The success of the study was based on three pillars, firstly, EVA as a superior financial measure. To support this, literature that supported that EVA is adopted as a superior financial measure compared to other accounting based measures was reviewed and critiqued. The second element of the study was the focus on CEOs as critical and important drivers of value in organisations. However, the available literature was not able to provide a convincing argument to focus ‘all’ the attention on CEOs at the expense of other executives and the organisation at large. To determine whether CEOs can be given this attention and prominence, we conducted an additional study that assessed the share price movement on the public announcement of CEOs on companies listed on JSE. The findings of this study showed significant movement of share price and volume traded, and on the strength of this observation we concluded that CEOs can be used in this study as drivers of value. The third element was to look at competencies and competency modelling as a conduit that links value creation (EVA) and creators of value (CEOs). The literature on competencies was consulted and that of modelling, looking at the advantages and disadvantages of competency modelling. The study adopted a pragmatic paradigm and mixed methods approach. A qualitative dominant approach was followed. The study population consisted of Chief Executive Officers of the companies listed on the JSE top 40, who have had same position for a minimum of five years. Two CEOs could successfully be reached and interviewed. Data were collected through interviews, observations and documents analysis of the selected CEOs and their respective companies. Data were analysed qualitatively using the Atlas-ti software package, and then followed by a quantitative approach that was conducted using a Delphi approach. Two samples were utilised for this purpose. The first sample was a census of top 50 companies on Executive Search Review (United States headquartered companies that deals with CEO recruitments), the second sample was a random sample taken from JSE listed companies. Qualitative results were presented and discussed and the competencies were identified and linked to actual performance in respective organisations. In addition, identified competencies were confirmed by linking to the relevant quotations from the interviews and or analysed documents. Based on the qualitative results a competency model, Octastellatus CEO Competency model was developed and presented. From the competency model, the competency index Sustainable Economic Value Competency Index (SEVCI) was constructed and presented. The index has four clusters, namely; the core competencies, enabling competencies, differentiating competencies and competitive competencies. The index measure is presented as the sum of weighted averages of the four clusters. It is believed that this research work have made a significant and unique contribution by providing a quantitatively validated CEO competency model and corresponding competency index for assessing potential ability to create economic value. In an area that previously had a disconnection between ability to create value and actual value creation is now a known area and it is represented by SEVCI. / Business Management / DBL

