This thesis examines especially the area of accounting adjustments for the purpose of use of EVA value concept. Adjustments are examined for financial statements prepared under IFRS and CAS. The thesis concentrates particularly on fair value revaluation of assets and liabilities, capitalization of expenses with investment character, leasing and goodwill. Objective of this thesis is to analyze the EVA value concept, update this topic with the foreign literature and to provide recommendations for performing these adjustments. This thesis concerns also about the general examination of the enterprise value, impact of expectations or division of the enterprise value on current operations value and future growth value.

This diploma thesis contains an economic analysis of the PIVOVAR SVIJANY, a.s. The aim is to perform a scoped analysis of its financial health. The diploma thesis is divided into two main parts. The first is the methodological part, where all of the applied models and processes are mentioned and explained. The second part contains applications of these models on the chosen company. The second part is mostly based on accounting statements. This part also contains an analysis of both absolute and relative indicators. Among the applied models belongs the Du Pont analysis, the cost and inventory analysis, the analysis of the Economic Value Added (EVA), creditworthy and bankruptcy models and an inter industry comparative analysis. The conclusion summarizes and evaluates all the results and presents appropriate recommendation.

Ao longo da última década, tem aumentado o reconhecimento de medidas de gerenciamento de valor. Dentre essas, uma que tem recebido grande atenção tanto no meio acadêmico quanto nas empresas em geral é o valor econômico agregado (EVA®). Muito se tem discutido sobre essa medida, sendo que seus defensores afirmam que ela é uma melhor medida de desempenho do que as medidas contábeis tradicionais. Nessa perspectiva, uma série de pesquisas tem sido realizada, verificando a relação entre o EVA® e o retorno de ações, onde os resultados alternam-se entre uma relação superior dessa medida e o retorno de ações em comparação com as medidas contábeis tradicionais e uma fraca relação ou a ausência de relação entre essas variáveis. Em diferente abordagem, Machuga, Pfeiffer Jr. e Verma (2002) realizaram um estudo no mercado norte americano para verificar a capacidade do EVA® na predição de lucros futuros. Replicando a metodologia desse estudo, esta pesquisa teve como objetivo verificar empiricamente se o EVA® fornece informação incremental para predição de lucros futuros das empresas de capital aberto do Brasil. Na metodologia, foram aplicados modelos de regressão linear múltipla no período de 1998 a 2006 para testar a proposição de que o EVA® fornece informação incrementalmente útil para predizer lucros de um ano adiante das empresas de capital aberto do Brasil. Foram aplicadas regressões anuais (crosssection) e verificou-se a significância estatística dos coeficientes médios. Com os resultados obtidos, não se pode comprovar a utilidade incremental do EVA® na predição de lucros futuros. Na seqüência, realizou-se um teste do valor incremental da inclusão da informação EVA® no modelo de predição, sendo que foram aplicadas novas regressões sem as variáveis EVA® e apurados os novos coeficientes médios; em seguida, foram efetuadas duas previsões de lucros, uma utilizando os valores médios com e outra sem o EVA® . Por meio da comparação desses valores previstos com os reais dos lucros e apurando suas respectivas diferenças, obteve-se os erros médios de previsão. Foi observado que os erros médios de previsão apresentaram-se elevados em função da alta dispersão das variáveis da pesquisa, também foi encontrado que os erros médios de previsão foram menores quando houve a inclusão da informação do EVA® , indicando a utilidade incremental dessa medida na predição de lucros futuros, entretanto esses resultados devem ser interpretados como indicativos e não como conclusivos, já que os coeficientes das variáveis, em sua maioria, não se demonstraram estatisticamente significantes. / There has been increased recognition over the last decade of the measures of management of value. Among these, one that has received the great attention either on the academic field or in the companies in general is the Economic Value Added (EVA®). A lot has been argued about this measure, its defenders affirm that it is one measure of performance better than the traditional accounting measures. In these perspective, a lot of researches have been done, verifying the relation between the EVA® and the stock returns, where the results change between one relation superior of these measures and the stock returns in comparison with the usual accounting measures and a weak relationship or absence of relation between these variables. In a different approach, Machuga, Pfeiffer Jr. and Verma (2002) realize a study on the North America market to verify the ability of EVA® in the prediction of future earnings. Applying the methodology of this study, this research had as goal to verify empirically if the EVA® supplies incremental information to predict future earnings of the Brazilian public companies. After, in the methodology, some multiple linear regression models were applied on the period of 1998 to 2006 to test the proposition that EVA® supplies information incrementally useful to predict one-year-ahead earnings of the Brazilian public companies. The annual cross-section regressions were applied and verified the statistic significance of the average coefficients. With the gotten results, one cannot confirm the incremental utility of EVA® in the future earnings prediction. In the sequence, a test of the incremental value of the inclusion of the information EVA® on the model of prediction was realized, it being that news regressions were applied without the variables EVA® and gotten the new average coefficients, after that, two predictions of earnings was effected, one using the mean values with and the other without the EVA® information. By the comparison of the predicted values with the actual earnings and checking its respective differences, one got the average forecast errors. It was observed that the average forecast errors had been presented high in function of the high dispersion of the variables of the research. It was founded too that the average forecast errors were lower when was included the information of EVA®, indicating the incremental utility of this measure on the prediction of future earnings, however, these results must be interpreted as indicative and not as conclusive, since the coefficients of the variables, in its majority, did not show statistically significant.

