One of the keys for restaurant managers in conducting a proper assessment of their business opportunities is through understanding the level of risk these opportunities bear. This can be achieved by analyzing the causal relationships between external environmental forces and internal capabilities of the firm, and then make a strategic choice in what opportunities to invest. The purpose of this study was to investigate the concept of risk and its underlying dimensions that influence the restaurant industry's cash flows and stock returns. This study proposed a contemporary framework that enables restaurant industry executives to develop a better understanding of the risk factors (macroeconomic and industry) that influence their firms' cash flows and stock returns. The primary unit of analysis was at industry (portfolio) level. In addition, as a second step, three restaurant firms were selected to demonstrate the practical application of the model. Exploratory factor analysis indicated that the restaurant industry risk is represented by three dimensions: "Output," "PPI Meats," and "IP Restaurants." The macroeconomic risk construct was represented by the five variables of Arbitrage Pricing Theory of Chen et al. (1986). Time series-analysis regression of the portfolio of 75 restaurant firms, for the 1993-2004 period, revealed that macroeconomic variables explained a significant portion of restaurant stock returns. On the other hand, both macroeconomic and industry models explained a significant level of variation in operating cash flows. The addition of September 11 "dummy" variable improved the explained variation in stock returns for both equations (macroeconomic and industry). At a firm level, the industry model accounted for a significant variation in internal value drivers (operating cash flows, food cost, and labor cost) for all three restaurant companies. The industry risk model survived after controlling for the effect of macroeconomic variables on operating cash flows. The results indicate that the industry model provides a parsimonious solution in estimating variation in operating cash flows by capturing macroeconomic effects. / Ph. D.

The purpose of this study was to investigate the concepts of remote and task risks in relation to the structure of the casual theme restaurant industry, and to examine the performance consequences of their relationships. This study proposed a framework of analysis that will enable industry participants to develop an improved understanding of the relationships among environmental risk drivers, and of the influence of their strategic decisions on the environment-performance connection. Specifically, it was proposed that task risk factors could be identified, and that they would mediate the influence that some identifiable remote risk factors would have on the performance of the industry. It was also expected that this mediated relationship would be moderated by the influence of the structure of industry. The primary unit of analysis was at the industry sector level as the performance construct was operationalized using a portfolio of 24 casual theme restaurant firms. Exploratory factor analysis was used to identify the remote and task risk factors. The analysis suggested that three remote factors and three task factors represent the two environmental constructs: "Interest rates", "Expectations" and "Exchange rates" for the remote environment, and "Input quantities", "Input restaurant" and "Input prices" for the task environment. A number of time-series regression analyses were subsequently conducted for the 1993-2006 period to investigate the various proposed relationships. The results indicated that a number of significant direct effects of the remote and task risk factors on the cash flow returns on invested capital of the industry portfolio existed. Also, a significant mediated relationship was found: the "Input prices" mediated the influence of the "Expectations" on changes in the cash flow returns on invested capital. However, and despite numerous significant direct effects between the industry structure variables and the performance variables, no moderation could be established. The present study paved the way for future research on the relationships between the remote and task environment and the performance of firms. In particular, further research should be conducted that delves into the role of the cyclical nature of environmental risk factors. Besides, additional investigations of the influence of the structure of the industry should be conducted by attempting to compare more contrasted states of the industry. / Ph. D.

The aim of my thesis is to estimate market value of the company Metrostav as of December 31, 2008. To achieve this objective several analyses including financial analysis, strategic analysis and analysis of value drivers have been done. Finally, a financial plan has been set up and DCF Equity method of valuation implemented. Market value of Metrostav equity as of December 31, 2008 has been estimated at CZK 10 037 million.

