Diploma thesis is focused on enterprise planning. The main part of the thesis is dedicated to the design of the planning model in the SW company, which comes from real condition of big SW company. The first chapter introduces the world of enterprise planning to the reader. There are clarified reasons of current rise of demand in this area of planning and the advantages of its use. The following chapter explains the essential theory related to enterprise planning area. It also mentions other system approaches to enterprise planning. In the end of the chapter there are described main principles of the CPM concept and its relation to enterprise planning. The fourth chapter is aimed at the current state, requirements and the issues of the planning processes in companies. The outcome of this chapter is set of recommendations for company planning process and company plans itself. The next chapter familiarizes the reader with the current market situation of the planning suites. There are described main players on this market (and their products), acquisitions proceeded in last time and awaited evolution in future. The sixth chapter is focused on the real planning project itself. It introduces the used product -- Cognos Planning. It follows with description of the main principles of model building -- the essential terminology, key plan objects on which basis is the model built and the process of the model development. At the end of chapter is the summary of the project and its contribution to company. The end of thesis depicts expected progress in this sphere of planning and evaluates the fulfillment of thesis targets and its contribution to this area.

This thesis deals with the topic of process management as a part of IT Governance. Cobit is the standard for the IT Governance. For the purpose of the thesis we use Cobit 5, the latest Cobit version published in 2012. Next part of the thesis is focused on describing the principles of process management and analyzing differences between line and process management. To be able to choose the appropriate modeling notation, the work uses the most common notation of process modeling -- BPMN, EPC and UML. The second part of the thesis analyses the current status of process management in an international bank using methods of questionnaire, document analysis and observation. Following the analysis, new concept of process management is created and applied to two specific processes.

Cette thèse de doctorat porte sur une facette encore peu explorée dans les études sur la démocratie et la participation : la diffusion internationale d’idées et de technologies sur la gouvernance participative. Les recherches récentes sur ce thème ont insisté sur l’influence des différents acteurs afin d’expliquer le phénomène de la diffusion, en accordant une attention particulière aux organisations internationales. La préconisation de modèles spécifiques de la part de ces institutions est fréquente, comme dans le cas du Budget Participatif (BP), qui, de nos jours, compte plus de 2800 expériences réparties à travers le monde. Cependant, les orientations des institutions internationales suffisent-elles à expliquer la diffusion d’idées et de technologies de gouvernance participative ? Située entre analyse de politiques publiques et étude des relations internationales, cette recherche de doctorat se propose d’examiner le processus de diffusion du BP, au travers d’une méthodologie qualitative, combinant entretiens approfondis, observation participante et analyse de documents. L’étude a été développée à partir d’un cas précurseur, Porto Alegre, et de différents cas de transfert en Afrique Subsaharienne et en Amérique Latine. Les résultats de la recherche semblent indiquer l’existence d’un flux global, de mouvements de diffusion régionale – comme dans la région des Andes –, et de mouvements ponctuels de transfert, au sein desquels le BP se déplace d’une institution à une autre, comme de Porto Alegre, au Brésil, vers la municipalité de Cotacachi, en Équateur, ou encore à Maputo, au Mozambique. L’action d’un ensemble d’individus a été fondamentale pour introduire le BP dans l’agenda international, ainsi que pour aider les processus de transfert à l’étranger. Une fois le BP légitimé au niveau international, les organisations internationales se démarquent, car elles financent les expériences, organisent des ateliers de formation de cadres et produisent du matériel d’implantation. / This thesis explores an obscure facet in studies about democracy and participation, namely the international diffusion of ideas and technologies on participatory governance. Recent researches on the topic highlight the influence of various actors to explain the diffusion phenomenon, drawing particular attention to international organizations. These institutions often recommend the use of specific models, as in the case of the Participatory Budgeting (PB), which currently accounts over 2800 experiences worldwide. Nonetheless, do recommendations from international institutions suffice to explain the transfer of ideas and technologies on participatory governance? Situated between public policy analysis and the study of international relations, this doctoral research seeks to examine the transfer of Participatory Budgeting through a qualitative methodology, combining in-depth interviews, participant observation and document analysis. This research is based on the analysis of the key case of Porto Alegre and several cases of transfer in Sub-Saharan Africa and Latin America. Research findings indicate there is a global flow, a regional diffusion, as in the Andes, and also isolated transfers, in which PB streams from one institution to another, as exemplified on the transfer from Porto Alegre, Brazil, to the municipality of Cotacachi, Ecuador, or to Maputo in Mozambique. It was found that the actions of a group of individuals were crucial to make PB part of the international agenda. These actors have also assisted to promote transfers abroad. Once Participatory Budgeting becomes legitimate abroad, international organizations play a bigger role since they finance these experiences, organize training workshops for staff and develop implementation manuals. / Esta tese de doutorado explora uma faceta ainda obscura nos estudos sobre a democracia e a participação, que consiste na difusão internacional de ideias e tecnologias de governança participativa. As pesquisas recentes sobre este tema têm insistido na influência de atores diversos para explicar o fenômeno da difusão, atribuindo ênfase especial às organizações internacionais. A indicação de modelos específicos da parte de tais instituições é frequente, como no caso do Orçamento Participativo (OP), que hoje conta com mais de 2800 experiências ao redor do globo. No entanto, seriam suficientes as orientações de instituições internacionais para explicar a difusão de ideias e tecnologias de governança participativa? Situada entre a análise de políticas públicas e o estudo das relações internacionais, a proposta da pesquisa de doutorado foi de examinar o processo de difusão do OP, por meio de metodologia qualitativa, combinando entrevistas em profundidade, observação participante e análise de documentos. O estudo foi desenvolvido a partir da análise de um caso de origem, Porto Alegre, e diversos casos de transferência na África Subsaariana e na América Latina. Os resultados de pesquisa apontam para a existencia um fluxo global, movimentos de difusão regional, como na região dos Andes, e movimentos pontuais de transferência, em que o OP se desloca de uma instituição à outra, como de Porto Alegre, no Brasil, para o município de Cotacachi, no Equador, ou ainda para Maputo, no Moçambique. Foi possível constatar que a ação de um conjunto de indivíduos foi fundamental para inserir o OP na agenda internacional, bem como para auxiliar nos processos de transferência no exterior. Uma vez que o OP se legitima no plano externo as organizações internacionais passam a fazer mais diferença, pois financiam experiências, organizam oficínas de capacitação de quadros e produzem manuais de implementação. A técnica utilizada para realizar este estudo foi a do “rastreamento do processo”, que procura identificar as cadeias de mecanismos causais que afetam um determinado fenômeno.

