The use of sustainability within the investment community is becoming increasingly common. More specifically, investors are now more than ever leaning towards ESG scores as a way of incorporating a more holistic approach when making investment decisions. However, the evidence for a relationship between financial performance and ESG scores is inconsistent. Besides, a recent study has also shown a large divergence between ESG scores. Together this urges a need for a more in-depth understanding of which, if any, non-financial metrics have an impact on financial performance. Therefore, this study investigated if there is any relationship between ESG metrics and financial performance for Nordic public companies by performing a multiple linear regression analysis. Our results concluded that such a relationship exists, both for accounting-based ROA and market-based Tobin’s Q between 2017-2018. This study also shows that there is an overall concentration towards social metrics for both models. Secondly, it shows that some metrics such as “Percentage of Female Employees” are positively significant for ROA but not valued by the market model. The opposite outcome also exists where “Code of Conduct/Ethics Policy” is positively significant for Tobin’s Q but not for ROA. Lastly, it is also shown that some important metrics are negative significant for ROA and therefore urging for inclusion of non-financial measurements when making strategic decisions. / Användandet av hållbarhet inom investeringssfären blir allt vanligare. Investerare förlitar sig allt mer på ESG-betyg som ett sätt att integrera en helhetssyn när de fattar investeringsbeslut. Bevisen för ett samband mellan finansiell prestation och ESG-betyg är dock inkonsekventa. Dessutom har en ny studie också påvisat stora skillnader mellan ESG-betyg. Tillsammans skapar detta ett behov av mer fördjupad förståelse för vilka, om ens några, icke finansiella mått som har en inverkan på den finansiella prestationen. Därför undersökte denna studie om det finns något samband mellan ESG-mått och finansiell prestation för nordiska börsnoterade företag genom att utföra en multipel linjär regressionsanalys. Resultaten konkluderade att en sådan relation existerar, både för det bokföringsbaserade måttet ROA och marknadsbaserade måttet Tobin’s Q mellan 2017-2018. Studien visar också att det finns en övergripande koncentration mot sociala mått för båda modellerna. Efter det visas det även att mått som exempelvis “Percentage of Female Employees” är positivt signifikanta för ROA men inte signifikanta alls för Tobin’s Q. Ett liknande men motsatt resultat finns också då måttet “Code of Conduct/Ethics Policy” är positivt signifikant för Tobin’s Q men inte för ROA. Slutligen visar också denna studie på att det finns viktiga mått som visar en negativ signifikans med ROA och att det därför är viktigt att även inkludera icke-finansiella mått när strategiska beslut ska fattas.

M. Tech. (Department of Cost and Management Accounting, Faculty of Management Sciences), Vaal University of Technology. / Working capital management is an important aspect in the business in order to meet its daily activities. Permanent working capital, temporary working capital, gross working capital and net working capital are four types of working capital. The construction industry, as compared to any other industry, plays an important role in the economic growth of the country. The construction industry is regarded as the largest employer in the labour market and appropriate management of liquidity is essential. Construction contracts are divided into lump sum contracts, unit price contracts and cost plus a fee contracts and have the following role players: employer, employer’s representative, professional team, contractor, sub-contractor and adjudicator. This study analysed the relationship between working capital management and financial performance of JSE listed construction companies during the period 2009-2019. Annual financial statements, which included statement of financial position and statement of financial performance of all listed construction companies during the period 2009-2019 were extracted from the external database (IRESS) to obtain the data needed for statistical analysis. This study used a quantitative research method to analyse the relationship between working capital management and financial performance. Multiple linear regression and correlation analysis were used in this study with inventory conversion period (ICP), average collection period (ACP) and average payment period (APP) as independent variables and return on assets (ROA), return on equity (ROE) and gross operating profit (GOP) as dependent variables, in order to analyse the relationship between working capital management and financial performance of JSE-listed construction companies during the period 2009-2019. Results of this study indicated that working capital management has little or no influence on the financial performance of JSE-listed construction companies, therefore, this indicates that listed construction companies in South Africa need to manage their working capital properly by putting some new policies in place on their accounts payables and receivables, in order to have a relationship between working capital management and financial performance.

