The diploma thesis is focuses on the value of the goodwill and the value of the brand of the selected construction company and the methods currently used for their determination. In the theoretical part of the thesis are described basic theoretical terms, which relate to the issue of goodwill, brand, construction company and their value. I also describe methods of goodwill and brand calculation and managed interview method. At the end of the theoretical part, I described marketing planning. In the practical part of the thesis, the thesis deals with selected methods of valuation of goodwill value and value of company brand. I have set three hypotheses and questions about a controlled interview. At the end of my diploma thesis, I proposed marketing strategies to maintain and enhance the value of goodwill and company brand.

The subject matter of this dissertation thesis is a proposal for a method of valuation of special effects that with impact on real estate prices. It deals with proposed procedures for valuation of intangible assets, and definitions of such property. Special effects are in particular name, historical value, design, quality of layout, security aspects, accessibility, conflictful groups of inhabitants in or near the property, and location. The value of special effects can be calculated as the difference between usual value and the material value of such property without coefficients of merchantability. For appraisal by official price, the thesis suggests to amend certain provisions and sections of the Act on Property Valuation No. 151/1997 Coll., and the implementing regulation of this Act, as amended. Part of the methodology is a general proposal for a method how to divide the assets into tangible and intangible part. As concerns the concrete procedure when calculating real estate prices, the thesis specifies procedure for special effects valuation. A form of cumulative matrix comprising all such effects has been drafted. Prices in single methodologies for assets valuation has to be adjusted by reasonable quantity of impact. For real estate on the territory of the Czech Republic will be used also coefficients of merchantability Kp in accordance with the price regulation considering their development in historical statistics.

Goodwill is one of the most complex and unclear concepts within financial accounting; it is uncertain what it represents as an asset, it is only recognized during the creation of business combinations and is subject to impairments. The question becomes therefore what meaning is actually to be made from goodwill’s definite appearance as a financial statement line item? Due to a perceived low relevance by users of financial statements, it can be stated that the current narration by the accounting item goodwill fails to meet the fundamental purpose of accounting. Therefore, a study to bring a comprehensive clarification of the accounting item is required where this study attempts to achieve this objective by studying the acquirers’ perceptions of goodwill. First was a thorough theoretical background established that compiles a wide collection of relevant literature on goodwill. Then were semi-structured interviews conducted with top managers of nine different parent companies who had recently made a corporate acquisition. Based on the most salient perceptions derived from the empirical data in relation to the comprehensive theoretical background, this study obtained the following findings. Goodwill can be understood through three central aspects: the underlying objective reality as an intangible asset, the PPA process and the subsequential measurement process. In relation to the two latter aspects could a fourth aspect of managers’ influence be derived. In an overarching integration, these four aspects could be synthesized into a final holistic model of the accounting item goodwill. This model iii ultimately represents a comprehensive understanding of the current accounting item goodwill in financial statements based on the perceptions of acquirers. The findings of this study can be used to bring clarity to the users of financial statements when interpreting goodwill and therefore potentially increase its perceived relevance. Foremost can this study’s holistic model be used as a guideline for future research to further elaborate on the understanding of goodwill and generate improvements to its current accounting design.

Усиление кризисных явлений в российской экономике актуализирует необходимость контроля изменений динамики позиций предприятия. С количественной стороны это позволяют сделать финансово-экономические инструменты. Методики качественной оценки того, как воспринимается предприятие, какова его позиция в сознании представителей внешней среды недостаточно унифицированы и проработаны, а соответственно и не применяются на большинстве предприятий. / Strengthening crisis phenomena in the Russian economy actualizes the need to monitor changes in the dynamics of the company's positions. From a quantitative point of view, it is possible to make financial and economic instruments. The methods of qualitative assessment of how the enterprise is perceived, what its position in the minds of the representatives of the external environment is not sufficiently harmonized and elaborated, and accordingly they are not applied at most enterprises.

