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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
1

Financial Success and the American Dream : A Marxist Reading of Arthur Miller’s Death of a Salesman

Gailan, Mohammad January 2016 (has links)
This paper analyses Arthur Miller’s play, Death of a Salesman. The main focus is on the theme American Dream and its influences on the characters. Classical Marxism and Althusser’s Marxist theory have been used as the theoretical framework for this paper to answer the questions: In which ways has the American dream as a concept of happiness and financial success affected the characters? Can the American dream and capitalism be blamed for the Loman family’s situation? The conclusion drawn after studying Miller’s play is that the material side of the American dream can be identified as the dominant in the play and it has more negative effects than positive ones on the Lomans, the effects are both mental and physical. Despite the negative effects of the American dream and capitalism on the characters in Miller’s Death of a Salesman, one cannot blame them for the Loman family’s situation. It is the individuals (characters) that must be blamed because everyone can independently in a democratic and free society make their own choices. For that reason, people have to stand up for their actions and take responsibility for the consequences of their choices and actions whether the consequences are good or bad. Hence, the problem in Miller’s play is not so much about ideological influences as it is about self-awareness.
2

Sustentabilidade Financeira Empresarial no Brasil / Business Financial Sustainability in Brazil

Branco, Adriel Martins de Freitas 10 December 2013 (has links)
A sustentabilidade é um tema aceito pelo mercado e que vem ganhando destaque em várias áreas. Este trabalho traz a sua aplicação na área financeira com o intuito de contribuir para desenvolvimento das empresas. Dessa forma, foi realizada a análise de conteúdo para esclarecer as concepções do tema, que ainda não são claras. Para isso, duas técnicas complementares foram utilizadas: Revisão Sistemática e Categorização. A Revisão sistemática permitiu compreender os conceitos influentes na sustentabilidade e a sua aplicação. Já a Categorização foi utilizada para analisar os principais modelos de previsão de insolvência citados na literatura brasileira. O objetivo geral foi verificar se o desconhecimento dos fatores da sustentabilidade financeira contribui para o insucesso das empresas. Os objetivos específicos deste trabalho foram a) apresentar as concepções da sustentabilidade b) identificar as causas do insucesso empresarial c) extrair as principais variáveis dos modelos de previsão de insolvência d) apresentar os fatores do sucesso financeiro e) Compilar os fatores e desenvolver um modelo de Sustentabilidade Financeira. Os resultados contribuíram para o esclarecimento do tema e permitiram a elaboração de um modelo teórico de Sustentabilidade Financeira Empresarial, aplicável às empresas brasileiras. / Sustainability is accepted by the market and that has been gaining attention in several areas subject. This work brings its application in the financial area in order to contribute to business development. Therefore, content analysis was performed to clarify the concepts of the subject, which are not yet clear. For this, two complementary techniques were used: Systematic Review and Classification. A systematic review has allowed to understand the influential concepts in sustainability and its application. Categorization already been used to analyze the main insolvency prediction models cited in the Brazilian literature. The overall objective was to determine whether the lack of financial sustainability of the factors contributing to the failure of companies. The specific objectives of this study were a) to present the concepts of sustainability b) identify the causes of business failure c) extracting the main variables of the model prediction of insolvency d) present the factors of success and financial e) to compile the factors and develop a model Financial Sustainability. The results helped to clarify the issue and allowed the elaboration of a theoretical model of Financial Sustainability Company applicable to Brazilian companies.
3

What Characterises Successful Stocks? : A case study of Swedish companies between 1995 and 2005

Forss, Gabriel January 2006 (has links)
<p>This paper discusses the indicators of financial success for Swedish companies from 1995 until 2005. Quarterly data on 42 Swedish companies were collected from the Datastream data base and analysed by using both portfolio analyses and parametric analysis. In this study, financial success is measured by using the acclaimed concepts of the Sharpe ratio and the Jensen’s Alpha. The Sharpe ratios of the companies are studied between 1995-2005 and this discussion is complemented by analysis of the Jensen’s Alpha in the second half of that time period i.e. 2000-2005. The relationship between these performance metrics and certain company-characteristics such as the book-to-market ratio, the ROA measure and capital structure is studied. The conclusion is that companies that have a high degree of profitability and maintain high book-to-market ratios outperform other companies in terms of generating excess returns to shareholders. Another interesting observation is the fact that company size does not have any significant relationship to company performance.</p>
4

What Characterises Successful Stocks? : A case study of Swedish companies between 1995 and 2005

