Titel: Gemensamt värdeskapande i praktiken Författare: Lydia Frykman och Johanna Wennerström Handledare: Rasmus Nyqvist Bakgrund: I dagens samhälle är utmaningarna inom hållbarhet högst väsentliga, till följd av att företag inte tar sitt fulla ekonomiska, ekologiska och sociala samhällsansvar. CSV har som ett resultat av detta blivit alltmer uppmärksammat då konceptet belyser företagens roll i att driva hållbarhetsutvecklingen framåt. Det saknas däremot empiriskt underlag som visar hur företag kan arbeta för att uppnå gemensamt värdeskapande i praktiken, samt hur den komplexa avvägningen mellan företagsnytta och samhällsnytta ska gå till. Därför undersöker denna kvalitativa studie värdeskapande aktiviteter samt avvägningen mellan företagsnytta och samhällsnytta. Syfte: Syftet är att bidra med en ökad förståelse för de aktiviteter som skapar gemensamt värde, vad som krävs för att företagen ska motiveras till dessa aktiviteter samt för hur företag hanterar den komplexa avvägningen mellan företagsnytta och samhällsnytta. Metod: Denna kvalitativa studie utgår från ett hermeneutiskt perspektiv, har en tvärsnittsdesign och en abduktiv forskningsansats. Det empiriska underlaget samlades in genom två studier, som bestod av semistrukturerade intervjuer med företagsrespondenter och experter inom ämnet. Slutsats: Resultaten från studien tyder på att företagen utövar CSV-aktiviteter i olika utsträckning, men att en stor utmaning är att identifiera när det är ekonomiskt rationellt att uppnå ett gemensamt värde. Vidare har studien klargjort att det finns flera drivkrafter till att uppnå gemensamt värdeskapande. Däremot behöver dagens lagkrav ytterligare förtydligande och förbättring, för att företagen ska agera mer osjälviskt. Studien lyfter avvägningen mellan företagsnytta och samhällsnytta och det framgår att det är denna del som är mest väsentlig i diskussionen om hur företag kan uppnå gemensamt värdeskapande. Slutligen har företagens utvecklingsriktning visat att det har adderats en intention om att göra gott för samhället, men faktumet att den ekonomiska faktorn väger tyngst kvarstår. / Title: Creating Shared Value In PracticeAuthors: Lydia Frykman and Johanna Wennerström Supervisor: Rasmus Nyqvist Background: In today's society, the challenges connected to sustainability are highly significant, as a result of companies not fully taking their economic, environmental and social responsibility. As a result, CSV has received increased attention as the concept highlights companies’ role in driving sustainability forward. However, there is a lack of empirical evidence showing how companies can work to achieve shared value in practice, as well as displaying how the complex trade-off between economic and social value creation should be handled. Therefore, this qualitative study examines value- creating activities and the trade-off between economic and social value creation. Purpose: The aim of the study is to contribute to an increased understanding of the activities that create shared value, what it is that motivates the companies to these activities and for how companies manage the complex trade-off between economic and social value creation. Methodology: This qualitative study is from a hermeneutic perspective, has a cross- sectional study design and an abductive research approach. The empirical evidence was collected through two studies, which consisted of semi-structured interviews with respondents from practice and experts within the field. Conclusion: The results of the study displays that companies practice CSV activities, however it ́s explained that it's hard to determine when it's economically rational to achieve shared value and not. Additionally, the study has clarified several driving forces to achieve shared value. Although, it ́s declared that today's legal regulations need further clarification, in order for companies to act more selflessly. Furthermore, the study highlights the trade-off between economic and social value creation and it appears from the results that this ́s the most essential part in the discussion of how companies can achieve shared value. Finally, the companies’ development has shown that an intention to do good for the society has been added, however, the fact that the economic aspect weighs the most still remains.

No description available.