The topic of intangible assets in relation to earnings management has been a debated subject for a long time. Different aspects of intangible assets have been thoroughly examined in relationship to earnings management by scholars over the years whether it’s about goodwill from business acquisition, recognition of intangible assets, timely impairments and so on. The authors found from their literature review that there was a knowledge gap when it came to intangible assets as most studies have focused on one part of the intangible assets and that has usually been goodwill. The theoretical framework consists of different theories which are explained and discussed in how they can relate to and give incentives for engaging with earnings management. This can range from opportunistic managers trying to reach bonus goals to pressure from within the company or from other stakeholders to an intent to reach the market expectations for the company. The purpose for this thesis is to examine the relationship if a larger proportion of intangible assets increases the risk for earnings management. In order to do this the authors will use an economical model to measure accruals earnings management. The connection between intangible assets and earnings management is a well threaded area where most results point towards a positive correlation. However, as far as the authors of this study can see no research has been done in a larger geographical context. This thesis aims to fill the gap of a larger geographical area. This has been done by examining publicly listed firms in the European Union. The European Union was chosen since it was a good opportunity to check this relationship over a larger geographical area and it is also suitable since it is mandatory that all publicly listed firms within the European Union region use the same accounting standard (IFRS) which makes it possible to do comparisons. This research has found evidence for a negative correlation between intangible assets and earnings management, this result is contrary to most other studies and therefore shines a light on a possible bias on the earlier research in this area. It could possibly be an indication of income minimizing and/or income smoothing when viewed through the lens of agency theory since managers viewed from that want to reach a desired result to trigger larger bonuses and promotions for him/herself. Aggressive depreciations of intangible assets and goodwill could be done to reach expected results and trigger higher bonuses. When it comes to the shareholder theory there is a possibility that this thesis does not capture it fully since the goal for the shareholder theory is to maximize the net present value and the closest proxy for that in this thesis is ROA which was shown to have a positive correlation to earnings management but not on a significant level. Positive accounting theory gives weight to the agency theory when it comes to our findings since it states that managers act in their own self-interest and choose accounting methods that allow them to reach those goals. This is a quantitative cross-sectional study consisting of 6373 observations that has been collected over a five-year period (2016-2020) from a financial database (ORBIS). The data has been tested with a standard linear regression analysis and shows significant results.

<p>Börsnoterade företag, belägna inom EU, är sedan den 1 januari år 2005 tvingade till att upprätta sina koncernredovisningar i enlighet med normgivaren IASB:s utfärdade regelverk, IAS/IFRS. Grundtanken med det nya regelverket är att kunna skapa en ökad jämförbarhet i redovisningsrapporteringen mellan företag som har sitt säte beläget i olika nationer. På motsvarande sätt finns även målsättningar att stärka konkurrenssituationen hos unionens börsnoterade företag. Uppsatsen syftar till att undersöka tillämpningen av IAS 36 i ett börs-noterat företag. Där standarden IAS 36 behandlar och reglerar nedskrivning av goodwill vid situationer då ett uppkommet nedskrivningsbehov föreligger. Regeln framhåller uttryckligen att ett företag som besitter förvärvad goodwill varje år skall genomföra åtminstone en nedskrivningsprövning och vid behov skriva ned goodwillvärdet, om det är redovisat till ett för högt värde. Undersökningen har utförts genom intervju med en kvalitativ ansats.</p><p>Resultatet av undersökningen påvisar att företaget genom subjektiva bedömningar kan förskjuta en eventuell goodwillnedskrivning framåt i tiden. Detta beror på att företaget genomför sina rörelseförvärv med ansatsen att aldrig avyttra dem, men även genom en alltför optimistisk framtidstro kan undgå nedskrivning. Undersökningen påvisar även att standarden IAS 36 är en regel som kan skapa ökade fluktuationsförändringar i börsens konjunkturförlopp, eftersom nedskrivningar på förvärvad goodwill oftast genomförs under rådande lågkonjunkturer. Därmed kan regeln IAS 36 resultera i att försämra företags redan försvagade resultat. En tillbakagång till de gamla redovisningsreglerna, med en årlig avskrivning på goodwillvärdet, skulle reducera dessa problem, vilket även intervjuobjektet bekräftar.</p>

Börsnoterade företag, belägna inom EU, är sedan den 1 januari år 2005 tvingade till att upprätta sina koncernredovisningar i enlighet med normgivaren IASB:s utfärdade regelverk, IAS/IFRS. Grundtanken med det nya regelverket är att kunna skapa en ökad jämförbarhet i redovisningsrapporteringen mellan företag som har sitt säte beläget i olika nationer. På motsvarande sätt finns även målsättningar att stärka konkurrenssituationen hos unionens börsnoterade företag. Uppsatsen syftar till att undersöka tillämpningen av IAS 36 i ett börs-noterat företag. Där standarden IAS 36 behandlar och reglerar nedskrivning av goodwill vid situationer då ett uppkommet nedskrivningsbehov föreligger. Regeln framhåller uttryckligen att ett företag som besitter förvärvad goodwill varje år skall genomföra åtminstone en nedskrivningsprövning och vid behov skriva ned goodwillvärdet, om det är redovisat till ett för högt värde. Undersökningen har utförts genom intervju med en kvalitativ ansats. Resultatet av undersökningen påvisar att företaget genom subjektiva bedömningar kan förskjuta en eventuell goodwillnedskrivning framåt i tiden. Detta beror på att företaget genomför sina rörelseförvärv med ansatsen att aldrig avyttra dem, men även genom en alltför optimistisk framtidstro kan undgå nedskrivning. Undersökningen påvisar även att standarden IAS 36 är en regel som kan skapa ökade fluktuationsförändringar i börsens konjunkturförlopp, eftersom nedskrivningar på förvärvad goodwill oftast genomförs under rådande lågkonjunkturer. Därmed kan regeln IAS 36 resultera i att försämra företags redan försvagade resultat. En tillbakagång till de gamla redovisningsreglerna, med en årlig avskrivning på goodwillvärdet, skulle reducera dessa problem, vilket även intervjuobjektet bekräftar.