Forss, Gabriel January 2006 (has links)
This paper discusses the indicators of financial success for Swedish companies from 1995 until 2005. Quarterly data on 42 Swedish companies were collected from the Datastream data base and analysed by using both portfolio analyses and parametric analysis. In this study, financial success is measured by using the acclaimed concepts of the Sharpe ratio and the Jensen’s Alpha. The Sharpe ratios of the companies are studied between 1995-2005 and this discussion is complemented by analysis of the Jensen’s Alpha in the second half of that time period i.e. 2000-2005. The relationship between these performance metrics and certain company-characteristics such as the book-to-market ratio, the ROA measure and capital structure is studied. The conclusion is that companies that have a high degree of profitability and maintain high book-to-market ratios outperform other companies in terms of generating excess returns to shareholders. Another interesting observation is the fact that company size does not have any significant relationship to company performance.
5

Sustentabilidade Financeira Empresarial no Brasil / Business Financial Sustainability in Brazil

Adriel Martins de Freitas Branco 10 December 2013 (has links)
A sustentabilidade é um tema aceito pelo mercado e que vem ganhando destaque em várias áreas. Este trabalho traz a sua aplicação na área financeira com o intuito de contribuir para desenvolvimento das empresas. Dessa forma, foi realizada a análise de conteúdo para esclarecer as concepções do tema, que ainda não são claras. Para isso, duas técnicas complementares foram utilizadas: Revisão Sistemática e Categorização. A Revisão sistemática permitiu compreender os conceitos influentes na sustentabilidade e a sua aplicação. Já a Categorização foi utilizada para analisar os principais modelos de previsão de insolvência citados na literatura brasileira. O objetivo geral foi verificar se o desconhecimento dos fatores da sustentabilidade financeira contribui para o insucesso das empresas. Os objetivos específicos deste trabalho foram a) apresentar as concepções da sustentabilidade b) identificar as causas do insucesso empresarial c) extrair as principais variáveis dos modelos de previsão de insolvência d) apresentar os fatores do sucesso financeiro e) Compilar os fatores e desenvolver um modelo de Sustentabilidade Financeira. Os resultados contribuíram para o esclarecimento do tema e permitiram a elaboração de um modelo teórico de Sustentabilidade Financeira Empresarial, aplicável às empresas brasileiras. / Sustainability is accepted by the market and that has been gaining attention in several areas subject. This work brings its application in the financial area in order to contribute to business development. Therefore, content analysis was performed to clarify the concepts of the subject, which are not yet clear. For this, two complementary techniques were used: Systematic Review and Classification. A systematic review has allowed to understand the influential concepts in sustainability and its application. Categorization already been used to analyze the main insolvency prediction models cited in the Brazilian literature. The overall objective was to determine whether the lack of financial sustainability of the factors contributing to the failure of companies. The specific objectives of this study were a) to present the concepts of sustainability b) identify the causes of business failure c) extracting the main variables of the model prediction of insolvency d) present the factors of success and financial e) to compile the factors and develop a model Financial Sustainability. The results helped to clarify the issue and allowed the elaboration of a theoretical model of Financial Sustainability Company applicable to Brazilian companies.
6

The struggle for success : Stressors and resources during COVID-19 among business owners in Sweden / Kampen för framgång : Stressorer och resurser under COVID-19 bland företagare i Sverige

Eklund, Sara January 2021 (has links)
The COVID-19 pandemic has had a major impact on Swedish business owners. Based on conservation of resources theory, it was predicted that two stressors (perceived uncertainty and financial prognosis) and one resource (eudaimonic well-being) are predictors of personal and financial success of business owners during the COVID-19 pandemic. Moreover, moderation effects of eudaimonic well-being on uncertainty and financial prognosis on both success aspects were hypothesized. Data from 210 Swedish business owners were collected during May-June 2020 (Time 1), of these 67 participated a second time in February 2021 (Time 2). Using hierarchical multiple regression analyses over different time periods, results revealed that uncertainty and financial prognosis were negatively associated with personal and financial success. The hypothesized moderation effects of eudaimonic well-being were not significant. Results were relatively stable for the different time periods and longitudinal associations were found.
7

Key factor intrapreneurship : the development of a systems model to facilitate the perpetuation of entrepreneurship in the larger South African organisation