Tesis por compendio / [ES] La esencia del presente trabajo radica en comprender el fenómeno del desarrollo del producto innovador verde y cómo se puede estar constituyendo a nivel de las empresas del sector manufacturero en beneficio del desempeño organizacional. Por tanto, desde una perspectiva teórico-exploratoria, con esta tesis doctoral se desea contribuir al conocimiento mediante una propuesta de reconfiguración sistémica organizacional enfocada a la creación del producto innovador verde, de tal manera que permita a las empresas del sector manufacturero mitigar y/o eliminar impactos negativos al medio ambiente, posibilitando, asimismo, la obtención de ganancias financieras, procurando el desarrollo sostenible. Para los fines mencionados anteriormente, se constituyen tres rutas estratégicas. En primera medida, se constituye un framework que contempla a la organización como un sistema abierto interrelacionado, sobre la base de determinantes del producto innovador verde, de siete nuevas capacidades de innovación y de cinco dimensiones organizacionales. Seguidamente, se procede con el análisis con relación a qué configuración de capacidades de innovación verde y dimensiones organizacionales pueden explicar un mayor logro del producto innovador verde. Finalmente, a modo específico se prueba si la adopción y el uso alto de la capacidad de producción verde y la tecnología como puede estar afectando al desempeño organizacional. Los análisis exploratorios parten de dos ediciones de la Encuesta Europea de Innovación en Producción, la cual es aplicada a empresas del sector manufacturero. En esta tesis, en un primer momento, se trabajan con las sub-muestras de España y Croacia, posteriormente, con las sub-muestras de Croacia, Lituania, España, Serbia, Eslovaquia, Eslovenia y Suecia. La tesis está constituida por tres artículos, donde respectivamente se desarrollan los objetivos de investigación y se presentan los hallazgos que surgen a partir de los estudios. Los resultados advierten sobre la necesidad de una reconfiguración organizacional a nivel de empresas del sector productivo, estipulada sobre la base de las siete capacidades de innovación verde y las cinco dimensiones organizacionales analizadas, en procura de dar soporte a los determinantes del producto innovador verde, contribuyendo de forma directa al desempeño sostenible. Asimismo, se identifica como la capacidad de producción verde y la tecnología en su adopción y sus niveles de uso alto presentan un impacto significativo en el desempeño ambiental y en el financiero. Por tanto, esta tesis de doctorado brinda aportes que confirman repercusiones teóricas y prácticas que pueden corresponder a oportunidades para académicos, profesionales y entidades gubernamentales. En consecuencia, esta investigación entrega orientaciones sobre cómo utilizar estos resultados en el desarrollo de futuros trabajos de investigación, planes estratégicos o gubernamentales. / [CA] L'essència del present treball radica a comprendre el fenomen del desenvolupament del producte innovador verd i com es pot estar constituint a nivell de les empreses del sector manufacturer en benefici de l'exercici organitzacional. Per tant, des d'una perspectiva teorico-exploradora, amb aquesta tesi doctoral es desitja contribuir al coneixement per mitjà d'una proposta de reconfiguració sistèmica organitzacional enfocada a la creació del producte innovador verd, de tal manera que permeta a les empreses del sector manufacturer mitigar i/o eliminar impactes negatius al medi ambient, possibilitant així mateix l'obtenció de guanys financers, procurant el desenvolupament sostenible. Per als fins esmentats, es constitueixen tres rutes estratègiques. En primera mesura, es constitueix un framework que contempla a l'organització com un sistema obert interrelacionat, sobre la base de determinants del producte innovador verd, de set noves capacitats d'innovació i de cinc dimensions organitzacionals. A continuació, es procedeix amb l'anàlisi amb relació a quina configuració de capacitats d'innovació verda i dimensions organitzacionals poden explicar un major èxit del producte innovador verd. Finalment, a mode específic es prova si l'adopció i l'ús alt de la capacitat de producció verda i la tecnologia pot estar afectant l'exercici organitzacional. Els anàlisis exploradores parteixen de dos edicions de l'Encuesta Europea de Innovación en Producción, la qual és aplicada a empreses del sector manufacturer. En aquesta tesi, en un primer moment, es treballen amb les submostres d'Espanya i Croàcia, posteriorment, amb les submostres de Croàcia, Lituània, Espanya, Sèrbia, Eslovàquia, Eslovènia i Suècia. La tesi es constitueix de tres articles, on respectivament es desenvolupen els objectius d'investigació i es presenten les troballes que sorgeixen a partir dels estudis. Els resultats adverteixen sobre la necessitat d'una reconfiguració organitzacional a nivell d'empreses del sector productiu, estipulada sobre la base de les set capacitats d'innovació verda i les cinc dimensions organitzacionals analitzades, en