Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: "Value adding process design" entails two underlying concepts, namely "business process" and "value adding": Business process: According to Dr Michael Hammer (Hammer, 1999), the recognised father of process thinking, a business process is an "organised group of related activities that together create customer value". The focus in the process is not on individual units of work, which by themselves accomplish nothing for a customer, but rather on an entire group of activities that, when effectively brought together, create a result that customers value. Value adding: The concept of "value adding" can be defined in different ways depending on the receiver of the value (shareholders, customers or employees). From a shareholder perspective, value adding can be measured by using EVA (Economic Value Added). EVA is a measure of economic profit generally meaning that a positive EVA indicates that value has been created, whereas a negative EVA means value has been destroyed. The perspective from which process improvement is addressed is the value that is added for the customer, but always with the constraint of not negatively impacting the EVA of the organisation. Value adding process design: "Value adding process" design entails the design of a business process or interrelated business processes to ensure that employee and customer needs are satisfied, whilst creating value for shareholders. The objective of this study is to develop a methodology and supporting tools to enable a organisation to make the transition from being task focused to becoming a truly process organisation. The approach that is proposed is the Rynmar VAP Diagnostic Tool. The approach consists of 5 phases, best explained by the metaphor of building a house: • Setting the stage (phase 0) is identifying the need for a house, i.e. being unhappy with the current situation to an extent that one has the burning desire to change surrounding, even if it will cost a lot of time, effort and financial resources. • Visioning (phase 1) is drawing an artist impression of the house. It involves thinking what the new house should look like, for example do I want a Cape-Dutch house with thatched roof and white walls, or an Italian design with tiled roof and off-white walls. Visioning is the magnetic force that one holds on to whenever the question is asked: "Is it worth the effort?" • Design Process (phase 2) entails applying different techniques to draw an architectural design of the firstly the current processes, followed by the future process that will meet the different aspects of the vision. • Prototype & Build (phase 3) involves firstly building a small scale model of the house to test and improve the design made in phase 3, followed by building the actual house. • Train & Implement (phase 4) firstly entails training the different people in the skills required by the new process design and then implementing the process under careful guidance of the project team, i.e. moving into the house. • Continuous Improvement (phase 5) involves continuously improving the process to ensure that incremental performance improvement is achieved, which will lead to a dramatic cumulative improvement over time. / AFRIKAANSE OPSOMMING: "Waarde toegevoeging proses ontwerp" behels twee onderliggende konsepte, naamlik "besigheidsproses" en "waarde toevoeging": Besigheidsproses: Volgens Dr Michael Hammer (Hammer, 1999), die erkende vader van prosesdenke, kan 'n besigheidsproses definieer word as 'n georganiseerde groep van aktiwiteite wat gesamentlik waarde skep vir 'n kliënt. Die fokus in die proses is nie op individuele komponente van werk nie, wat individueel niks vir die gebruiker kan vermag nie, maar eerder op 'n geïntegreerde groep van aktiwiteite wat, indien effektief gegroepeer word, waarde skep vir 'n kliënt. Waarde toevoeging: Die konsep "waarde toevoeging" kan op verskillende maniere gedefinieer word afhangende van die ontvanger van die waarde (aandeelhouers, kliënte of werknemers). Vanuit die perspektief van 'n aandeelhouer word waarde toevoeging gemeet deur gebruik te maak van EVA ("Economic Value Added'). EVA is 'n maatstaf van ekonomiese wins, wat daarop neerkom dat 'n positiewe EVA aandui dat waarde geskep (toegevoeg) is, terwyl 'n negatiewe EVA beteken dat waarde verwoes is (waardevermindering). Prosesverbetering word gevolglik daarop gerig om waarde toe te voeg vir 'n kliënt, maar altyd onderhewig daaraan dat dit 'n positiewe impak op die EVA van die organisasie sal hê. Waarde toegevoegde proses ontwerp: "Waarde toegevoegde proses ontwerp" behels die ontwerp van 'n besigheidsproses of verwante besigheidprosesse wat sal verseker dat daar aan die behoeftes van werknemers en kliënte voldoen word en terselftertyd dat waarde geskep word vir aandeelhouers. Die doelwit van hierdie studie is om 'n metodologie en ondersteunende gereedskap te ontwikkel wat 'n organisasie in staat stel om die transformasie te maak van 'n taak-georiënteerde na 'n ten volle proses-georiënteerde organisasie. Die benadering wat voorgestel word is die Rynmar VAP model. Die benadering bestaan uit vyf fases en kan verduidelik word aan die hand van die metafoor om 'n huis te bou: • Definieer 'n platform vir verandering (fase 0) is om die behoefte te identifiseer om 'n huis te bou, naamlik om ontevrede te wees met die huidige situasie tot so 'n mate dat 'n brandende begeerte bestaan om iets daaraan te doen, selfs al kos dit tyd, moeite en finansies. • Skep van 'n prosesvisie (fase 1) is om 'n kunstenaarsvoorstelling te maak van die huis. Dit sluit in hoe die nuwe huis moet lyk, byvoorbeeld 'n Kaaps-Hollandse huis met 'n grasdak en wit mure. 'n Visie is die magnetiese aantrekkingskrag wat 'n organisasie aan vasklou wanneer die vraag gevra word: "Is dit die moeite werd?" • Proses ontwerp (fase 2) behels die toepassing van verskillende tegnieke om 'n argitekstekening van eerstens die bestaande prosesse te maak, gevolg deur die ontwerp van toekomstige prosesse wat die visie sal verwesenlik. • Prototipering & bou (fase 3) behels die bou van 'n klein skaalmodel van die huis om die ontwerp te toets en verbetering aan te bring, gevolg deur die werklike bou van die huis. • Opleiding & implementering (fase 4) behels eerstens die opleiding van die betrokke partye, gefokus op die vaardighede wat benodig word om die nuwe proses te implementer. Vervolgens word die proses implementeer onder die waaksame oog van die projekspan, naamlik om in die huis in te trek. • Kontinue verbetering (fase 5) behels die kontinue verbetering van die proses wat sal verseker dat inkrementele verbetering behaal word, wat lei tot dramatiese verbetering opgebou oor tyd.