在知識經濟時代，電子工業環境趨於成熟的環境下，無形資產是企業成長的重要關鍵。台灣電子工業發展至今近四十年，建構完善電子產業生態鏈，在全球站穩關鍵性地位，佔國內GDP產值之比例也非常高。 而併購是企業獲取商譽和無形資產的重要手段，對於電子工業來說，尤為重要。而Tobins’Q利用公司市值為產出指標來衡量廠商之技術創新或品牌形象等無形資產的價值，能反映無形資產在公司未來的成長機會。因此本研究欲探討電子工業和非電子工業併購取得之商譽和無形資產佔贈購價格之比例，了解其差異，並以Tobins’Q值作為公司價值之衡量，探討電子工業和非電子工業於併購當年和併購後所取得之商譽和無形資產是否能增加公司價值。 本文實證結果顯示，電子工業相對於非電子工業因併購所取得商譽和無形資產佔併購價格比例愈高，公司價值在併購後逐年提升度愈大，而電子工業相較於非電子工業更為顯著，顯示出無形資產及商譽在知識經濟時代之重要性。 / In a knowledge-based economy, the electronics industry is driven to maturity stage . Therfore , the intangible assets are the keys to enhance the coporations’ performance. The electronics industry has developed nearly 40 years ,building the perfect economic chain .Now it’s the key position in the world . The electronics industry also has higher propotion of GDP than before . Merge and acquisition is an important method to aquire Goodwill & Intangible assets , except for the electronics industry . Tobins’Q can reflect the opportunity the future of the coporation .Therefore , this research aims to the propotion of acquisition price which is different between electronics industry and non- electronics industry . The research also adopts Tobins’Q as measuring the value of coporation , which aims to define the relationship between Goodwill & Intangible Assets . The empirical results are as follows. The total acquired intangible assets of the propotion of acquisition price are positively associated with the coporation value , and electronic industry is more positive than non-electronic industry .The electronic industry’s Tobins’Q , which means the value of coporation , will be increase year by year .

The perennial controversy in business combinations accounting and its dialectic with stakeholders’ interests under the complexity of the Mergers and Acquisitions (M&A) activity is the centrepiece of analysis in this thesis. It is argued here that the accounting regulation should be as neutral as possible for the economic activity, although it is recognised that accounting changes may result in economic effects. In the case of the changes for business combinations accounting in the USA, lobbying was so fierce that in order to achieve the abolition of accounting choice in M&A accounting, it forced the standard-setter to compromise and to change substantially some of its earlier proposals. Such fierce lobbying cast doubts about whether it was effectively possible to mitigate such economic effects, resulting in a possible impact of the accounting changes on the M&A activity. The occurrence of M&A in waves is yet to be fully theorised. Nevertheless, existing literature established relationships between M&A activity and some key economic and financial factors, and has provided several interesting theories and other meaningful contributions for this thesis. It was therefore possible to examine whether the changes in the accounting rules produced any significant impact on the M&A activity. The findings obtained from the testing of the research hypotheses suggest that the new M&A accounting rules did not result in significant impacts on overall M&A activity. Nevertheless, from the study of managers’ perceptions, and from the examination of annual reports of S&P 500 companies, a considerable impact on the financial reporting was found.

Change from a regulated to deregulated structure means that, the centralized maintenance system is not valid any more. In the surveyed published literature, there is not a single model which incorporates all maintenance cost components to analyze the effect of different maintenance strategies for generator companies (GENCOs). The work enclosed in this thesis demonstrates that there is a considerable requirement for accurately modelling cost components of the maintenance model, to be used in maintenance scheduling for deregulated power system, in order to attain a superior schedule with major financial and operational impact. This research investigates and models most cost factors that affect the maintenance activities of the deregulated GENCOs, and demonstrates the utilization of the developed cost models in maintenance scheduling. It also presents the data gathering process for the developed maintenance cost model. A generator maintenance scheduling model that considers direct and indirect maintenance costs, opportunity costs (i.e. loss of customer goodwill), effective maintenance strategies, failures, and interruptions is developed. A Genetic Algorithm (GA) based approach is employed to achieve maintenance schedules to various generators maintenance scenarios. An Analytical Hierarchy Process (AHP) approach is proposed for modelling customer goodwill. The maintenance model was redeveloped under the Reliability Centred Maintenance (RCM) strategy to analyze the effect of a maintenance strategy on maintenance costs. Case studies are presented to demonstrate the utilisation of the developed models.The investigation shows that the market prices, opportunity costs and maintenance strategy have an effect on the final maintenance schedule. The research demonstrates that the cost components are critical factors to achieve an effective maintenance schedule, and they must be considered and carefully modelled in order to reflect more realistic situation for maintenance scheduling of generator units in deregulation environment.