Cette thèse traite de la situation actuelle de la forêt marocaine. Dans le cadre de ce travail, deux études ont été réalisées à l’échelle nationale, au Maroc. La première a concerné le pâturage des troupeaux en forêt, et la seconde a porté sur la quantification du volume de bois de feu directement prélevé en forêt, et consommé en zone rurale et en zone urbaine. Les résultats trouvés ont été très préoccupants. Dans les deux situations, les prélèvements réels de fourrage et de bois de feu, dépassent de 3 à 4 fois la possibilité biologique de la forêt. Les populations rurales exercent une énorme pression sur la forêt marocaine, ce qui conduit à sa dégradation et menace sa pérennité.Ce travail de thèse a également estimé la valeur économique des différents biens et services de la forêt marocaine, en vue d’en déterminer la valeur économique totale (VET). Cela a démontré que la valeur économique de la forêt marocaine reste très sous estimée, ce qui encourage son défrichement et son remplacement par d’autres usages.Ce travail a aussi mis en évidence le faible taux de réussite des opérations de reboisement qui sont menées au Maroc, depuis plus d’un demi-siècle. Une nouvelle stratégie de gestion durable de la forêt est proposée dans le cadre du Plan Forestier National. Pour atteindre cette gestion durable, le PNF devra résoudre les principaux problèmes urgents qui menacent la pérennité de la forêt, et donner un rôle primordial aux acteurs de la société civile et aux populations rurales pour la supervision de cette nouvelle stratégie forestière, avec la participation du service forestier, pour faire de la forêt marocaine un modèle de gestion forestière durable, à l’échelle de la région Méditerranéenne. / This thesis deals with the actual situation of the Moroccan forests. Within the framework of this work, two studies were carried out at national level, in Morocco. The first concerned grazing in forest and the second the quantification of fuel wood directly collected from forest and consumed in both rural and urban areas. The results found were very disquieting. In both cases, the total volume of fodder and fuel wood, effectively collected from forest, are 3 to 4 times the biological possibility of the forest.The rural populations exert a huge pressure on the Moroccan forest, which causes its degradation and puts in jeopardy its perenniality.This thesis work also estimated the monetary value of the various goods and services of the Moroccan forest, towards the valuation of the total economic value (TEV). This showed that the economic value of the Moroccan forest is very underestimated, which encourages its degradation and clearing.This research work also demonstrated the weak success rate of the reforestation activities, which were carried out in Morocco, during the last half century. A new strategy towards a sustainable forest management in Morocco is proposed, within the framework of the National Forest Plan.To reach this sustainable forest management, the NFP should resolve the major urgent problems which threaten the Moroccan forest, and should give a role of prime importance to the civil society actors, and to the rural populations for the supervision of this new strategy, with the participation of the forest service, in order to make of the Moroccan forest a model of sustainably managed forest, at the level of the Mediterranean region.

The aim of this thesis is to perform an analysis of MODUS ltd. which will be based on evaluation of its economic performance and finding out the causes of the current situation. In the first part, there is basic theoretical determination of the analysis and all of its appurtenances. The second part emphasizes on an extensive characteristics of the chosen company, so that it is possible to perceive the calculated determinants from the right perspective. The third part includes the performance of the analysis of a given company and a well-arranged recording and subsequent evaluation of the results obtained. The thesis is concluded with the evaluation of the economic situation of the company based on the results of the analysis and with the recommendation of particular measures which would increase the economic efficiency and effectiveness in the future. Furthermore, there is a summary of models and determinants used with an indication of their advantages and disadvantages.