En el Perú, el sistema financiero es fundamental para fomentar el desarrollo económico, por lo que la adopción de las buenas prácticas de gobierno corporativo tiene un impacto positivo, permitiendo la estabilidad del sistema, generando nuevas inversiones y el desarrollo del mercado de capitales. La presente investigación, tiene como principal objetivo analizar si existe una relación entre la adopción de las prácticas de buen gobierno corporativo y el grado de solvencia económica que mantienen los Bancos del Sistema Financiero Peruano. La investigación busca obtener evidencia con relación causal entre variables y su efecto. Además, fue necesario realizar una investigación de tipo cuantitativa, utilizando el scoring establecido por el índice de buen gobierno corporativo, y la medición de solvencia económica. Se analizaron diversos modelos de medición de solvencia y valor económico como; el Modelo Z de Altman, el Valor Económico Agregado y la Q de Tobin, determinándose como indicador el modelo Z de Altman lo que permite ser una herramienta útil en la evaluación de la viabilidad de las empresas. Además de ser considerado por expertos como un modelo de calificación para mercados emergentes como el Perú. La investigación comprende desde el año 2012 al 2018 y se analizaron a 15 Instituciones Financieras. Finalmente, los resultados hallados permiten asociar el buen uso de prácticas del gobierno corporativo con un impacto positivo para el fortalecimiento de la solvencia económica en el Sector Financiero del Perú. / In Peru, the financial system is essential to promote economic development, so the adoption of good corporate governance practices has a positive impact, allowing the stability of the system, generating new investments and the development of the capital market. The main objective of this research is to analyze whether there is a relationship between the adoption of good corporate governance practices and the degree of economic solvency maintained by the Banks of the Peruvian Financial System. The research seeks to obtain evidence with a causal relationship between variables and their effect. In addition, a quantitative investigation was necessary using the scoring established by the good corporate governance Index, and the measurement of economic solvency. Various solvency and economic value measurement models were analyzed, such as the Altman Z Model, the Added Economic Value and the Tobin Q. The Altman Z model was the indicator chosen, which allows it to be a useful tool in the evaluation of the viability of the companies. In addition, many experts consider it as a rating model for emerging markets such as Peru. The research includes the periods from 2012 to 2018 and 15 Financial Institutions were analyzed. Finally, the results found allow us to associate the good use of corporate governance Practices with a positive impact for the strengthening of economic solvency in the Financial Sector of Peru. / Trabajo de investigación

US economic recession from 2007- 2009, also known as the Great Recession, negatively impacted the financial sector as well as other aspects of society. Researchers have found value-based measures and accounting measures as effective performance measures, but they have found inconclusive results when comparing the strengths of economic value added (EVA) and accounting measures in predicting stock performance. This study used data from the Great Recession to further compare EVA and accounting measures. The purpose of this cross-sectional or correlational study was to determine the relative predictive strength of EVA during the Great Recession to determine whether a model with EVA added to accounting measures did a better job predicting stock returns. Secondary were data collected from a sample of 93 Fortune 500 Companies from 2007-2009 and then analyzed via multivariate regression analysis. The null hypothesis was not rejected. The result showed that EVA was not a useful addition to accounting variables in predicting stock returns during the Great Recession. Although the findings did not support EVA as a better predictor of stock returns during the Great Recession, the study revealed useful information about value-based measures and value-creation, especially how they are impacted by the period of a severe economic downturn. Researchers have indicated that creating value for shareholders enables the funding of positive-net-present-value projects that would result in positive social change. This study revealed that firms are unlikely to create shareholder value through returns on investment for a positive social change in unfavorable economic conditions.

