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Kan företag positivt påverka sin aktiekurs med aktieutdelningar? : En kvantitativ studie om utdelningens samband med aktiekursenTawfik, Bamo Salar, Puneviciute, Guoda January 2021 (has links)
Background: Dividend and dividend policy is a research topic that is well known and frequently studied in financial economics. However there is no definite answer to if the dividend has an effect on the firm's value. The research surrounding dividend and its effect on firms value have shown a variety of different results. Aim: The purpose of this paper is to analyze the impact of the main independent variable dividend and control variables; total assets, revenue and Earnings Before Interest and Taxes (EBIT) on the dependent variable stock price. Method: The paper will be done in a quantitative approach based on a deductive research approach. The sample data of 60 companies for this study will be collected through Business Retriever, Orbit, Morningstar and annual reports of each company between the years 2011 to 2020. Results: The results in this study show that dividend has a statistically significant effect on the stock price of the companies observed. Furthermore the results indicate that Earnings Before Interest and Taxes, EBIT, has amedium-strong relationship with stock price, which shows a small significant association. The study could not prove that revenues and total assets have an effect on stock price in the regression analysis. However in the correlation analysis it was shown that there was a reasonable relationship between the dependent variable and the independent variables.
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Value based management and productivity : the mining situation / Tania Ruby Pienaar.Pienaar, Tania Ruby January 2009 (has links)
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.
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Value based management and productivity : the mining situation / Tania Ruby Pienaar.Pienaar, Tania Ruby January 2009 (has links)
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.
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Možnosti alternativních zdrojů provozního zisku tradičních bank / The possibility of alternative sources of operating profit for traditional banksSvatková, Eliška January 2014 (has links)
The thesis is a summary of the basic principles of bank trading focusing on the differences between business of traditional and "low-cost" banks. Furthermore, this thesis contains the analysis of operational revenues and costs of selected banks subsequently analyzed the structure of sources operational profit of selected traditional banks in comparison with selected "low-cost" banks in ČR. This thesis includes analyzis of trends that currently move the banking sector and following the trends analysis of non-banking services provided by banks in ČR which can be considered as an alternative source operational profit of traditional banks. The last part of the thesis includes evaluation of the survey, which was carried out to determine customer satisfaction with bank services in ČR.
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[pt] A PREVISIBILIDADE DAS TAXAS DE CRESCIMENTO DE EMPRESAS DE CAPITAL ABERTO LISTADAS NA BOVESPA NO PERÍODO 1994-2003 ATRAVÉS DE ÍNDICES DE VALOR / [en] THE PREDICABILITY OF GROWTH RATES OF COMPANIES LISTED AT BOVESPA IN THE PERIOD OF 1994-2003 USING VALUATION RATIOSPATRICIA HELENA GOES SEIZE 22 November 2005 (has links)
[pt] A busca por modelos de avaliação cada vez mais precisos
tem sido uma
preocupação permanente no âmbito das finanças
corporativas. No entanto, para
que estes modelos gerem bons resultados, é preciso que
estimativas do
comportamento futuro de contas como receitas, custos,
despesas e investimentos
estejam bem avaliadas. Dentro deste contexto se insere a
importância da previsão
das taxas de crescimento. Elas dependem de diversos
fatores, externos e internos à
empresa e que são, muitas vezes, de extrema complexidade.
Na tentativa de tornar
esta estimativa mais objetiva, o presente trabalho procura
avaliar a hipótese de que
índices de mercado bastante utilizados pelos analistas
financeiros, como preço de
mercado da ação-lucro, preço de mercado da ação-valor
patrimonial por ação e
preço de mercado da ação - vendas, são capazes de fornecer
indícios sobre o
comportamento futuro das contas receita bruta, EBITDA e
lucro operacional de
empresas listadas na Bolsa de Valores de São Paulo
(BOVESPA) durante o
período 1994-2003. Através do teste estatístico não-
paramétrico de Wilcoxon, o
estudo fornece indícios de que a variável preço de mercado
da ação - valor
patrimonial por ação possui valores maiores para empresas
de baixo crescimento e
menores para empresas de médio e alto crescimento. Para as
variáveis preço-lucro
e preço-vendas não se observam diferenças significativas
de valor entre os grupos
de baixo, médio ou alto crescimento. / [en] The search for more accurate evaluation models has been a
permanent activity
within the field of corporative finances. A successful
model must forecast, with a
high degree of confidence and accuracy, the future
behavior of incomes, costs,
expenditures and investments. Companies´ growth rates are
also important; they
depend on several internal and external factors and their
evaluation can be a very
complex task. Our work evaluates critically some valuation
ratios used by
financial analysts like: price-to-earnings, market-to-book
and price-to-sales ratios,
in order to obtain useful information about the following
itens future behavior:
Gross Revenue, EBITDA and Operating Profit of companies
listed at São Paulo
Stock Exchange (BOVESPA) during the period 1994-2003. The
Wilcoxon´s nonparametric
test suggests: an inverse relationship between the market-
to-book
index to the registered companies growth rate and no
noticeable relationship
between price-to-earnings ratios and price-to-sales ratios
to the same companies´
growth rate.