Même si le secret des affaires semble être un concept déjà connu s’inscrivant dans le temps long de l’histoire, l’intérêt qu’on lui porte doit être, plus que jamais renouvelé eu égard à l’importance de l’information, c’est-à-dire l’avantage concurrentiel qu’il procure dans l’économie moderne. Autrement dit, il s’agit de l’ériger sinon de le conforter en tant que notion juridique à part entière. Cet objectif impose de rechercher une légitimité à la pratique du secret des affaires à l’époque de la transparence. Une fois celle-là établie, il faut alors en asseoir l’effectivité. Nombre de techniques juridiques pourront être sollicitées mais une attention particulière doit être portée aux contentieux. Ceux-ci sont un facteur de risque pour la protection du secret des affaires. En tous les cas, une loi spéciale se justifie afin d’assurer une plus grande prévisibilité de ladite protection. Sous tous ces aspects, l’approche comparative est pertinente car si le droit français et le droit malgache ont une proximité évidente, les solutions ne sont pas forcément les mêmes. / Even if trade secrets seem to be a well-known concept since it has been practiced throughout history, because of the great value of the information in the modern economy i.e., a competitive edge that it provides, we have to, now more than ever, renew all the interests on this topic. In other words, it has to be recognized as a full legal concept. In order to achieve this aim, we have to find out what makes trade secret practicing legitimate while transparency is the rule. Then, the effectiveness of legal protection of trade secrets must be insured. Numerous provisions may offer protection to the trade secrets but, special attention must be paid on litigations. Indeed, trade secrets are at risk to be disclosed during the legal proceedings. In any case, specific trade secrets act is relevant to ensure a necessary foreseeability of the protection of trade secrets. In all these aspects, a comparative approach between the French law and Malagasy law is relevant. In fact, even if there is an obvious proximity between the two systems, solutions are not necessarily the same.

No contexto atual dos mercados globalizados, as empresas enfrentam uma competicao cada vez mais complexa na obtencao de capital. Para atrai-lo, elas precisam oferecer um retorno que remunere o risco assumido pelos investidores, ou seja, gerar valor. A Gestao Baseada no Valor defende a maximizacao de riqueza dos acionistas como a meta principal da organizacao. No Brasil, essa abordagem tem sido adotada de forma mais intensa na ultima decada, tornando evidente a necessidade de monitorar o valor da firma nessa economia. Nesse contexto, o objetivo deste estudo foi identificar os principais direcionadores de valor das empresas de capital aberto nao financeiras brasileiras, representadas pelas companhias com acoes negociadas na Bolsa de Valores de Sao Paulo (BM&FBOVESPA), no periodo de 2000 a 2009. Para isso, foram avaliados quais indicadores financeiros estavam mais relacionados a geracao de valor, representada pelo Valor Economico Agregado (VEA), de forma a serem considerados direcionadores desse em cada setor economico. As tecnicas estatísticas utilizadas para esse proposito foram: correlacao, teste t para diferenca de medias entre as empresas com VEA positivo e negativo, regressao multipla, regressao em painel e regressão logistica. Um dos principais resultados encontrados foi que pelo menos dois tercos dos indicadores financeiros utilizados para analise de empresas nao explicam a geracao de valor. Considerando o universo pesquisado, os indicadores financeiros significativamente relacionados a geracao de valor foram: retorno sobre o patrimonio liquido (ROE), retorno sobre o ativo (ROA), spread do acionista, margem bruta, margem liquida e giro do ativo, todos com coeficiente positivo, ou seja, com relacao direta com o VEA. Alem disso, na analise dos setores economicos, por suas caracteristicas especificas, foram encontradas divergencias entre os indicadores financeiros considerados direcionadores de valor. Em relacao ao desempenho das empresas no periodo de analise, observou-se que a maioria delas destruiu valor, ja que apenas 30% obtiveram valor economico agregado anual positivo. Porem, nao ha uniformidade entre os setores, pois as porcentagens medias variaram de 6,7% (setor textil) a 66,7% (setor de petroleo e gas). Outra contribuicao deste trabalho foi a avaliacao das diferencas na geracao de valor das empresas brasileiras antes e apos a crise do subprime. Como resultado tem-se que, embora o ano de 2009 tenha sido o segundo pior nesse quesito, nao foi encontrada diferenca significativa, no conjunto, entre os periodos antes e depois da crise, apesar das divergencias identificadas entre os setores. Esta pesquisa inova pela sua amplitude, ao utilizar um significativo numero de