U.S. Small Business Administration reports that small businesses are one of the pillars of the U.S. economy, providing employment, innovation, and productivity. However, these businesses are constantly faced with challenges resulting from limited resources and continuous technological advances. This qualitative multiple-case study was performed to explore the strategies that small business owners (SBOs) in Maryland use to acquire capital to sustain their businesses financially for more than 5 years. The study's framework, the strategic management theory, was applied to determine the most effective approaches for the small businesses. Face-to-face interviews with 6 recruited SBOs were performed. A qualitative thematic analysis was then used to analyze the interviews. The main strategies to sustain capital were to create a business plan focusing on long-term goals and invest in employee knowledge and skills. In the process of measuring success, participants mostly determined their success by their ability to acquire customers based on feedback and good service. The interviewees managed their cash by minimizing debt, maximizing the use of technology, and keeping track of cash flows. The SBOs also shared that the challenges in business were endured by staying debt-free, adjusting their strategies with the market changes, and conserving cash and expenses. Contributions to social change include helping small businesses sustain by leveraging strategic planning, management, and implementation in their businesses, thereby providing jobs and contributing to the overall economic vitality of the community.

The regulatory framework of many countries allows the upward revaluation of assets. Previous studies on the association of asset revaluation and future performance in Australia (Barth and Clinch, 1998), U.K. (Aboody, Barth and Kasznik, 1999) and Hong Kong (Jaggi and Tsui, 2001) have shown that upward asset revaluations are positively associated with the firm’s operating performance, suggesting that asset revaluations are value relevant. This study extends the previous research by focusing on the New Zealand environment with recent data to examine the association of upward asset revaluation and future operating performance. There is no obvious evidence indicating that upward revaluations are associated with operating performance in New Zealand. Our market assessments show that current year asset revaluations are related to share prices and returns, but are not statistically significant.

Takeovers have become a frequent feature of business. Due to their frequency and size, they have potentially considerable implications for the companies involved and their stakeholders.This thesis focuses on valuation problems in relation to takeovers. It comprises an empirical study of a number of Swedish corporate acquisitions, and a comprehensive survey of previous research on the outcome of takeovers.In the empirical study, the capital budgeting approach serves as the frame of reference for valuation. The cash flow consequences of seven takeovers are studied over a maximum period of five postmerger years. Special attention is given to the characteristics of incremental cash flows, the prospect of separating them from cash flows arising from other decisions taken by the merging companies, and the temporal relation between incremental cash flows and incremental accounting income.The comprehensive survey consists of a thorough description of previous research attempting to answer the questions: ‘Are corporate acquisitions successful?’ and ‘Which takeovers are successful and which are failures?’. While the main focus is on studies using financial accounting data, studies relying on stock market and interview data are also discussed.This thesis carries implications for the way takeovers are evaluated and accounted for, and contributes to the existing body of knowledge regarding the outcome of corporate acquisitions. / Diss. Stockholm : Handelshögsk.

This paper examines the value-relevance of Scandinavian earnings information and book values over the past decade in order to shed some light on whether the extensive global adoption of IFRS/IAS has contributed to an increased accounting quality in terms of economic decision-usefulness to equity investors. We address this research question using a sample of 4.310 firm-year observations for 431 exchange-listed companies at NASDAQ OMX Nordic and Oslo Stock Exchange between 2001 and 2010. The degree of value-relevance in our firm-sample is operationalized through two price regressions and one return regression and empirically tested via the statistical association between capitalized values of equity or annual changes in capitalized values of equity and the study’s three explanatory accounting variables: (i) book values, (ii) accrual-based earnings and (iii) cash-flow-based earnings. Taken as a whole, our results show significant empirical signs of an increased value-relevance in both Scandinavian earnings information and book values, allowing us to draw significant as well as contributing conclusions on the information content of financial statement information disclosed in the Scandinavian region. We believe our study adds empirical substance to practical debates over the function of financial reporting as well as resourceful material to both Scandinavian investors and to the ongoing international discussion on the harmonization of financial reporting standards.

This thesis aims to study whether cash flow ratios can predict corporate financial distress in Sweden by employing multiple discriminant analysis. It was inspired by the Altman Z-score, which was adjusted for this aim. This study adopted a positivist epistemology and objectivist ontology. The research approach taken was a deductive one which employed quantitative methods in testing the hypotheses developed. The hypotheses were tested through means of accuracy and the Independent Samples Test. In order to identify financial distress a proxyratio was adopted. This proxy was the operating cash flow ratio. The sample consisted of 227 firms in total within the retail- and service industries. The time period covered 2000-2013. It was found that the proxy was unable to separate firms into distressed and nondistressedgroups, but rather classified all firms as distressed. Furthermore, the other ratios also failed to do any classification. Therefore, what the question that this study set out to answer came to the conclusion; cash flow ratios cannot predict corporate financial distress for retail and service companies in Sweden.

The aim of this thesis was to evaluate the effectiveness of the investment project, the source of its financing and the impact on the financial situation of the company. During the evaluating of the investment a capital expenditure and income resulting from it is necessary to establish. Terms of time value of money and the risks are connected with this. After this the project can be assessed with fundamental methods of evaluation efficiency of investment, such as net present value or internal rate of return. Researched investment was the acquisition of fixed assets needed for a new way of catching poultry PEER System. Based on fundamental investment efficiency evaluation methods, this project was assessed at various forms of financing, which was evaluated using method of discounted costs, from this, financing by debt and subsidies was the best form. The project's impact on the company's financial situation was found by selected indicators of financial analysis, such as return on equity and sales, total indebtedness, current ratio and others. With this analysis was proved, that the realization of project did not impact fundamentally the situation of company, which is financially stable.

