Master-Arbeit Univ. St. Gallen, 2007.

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EVA® is a performance metric that calculates the creation of shareholder value and is a registered trademark of Stern Stuart, New York. EVA® has been widely adopted by management when making decisions to increase productivity, where to invest new capital and which underperforming assets to liquidate. EVA® is also widely used by investors and analysts as a measure of company performance when deciding on which shares to invest in. While extensive research was done on EVA® and share price performance internationally, the aim of this research was to determine whether a positive EVA® leads to growth in its share price, specifically for retail and banking shares listed on the Johannesburg Securities Exchange (JSE). The banking and retail sector was selected as both these sectors experience favourable growth in terms of turnover during decreasing interest rate periods and unfavourable growth during increasing interest rate periods. Thus EVA® was selected as one of the better performance measures to use to show true operating performance. Statistical tests were done on turnover growth rates, EVA® growth rates, EVA® and Turnover, EVA® and Share Price growth and finally EVA® and other common performance measures. Common performance measures were limited to Price/Earnings, Earnings Per Share, Return On Assets and Earnings Before Interest, Tax, Depreciation and Amortisation. After analysis of the results, it was found that turnover growth rates were statistically similar for the banking sector during the period 1998 to 2007, but not for the retail sector. Leading on from that it was found that share price correlates well with EVA® for the banking sector however not for the retail sector. The study also further revealed that none of the common performance measures correlated well with EVA for both the banking and retail sector. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

M.Comm.

Thesis (MBA)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: When it comes to risk management, academic opinion is divided into two camps. There are those who argue that risk management is a waste of resources and time, and that in spite of all the effort invested, it does not add any economic value to an organisation. On the other hand, there are those who believe that risk management not only safeguards, but also actively contributes to the value of an organisation. This study was an attempt to obtain empirical evidence from the South African sector to support one of the two abovementioned arguments. In doing so the study addresses the research problems of whether risk management and specifically Enterprise Risk Management, creates value for an organisation, and whether the fact that a company has a risk management program in place should influence investor decisions The study was conducted in the following way: Measurements of the maturity of the risk management systems and the implementation dates of these systems were obtained from the senior managers of a number of organisations by means of a questionnaire. This data was then compared with annual measurements of the value of these organisations that were taken between 2000 and 2013. To determine if there was a relationship between the value of an organisation and the risk management maturity tests were conducted to look for the following: i. A statistically significant relationship between the most recent measure of organisational value and the maturity of risk management. ii. A statistically significant relationship between risk management maturity and the most recent rate of organisational value increase. iii. A discernible difference between the rate of organisational value change before and after the implementation of an Enterprise Risk Management system. iv. A statistically significant relationship between risk management maturity and organisational value subsequent to the introduction of an Enterprise Risk Management system. The study found evidence of a significant gain in the rate of organisational value increase directly subsequent to the introduction of an Enterprise Risk Management system, but also that the increased rate was not sustained. Other tests yielded contradictory or indecisive results that did not lead to clear conclusions, but illuminated future research directions.

Coral reefs are a vital resource in the low-island Republic of Maldives, where the sustainable use of these resources is central to the continued economic success of the country's two largest sectors: tourism and fisheries. This recognition has led to numerous reef conservation and protection activities, including the establishment of Marine Protected Areas (MPAs). As in many MPAs of the world, those in the Maldives exist only as paper parks: areas protected on paper but not in practice. Despite general recognition of the importance of reef resources, insufficient funds are allocated by government to implement these parks. This situation is compounded by the absence of specific information and detailed understanding by policy makers of the true value and economic benefits of reef resources. This thesis examines the an economic valuation of improved management of MPAs in the Maldives using Dhigali Haa, an MPA in Baa Atoll, Maldives, as a case study. A contingent valuation survey to elicit the willingness to pay of tourists visiting Baa Atoll to see improved management at the MPA was used in estimating the potential benefits. In addition, local community consultations were conducted to understand local perceptions of MPAs and their effectiveness, and to develop a feasible improved management scenario. The local consultations confirmed that Dhigali Haa was not effectively managed, leading to continued illegal use and degradation of the reef. The results of the CV survey revealed support from tourists visiting Baa Atoll to pay for improved management of Dhigali Haa. A one-off conservation fee per visit for all tourists visiting Baa Atoll was preferred over a user fee solely for divers visiting Dhigali Haa. The estimate for the mean WTP for the conservation fee was US$35±5 compared to a mean WTP of US$15±5 for the user fee. Comparisons between the cost of implementing improved management and the benefits gained from tourist fees showed that a conservation fee would be more beneficial than a user fee. The estimated net present value for funding the improved management via a conservation fee was US$8.65 million.