Zugl.: Hannover, Universiẗat, Diss., 2007.

Natural resources management is one of the world‟s greatest concerns. It is a difficult task due to its complex nature. Natural resources are limited and scarce. Unfortunately and worst of all, they are under pressure, and stress due to unprecedented increase in their demand and inefficient use. But it is still possible to tackle this complex problem. This study focuses on understanding the value of the ecosystem services that human well-being depend on, as for more sustainable environment strategy on aquatic ecosystems management, such as lakes and rivers. Changing behavior and attitude can be a crucial complement and likely can stimulate our conscious effort towards saving our ecosystems beyond money contribution. This way of thinking seems to be overlooked and most people think that the development of technology and advancement in knowledge alone can provide solution. One way to overcome the problem of pressure and stressing of the environment is to develop adequate strategy and environmental policy. This policy should include economics measures where, when necessary and feasible. Since there are "no one solution and no one answer" to achieve the desired outcome of a sustainable future, it becomes necessary to adopt a multidisciplinary approach to environmental management and the understanding of the value and dynamism change of the ecosystem services. Adoption of efficient management is not enough; we have to adjust our attitude as well. To discuss this issue, the aquatic ecosystem, which the lake Vänern in Kristinehamn Municipality served as a case study.

Researth on the Value Creation Strategy -The Case Of Ritek Group By Li-Mei Chen Seeking sustainable growth has always been the core value of an enterprise.However, to achieve such goal, many questions followed¡Kwhat rules to obey upon seeking sustainable growth? High growth leads to high profit for sure? Larger company scale accompanies higher profit? Such growth strategy should be managed according more to external environment or more on own core competence? How to create company value resulting from the diversification and collectivization of the company growth? I adopt Ritek group (ëä¼w¶°¹Î) as my case study object. Purpose of my study is to find out the affection of their growth strategy to their company value, and, how this efficient growth strategy enhances sustainable competitive advantage. My study integrated the relation between company value and Resource-Based view, Enterprise Growth Strategy view and Economic Value Added (EVA) view. Results of my empirical study: 1. Resources construction is a key in the development of company. 2. Strategy to focus on core competencies and to be effective. 3. Company valued scale expansion strategy increased their company value. 4. Fast capital outlay expansion helps no company value promotion. 5. Long-term investment amount decides future value. 6. Highly fund financing could not create company value. 7. Company¡¦s profit ability affects its future growth opportunity.

The primary investment objective of investors is to create their wealth which is reflected in the change of stock market price and dividend yield they receive over the investment period. Thus, investors need financial tools to assess and forecast company performance before making investment decisions. Traditionally, such accounting measures as Earnings Per Share (EPS), Return On Assets (ROA), Return On Equity (ROE) and Return On Sales (ROS) are basic tools for investors in Thailand to evaluate companies¡¦ performance in the stock market. Value based approaches such as Economic Value Added (EVA) and Market Value Added (MVA) are not widely known among investors yet. Therefore, this study aims to examine the explanatory power of various accounting measures (EPS, ROA, ROE and ROS ) and value based measures ( EVA and MVA ) on the stock returns. This study focuses on 190 sample companies which are representative of all listed companies in the years from 2006-2010 in terms of the spread of EPS and industry diversification. The empirical results indicate that accounting measures are more associated with stock returns than MVA and EVA respectively. Among accounting measures, ROA provides highest explanatory power on stock return although the analysis is done separately by sector. In contrast, the results for EVA appear in some sectors and are not consistent with the past research done in other stock markets including Thailand. Thus, the analysis is extended to examine the company characteristics that have relationship between EVA and stock return. The findings indicate that EVA tends to be associated with stock return in companies that have low book to market ratio. In terms of portfolio returns, typical investing styles, such as value and growth strategies still outperform the return from MVA and EVA strategies.

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