My work dwells on measurement and evaluation of efficiencies of companies and on sector analysis of energetic branch. We can regard the efficiency with various points of view. Generally we can define it as an ability of company to valorize as much as possible the assest that was put in it. At first my work is engaged in measurement and control of the efficiency of companies and in value control of efficiency. After that follows the summary of traditional and modern indicators of efficiency with account of their advatnages and shortcomings. Then I mention some instruments and concepts that contribute to increases of efficiency. The last part of my work contains case study, where I analyse the efficiency of companies acting in energetic branch by means of benchmark study.

FundaÃÃo de Amparo à Pesquisa do Estado do Cearà / The economic values for traits of a meet sheep production system were calculated using Morada Nova hair sheep, raised under the conditions of native pasture in the Brazilian semi-arid region, as model. These economic weights were estimated using the equation of profit, profit = revenue â costs, after increase by one unit and 1% for each trait, evaluated on the average of the others. Whereas 1% increase in the trait, the economic values for lambing percentage (LP), litter size (LS), lambs mortality (LM), yearling mortality (YM), ewes and rams mortality (AM), female slaughter weight (FSW), male slaughter weight (MSW), ewe adult weight (EAW), ram adult weight (RW), carcass yield (CY), number of lambings per year (NLY), age at first lambing (AFL) and number of anthelminthic doses used per year (AC) were 1,439, 1,439, -0,254, -0,110, -0,054, 0,487, 0,767, -0,172, 0,005, 1,523, 1,439, -0,258 and -0,025, respectively, expressed in Brazilian currency (R$) per ewe per year. The traits that showed greater economic importance were CY, NLY, LP and LS. The traits that showed lower economic values were: RW, AC and AM. The production system with Morada Nova sheep grazing native âcaatingaâ pasture in Brazilian Northeast, exclusively for meat production, is profitable when taking into account all costs of production, including that of family labour. Carcass yield was shown to be an important selection objective. As it is expressed when the animal is slaughtered, further studies need to be carried out with this population to aid in the choice of appropriate selection criteria for the improvement of this trait. / Os valores econÃmicos para caracterÃsticas de produÃÃo de carne de ovinos foram calculados considerando-se como modelo o sistema de produÃÃo com a raÃa Morada Nova, criada sob as condiÃÃes de pastagem nativa do semi-Ãrido brasileiro. Os ponderadores econÃmicos foram estimados utilizando a equaÃÃo de lucro, lucro = receita - custos, para aumento de uma unidade e de 1 % em cada caracterÃstica, avaliada no valor mÃdio das demais. Com o aumento de 1% nas caracterÃsticas (R$ por ovelha ano) os valores econÃmicos para fertilidade ao parto (FP), prolificidade (PRO), mortalidade de cordeiros (MC), mortalidade de borregos (MB), mortalidade de ovelhas e carneiros (MA), peso de fÃmeas ao abate (PAF), peso de machos ao abate (PAM), peso maduro das matrizes (PM), peso dos reprodutores (PR), nÃmero de partos/ano (NPA), idade ao primeiro parto (IPP), rendimento de carcaÃa (RC) e nÃmero de tratamentos parasitÃrios/ano (TP) foram 1,439, 1,439, -0,254, -0,110, -0,054, 0,487, 0,767, -0,172, 0,005, 1,523, 1,439, -0,258 e -0,025, respectivamente. As caracterÃsticas que apresentaram maior importÃncia econÃmica foram RC, NPA, FP e PRO. As caracterÃsticas que apresentaram menor peso econÃmico foram: PR, TP e MA. O sistema de produÃÃo com ovinos Morados Nova em pastagem nativa (caatinga) no Nordeste brasileiro, exclusivamente para a produÃÃo de carne, à rentÃvel quando se toma em conta todos os custos de produÃÃo, incluindo o de mÃo de obra familiar. O rendimento de carcaÃa foi mostrado a ser um objetivo importante seleÃÃo. Como ela se expressa quando o animal for abatido, estudos adicionais necessitam de ser realizadas com esta populaÃÃo para ajudar na escolha adequada de critÃrios de seleÃÃo para a melhoria desta caracterÃstica.