This diploma thesis is dedicated to the Statement of cash flow, its essence, methods of compilation and its use in financial management of an enterprise. In the first part of the thesis there in an introduction of the theory, which are subsequently applied on a selected group of business subjects. For every enterprise there are composed Statements of cash flow in the time interval of five years from 2012 to 2016. Difference between the composed Statements and official Statements of the enterprises are then found and explained. Another partial aim of the thesis is finding of the correlation coefficient between operating cash flow and other significant economic fundamentals. It the last part there are calculated financial ratios based on the value of cash flow on the one hand - and on the value of operating profit on the other hand. In conclusion of the thesis there is comprehensive data analysis. Finally, the link between the results of the analysis and the current situation on the market is found.

Business valuation of micro trading company LIPOVICA trade s.r.o; main business activity of the company is selling and distribution of aluminum radiators on the markets in the Czech and Slovak republic. The valuation is based on discounted cash flows method, economic value added method, capitalization of profits method and simple liquidation method.

Bakgrund: En bostadsrättsförening är ingen kommersiell verksamhet och drivs inte i vinstsyfte. Resultaträkningen kan därmed inte anses avgörande för bostadsrättsföreningars ekonomiska välmående. Det som bör betonas är föreningens kassaflödesanalys som visar finansiella flöden, samt behovet att göra avsättningar för att möta framtida underhåll. Således bör kompletterande information om bostadsrättsföreningars ekonomiska situation tillföras årsredovisningen. Syfte: Syftet är att undersöka om K2-redovisande bostadsrättsföreningar bör komplettera sina årsredovisningar med en kassaflödesanalys för att ge en bättre bild av ekonomiskt välmående. Metod: Studien utgår ifrån en kvalitativ forskningsstrategi. Empirisk data har samlats in genom semi-strukturerade intervjuer. Studiens respondenter består av tre av Sveriges största aktörer inom fastighetsförvaltning, samt en auktoriserad revisor på EY. Resultat: K2-redovisande bostadsrättsföreningar bör komplettera sina årsredovisningar med en kassaflödesanalys. En kassaflödesanalys bidrar till förståelse för betalningsströmmar under ett räkenskapsår, vilket förtydligar hur likvida medel har använts. Ett positivt kassaflöde bidrar till ett ökat ekonomiskt välmående hos bostadsrättsföreningar, eftersom likvida medel kan användas till att betala amorteringar, underhåll och investeringar. Kassaflödesanalysen bidrar således till att ge en bättre bild av bostadsrättsföreningars ekonomiska välmående. Författarna betonar dock att kassaflödesanalysen ensam inte bidrar till en komplett bild av bostadsrättsföreningars ekonomiska välmående. Årsredovisningen bör även kompletteras med nyckeltal. Vidare bör en underhållsplan upprättas samt avsättningar göras till yttre fond. / Background: Housing associations are not a commercial activity and are profit driven. The income statement can therefore not be described as crucial for housing associations. However, what should be emphasized are the association’s cash flow statements that shows the financial flows and also the need to make provisions to meet future maintenance. Thus, additional information of housing associations financial situation should be added to the annual report. Purpose: The purpose is to investigate whether housing associations reporting according to K2 should supplement their financial statement with a cash flow analysis to provide a clearer measure of economic wellbeing. Method: The study is based on an qualitative research strategy. Empirical data were collected through semi-structured interviews. The respondents consist of three of the largest companies for housing administration, as well as an accountant at EY. Result: K2-reporting housing associations should complement their annual reports with a cash flow statement. A cash flow statement contributes to the understanding of the past year´s cash flows, which clarifies how cash is used. A positive cash flow contributes to better economic wellbeing for housing associations, because cash can be used to pay debt service, maintenenace and investments. Cash flow statements helps to give a better picture of the economic wellbeing of housing associations. The authors, however, states that a cash flow analysis alone does not contribute to a complete picture of the economic wellbeing of housing associations. The annual report should also be supplemented with key figures. Furthermore, maintenance is established and provisions made to the external fund.

This thesis investigates the difficulty in making accurate forecasts on opportunistic commercial real estate investments. The purpose is to quantify the differences between unlevered cash flows from underwriting estimates and actual outcomes, analyse them and arrive at conclusions about the difficulty in producing forecasts on opportunistic investments. The data used in this thesis comes from two opportunistic real estate portfolios previously owned by the private equity firm Niam. Both portfolios comprised Swedish office properties. The results from analysing Niam’s investments shows that operating cash flows on individual properties are most difficult to forecast since the strategy for the assets constantly needs to be updated in order to adjust for current events like for example change in demand of office properties. This can have great impact on the profit allocation between property cash flows and exit cash flows in comparison to underwriting. Furthermore the results show of an increased need of diversification for opportunistic investments, since individual investments have high volatility. Also, analysing investments on unlevered level has limitations. On an unlevered level an investment can have actual outcomes worse than in the underwriting, but when adding effects from financial leverage and currency movements the same asset can outperform the underwriting.