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Risk and tracking error budgeting was originally adopted by large institutional investors, including pension funds, plan sponsors, foundations, and endowments. More recently, risk and tracking error budgeting have gained popularity among financial advisors, multi-managers, fund of funds managers, high net worth individuals as well as retail investors. These techniques contribute to the portfolio optimisation process by limiting the extent to which a portfolio can deviate from its benchmark with regards to risk and tracking error. This is an ambitious paper that attempts to determine the optimal strategy to practically implement risk and tracking error budgeting as a portfolio optimisation technique in South Africa. This study attempts to bridge the gap between active, passive, and smart-beta investment management styles by introducing a low-cost portfolio construction technique, for core-satellite portfolio management, which contributes to the risk and tracking error budgeting process. Core-satellite portfolios are designed to expose the portfolio to a low-cost primary “core” consisting of passive and enhanced index funds, thus systematic risk “beta”, limiting the tracking error of the portfolio. The secondary “satellite” component is allocated to active and smart-beta managers to exploit expected excess return “alpha”. The primary aim of this research is to construct a rule-based product range of core-satellite portfolios called “replica portfolios”. The product range builds on the foundation of the Association for Savings & Investments South Africa (ASISA) framework. The study identifies three “target portfolios” from ASISA's framework, namely (1) High Risk: SA General Equity, (2) Medium Risk: SA Multi-Asset High Equity and (3) Low Risk: SA Multi-Asset Low Equity. Through this framework, active managers from each category are shortlisted using a Sharpe and Information Ratio filter. A secondary filtering technique, namely Returns Based Style Analysis (RBSA) is used to determine the style, R-squared and alpha-generating ability of active managers versus the passive asset classes and style indices they seek to replicate. Applying Euler's theorem for homogenous functions, we decompose the risk of the coresatellite portfolio into the risk contributed by each of its components. The primary mandate of the core-satellite portfolios in the product range is to allocate risk and tracking error efficiently across several investment management styles and asset classes in order to maximise returns while remaining within the specified risk parameters. iii The results highlighted that active managers, after fees, predominantly failed to outperform their benchmarks and passive building blocks, as identified through RBSA over the sample period (October 2009 – September 2019). However, only a small number of active managers generated superior risk-adjusted returns and were included in the core-satellite range of products. This study recommends to investors that they exploit the “hot-hands effect” by investing in specialised, benchmark agnostic active managers who consistently produce superior risk-adjusted returns. By blending active, passive and smart-beta strategies, investors are exposed to less total risk, less risk per holding and a lower tracking error. The three coresatellite portfolios developed in this study generated absolute and risk-adjusted returns that are more significant than their active and passive counterparts. Fee arbitrage was derived through the range of core-satellite products, resulting in tangible alpha over the sample period. The study encourages investors to use smart-beta strategies alongside active and passive funds since it improves Sharpe and Information ratios while enhancing the original portfolio's characteristics.

This diploma thesis deals with questions about prospectus assembly for the company GASTROSUN SK, s.r.o with detailed focus on refinement of its prerequisites. The aim of this diploma thesis is to put together the comprehensive and integrated prospectus with the focus on its usability in practice. It’s important so that all assemblage plans in this prospectus reflected the real estate. Partial aim of this diploma thesis is matching other possible kinds of investments with the investment embedded in business by the help of indicator of return on capital employed before taxation.

博士（商学） / 乙第395号 / 63p / 一橋大学

MPM / Oliver Reginald Tambo Institute of Governance and Policy Studies.

Syfte Syftet med denna studie är att skapa en djupare förståelse för ekonomistyrning hos små och medelstora företag genom att undersöka hur och varför de arbetar med ekonomistyrningens formella styrmedel. Metod Studien har sin utgångspunkt i teori och använder en kvalitativ metod där data samlats genom semistrukturerade intervjuer med åtta olika företag. Vid val av informanter genomfördes ett strategiskt urval. En förklaring av studiens olika steg presenteras för att tydliggöra hur arbetet sett ut praktiskt. Slutsats Studien visar att formella styrmedel används inom SMF, men att utformningen av praktiska arbetet kan variera. Vad för typ av verksamhets som bedrivs har en stor inverkan på hur arbetet ser ut. Kontroll och uppföljning lyfts fram som huvudsakliga syften med styrningen. / Purpose The purpose of this study is to create a deeper understanding of management accounting in small and medium-sized enterprises by examining how and why they use the formal control systems of management accounting. Method The study has its base in theory and uses a qualitive method where data is collected through semi-structured interviews. A strategic selection was used when choosing the informants for the study. All steps are explained and presented to clarify how the study was conducted. Conclusion The study shows that formal control systems are used by SME, but how they are applied can variegate. The kind of business has a big impact on how the formal control systems are being used. Control and follow-up are presented as the main reasons for management accounting.