Made available in DSpace on 2014-06-12T15:07:54Z (GMT). No. of bitstreams: 2 arquivo1597_1.pdf: 1407511 bytes, checksum: f1e12d5f8c82a4d623e39d304470a716 (MD5) license.txt: 1748 bytes, checksum: 8a4605be74aa9ea9d79846c1fba20a33 (MD5) Previous issue date: 2004 / Nos últimos anos, uma atenção cada vez maior tem sido dada às novas medidas de performance empresarial, em substituição à tradicional análise dos lucros por ação. Dentre estas novas medidas, pode se destacar o Economic Value Added (EVA), em virtude da grande atenção recebida na literatura acadêmica e publicações especializadas. Como decorrência da importância e do destaque do EVA no meio acadêmico (principalmente nos Estados Unidos da América e na Inglaterra), diversos trabalhos empíricos foram realizados, na tentativa de identificar se este modelo é relevante para a mensuração dos valores das empresas. Contudo, estes trabalhos empíricos apresentam resultados contraditórios. Além disso, este modelo de mensuração de performance ainda tem sido alvo de poucas pesquisas acadêmicas empíricas no Brasil, o que é insuficiente para identificar a sua importância no país. Motivada por esta carência de trabalhos empíricos, a presente dissertação procura fornecer dados empíricos para analisar se, no Brasil, o EVA é uma medida de desempenho que oferece maior explicação dos retornos das ações do que medidas tradicionais de desempenho, sendo estas: Lucros por Ação, Fluxo de Caixa Operacional, NOPAT (net operating profits after taxes) e Lucro Residual. Verifica-se que o EVA não detém poder de explicação dos retornos por ação, de maneira consistente, maior do que medidas de performance tradicionais para ambas as abordagens informacionais trabalhadas. Por fim, verifica-se que a modelagem por panel data (dados em painel) apresenta-se claramente superior à modelagem pelo método dos MQO (mínimos quadrados ordinários), para a análise de medidas de performance empresarial baseadas em informações contábeis e para a abordagem do conteúdo relativo

The overall purpose of this thesis is to investigate the economic value and use of geological information. Earthobservations of a geological nature, may have profound impacts on peoples everyday lives. Geological informationplays a key role in addressing the challenges of sustainable development, and contributes to improved decisionmakingprocesses related to, for instance, land degradation and water protection. Still, few have researched theeconomic values attached to such information. This thesis contains an introduction and five self-contained papers.Paper (I) provides a review of previous research addressing the economic value of geological information andother earth observations, as well as, related products, services and infrastructure. The paper also identifiesimportant lessons and topics that require increased attention in future research. The review of prior research showsthat significant economic benefits can be attached to the use of geological information. Still, it is often difficult tocompare results across studies since they differ in scope and make alternative assumptions concerning whichsectors to cover. Furthermore, previous research is not uniform in its treatment of potential (rather than onlyexisting) users, and it employs varying conceptions of avoided costs. The paper concludes that future researchshould devote more attention to the public and experience good characteristics of geological information and othertypes of earth observations, thus highlighting the preconditions for information adoption as well as addressing therole of potential users.Papers (II) and (III) investigate the determinants of adopting geological information in the public sector, with anemphasis on Swedish municipalities. Paper (II) contributes to the literature by providing theoretical explanationsand empirical findings on various individual and organizational factors influencing the adoption of geologicalinformation. The paper employs an information adoption model based on literature on diffusion of innovation. Itis estimated using data collected from 677 officials in all Swedish municipalities. The results indicate thatperceived usefulness and educational efforts have the largest influence on the adoption decision followed by agender effect. Furthermore, the results also show that organizational effects exist at the working unit level, butthere appear to be no spatial interactions across municipal boundaries.Paper (III) further investigates the adoption of geological information in the public sector by considering whetheranalyses of user patterns can be improved by considering an interrelated model estimation involving two types ofgeoinformation. The empirical tests focus on whether there are gender differences in how peer advice affects theuse of geoinformation. The information adoption model is estimated using probit and bivariate probits. Overall theresults indicate a more accurate prediction pattern when a secondary geoinformation decision was included, thussuggesting that different types of geoinformation should be analyzed jointly. The officials at Swedishmunicipalities tend to use both types of geoinformation, thus alluding to a demand for combined geoinformationproducts among the target population. Finally, there is evidence of women’s decisions to use geoinformation beingaffected by peer advice.Paper (IV) focuses on the economic value of hydrogeological information, namely water quality. The willingnessto pay (WTP) for reduced health risks following the exposure to emerging contaminants and microbial outbreaksin drinking water is assessed. Emerging contaminants, such as highly fluorinated substances (e..g., PFOA andPFOS), have been found in drinking water post treatment on a global level. The drinking water is the main sourceof exposure for humans. The WTP is assessed through a choice experiment approach, which also accounts fordifferences in perceptions between PFASs and microbial outbreaks due to parasites or bacteria. Knowledge aboutpublic preferences across different health threats is key to assessing support for policies aimed at reducing suchhealth risks. A majority of the respondents were found to have a higher WTP for reducing the risk of chemicalexposure to PFASs than reducing the corresponding risk of microbial outbreaks.In Paper (IV) it is evident that risk adverse individuals have a higher WTP for reducing health risks of drinkingwater, compared with individuals with other risk preferences. However, there is no consensus in the literature onhow to accurately capture risk preferences beyond financial decisions. Paper (V) therefore discusses thetheoretical assumptions used when measuring risk preferences and whether it is necessary to address domain riskspecific preferences. In order to test if a general risk preference is enough we present a hypothetical experimenton risk preferences for the health and financial domains, respectively. We also consider the design of theexperiment and compare the format with a reduced form to control for potential framing effects. The riskpreferences were elicited using switch multiple price list lotteries with hypothetical payments, and the questionswere adapted to the health domain by framing the lotteries as improvements in current health status using a visualanalogue scale as the reference point. The results show that individual risk preferences tend to be relativelyinconsistent across the two studied domains, and that the respondents appear to be more risk averse in the healthdomain than in the financial. The majority of the respondents tend to give too much weight to low-probabilityevents, which is consistent with cumulative prospect theory.