indicadores financeiros (33), que refletem o resultado de estrategias da empresa ligadas a estrutura de capital, rentabilidade, liquidez, operacao e investimento e, tambem, uma ampla base de dados (345 empresas, totalizando 2.205 relatorios anuais), abrangendo dez anos de analise em quinze setores economicos. Assim, espera-se que os resultados contribuam para subsidiar a tomada de decisao nas organizacoes, utilizando a abordagem da Gestao Baseada no Valor, bem como para auxiliar na selecao e monitoramento das empresas pelos investidores. / In the current context of globalized markets, the enterprises face a competition more and more complex in the capital obtainment. To attract it, they need to offer a return that rewards the risk taken by the investors, in other words, create value. The Value Based Management (VBM) defends the shareholders wealth maximization as the main goal of the firm. In Brazil, this approach has been adopted more intensively in the last decade, becoming evident the need of monitoring the business value in this economy. In this context, the objective of this study was to identify the main value drivers of non-financial publicly traded Brazilian companies, represented by the ones with shares traded in the Sao Paulo Stock Exchange (BM&FBOVESPA), in the period from 2000 to 2009. For this purpose, it was evaluated which financial indicators were more associated to the value creation, represented by the Economic Value Added (EVAR), in a way that they could be considered value drivers in each economic sector. The statistical techniques used to obtain the results were: correlation, test t for mean differences between the firms with EVAR positive and negative, multiple regression, panel regression and logit model. One of the main results obtained was that at least two thirds of the financial indicators used for company analysis don\'t explain the value creation. Considering the universe studied, the financial indicators significantly related to the value creation were: return on equity (ROE), return on assets (ROA), shareholder spread, gross margin, net margin and asset turnover, all of them with positive coefficient, what means that they have direct relation with EVAR. Furthermore, in the analysis of the economic sectors, because of their specific features, it was found differences between the financial indicators considered value drivers. In relation to the companies\' performance in the period analyzed, it was observed that most of them destroyed value, since only 30% obtained positive annual economic value added. However, there is no uniformity between the sectors, because the average percentages varied from 6.7% (textile sector) to 66.7% (oil and gas sector). Another contribution of this assignment was the analysis of the differences in the Brazilian companies\' value creation before and after the subprime crisis. As a result, despite the fact that the year of 2009 had been the second worst in this criterion, it was found no significant difference, considering the whole sample, between the periods before and after the crisis. However, divergences were identified between the sectors. This research innovates for its extent, using a significant number of financial indicators (33), which reflect the result of the firm strategies connected to capital structure, profitability, liquidity, operation and investment, besides a wide database (345 companies, totalizing 2,205 annual reports), covering ten years of analysis in fifteen economic sectors. Therefore, it is expected that the results contribute to subsidize the decision making in the organizations, using the approach of Value Based Management, as well as to help the selection and monitoring of the firms by the investors.

Submitted by Marlene Aparecida de Souza Cardozo (mcardozo@pucsp.br) on 2016-12-19T14:48:10Z No. of bitstreams: 1 Alvaro José Soncini.pdf: 920530 bytes, checksum: 0aac3bf9460841d9f2c5e6918506df04 (MD5) / Made available in DSpace on 2016-12-19T14:48:10Z (GMT). No. of bitstreams: 1 Alvaro José Soncini.pdf: 920530 bytes, checksum: 0aac3bf9460841d9f2c5e6918506df04 (MD5) Previous issue date: 2016-11-30 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The Brazilian Constitution of 1988 provides that the State has an obligation to insure health services to all Brazilian citizens. The Brazilian population is one of the largest in the world, which makes that a rather complex task. Failing to fulfill this role, the State leaves room for providers of private services, through private health care and health insurance. That market began to develop in the 60’s and was regulated in the year 2000, with the creation of the National Healthcare Agency (ANS). Currently, roughly 50 million people in Brazil have access to private healthcare or health insurance, which accounts for a fourth of the country’s population. This work has as