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[en] THE NON PERSISTENCE AND VARIABILITY OF GROWTH RATES OF COMPANIES LISTED AT BOVESPA IN THE PERIOD OF 1994-2002 / [pt] A NÃO-PERSISTÊNCIA E A VARIABILIDADE DAS TAXAS DE CRESCIMENTO DE EMPRESAS DE CAPITAL ABERTO LISTADAS NA BOVESPA NO PERÍODO 1994-2002FELIPE CARDOSO DE GUSMAO CUNHA 16 March 2005 (has links)
[pt] A recente internacionalização da economia, o processo de
integração dos
mercados e a perspectiva de obtenção de condições
competitivas via maior escala
suscitaram a reestruturação produtiva e fomentaram a maior
concentração
econômica por meio de contínuas fusões e aquisições de
empresas. Esta situação
insere o estudo acerca das taxas de crescimento de
indicadores contábeis das
companhias entre os temas mais relevantes no âmbito das
finanças corporativas.
As variáveis contábeis utilizadas neste trabalho foram as
taxas de crescimento
anuais da receita bruta, do EBITDA e do lucro operacional
de empresas listadas na
Bolsa de Valores de São Paulo (BOVESPA) durante o período
1994-2002. A
conclusão acerca da variabilidade e da não-persistência
destas taxas de
crescimento constitui-se obstáculo aos exercícios de
previsão no mercado
brasileiro. Simulações adicionais foram realizadas visando
auferir o efeito do
porte e dos múltiplos de transação das respectivas ações
destas empresas sobre as
taxas de crescimento. Visando maior detalhamento sobre a
forte resistência à
persistência de taxas anuais consecutivas superiores à
mediana do mercado
durante os oito anos de análise, foram aplicados testes
econométricos essenciais
ao modelo ARIMA (Box e Jenkins), constatando a não
correlação e a não
correlação parcial das taxas de crescimento anuais das
empresas para todas as
variáveis analisadas, caracterizando um processo clássico
de white noise e
fornecendo indícios para um comportamento típico de random
walk ou random
walk with drift. / [en] The recent economy internationalization, the market
integration process and
the perspective of obtaining differentiated conditions
through scale led to
production restructuring and fomented a higher economic
concentration by means
of continuous mergers and acquisitions of companies. This
scenario inserts the
study of the variability and persistence of growth rates of
accounting indicators of
companies among the most relevant subjects of corporate
finance. The accounting
variables selected in this work were the annual growth
rates of the gross revenue,
of the EBITDA and of the operating profit of companies
listed at São Paulo Stock
Exchange (BOVESPA) during the period 1994-2002. The
observed variability
and the non persistence of the growth rates represents a
relevant obstacle to
forecasting exercises in the Brazilian market. Additional
simulations were
performed, in order to test the effect of the firms` size
and of the transaction
multiples of their respective stocks ont growth rates.
Looking for a deeper
understanding of the strong resistance to the persistence
of consecutive annual
rates above market median values along the eight years
period of analysis,
econometric tests essential to ARIMA model (Box and
Jenkins) were applied, and
the resuts portrayed the non correlation and non-partial
correlation between the
annual growth rates for all variables, characterizing a
classical white noise
process, signaling a typical random walk or a random walk
with drift behavior.
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Přehled produktů dopravní firmy a vliv na přidanou hodnotu / Structure of products in an transport company and its effect on EVARaus, David January 2007 (has links)
This thesis is dealing with a performance measure Economic Value Added and its application in the optimalization of company´s products structure. In the first part of this thesis is analysis of the company, theory of Economic Value Added and adjustments of accounting model that lead to the economic model. Following main part is focused on unit products of company and its calculations of Economic Value Added. Last part suggests a new company´s product structure with regard to EVA results.
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Využitelnost moderních metod hodnocení finanční situace podniku (ukazatele EVA, MVA a průměrné náklady kapitálu) / Utility of modern methods of assessing the financial situation of an enterprise (EVA, MVA and average cost of capital)KOŘÁNKOVÁ, Romana January 2018 (has links)
This thesis deals with evaluation of the utility of modern methods of evaluation of the financial situation of the company and their comparison with older, classic indicators. The theoretical part deals with the financial analysis of the company and the classical indicators and with the modern indicator Economic value added. This paper describes the concept of the EVA indicator and the transformation of the accounting data leading to the economic data and the items entering the calculation of the EVA are defined in detail. The practical part contains calculations of classical indicators based on the accounting data of company Kern-Liebers in years 2012-2016. The main part of this thesis deals with transformation of accounting data of the company for subsequent calculation of the EVA indicator. In addition, the EVA indicator is decomposed, the company is compared with sectoral values by using the INFA system and in the last step the results of the classical indicators with the modern EVA indicator are compared and the conclusions are interpreted.
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Návrh zlepšení finančního plánování v podniku / Improvement of financial planning in trading companyMazanec, Michal January 2007 (has links)
The financial situation and financial economy could be controlled by a whole range of indicators in the time progress and context so that the evaluation of the situation may reflect the whole economic state of the company and enable to point out causes of the actual situation. If the company shall be economically succesful, the financial planning and analysis has to be a part of the complex of the company´s financial management, because it provides a feedback between the expected effect of managing decisions and present. This diploma work is focused on detection of weak and strong characteristics of the company. All datas used in analysis are taken from the public sources and internal company documentation. The point of my diploma thesis was to present a financial analysis containing my theoretical experience, which I gained during my study at the VUT.Brno.
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Hodnocení finanční situace podniku a návrhy na její zlepšení / Evaluation of the Financial Situation in the Firm and Proposals to its ImprovementDvořáková, Martina January 2008 (has links)
This diploma work assess the financial health of the company in the years 2002–2006 on the basis of selected methods of the financial analysis. It includes proposals of possible solutions of identified problems which should result in the improvement of financial situation of the firm in the following years.
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