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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

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 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

Thesis (MBA)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: This report contains a strategic management model to assess the impact on the EVA тм of the individual business units and the consolidated group total of a Company, when manipulating any of the key business drivers. The model has been designed to deliver a solution to the end-user that is simple to operate and presents graphical outputs to enhance understanding and interpretation. The sensitivity analysis, the EVA тм tree and the financial statements are presented in Excel. A simulation technique is used to forecast NOPAT values from a set of key drivers. The theories used to construct the model are explained and a hypothetical example is provided. The appendices also provide the concept of EVA тм, simulation techniques, list of assumptions and model instructions. The report is comprehensive enough to allow the reader to develop, implement and test a model of this nature. Opportunities for further research are also provided. / AFRIKAANSE OPSOMMING: Hierdie studie bevat 'n strategiese bestuursmodel om die impak van individuele besigheidseenhede op ekonomiese waardetoevoeging (Engels: EVA тм) en die gekonsolideerde groeptotaal van 'n maatskappy, wanneer enige een van die sleutel besigheidsdrywers gemanipuleer word, te bepaal. Die model is ontwerp om 'n eenvoudige oplossing vir die eindgebruiker te verskaf en verskaf grafiese uiteensettings om verstaanbaarheid en interpretasie te vergemaklik. Die sensitiwiteitsanalise, ekonomiese waardetoevoegingsontleding en die finansiële state word in Excel weergee. 'n Simulasie tegniek is gebruik om NOPAT waardes van 'n stel sleutel drywers te voorspel. Die teorieë wat gebruik is om die model saam te stel, word aan die hand van 'n hipotetiese voorbeeld wat voorsien word, verduidelik. Die aanhangsels voorsien die konsep EVA тм, simulasie tegnieke, 'n lys van aannames en instruksies vir die model. Die verslag is volledig genoeg om die leser in staat te stel om 'n model van hierdie aard te ontwikkel, te toets en te implementer. Voorstelle vir verdere navorsing word voorsien.