its main goal to analyze the different economic sectors regulated by ANS, focusing on the financial situation and the distribution of wealth across sectors. That analysis was carried out through study of the Periodic Information Reports on Healthcare Providers (DIOPS) presented to ANS by companies within the period spanning from 2012 to 2015. Group-dentistry and benefits administration were the sectors which presented the greatest potential for generation of operating cashflow and the best economic performance, benefits administration having the best performance out of the two. In order to shed light into that sector, its most relevant companies were analyzed, which led to the conclusion that Qualicorp Group is the dominant player involved. Analysis of wealth distribution across ANS-regulated sectors revealed that 84% of the total pool of resources are distributed to companies or professionals which effectively render health services, such as hospitals, clinics, laboratories and the like. This work did not analyze the costs of these entities, which are paid through the obtained resources / A constituição de 1988 prevê que o Estado tem como obrigação garantir os serviços de saúde a todos os cidadãos brasileiros. A população brasileira é uma das maiores do mundo, tornando essa atividade muito complexa. O Estado, não tendo sucesso nessa função, abre espaço para a prestação de serviços privados através dos planos ou seguros de saúde. Esse mercado, iniciado na década de 1960 e regulado em 2000 através da criação da Agência Nacional de Saúde Suplementar (ANS), atualmente conta com cerca de 50 milhões de pessoas, o que significa um quarto da população brasileira. Desse modo, o presente trabalho teve como principal objetivo analisar os diferentes setores regulados pela ANS, analisando a sua situação econômico-financeira e também a distribuição de riqueza entre os setores. Essas análises foram realizadas através do Diops financeiro apresentado à ANS pelas empresas no período de 2012 a 2015. O setor de odontologia de grupo e das administradoras de benefícios foram os setores que apresentaram melhor potencial de geração de caixa operacional e melhor desempenho econômico, sendo o setor das administradoras de benefícios com melhor desempenho em ambos. Para conhecer melhor esse setor, foram analisadas individualmente as principais empresas do setor, verificando-se que o Grupo Qualicorp tem alta dominância no setor. A análise da distribuição de riqueza dos setores regulados pela ANS relevou que 84% da riqueza de todos os setores são distribuídos para empresas ou profissionais que prestam o serviço efetivamente, que são os hospitais, clínicas médicas, consultórios médicos, clínicas laboratoriais, etc. Este trabalho não analisou os custos dessas entidades, que são pagos através dos recursos obtidos

Made available in DSpace on 2016-04-25T18:40:01Z (GMT). No. of bitstreams: 1 Geraldo Carlos Silvestre.pdf: 2013597 bytes, checksum: 8ffc3c06da529b4abcc3d44e6dbe94bd (MD5) Previous issue date: 2014-06-27 / In Brazil, in 2007, the first educational traded companies, Anhanguera, Estácio and Kroton, surrounded by high expectations of positive future results and high and quick returns to investors emerged. After more than six years of IPO emerges the question as to the financial performance of these institutions. Thus, the present study aimed to investigate and analyze the financial performance of the universe (N = 3) of the Higher Education Institutions (HEI) traded in the period 2007-2013, using the indicators: i) value creation measured by EVA; ii) ability to cash generation measured by EBITDA; and iii) financial situation evaluated by the Fleuriet method. Based on secondary sources of data and document analysis in the public domain were calculated, analyzed and compared the performance of HEIs. The results showed that all three have solid financial situation but with a major difference in the ability to generate cash. In the period 2007-2013, only Estácio generated shareholder value. Kroton destroyed / consumed shareholder value during the study period, however, initiated a recovery process in 2012 and in 2013, after six years destroying / consuming value for the first time generated shareholder value. Anhanguera destroyed / consumed shareholder value during the seven years. The results also revealed that financial performance is highly dependent on governmental policies on access and funding of higher education and has directly influenced the market value of the traded HEI / No Brasil, em 2007, surgiram as primeiras empresas educacionais de capital aberto, Anhanguera, Estácio e Kroton, cercadas por grandes expectativas de resultados futuros positivos e de elevados e rápidos retornos aos investidores. Passados mais de seis anos da abertura de capital emerge a questão quanto ao desempenho econômico-financeiro dessas