procura de donar suport als determinants del producte innovador verd, contribuint de forma directa a l'exercici sostenible. Així mateix, s'identifica com la capacitat de producció verda i la tecnologia en la seua adopció i els seus nivells d'ús alt presenta un impacte significatiu en l'exercici ambiental i en l' financer. Per tant, aquesta tesi de doctorat, brinda aportacions que confirmen repercussions teòriques i pràctiques que poden correspondre a oportunitats per a acadèmics, professionals i entitats governamentals. En conseqüència, aquesta investigació entrega orientacions sobre com utilitzar aquests resultats en el desenvolupament de futurs treballs d'investigació, plans estratègics o governamentals. / [EN] The essence of this work lies in understanding the phenomenon of the development of green product innovation and how it can be constituted at the level of companies in the manufacturing sector for the benefit of organizational performance. Therefore, from a theoretical-exploratory perspective, this doctoral thesis aims to contribute to knowledge through a proposal of organizational systematic reconfiguration focused on creating green product innovations, in such a way that it allows companies in the manufacturing sector to mitigate and/or eliminate negative impacts on the environment, also enabling the obtaining of financial profit, and seeking sustainable development. For the above-mentioned purposes, three strategic routes are constituted. In the first place, a framework that contemplates the organization as an interrelated open system is constituted, based on determinants of the green product innovation, seven new innovation capabilities, and five organizational dimensions. Next, an analysis is made in relation to which configuration of green innovation capabilities and organizational dimensions can explain a greater achievement of green product innovation. Finally, it specifically tests whether the adoption and high use of green production capability and technology may be affecting organizational performance. The exploratory analyses are based on two editions of the European Manufacturing Survey, which is applied to companies in the manufacturing sector. In this thesis, at first, the sub-samples of Spain and Croatia were used, and subsequently the ones from Croatia, Lithuania, Spain, Serbia, Slovakia, Slovenia, and Sweden. The thesis consists of three articles, where the research objectives are respectively developed and the findings that arise from the studies are presented. The results warn of the need for an organizational reconfiguration at the level of enterprises in the productive sector, stipulated on the basis of the seven green innovation capabilities and the five analyzed organizational dimensions, in order to support the determinants of green product innovation, contributing directly to sustainable performance. Likewise, it is identified as the green production capacity and the technology in its adoption and its high levels of use present a significant impact on environmental and financial performance. Therefore, this doctoral thesis provides contributions that confirm theoretical and practical reactions that may correspond to opportunities for academics, professionals, and government entities. Consequently, this research provides guidance on how to use these results in the development of future research work and strategic or governmental plans. / The study recieved funding from the Ministerio de Economía y Competitividad (MINECO, Spain) project titled Efficiency, Innovation, Competitiveness and Sustainable Business Performance (EFICOSPER), ECO2017-86054-C3-3-R. T / Serrano García, J. (2023). Desarrollo del producto innovador verde desde sus antecedentes hasta el impacto: evidencia de acuerdo con la Encuesta Europea de Innovación en Producción [Tesis doctoral]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/192654 / Compendio

The Industrial Development Corporation is the largest provider of development funding in South Africa. Despite having documented processes for assessing funding applications, which include traditional performance measures, the impairments as a percentage of outstanding funding book are increasing. However, scholarly literature indicates that traditional performance measures seem inadequate, with Economic Value Added providing more detailed performance company. The study assesses the Industrial Development Corporation employee’s perceptions on stipulated and additional performance measures and its funding processes. The study followed a quantitative research design using a questionnaire. The Statistical Package for Social Sciences was used to analyse the data. The study found that stipulated performance measures are mostly used, but not Economic Value Added. Funding processes could be enhanced through more performance measures and additional pre and post investment processes. It is recommended that processes be enhanced and the addition of Economic Value Added be investigated to assist in reducing impairments. / Management Accounting / M. Phil.