A partir da década de 90, a abertura e liberalização de fluxos de capitais, somados à intensificação dos processos de fusões, aquisições e privatizações evidenciaram a necessidade de se saber qual é o valor de uma empresa e quais variáveis o afetam. Ao encontro a esta necessidade, este trabalho foi desenvolvido para investigar as variáveis consideradas como direcionadores de valor e, em específico macrodirecionadores de valor, e sua relação com o preço da ação. As implicações de se saber se um macrodirecionador de valor pode predizer e provocar alterações no preço da ação, são de ampla utilidade e importância tanto para investidores quanto para os gestores da empresa. Este trabalho objetivou saber se o desempenho dos macrodirecionadores de valor pode ser, e de que forma, preditor do desempenho do preço das ações das empresas de capital aberto mais líquidas da Bolsa de Valores de São Paulo, durante o período de 1994 a 2005. Além disso, buscou entender também, se uma variação em um macrodirecionador pode provocar e explicar uma variação no preço da ação. Para a realização da pesquisa utilizou como modelo estatístico a Causalidade de Granger e a Auto-Regressão Vetorial. Os resultados foram poucos significativos ou revelaram relações pouco consistentes para a maioria das empresas da amostra. Contudo, os resultados também revelaram a possibilidade de determinados macrodirecionadores de valor poderem ser preditores do preço da ação, para um número restrito de empresas da amostra. Esta possibilidade de relação foi apontada para os macrodirecionadores de valor: taxa de crescimento em vendas na Embraer e Usiminas; margem de lucro operacional na Embraer, Eletrobrás e Companhia Siderúrgica Nacional; e taxa de investimento adicional na Eletrobrás. / Since the decade of 90, liberalization of capitals markets, added to the processes of merger and acquisitions had evidenced the need to know which is the right value of a company and which drives it. This paper was developed to investigate the considered value drivers of a stock. This paper intended to understand the relation between value drivers and stock prices. The benefits of this knowledge may help managers and investor in they decisions. The paper focus was investigated if a change in value drivers can predict and motive a stock price change. This work objective knowing if the performance of value drivers can be predictor of stock price performance, to Brazilians enterprises, between 94 to 2005. Moreover, it searched to also understand, if a variation in a value drives can motive and explain a variation in the stock price. To accomplishment the research it used two statistical model: Granger Cause and Auto-Regression Vector (VAR). The results had few significant ones or had little disclosed consistent relations for the majority of the sample companies. However, the results had also disclosed the possibility of definitive value drivers being able to predict and motive stock prices. This possibility relation was pointed for some value drivers: revenue growth in Embraer and Usiminas; earnings before interest and tax in the Embraer, Eletrobrás and Companhia Siderúrgica Nacional; and tax of additional investment in the Eletrobrás.

The primary goal of a publicly traded company is to maximise the wealth of its shareholders. This implies that the management of the firm, as agents of the owners, has to manage the firm in such a manner as to create value from every decision taken. Value-based management (VBM) is a management strategy aimed at achieving shareholder wealth creation and is based on the effective management of a set of internal value drivers to maximise wealth creation. The primary objective of the current study is to investigate the quantification of the relationship between internal value drivers and shareholder wealth creation in the Mining sector of JSE listed companies in South Africa. In order to achieve this, the internal value drivers were identified from literature, the necessary financial data was collected and the value drivers as well as actual shareholder wealth were quantified. Revenue growth, operating profitability, capital requirements and weighted average cost of capital (WACC) were identified as the value drivers while total shareholder return (TSR) was identified as the actual shareholder wealth creator. For the purpose of the current study, WACC was excluded from the analysis. By application of linear regression, it was found that revenue growth and operating profitability have a positive, statistically significant effect of TSR. After analysing the effect size, it is however concluded that the effect is not practically significant. These findings concur with similar research in the field of VBM. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.