Verslas labai svarbus kiekvienos šalies ekonomikai, jo teikiamą naudą gali pajusti tiek verslininkai, verslo atstovai, tiek ir kiti visuomenės nariai. Lietuvoje šiuo metu verslo sektorius yra pažengęs, tačiau jame yra dar daug neišspręstų problemų, neatsakytų klausimų. Šiuo metu Lietuva dar negali pasigirti aukštą pridėtinę vertę kuriančių verslų gausa, ir pati šalies vyriausybė tik po truputį pradeda suprasti pridėtinės vertės kūrimo ir jos generavimo svarbą visai šalies ekonomikai, tad darbe autorė aptarė pridėtinės vertės kaip pagrindinio ekonominio sverto svarbą verslui ir šalies ekonomikai, nustatė kokie ekonominiai svertai, kokios priemonės versle padėtų kurti aukštesnę pridėtinę vertę. Baigiamojo darbo tikslas – išsiaiškinti verslo Lietuvoje plėtros ypatumus, nustatyti, kokie ekonominiai svertai didina verslo kuriamą pridėtinę vertę. Darbo hipotezė – nepakankamas verslo sektoriaus pridėtinės vertės kūrimas ir generavimas Lietuvoje. Baigiamojo darbo pagrindiniai uždaviniai: supažindinti su Lietuvos verslo sektoriumi, atskleisti pagrindinius šio sektoriaus ypatumus, išskirti pagrindines jo problemas; apibūdinti pridėtinę vertę, jos kūrimo procesą bei teikiamą naudą; apibūdinti pagrindinius ekonominius svertus, didinančius verslo Lietuvoje kuriamą pridėtinę vertę, išnagrinėti kur ir kam ši sukurta pridėtinė vertė yra paskirstoma; atlikti pasirinktos verslo sektoriaus šakos Lietuvoje analizę, įvertinti kokią pridėtinę vertę ši šaka sukuria ir kokią naudą ta sukurta vertė... [toliau žr. visą tekstą] / Business is extremely important for any country's economy; its benefits can be experienced by both the business community, business representatives and also by other members of the public. Lithuanian business sector is currently advanced, however there are still many unsolved problems and open questions. Lithuania cannot yet be proud of plenty businesses, creating high value added, moreover, the government itself is only beginning to gradually realize the importance of value added creation to the national economy, therefore the author of this paper has discussed the importance of value added as a major economic leverage to both business and the national economy, determined the factors and measures are required for creating higher value added. The aim of the paper: to identify business development characteristics in Lithuania; to determine, what economic levers increase the value added of private business. Working hypothesis: lack of value added, generated by Lithuanian business sector. Main tasks: to introduce the theoretical side of the business sector; to identify the main features of the sector; to highlight its major problems; to analyze factors and measures, helping create a higher value added and promoting development of the country's private business; to perform analysis of a selected Lithuanian business sector branch; to assess the value added, created by that branch and the benefits to Lithuanian economy. Research methods: analysis of primary data sources; analysis... [to full text]

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.

Integration of operation management goals with the mission of organization requiresadoption of measures capable of pulsing mission accomplishment situation whileoperations are going on. Supply chain, as an increasingly used concept in operationsmanagement, could be supported by the concepts of customer satisfaction and profitmargin to get integrated with main goals of any for-profit organization. Value chain viewprovides such insight and lets the mission of the organization remain in focus while lowerleveldecisions and functional processes are dealt with.Every activity in a value chain could be cost driver and / or value driver. Configuration ofthese cost and value drivers refers to their locational and relational position. Afteragreement on what are going to be core values for the organization, relative positions ofvalue chain activities should be consciously reviewed periodically to identify opportunitiesfor contributing to core values of organization through repositioning or redesigning andstrengthening value activities. The term value chain reconfiguration implies to suchstrategic revision decisions.Opportunities – and threats – for improving performance of the organization not only liewithin internal chain of value activities of the organization, but also could be found out ofthe organization boundaries and among its extended value chain. Acquiring of externalgains needs sound analysis and cost and benefit evaluations for making decision regardingthe way of reacting to the identified opportunities. Virtual value chain orchestration asproposed by its introducer provides a framework for identifying and capturing suchopportunities.Gauging the results of reconfiguration of the value chain, calls for implementingmeaningful criterion so that it reflects captured value in accordance with the destined goal.Taking profit margin of the value chain as master value for organization, the thesis workproposes usage of a less-known profitability indicator, economic value added (EVA) as themeasure which should be focused on in order to evaluate success or failure of firm-levelvalue chain reconfiguration efforts. / Uppsatsnivå: D

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.

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.

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.

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