Organizations specifically the airlines industry are increasingly facing the challenges of operational efficiency measurement. During the last years enormous attention has been given to the assessment and improvement of the performance of productive systems. However, literatures show that there are limitations of the existing models to measure efficiency uniformly and exhaustively across the airlines. The problems are due to lack of the technical efficiency measuring model which unifies and integrates different measuring models into a single model.Therefore, this thesis investigates assessment of the operational performance of world major airlines by employing integrated comparative models to address the above problems. In this study, technical efficiency is addressed among many performance issues by using three types of modes of performance measurement: a non parametric one, represented by Data Envelopment Analysis (DEA) and; a parametric one, represented by Stochastic Frontier Analysis (SFA) and the Balance Scorecard (BSC) which is a strategic management tools. Unlike most of the previous studies, this study integrates the BSC concepts into DEA and SFA model. To evaluate technical efficiency of major international airlines, the study use panel of unbalanced data for the year 2007-2014 to make integrated comparative analysis. The research project incorporates seven leading variables and four lagging variables taken from BSC concept to implement into the DEA and SFA. All the three models of performance measurements have their own strength and limitation if they are used alone. But if the three models are integrated and combined together, they would yield better comparative and quality of efficiency assessment. Therefore, the study primarily developed a model beginning from the theoretical framework assumption into building of a unified comparative model of integrated comparative operational efficiency assessment of airlines. The research design and methodology uses secondary data collection i.e. annual reports and business reports of airlines which are collected from the airlines own website. The huge amount of financial and operational data cannot be collected by using primary data collection method as it would make it practically impossible and expensive. So by employing secondary data collection method saves time, money and a panel data can be accessed and generated easily. Hence, from 100 world major airlines population which are ranked by revenue, simple random sampling is used to select 80 samples airlines for this study. First, the BSC identifies the input and output variables. Next, the DEA model ranks the efficiency measurement, identifies the slack variables and benchmarks the airlines. Third, the SFA model identifies technical efficiency, the random error and technical inefficiency. Finally, the technical efficiency estimates obtained from the two techniques are analyzed comparatively. The research makes further analysis of particular case of the Ethiopian Airlines in relation to the most efficient and inefficient airlines and in comparison of the regional analysis. After extensive tests have been conducted, ‘Balanced Frontier Envelopment’ model is developed. According to this model, it is a paramount to measure efficiency with combining the strength of three models together and gives better results than the previous one or two combined models. The developed and integrated strategic model enhances measuring of the operating technical efficiency of airlines. This model benefit the airlines industry in many ways such as minimizing the cost and maximizing profit through managing technical efficiency which lead into the success of the airlines. From the model perspective, therefore, result of DEA model is much higher than the result of SFA model. DEA model is easier to manipulate than the SFA model because the former does not need the functional form while the later requires a functional form. Furthermore, according to the efficiency finding of the study, first, the European regional airlines are relatively more efficient than the rest of regions in the world. Second, the North America regional airlines are the second more efficient regional airlines in the world. Third, the Ethiopian airlines are the most efficient in Africa when we compare among Egyptair, Kenyan Airways and South African Airways. Fourth, high revenue does not necessarily leads to the technical efficiency of the firm. / Business Management / D.B.L. (Business Leadership)