instituições. Dessa forma, o presente estudo teve como objetivo apurar e analisar o desempenho econômico-financeiro do universo (N = 3) das Instituições de Ensino Superior (IES) de capital aberto, no período de 2007 a 2013, utilizando os indicadores de: i) geração de valor mensurado pelo EVA; ii) capacidade de geração de caixa mensurada pelo EBITDA; e iii) situação financeira avaliada pelo Método Fleuriet. Com base em fontes de dados secundários e análise documental de domínio público foram apurados, analisados e comparados os desempenhos das IES. Os resultados demonstraram que as três apresentam situação financeira sólida mas com uma grande divergência na capacidade de geração de caixa. No período de 2007 a 2013, apenas a Estácio gerou valor para os acionistas. A Kroton, destruiu/consumiu valor dos acionistas no período de estudo, entretanto, iniciou um processo de recuperação em 2012 e em 2013, após seis anos destruindo/consumindo valor, pela primeira vez gerou valor aos acionistas. A Anhanguera destruiu/consumiu valor dos acionistas durante os sete exercícios. Os resultados também revelaram que o desempenho econômico-financeiro é altamente dependente das políticas governamentais de acesso e financiamento do ensino superior e tem influenciado diretamente no valor de mercado das IES

Made available in DSpace on 2016-04-25T18:40:43Z (GMT). No. of bitstreams: 1 Julio Henrique Machado.pdf: 905798 bytes, checksum: 7ac8ed8754f81d3df49b137642325f77 (MD5) Previous issue date: 2010-05-26 / The oil is an essential commodity to the modern economy and it will continue being at least during the first half of 21st century. The fact of the remaining reserves are in deep and ultradeep waters, makes the sector demands considerable investments in research, extration and production. Thus, the petroliferous ones need to have a satisfactory performance, remunerating the shareholders of this sector. In this context, the research is developed with the general objective to analyze the capacity of the companies of the petroliferous sector, in creating economic value and keeping them consistent in the long stated period. For the reach of the general objective, the specific objective is to describe the characteristics of this sector as well as the theoretical referencial being involved theories of the capital structure and value based management. The sample is composed by 10 integrated company of oil listed in the New York Stock Exchange - NYSE. For the correlation study, the activities of exploration and production (E&P) called independent and the economic value added (EVA) called dependent. It has observed that there is not a trend of correlation in the companies, therefore was influenced by the price of market of the barrel and also by the premium demanded for the risk, that varied in the years in analysis. One notices that the reserves are in decline, due to difficulty in its replacement, what it represents uncertainty about the generation of economic value in this sector considering the long stated period / O petróleo é uma commodity essencial à economia moderna e o continuará sendo ao menos durante a primeira metade do século XXI. O fato de as reservas restantes estarem em águas profundas e ultraprofundas, faz com que o setor demande investimentos consideráveis em atividades de exploração e produção. Assim, as petrolíferas precisam ter um desempenho satisfatório, remunerando os acionistas deste setor. Neste contexto, o trabalho desenvolve-se com o objetivo geral de analisar a capacidade das empresas do setor petrolífero, em criar valor econômico e mantê-los consistentes no longo prazo. Para o alcance do objetivo geral, o objetivo específico é descrever as características deste setor bem como o referencial teórico envolvendo teorias da estrutura de capital e gestão baseada no valor. A amostra é composta por 10 companhias integradas de petróleo listadas na New York Stock Exchange - NYSE. Para o estudo de correlação, consideram-se as atividades de exploração e produção (E&P) como variável independente e o valor econômico agregado (EVA) como variável dependente. Observa-se que não há uma tendência de correlação nas empresas, pois o EVA foi fortemente influenciado pelo preço de mercado do barril e também pelo prêmio exigido pelo risco, que variou nos anos em análise. Nota-se que as reservas estão em declínio, devido à dificuldade em sua reposição, o que representa incerteza quanto à geração de valor econômico neste setor considerando o longo prazo

The paper brings answers on the the question whether it is possible to measure the field of recruitment. Via quantifying the administrative process of recrutment, the paper reflects the savings of time and costs by using e-recruitment application (applicant tracking system ATS) and it searchs for the relationship between quality of hire and increase of company value and its profit.