Made available in DSpace on 2016-06-02T19:49:59Z (GMT). No. of bitstreams: 1 TeseMSMSF.pdf: 1501147 bytes, checksum: a3b235b238d14b156fe303fdf124192e (MD5) Previous issue date: 2007-03-07 / The present work aims a joint application of Activity Based Costing (ABC) with Economic Value Added (EVA) in a poultry agropecuary cooperative. Firstly, it was defined the following for the development of the model of Activity Based Costing (ABC) as part of cooperative productive chain: poultry slaughterhouse, feed industry, incubatoty and broiler parents farm. Secondly, it was evaluated the economic value creation at the cooperative through the Economic Value Added (EVA) indicator. Finally, joint application of Activity Based Costing (ABC) with Economic Value Added (EVA) was performed for costing objects of feed industry and poultry slaughterhouse cooperatives products. As result of the research, it was identified the following: cooperative products costing in terms of activities, evaluation of the value creation in the cooperative and cooperative products costing was possible based in activities, evaluation of value creation in the cooperative and which products create or destroy economic value in this organization. The model of Activity Based Costing (ABC) was applied for costing of cost objects in the operational units of the cooperative. The results showed evidencing in the case of the poultry slaughterhouse unit the presence of products with negative margin and rentability. Regards to the application of EVA it was verified that the cooperative presented a creation of economic value in the three last years of the carried through evaluation, however with one raised level of dependence of external capital for operations development. The joint application of Activity Based Costing (ABC) with Economic Value Added (EVA) revealed viable with regard to its use in the structure of the poultry slaughterhouse and feed industry by means of the use drivers of capital cost. This application assists in the evaluation and adequacy of products mix of the cooperative for direction the value creation. / O presente trabalho propõe uma aplicação conjunta do sistema de custeio baseado em atividades com o indicador Valor Econômico Agregado (EVA) em uma cooperativa agropecuária do setor avícola de corte. No primeiro momento da pesquisa considerou para o desenvolvimento do modelo de custeio baseado em atividades as unidades operacionais abatedouro avícola, fábrica de ração, incubatorio e granja de matrizes integrantes da cadeia de produção da cooperativa. Em um segundo momento procedeu-se a avaliação da criação de valor econômico na cooperativa com o emprego do indicador Valor Econômico Agregado (EVA). Por fim, procedeu-se a aplicação conjunta do custeio baseado em atividades com o EVA para os objetos de custeio da fábrica de ração e do abatedouro da cooperativa. Como resultado da pesquisa foi possível realizar o custeamento dos produtos da cooperativa com base em suas atividades, realizar a avaliação da criação de valor na cooperativa e estabelecer por meio da aplicação conjunta do custeio baseado em atividades com o EVA a identificação de quais produtos apresentavam-se como criadores ou como destruidores de valor econômico na cooperativa. O sistema de custeio baseado em atividades desenvolvido permitiu realizar o custeamento dos objetos de custo das unidades operacionais da cooperativa constatando no caso da unidade abatedouro a presença de produtos que apresentavam rentabilidade e margem negativa. Com relação a aplicação do EVA verificouse que a cooperativa apresentou uma criação de valor econômico nos três últimos anos da avaliação realizada, porém com um elevado nível de dependência de capitais de terceiros para realização de suas operações. A aplicação conjunta do custeio baseado em atividades com o EVA mostrou-se viável com relação ao seu emprego na estrutura do abatedouro avícola e da fábrica de ração por meio do uso de direcionadores de custo de capital, permitindo que essa aplicação auxilie na avaliação e adequação do mix de produtos da cooperativa para criação de valor.

Made available in DSpace on 2016-06-02T19:51:47Z (GMT). No. of bitstreams: 1 3405.pdf: 1574526 bytes, checksum: b25d2fa10490e2fb34eceaca431bab35 (MD5) Previous issue date: 2010-12-21 / The poor financial performance of some quality award winners in different countries arises the interest of researchers to investigate why that happened. The majority of this kind of investigations was carried out in United States and Western Europe. The most common performance measures were growth, profitability, market value, and customer satisfaction. In Brazil, there are few studies on this issue. This master thesis aims to analyze the value creation by National Brazilian Quality Award winners using Economic Value Added (EVA ) as the performance measure and comparing those values with competitors from the same economic sector. The application of EVA as performance measurement is a differential from other studies. The Brazilian database Economatica, financial websites, and companies websites were the main source of data. The data acquirement covered a period of time of ten (2000-2009). The parametric tests were applied to test the hypothesis. The main finding shows that the winner companies have increased the value creation to the shareholders after the awarding of National Brazilian Quality Award. Another main finding points out that the winner companies have increased the value creation in average to the shareholders more than the companies from the same economic sector after the awarding of National Brazilian Quality Award. It is important to highlight that before the awarding the studied companies were not creating more value to shareholders than the companies from the same economic sector. / O desempenho financeiro ruim de algumas empresas vencedoras de prêmios da qualidade em diversos países, despertou o interesse de pesquisadores em investigar se a premiação levou essas empresas a um desempenho superior. A maioria dessas pesquisas foi realizada nos Estados Unidos e na Europa e comumente foram utilizadas como medida de desempenho o crescimento, a lucratividade, o valor de mercado e a satisfação do cliente. No Brasil, esse tipo de pesquisa ainda é incipiente. Dessa forma, o presente trabalho tem como objetivo principal analisar a geração de riqueza de empresas vencedoras do Prêmio Nacional da Qualidade utilizando o Valor Econômico Adicionado e comparando esse valor com as demais empresas do mesmo setor. A utilização do EVA como medida de desempenho é um diferencial deste trabalho em relação às outras pesquisas. Os dados foram coletados do banco de dados do sistema Economática, em sites especializados em divulgação de demonstrações financeiras e nos próprios sites das empresas vencedoras objeto de estudo desta pesquisa. O período de análise compreendeu os anos de 2000 à 2009. Foram utilizados testes paramétricos para validar as hipóteses de trabalho. Os resultados apontam para a existência de fortes indícios de que as empresas da amostra melhoraram o EVA no período de pós-adoção do PNQ. Outro resultado é da existência de fortes indícios de que as empresas da amostra possuem Valor Econômico Adicionado superior às demais do setor no período de pós-adoção do PNQ, no entanto, isso não pode ser afirmado para o período de adoção do MEG.