Goosen, Christiaan Johannes 12 1900 (has links)
Thesis (PhD)--University of Stellenbosch, 2002. / ENGLISH ABSTRACT: This study focuses on corporate entrepreneurship or intrapreneurship. Current research on the subject focuses on traditional theory of intrapreneurship in which the creation, structure and focus of business ventures feature prominently. Central to an intrapreneurship inquiry however, are the people who make up the organisation and their interaction within the organisation through structures and processes. Many members in an organisation can initiate and be involved in entrepreneurial activities, but the lack of autonomy and access to resources can restrict them from doing so. This study proposes a solution to these problems by focusing inwards into organisations and examining ways to foster intrapreneurship. It also emphasises the influence of executive leadership on organisational outcomes. In addition it proposes an answer to the question of how internal structures and processes can facilitate intrapreneurship and how management's relationship with staff can promote intrapreneurship. Through this the study adds to the current understanding of intrapreneurship. The study examines the relationship of a proposed intrapreneurship model to organisational performance, particularly financial performance. Lastly it examines intrapreneurship in context. Once an organisation behaves intrapreneurially, positive results could follow, therefore the relationship between one of the possible results, that of improved financial performance and intrapreneurship is researched in this study. Financial data form the basis of the calculation of many measures of performance. Organisations, however, are generally not willing to supply researchers with hard financial data. A possible way to overcome this problem is to measure financial outcomes through the interpreted views of management, for example that sales increased or decreased, rather than stating the absolute value. However, this is a subjective measure and the researcher decided to overcome this problem by concentrating the study on a sector of the Johannesburg Stock Exchange for which published financial data is available. The published financial data forms the basis for the calculation of an index that is used to discriminate between better and weaker financial performance of organisations. The study identifies nine dimensions of the construct Intrapreneurship, which were factorised into three key factors. Two of the key factors focus externally and one internally. The final intrapreneurship model that emerges from the study represents the organisation's innovativeness, proactiveness, and management's influence on organisational structures, processes and internal relations. This model represents product lines and changes, research and development leadership, new techniques employed in the organisation, the organisation's competitive posture and its risktaking propensity, its environmental boldness and the decision-making style of management in terms of external opportunities. The model also addresses internal structures and processes, as well as relations in terms of intrapreneurial goal setting - a system that promotes, facilitates and manages creativity and innovation. It addresses an intracapital system for supplying resources and it facilitates communication. The model allows for staff input to management, a degree of intrapreneurial freedom, a problem-solving culture and empowered staff. Finally, it provides for the championing of intrapreneurs hip by management. In the study, hypotheses are set to establish if a relationship exists between intrapreneurship and financial performance and to examine intrapreneurship in context. The influence of organisational age, organisational size and the organisation's share Beta on intrapreneurship, is examined. The conclusions of the study can be summarised as follows: There is a relationship between financial performance and intrapreneurship as represented by the key factor management. The key factor management is a significant predictor of financial success. Organisations with higher levels of intrapreneurship are therefore more likely to be financially successful than those organisations with lower levels of intrapreneurship. The key factors that represent the proposed model each correlates moderately with the financial index. The key factor added by this study to the traditional model of intrapreneurship, improve the correlation and enrich the model. The study confirms the view that organisations can be intrapreneurial, regardless of size, which is measured by both employee count and annual turnover. This finding dispenses with the popular view that only small organisations can be entrepreneurial. The study furthermore confirms the view that older organisations could be less intrapreneurial. The study finds that younger organisations tend to be more proactive in their approach in the areas of new techniques, competitive posture, risk-taking propensity and environmental boldness, as well as in respect of decisions to exploit opportunity. The study also indicates significant correlation between organisations' share Beta coefficient and two of the three key factors that comprise intrapreneurship. This confirms the notion that intrapreneurial organisations could be more prone than their counterparts, to volatile market movements of their shares. The study does not propose a definitive model, but presents a practical model