台灣連鎖零售業國內自從 1979 年，由統一企業與美國南方公司合作，引進國外連鎖經營的全套管理制度及經營知識之後，至今近三十年間國內的零售產業經歷巨變，傳統商店漸漸式微；隨著知識經濟、網路高科技的時代來臨，企業的價值不像過去只反應有形資產帶來的利潤與附加價值，更著重於知識技術、管理人才、品牌商譽等無形資產所創造的附加價值。學者S. David Young and Stephen F. O'Byrne (2000) 在其書 ”EVA® and Value-Based Management” 中，將經濟附加價值進一步延伸為現在營運價值 (COV) 與未來成長價值 (FGV) ，不論是企業的未來成長價值或是成長機會，都是企業價值裡複雜且難以捉摸的一部份。 本研究針對台灣上市櫃零售業，影響每投入單位資本的企業未來成長價值 FGV 與價值因子之間的關係，實證結果彙總如下： 1. 零售業的規模大小與未來成長機會呈顯著負關係。 2. 零售業的資產使用效率的良窳，與其未來成長價值正關係。 3. 零售業賺取超額報酬率的能力，正向影響未來發展的機會。 4. 零售業的過剩資金導致其資金成本與j未來發展正相關。 5. 零售業的當期營運價值將侵蝕其未來的成長價值。 6. 零售業採取營收擴張或資本支出擴充策略無助於未來的價值創造。 本研究試圖找出創造零售業未來價值的關鍵因子，而價值驅動因子是一種績效評估指標，該指標對於事業經營的績效有直接影響。並進而建議零售業者藉由瞭解其產業的特性，依據企業所處的生命週期及競爭環境，透過內部改善或外部創新等方式，以創造企業潛在的價值。將企業價值的創造納入企業策略規劃與執行中，並發展以價值導向的績效目標與考核制度；建立一套與企業價值鏈相結合的員工激勵制度。將企業的資源隨著環境的改變予以適當地配置，實行以價值為導向的管理系統。最後，透過財務結構的調整策略，選擇正確的財務決策，以降低企業營運的資金成本、增加企業稅後淨利，增進企業競爭優勢並免於被惡意併購的風險。 / Since the introduction of the complete management system and the business expertise through the collaboration of the Uni-President and The South Corporation in 1979, the retail industry in Taiwan has gone through a thirty-year period of huge changes in which conventional stores diminish gradually. With the coming era of knowledge economy and internet technology, corporate value lies more in knowledge、techniques、administrative human resource、goodwill, etc created by intangible assets, rather than the profits and other added value brought by visible assets. In his book EVA® and Value-Based Management, S. David Young and Stephen F. O’Byrne (2000) stated that the economic benefit could be extended to the concepts of Current Operating Value and Future Growth Value and either the future growth value or the growth prospect, these elements are complicated and hard to predict. This research focuses on the study of the effect of per-unit devoted capital has on the relation between future growth value and value factor. The results are listed as below: 1. There is a negative correlation between the scale and the future growth value in the retail industry. 2. There is a positive correlation between the application efficiency of asset and the future growth value in the retail industry. 3. The ability of making excess return has a positive effect on the prospect of future growth. 4. The capital surplus in the retail industry can result in a positive correlation between the cost of capital and future development 5. In the retail industry, the current operating value can erode the future growth value. 6. In the retail industry, the adaptation of revenue expansion or capital expenditure expansion policy has no positive effect on the creation of value. This research aims at finding out the key factors in the creation of future growth value in the retail industry, and the key value driver is an indicator of the achievement assessment. The indicator has direct effects on enterprise’s operational performance. It is recommended that the retailers can create its potential value by comprehending the industry’s characteristics through internal improvement or external innovation in accordance with its life cycle and competitive environment. It is also recommended to include the creation of corporate value to the formulation and implementation of business strategy and to develop a value-oriented performance target and assessment system. By doing this, the corporate can set up a staff encouragement system that co-relates to corporate’s value chain. Furthermore, it is suggested that the corporate should properly allocate the resources in accordance with the changes in the environment in order to implement the value-oriented management system. Finally, through the financial structure adjustment strategy, the corporate can choose the correct financial strategy, enabling the decrease of operational cost of capital、the increase of after-tax profits、the improvement of corporate competitiveness and the avoidance of mal-merger.

Atlikus įmonės vertės maksimizavimo analizę, buvo tiriama, įmonės vertės maksimizavimo svarba, kokie vertės veiksniai labiausiai įtakoja įmonės vertę, koks įmonės vertės nustatymo metodas yra tinkamiausias vertės veiksnių inkorporavimo atžvilgiu. Atsižvelgiant į atliktus tyrimus sukurtas įmonės vertės maksimizavimo modelis vertės veiksnių kontekste. / After carrying out the analysis of the company’s value maximization, the company’s value was researched and found which value drivers have most influence to the value of the company. Also it was found which method of the company’s value evaluation is most suitable in relation to the incorporation of value drivers. Taking into account the research done, the model of company’s value maximisation in the context of value drivers was created.