Made available in DSpace on 2016-03-15T19:30:46Z (GMT). No. of bitstreams: 1 Evelyn Seligmann Feitosa.pdf: 4150862 bytes, checksum: c2fb95c13060f06c44c6788bbbfd1fc6 (MD5) Previous issue date: 2011-11-10 / Fundo Mackenzie de Pesquisa / The allocation of resources and the constant search for competitive advantages differentiators to reach best results are always business challenges. In the contemporary context, in order to achieve superior performance, it reinforces the company's need to have, and make good use, of scarce, valuable, non-substitutable and inimitable resources. These resources include brands, customer base, knowledge, ability and competence of the work teams, corporate culture, partnerships and operational processes established, among other intangible assets, usually arising from a long and risky development process. Mergers and acquisitions (M & A) arise, then, as an important strategic action, being an alternative means to obtain and accelerate the accumulation of these resources within the companies. That is the subject of this work, which discusses the importance of existing and intangible assets disclosed, previous to the M & A transactions, their classification into various types, measurement, and impact on the resulting firm's financial performance in long term. The overall objective of this thesis was to analyze how this performance, after a minimum period of 36 months of the event, is related to the existence, level of disclosure and the nature of intangible assets in the organizations involved. One hundred-eighteen (118) companies were investigated in fifty-nine (59) cases of M & A occurred in France between 1997 and 2007; the study reflects a multi-method research, pluralistic, on qualitative and quantitative aspects. Intangible assets disclosure indicators were built by applying the content analysis technique to financial and accounting reports provided by the companies prior to the events, as well as financial indicators (proxies) for the existence of intangibles were calculated. These indicators were initially confronted with each other and later their explanatory power in relation to financial ratios of growth and profitability (for the corporation and its shareholders), which are the analyzed dimensions of financial performance. Many methods for statistical analysis were used in the multivariate data analysis (correlations and factor analysis, multiple regressions) and in the structural equation modeling (SEM), via Partial Least Squares (PLS). A total of twelve models, with statistics significance, were established to express the relationship among the constructs examined. Best results were achieved in the models developed with variables of semantic origin, in detriment of those with financial indicators only. The results obtained in this thesis leads to deduce that, in this study, there are positive relationships between the existence and the disclosure of intangible assets by firms involved in the operations of M & A and subsequent financial performance, measured by the corporate profitability and the growth of the resulting organization. This suggests that the strategic choice for business growth via M & A operations is favorable to the accumulation of intangible assets in the firms, in search for better results. / A alocação de recursos e a constante busca por diferenciais competitivos, visando melhores resultados, são grandes desafios empresariais. No contexto contemporâneo, para obter desempenho superior, reforça-se a necessidade de a empresa dispor, e fazer bom uso, de recursos raros, valiosos, não-substituíveis e de difícil imitação. Dentre estes recursos, destacam-se aspectos como as marcas, a base de clientes, o conhecimento, a capacidade e competência das equipes de trabalho, a cultura corporativa, as parcerias e os processos operacionais estabelecidos, dentre outros ativos intangíveis, geralmente decorrentes de longos e arriscados processos de desenvolvimento. As fusões e aquisições (F&A) surgem, então, como movimentos estratégicos importantes, sendo meio alternativo para obter e acelerar a acumulação destes recursos nas empresas. É essa a temática deste trabalho, que discorre sobre a importância dos ativos intangíveis existentes e divulgados previamente às operações de F&A de empresas, sobre a classificação dos seus diversos tipos, a sua mensuração e o seu impacto sobre o desempenho financeiro da firma resultante, no longo prazo. O objetivo geral desta tese foi analisar como este desempenho, após prazo mínimo de 36 meses do evento, está relacionado à existência, ao nível de divulgação e à natureza dos ativos intangíveis das organizações envolvidas. Foram