that can be implemented - a model that could improve organisations' results, specifically in the area of financial performance. / AFRIKAANSE OPSOMMING: Hierdie studie fokus op korporatiewe entrepreneurskap of intrapreneurskap. Huidige navorsing oor die onderwerp konsentreer op tradisionele teorieë waarin die skep, strukturering en fokus van besigheidsondernemings prominent is. Die werklike fokus van intrapreneurskap behoort egter die mense waaruit die organisasie bestaan, asook hulle interaksie deur middel van strukture en prosesse in te sluit. Baie individue in organisasies kan moontlik entrepreneuriese aktiwiteite inisieër of kan betrokke raak daarin, maar kan aan bande gelê word deur die gebrek aan bemagtiging en deur gebrekkige toegang tot hulpbronne. Hierdie studie het 'n oplossing vir die probleem ten doel deur organisatories na binne te fokus, asook deur voorstelle gerig daarop om intrapreneurskap te bevorder. Die studie poog voorts om die vraag te beantwoord hoe interne strukture en prosesse intrapreneurskap kan fasiliteer en hoe intrapreneurskap bevorder kan word deur te fokus op die verhouding tussen bestuur en personeel. Hierdeur word 'n bydrae gelewer ten opsigte van intrapeneurskapsnavorsing. Die studie ondersoek ook die verwantskap tussen 'n voorgestelde model vir intrapreneurskap en finansiële prestasie. Die studie ondersoek verder kontekstuele intrapreneurskap. Intrapreneurskap in 'n organisasie behoort positiewe resultate tot gevolg te hê. Die verwantskap tussen een van die positiewe resultate, naamlik finansiële prestasie en intrapreneurskap word daarom in die studie ondersoek. Finansiële data vorm die basis van baie metings van organisatoriese prestasie. Dit is egter baie moeilik om spesifieke finansiële inligting van maatskappye te bekom en daarom maak navorsers soms gebruik van uitvoerende personeel se siening van finansiële inligting, byvoorbeeld ten opsigte van die vermeerdering of vermindering van verkope. Dit is egter 'n subjektiewe oordeel en gevolglik fokus hierdie studie eerder op 'n sektor van die Johannesburgse Effektebeurs, omdat gepubliseerde inligting aangaande genoteerde maatskappye geredelik beskikbaar is. Hierdie inligting word gebruik as basis vir die berekening van 'n indeks sodat organisasies wat swakker en beter finansieel presteer, onderskei kan word. Die studie identifiseer nege dimensies van die konstruk Intrapreneurskap. Hierdie dimensies is deur middel van faktoranalise gereduseer tot drie dimensies, waarvan een na binne en twee na buite projekteer. Die finale model vir intrapreneurskap behels proaktiwiteit, innovasie, en bestuur se invloed op stelsels, procedures en verhoudinge. Die model verteenwoordig die uitgangspunt ten opsigte van 'n aantal produkte en die veranderinge aan produkte, navorsing en ontwikkelingsleierskap, die organisasie se mededingende posisionering, risiko neming, die omgewingsdurf en bestuur se besluitnemingsprofiel ten opsigte van benutbare geleenthede. Die model verteenwoordig verder bestuur se invloed op interne strukture en prosesse asook verhoudinge wat betrekking het op die insluiting van intrapreneurskap in die daarstel van doelwitte en 'n stelsel wat kreatiwiteit bevorder, fasiliteer en bestuur. Dit skep 'n sisteem van intrakapitaal wat hulpbronne verskaf, en verteenwoordig oop en nie-territoriale kommunikasie. Die model maak voorsiening vir personeel se insette en laat intrapreneuriese vryheid toe. Dit stel 'n oplossingskultuur ten opsigte van probleme, asook personeelbemagtiging, voor. Laastens stel dit voor dat bestuur die voorstanders van intrapreneurskap moet wees. In die studie word twee hipoteses daargestelom die verwantskap tussen finansiële prestasie en intrapreneurskap, asook kontekstuele intrapreneurskap te ondersoek,. Die resultate van die hipoteses kan as volg opgesom word: Daar is 'n verwantskap tussen finansiële prestasie en intrapreneurskap soos voorgestel deur die sleutelfaktor bestuur. Die sleutelfaktor bestuur is dus 'n betekenisvolle voorspeller van finansiële prestasie. Organisasies met hoër vlakke van intrapreneurskap kan daarom moontlik beter presteer as hulle eweknieë met laer vlakke van intrapreneurskap. Die drie sleutelfaktore van die voorgestelde model toon elk ook 'n positiewe korrelasie met die finansiële indeks. Die faktor wat by die tradisionele intrapreneurskapmodel gevoeg is, verbeter die korrelasie met die indeks. Die studie bevestig die standpunt dat die grootte van 'n organisasie, soos gemeet deur omset en aantal werknemers, nie 'n invloed op intrapreneurskap het nie. Hierdie bevinding is in teenstelling met die wanvoorstelling dat slegs klein organisasies intrapreneuries kan wees. Die studie bevestig ook dat ouer organisasies waarskynlik minder intrapreneuries sal wees. Jonger organisasies sal waarskynlik meer proaktief wees deur gebruik te maak van nuwe tegnieke, deur mededinging, riskoneming en deur omgewingsdurf. Die studie wys ook op die betekenisvolle korrelasie tussen organisasies se Beta (B) waarde van hul aandele en twee van die drie sleutelfaktore waaruit intrapreneurskap bestaan. Die gevolgtrekking is dus dat organisasies wat meer volatile relatief tot die mark is, 'n groter skommelingstendens het wanneer hulle met die totale mark vergelyk word. Die studie probeer nie om 'n allesomvattende model vir intrapreneurskap voor te stel nie, maar probeer eerder om 'n prakties implimenteerbare model daar te stel wat moontlik positiewe resultate kan lewer, veral in die area van finansiële prestasie.
8