This thesis deals with the economic analysis of the company Presbeton Nova Ltd. The main target is to assess the economic situation in the company and thereby to help management with the decision about future development. In the theoretic part there are described methods related to this area. Applied part devotes to the application methods -- analysis of production, financial analysis and Economic Value Added. The CAPM (capital asset pricing model) is being used to calculate costs of Equity. The cost of foreign capital is calculated according to the trend of rate 3M PRIBOR.

The thesis is aiming to analyze the method of value creation in mergers and acquisitions. The introductory chapter includes a general classification and framework for terms like value; synergies; and basic valuation models. The following chapter introduces valuation models which are more oriented towards shareholder value, generally speaking, frameworks introduced by Value Based Management: Economic Value Added, Economic Profit or Cash Value Added. Economic Value Added is described through three adjusted EVA models in the next chapter: (1) The impact of MVA on the negotiation position of parties in M&A, (2) EVA Style of Investing model, which is applied as a screening tool for value creators, (3) EVA Momentum model. In the closing chapter all three models are applied and conclusions and recommendations are drawn. The three models enable us for example to identify industries worth investing in or to understand how specific companies create value and how to set up an optimal price negotiation strategy.

In search of a better investment metric, researchers began to study Economic Value Added, or EVA, which was introduced in 1991 by Stern Stewart & Co in their book, "The Quest for Value" (Turvey, 2000). Stern Stewart & Co devised EVA as a better alternative to evaluate investment projects within the corporate finance field, later to be considered for use as a performance metric for investor use. A wide array of multinational corporations, such as Coca-Cola, Briggs and Stratton, and AT&T adopted the EVA method, which led to EVA's worldwide acclaim. Several points in the study reveal that EVA does not offer less risk, higher returns, and more adaptability for an investor. In fact, EVA underperformed the traditional portfolio performance metrics in key measurements including mean returns, and confidence intervals. EVA is a difficult performance metric to calculate, with several complex components that can be calculated in several different ways such as NOPAT, cost of equity, and cost of debt. Any information that is inaccurate or lacking can significantly impact the outcomes. Traditional performance metrics, on the other hand, such as ROA, ROE, and E/P are simple to calculate with few components, and only one way to calculate them.