Value based management is a process that can be used to determine a business’s value drivers. It attempts to determine how the drivers link to value creation, and then break down the value drivers into achievable activities that can be pursued by employees. Due to strict medicine pricing regulations in the country, it is becoming increasingly difficult for pharmacy businesses to stay profitable. This study set out to develop a value based management framework that could be used by pharmacy management in order to maximise value creation in the business and help ensure its survival despite the strict pricing regulations. Secondary objectives were to contextualise the term “value based management”, to identify the value drivers in a pharmacy business and to determine the extent to which value based management and its principles are being applied in pharmacies in the North West region of South Africa. The research study began in the literature where the term “value based management” was introduced and a literature study was done to conceptualise the term by investigating why value based management and value creation were important. Value based management metrics, the components of value based management; and key success factors for the implementation of value based management principles were investigated. A further literature study was done to identify possible value drivers in a pharmacy business. An empirical study was conducted among registered pharmacists in the North West region of South Africa. Using the value drivers identified in the literature study as constructs, a questionnaire was designed to explore participants’ level of exposure to (and knowledge of) value based management as well as the extent to which the principles of value based management were being applied at the pharmacy businesses where participants were employed. Analysis of the responses showed the questionnaire to be reliable and valid. The results of the study highlighted that many respondents’ lack knowledge regarding the constructs (value drivers), cost price in the dispensary and cost of wages. Constructs (value drivers) that were better understood included product mix in the front shop and debtors’ control. Constructs (value drivers) that were best managed at the pharmacies where participants were employed, were cost price in the front shop and stock control. Constructs (value drivers) that were not as thoroughly managed were sales growth in the front shop and cost of wages. Conclusions regarding the findings of the research study were presented and recommendations were made. The research study was evaluated opposite the primary and secondary objectives with the conclusion that both were achieved. Finally, recommendations for further research into value based management and the application of its principles in pharmacy businesses were proposed. / Thesis (MBA)--North-West University, Potchefstroom Campus, 2013.

Value based management is a process that can be used to determine a business’s value drivers. It attempts to determine how the drivers link to value creation, and then break down the value drivers into achievable activities that can be pursued by employees. Due to strict medicine pricing regulations in the country, it is becoming increasingly difficult for pharmacy businesses to stay profitable. This study set out to develop a value based management framework that could be used by pharmacy management in order to maximise value creation in the business and help ensure its survival despite the strict pricing regulations. Secondary objectives were to contextualise the term “value based management”, to identify the value drivers in a pharmacy business and to determine the extent to which value based management and its principles are being applied in pharmacies in the North West region of South Africa. The research study began in the literature where the term “value based management” was introduced and a literature study was done to conceptualise the term by investigating why value based management and value creation were important. Value based management metrics, the components of value based management; and key success factors for the implementation of value based management principles were investigated. A further literature study was done to identify possible value drivers in a pharmacy business. An empirical study was conducted among registered pharmacists in the North West region of South Africa. Using the value drivers identified in the literature study as constructs, a questionnaire was designed to explore participants’ level of exposure to (and knowledge of) value based management as well as the extent to which the principles of value based management were being applied at the pharmacy businesses where participants were employed. Analysis of the responses showed the questionnaire to be reliable and valid. The results of the study highlighted that many respondents’ lack knowledge regarding the constructs (value drivers), cost price in the dispensary and cost of wages. Constructs (value drivers) that were better understood included product mix in the front shop and debtors’ control. Constructs (value drivers) that were best managed at the pharmacies where participants were employed, were cost price in the front shop and stock control. Constructs (value drivers) that were not as thoroughly managed were sales growth in the front shop and cost of wages. Conclusions regarding the findings of the research study were presented and recommendations were made. The research study was evaluated opposite the primary and secondary objectives with the conclusion that both were achieved. Finally, recommendations for further research into value based management and the application of its principles in pharmacy businesses were proposed. / Thesis (MBA)--North-West University, Potchefstroom Campus, 2013.

The primary goal of a publicly traded company is to maximise the wealth of its shareholders. This implies that the management of the firm, as agents of the owners, has to manage the firm in such a manner as to create value from every decision taken. Value-based management (VBM) is a management strategy aimed at achieving shareholder wealth creation and is based on the effective management of a set of internal value drivers to maximise wealth creation. The primary objective of the current study is to investigate the quantification of the relationship between internal value drivers and shareholder wealth creation in the Mining sector of JSE listed companies in South Africa. In order to achieve this, the internal value drivers were identified from literature, the necessary financial data was collected and the value drivers as well as actual shareholder wealth were quantified. Revenue growth, operating profitability, capital requirements and weighted average cost of capital (WACC) were identified as the value drivers while total shareholder return (TSR) was identified as the actual shareholder wealth creator. For the purpose of the current study, WACC was excluded from the analysis. By application of linear regression, it was found that revenue growth and operating profitability have a positive, statistically significant effect of TSR. After analysing the effect size, it is however concluded that the effect is not practically significant. These findings concur with similar research in the field of VBM. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.