Retrospektivní analýza mezikulturních rozdílů v názorech lidí na strategie, jak se prosadit v životě-srovnání České republiky a Ruska / Retrospective analysis of cross-cultural differences in people's beliefs about strategies for getting ahead in life - comparison of the Czech Republic and Russia

Polova, Viktoriia January 2021 (has links)
Viktoriia Polova. Retrospective analysis of cross-cultural differences in people's beliefs about strategies for getting ahead in life - comparison of the Czech Republic and Russia Abstract This thesis addresses the concept of getting ahead in life. Life success strategies are the set of subjective values which individuals consider to be important for achieving goals. Even though the perceptions of these strategies are flexible, there is a common pattern presented in different countries and it is changing throughout time. The main life success strategies for both populations of the Czech Republic and Russian Federation have been identified. The similarity of the factor formation can be seen for both countries; however, the variance of the strategies differs. The factor and regression analyses have been used for the identification of the strategies and the attributes which explain them. The paper can be also improved by extending the list of variables of economic attributes and individual social background. These attributes would be beneficial for future studies to fulfil the knowledge of the subject.
9

Modelo multidimensional para la construcción y desarrollo de la capacidad de innovación abierta en pymes

Diaz Delgado, Maria Fernanda 22 May 2023 (has links)
[ES] Esta investigación propone un modelo que orienta a las PYMES en sus procesos para incrementar su capacidad innovadora. La metodología utilizada se basó en la caracterización de las prácticas para la construcción y el desarrollo de la capacidad de innovación a partir de revisiones sistemáticas de la literatura científica. Posteriormente, se validó en una muestra de las pymes para los sectores priorizados por el gobierno (Agroindustria, Sistema Moda, Construcción y TIC), el nivel de aplicación de las variables y estadísticamente se definió el modelo que explica la incidencia de las variables en los resultados financieros de las pymes. Por último, se realizó un mapeo riguroso de los actores que componen el Sistema Nacional de Competitividad, Ciencia y Tecnología e Innovación de Colombia, al identificar su geolocalización, objetivo, instrumentos disponibles y roles bajo la teoría de Ecosistemas de Innovación. Como variable dependiente se consideraron los resultados exitosos de las empresas medidos a partir de la rentabilidad igual o superior a la media del sector. Precisamente, se identificaron nueve variables relacionadas con aquellos factores que permiten la construcción y el desarrollo de la capacidad innovadora, las cuales inciden en los resultados financieros de las pymes. Por otra parte, frente al mapeo de actores del ecosistema y de los instrumentos disponibles para promover el desarrollo de estrategias innovadoras en las pymes de los 4 sectores de estudio, se evidenció una alta concentración de geolocalización en las 2 ciudades más grandes de Colombia (Bogotá D.C. y Medellín), y pese a que ofrecen programas con alcance nacional se tiene poco acceso por la falta de recursos. Estas brechas se describen en el CONPES 3866 sobre la adquisición de conocimiento y tecnología, y ponen en desventaja a empresas localizadas en regiones apartadas de ciudades intermedias que no cuentan con actores articuladores y facilitadores. Sumado al modelo, este proyecto explica las variables que inciden en el éxito financiero de las pymes con lo cual podrán proponerse programas relacionados. / [CA] Aquesta investigació proposa un model que orienta a les PIMES en els seus processos per a incrementar la seua capacitat innovadora. La metodologia utilitzada es va basar en la caracterització de les pràctiques per a la construcció i el desenvolupament de la capacitat d'innovació a partir de revisions sistemàtiques de la literatura científica. Posteriorment, es va validar en una mostra de les pimes per als sectors prioritzats pel govern (Agroindústria, Sistema Moda, Construcció i TIC), el nivell d'aplicació de les variables i estadísticament es va definir el model que explica la incidència de les variables en els resultats financers de les pimes. Finalment, es va realitzar un mapatge rigorós dels actors que componen el Sistema Nacional de Competitivitat, Ciència i Tecnologia i Innovació de Colòmbia, en identificar la seua geolocalització, objectiu, instruments disponibles i rols sota la teoria d'Ecosistemes d'Innovació. Com a variable dependent es van considerar els resultats reeixits de les empreses mesurats a partir de la rendibilitat igual o superior a la mitjana del sector. Precisament, es van identificar nou variables relacionades amb aquells factors que permeten la construcció i el desenvolupament de la capacitat innovadora, les quals incideixen en els resultats financers de les pimes. D'altra banda, enfront del mapatge d'actors de l'ecosistema i dels instruments disponibles per a promoure el desenvolupament d'estratègies innovadores en les pimes dels 4 sectors d'estudi, es va