Mindre företag är nödvändiga för ett land, och att förstå varför och hur de växer, samt hur de kan skapa ekonomiskt värde, är därför av stor vikt. Vi syftar till att kunna bidra med insikter inom två ämnen, tillväxt samt värdeskapande, genom att studera några av de snabbast växande bolagen i Sverige. Tillväxt mäts som omsättningstillväxt, och värdeskapande mäts enligt Economic Value Added (EVA), i studien. Genom att genomföra både multivariat samt bivariat regressionsanalys undersöker vi både relationen mellan hög tillväxt och värdeskapande, samt relationen mellan olika finansiella faktorer - hantering av rörelsekapital, lönsamhet, kapitalstruktur - och EVA. Analysen visar att hög tillväxt i sig inte kommer att skapa ekonomiskt värde, och drar slutsatsen att vägen till värdeskapande snarare är genom en välbalanserad strategi mellan tillväxt och finansiell stabilitet. Vi presenterar praktiska implikationer för företagsledare, investerare, samt statliga tillsynsmyndigheter kring ett ämne som historiskt sett har mottagit begränsad uppmärksamhet. / Small businesses are vital for a country, and understanding why and how they grow, as well as what creates economic value in this sector of the economy, is therefore important. We set out to provide insights into the two subjects, growth and value creation, by looking at some of the fastest-growing companies in Sweden. Growth, in this study, is measured as sales growth, and value creation is measured as Economic Value Added. Using multivariate and bivariate regression models we examine both the relationship between high growth and value creation, and the relationship between different financial variables - such as working capital management, profitability, and capital structure - and EVA. Our analysis shows that high growth in and of itself will not create economic value, and conclude that the road to value creation is rather through a well-balanced approach between growth and financial stability. We present practical implications for business leaders, investors, and state regulators alike on a topic that has received little or no attention before.

The economic value creation is something that affects all companies, that is why, it is crucial to establish , for which purpose, there are a variety of procedures. Among which, especially the method of economic value added (EVA), which can compare the yield of investment to its financial cost. This methodology is very useful, but its definition does not distinguish EVA from the business effects with EVA generated results, so in this article we propose a new way to determine the EVA that allows differentiation and the EVA distinction created by many results achievable by the company. Finally, an explanatory case it is presented to demonstrate if the new proposal it is applicable or not. / La creación de valor económico es el norte que mueve a toda empresa, por lo tanto, es crucial establecer su valor económico, para lo cual existe una diversidad de procedimientos. Entre todos ellos, destaca el método del valor económico añadido (VEA), el cual tiene la virtud de comparar el rendimiento de la inversión con su costo de financiamiento. La propuesta metodológica es de mucha utilidad, pero en su delimitación no permite distinguir el VEA proveniente de los efectos del negocio con los VEA generados por otros resultados, por lo que en este artículo se plantea una nueva forma de determinar el VEA que permite diferenciar y distinguir los VEA creados por los diversos resultados que podría obtener la empresa. Por último, se presenta un caso explicativo que permite demostrar la aplicabilidad de la nueva propuesta.

Incorporate in business administration from the management model of economic value, implies that the direction of the entity should worry about how to run effectively in this economic value and how to achieve an equitable distribution of this value created, which requires understanding the nature of this economic value and the importance of the firm as an essential economic activity. In this context arose three approaches that are directly related to the firm and its capacity to create economic value, such as economic agents involved in it, or understand how to shape the firmand the relationship between the real market and the financial market. In this vein, the purpose of this article is tolay the ground work for supporting the economic value and the considerations that management should keep in mind when it comes to managing it. / Incorporar en la administración de empresas el modelo de gestión del valor económico implica que la dirección de la entidad debe preocuparse de forma eficaz en la generación de este valor económico y en su distribución equitativa, lo cual obliga a comprender su naturaleza y la importancia de la empresa como ente fundamental de la actividad económica. En este contexto, surgen tres planteamientos que están directamente relacionados con la empresa y su capacidad para crear valor económico: los agentes económicos involucrados en la misma, la forma de entender o modelar la empresa y la relación entre el mercado real y el mercado financiero. En este orden, el objetivo de este artículo es establecer las bases en las que se sustenta este valor y las consideraciones que la dirección debe tener presente para gestionarlo.