O objetivo dessa pesquisa é apresentar uma ferramenta alternativa ao valor econômico adicionado na mensuração da performance empresarial correlacionada com o valor de mercado. Na revisão da literatura apresenta-se o conceito de estrutura e custo de capital, utilizando a metodologia do CAPM e do APT. São igualmente apresentadas as principais medidas financeiras de desempenho tais como: retorno operacional sobre o investimento, retorno sobre o patrimônio liquido, retorno sobre os ativos, além de outras formas para cálculo do retorno. Na sequência introduzimos o conceito de lucro residual e o valor econômico adicionado, discutindo suas vantagens, desvantagens, dificuldades e limitações dessa ferramenta. Através do EVA podemos calcular o valor de mercado adicionado, fundamental para o cálculo do valor patrimonial ajustado. Também é apresentado nessa obra a interpretação do EVA pela ótica do modelo Fleuriet de planejamento financeiro. Após essa explanação teórica é apresentado o Financial Value Added proposto por esse trabalho, como alternativa ao Valor Econômico Adicionado na mensuração do desempenho empresarial. Essa ferramenta exclui da base de cálculo as receitas e despesas econômicas, uma vez que as mesmas em alguns casos distorcem o resultado como é constatado no teste com as empresas: Sadia S.A. e Perdigão S.A. onde os resultados foram 54% na Sadia e 13% na Perdigão superiores ao EVA. Em nenhum momento argumenta-se a substituição do EVA, apenas a introdução do FVA como alternativa nos casos em que o EVA não funcione adequadamente.

The aim of the thesis was to assess options and methods suitable for intercompany comparison, their application to a specific company and an analysis of the said company within the branch of industry. The analysis was carried out in the Dura Automotive, k. s. company for 2003, 2004 and 2005. Data for calculation of indexes, used as a source, were taken from basic financial statements of the company. Several ratio indexes, bankruptcy and site models, the Spider analysis and the economic value added index were selected to be used for comparison purposes. Values of indexes were compared with averages in the branch of industry. For calculation of the economic value added index, the Evalent computer program, and the INFA method in particular, were used.

Submitted by BKAB Setor Proc. Técnicos FGV-SP (biblioteca.sp.cat@fgv.br) on 2013-02-15T16:33:08Z No. of bitstreams: 1 1199802002.pdf: 4528841 bytes, checksum: 2f3f496af78f479ca42535a533c9a6c7 (MD5) / Através de um estudo clínico que compreendeu o uso de questionário detalhado, entrevistas de profundidade e workshop de validação, é feita análise da experiência de um pequeno grupo de empresas brasileiras com a implantação do Shareholder Value Based Management, ou gestão baseada em valor. São apresentados os vários critérios de cálculo de valor utilizados e identificados os pontos fortes e fracos de cada método.

Cílem této diplomové práce je vypracovat ocenění vybraného podniku pro účely jeho vedení. Práce je rozdělena do dvou tematických okruhů. První literární část obsahuje teoretický základ pro oceňování podniků. Obsahuje metodické postupy strategické, finanční analýzy a analýzu generátorů hodnoty. Praktická část aplikuje teoretické metody při ocenění konkrétního podniku. Výsledná hodnota podniku je stanovena pomocí vybraných výnosových metod DCF entity a EVA.