investigadas 118 empresas, em 59 casos de F&A ocorridos na França entre 1997 e 2007, em uma pesquisa multi-métodos, pluralística, nas vertentes qualitativa e quantitativa. Foram construídos indicadores de divulgação (disclosure) de ativos intangíveis, mediante aplicação da técnica de análise de conteúdos aos relatórios contábil-financeiros disponibilizados pelas empresas antes do evento, e calculados indicadores financeiros (proxies) para a existência de intangíveis. Estes indicadores foram inicialmente confrontados entre si e posteriormente quanto ao seu poder explicativo em relação aos índices financeiros de crescimento e de lucratividade (empresarial e para os acionistas), que são as dimensões analisadas do desempenho financeiro. Utilizaram-se métodos de análise estatística de dados multivariados (análises de correlações, fatoriais, regressões múltiplas) e modelagem em equações estruturais, via Partial Least Squares (SEM- PLS). Foram estabelecidos, no total, doze modelos com significância estatística para expressar o relacionamento entre os construtos examinados. Alcançaram-se melhores resultados nos modelos desenvolvidos com variáveis de origem semântica, em detrimento daqueles que utilizaram indicadores exclusivamente financeiros. Os resultados obtidos nesta tese permitiram deduzir que há relações positivas entre a existência e a divulgação de ativos intangíveis pelas firmas envolvidas nas operações de F&A estudadas e o posterior desempenho financeiro, mensurado pela lucratividade empresarial e pelo crescimento, da organização resultante. Isto sugere que a opção estratégica por crescimento empresarial via operações de F&A é favorável ao acúmulo de recursos intangíveis nas firmas, na busca por melhores resultados.

Development Finance Institutions (DFIs) have played a crucial role in moving socially responsibility considerations up on the private equity industry’s agenda. DFIs add a development impact criterion to traditional financial performance goals in the investment industry and play a catalytic role by mobilizing other investors. The gap in research regarding DFIs implications and significance in the investment community from a SRI perspective is evident. The development impact objective introduced by the DFIs is examined to understand its effects on fund managers’ decision-making and if it exists a trade-off between this objective and financial performance. An understanding of how DFIs control fund managers to act in accordance to their objective as well as how they determine compensation schemes to incentivize them to pursue high return on investments, is discussed in relation to the agency theory. Furthermore, stakeholder/shareholder consideration is examined in relation to the subject. The aim of this study is to examine how the behavior of fund managers is affected by the involvement of a DFI investor and try to add to the understanding of their significance as institutional investors in developing markets. Previous studies have been more focused on determining the financial performance of socially responsible investments by using very similar quantitative data collection methods. This thesis undertakes an in-depth approach with the purpose to understand the fund manager’s drives as well as how a DFI involvement affects the behavior and decision-making process.   This thesis undertook a qualitative research strategy and semi-structured interviews were used as the tool to understand the fund managers’ personals beliefs and perceptions of how the relationship with DFIs affect them. The selection criteria for the fund managers was that they needed to work in a fund in which a DFIs has invested. We also included DFI investors in order to understand their point of view. The interview was recorded, transcribed and later divided into themes in accordance with the thematic approach, following six steps. Our findings show that Development Finance Institutions plays an important role in emerging markets and affect fund manager behavior to a certain extent. They did not perceive a trade-off between financial performance goals and development impact objectives. We conclude that DFIs increase fund manager focus on ESG/SEE elements in the investment process. DFIs requirements and reporting obligations is used as a tool to ensure that the fund manager act in accordance to DFI objective. The fund managers were neither willing to sacrifice commercial return in favor of development impact. Lastly, the interest among the DFIs and commercial investors is fairly similar, hence reducing the conflict of interest between investors.