evidenciar una alta concentració de geolocalització en les 2 ciutats més grans de Colòmbia (Bogotà D. C. i Medellín), i malgrat que ofereixen programes amb abast nacional es té poc accés per la falta de recursos. Aquestes bretxes es descriuen en el *CONPES 3866 sobre l'adquisició de coneixement i tecnologia, i posen en desavantatge a empreses localitzades en regions apartades de ciutats intermèdies que no compten amb actors *articuladores i facilitadors. Sumat al model, aquest projecte explica les variables que incideixen en l'èxit financer de les pimes amb la qual cosa podran proposar-se programes relacionats / [EN] This research proposes a model that guides SMEs in their processes to increase their innovative capacity. The methodology used was based on the characterization of practices for the construction and development of innovation capacity based on systematic reviews of the scientific literature. Subsequently, the level of application of the variables was validated in a sample of SMEs for the sectors prioritized by the government (Agribusiness, Fashion System, Construction and ICT), and statistically the model that explains the incidence of the variables in the financial results of SMEs. Finally, a rigorous mapping of the actors that make up the National System of Competitiveness, Science and Technology and Innovation of Colombia was carried out, by identifying their geolocation, objective, available instruments and roles under the theory of Innovation Ecosystems. As a dependent variable, the successful results of the companies were considered, measured from profitability equal to or greater than the sector average. Precisely, nine variables were identified related to those factors that allow the construction and development of innovative capacity, which affect the financial results of SMEs. On the other hand, facing the mapping of ecosystem actors and the available instruments to promote the development of innovative strategies in SMEs of the 4 study sectors, a high concentration of geolocation was evidenced in the 2 largest cities of Colombia (Bogotá D.C. and Medellín), and even though they offer programs with a national scope, there is little access due to lack of resources. These gaps are described in CONPES 3866 on the acquisition of knowledge and technology and put at a disadvantage companies located in remote regions of intermediate cities that do not have coordinating and facilitating actors. Added to the model, this project explains the variables that affect the financial success of SMEs with which related programs can be proposed. / Diaz Delgado, MF. (2023). Modelo multidimensional para la construcción y desarrollo de la capacidad de innovación abierta en pymes [Tesis doctoral]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/193494
10

Critical factors for the financial success of South African short-term insurers

Sandrock, Gerrit Johann 12 1900 (has links)
This study shows that managers of short-term insurers may improve their financial results if they can identify and manage the factors that are critical to their financial results. The development and application of the concept of critical success factors are therefore used as a basis for this study. The study reviews the functions performed by short-term insurers, focusing on the effect these functions have on their cash flows. Selection and pricing of risk are discussed in detail. The underwriting cycle in South Africa, and several possible causes of the cycle are investigated. Reinsurance, claims handling and rilanagement expenses are important components of the cash flows of short-term insurers and are therefore examined in detail. The optimum risk level at various combinations of underwriting and investment income is empirically tested, using the financial results of several insurers. The study investigates different approaches to the measurement of financial success of insurers, and the return on shareholders' funds is found to provide the fairest and most reliable method. Empirical comparisons are made on the financial results of the insurers that participated in the study to distinguish between those that are financially successful and those that are not. To discover what the industry consider to be their critical financial success factors, a postal survey was done of key decision makers in the South African short-term insurance industry. Respondents identified several success factors, but did not include some success factors discovered during the review of the literature. Respondents apparently experienced difficulty in separating strategic issues from operational ones. The survey revealed that the pricing of risk is problematic for short-term insurers. The importance of the investment function is also underestimated by the industry. The study concludes that the combined systematic risk of the investment and underwriting portfolios is a critical success factor, along with the capital base of the insurer, the ability of the insurer to use the leverage provided by using policyholders' funds as free reserves and the size and direction of an insurer's cash flows. / Business Management / D. Com (Business Management)

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