Šiandieninėje ekonominėje situacijoje, pasauliui išgyvenant globalios finansų krizės padarinius, stiprėjant konkurencijai rinkose, kai konkurentai dėl rinkos dalies griebiasi nesąžiningų kovos priemonių, tokių kaip kainų dempingavimas ir pan., kiekvienas įmonės vadovų sprendimas turi būti vertinamas ekonominio efektyvumo aspektu, t.y. ar bus pasekoje sukurta papildoma vertė įmonei. Tradiciniai įmonės finansinę situaciją apibūdinantys grynojo pelno bei pardavimų rodikliai neatskleidžia tikrosios situacijos. Tuo tarpu ekonominės pridėtosios vertės EVA rodiklis skatina įmones efektyviai panaudoti ne tik skolintą, bet ir nuosavą kapitalą. Viena didžiausių problemų ta, kad dauguma Lietuvos įmonių vadovų, pasirinkusių įmonės vertinimui naudoti EVA, praktiškai nežino, kaip teisingai apskaičiuoti šį rodiklį, kaip teisingai nustatyti įmonės valdomo kapitalo kainą, nesugeba identifikuoti vertei darančių įtaką veiksnių ir susieti sprendimų priėmimo su bendru įmonės tikslu – kaip didinti EVA. Tyrimo objektas – vidutinio dydžio gamybinė įmonė UAB „TECA“. Šio darbo tikslas – atskleisti įmonės vertės kūrimo ekonominę prasmę ir svarbą, išanalizuoti rodiklio EVA koncepciją, jo pritaikymą ir diegimą Lietuvos įmonėje. Šiam tikslui pasiekti iškelti šie svarbiausi uždaviniai: • Atskleisti vertės sampratą ir vertės nustatymo problemą; • Pristatyti ekonominio pelno – EVA rodiklio – koncepciją, palyginti su tradiciniais pelnu pagrįstais įmonės veiklos vertinimo rodikliais; • Išanalizuoti EVA... [toliau žr. visą tekstą] / In today‘s economical situation, when world suffers from the consequences of global financial crisis, when competition increases in the markets, when competitors take unfair means of rivalry for the part of the market, such as price dumping and similar, when each decision of companies’ heads should be evaluated at the aspect of economical efficiency, i.e. whether consequently is going to be created an additional value for the company. Traditional indicators, defining financial situation of the company, of net profit and sales do not reveal real situation. Meanwhile economic value added EVA index motivates companies to efficiently use both not only the borrowed but also own capital. One of the biggest problems is that most Lithuanian companies’ heads, who for the evaluation of company choose EVA, practically do not know how to calculate this index correctly, how to determine correctly the price of company‘s controlled capital, are not able to identify factors, influencing value and to interconnect taking decisions with general aim of the company – how to increase EVA. Object of the research – medium manufacturing company UAB “TECA”. The aim of the thesis – is to reveal economical meaning and importance of creation of company value, to analyze the conception of EVA index, and its application and implementation in Lithuanian company. For the achievement of the aim there are being set the following most important tasks: • To reveal the concept of value and the problem of value... [to full text]

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2015. / The main purpose of the study is to determine which value drivers of economic value added (EVA) are most important. That is, what are the main determinants of the overall company value? The three main questions raised in the study are: (1) How sensitive is total EVA to changes in each of the various value drivers? (2) Which of the value drivers are more important in managing economic value? (3) Is there a combination of these value drivers that best explain EVA as a group? The study, which adopts the Stewart (1991) definition of EVA, covers the life insurance sector in South Africa, specifically focusing on the following companies: Discovery Holdings, Liberty Holdings, MMI Holdings, Old Mutual plc, and Sanlam Ltd. It covers the period 2004-2014 and uses variance analysis and principal component analysis to identify the main drivers of EVA. Five main drivers of EVA were identified namely; underwriting, asset management, costs, opportunity cost and strategic investments.

El objetivo general del trabajo de investigación es determinar la influencia de las herramientas financieras en la toma de decisiones, para ello se ha tomado como objeto de estudio a la empresa Agrumaq S.A.C. realizado una encuesta al personal seleccionado en la muestra, con la finalidad de analizar las variables “Herramientas financieras” y “Toma de decisiones”. The general objective of the research work is to determine the influence of financial tools in decision making, for this purpose the company Agrumaq S.A.C. conducted a survey of the personnel selected in the sample, with the purpose of analyzing the variables "Financial tools" and "Decision making".