Made available in DSpace on 2016-03-15T19:32:31Z (GMT). No. of bitstreams: 1 Sergio de Jesus.pdf: 1304758 bytes, checksum: d93f4a2c0b7a9f80ad1636906381440d (MD5) Previous issue date: 2011-02-14 / Fundo Mackenzie de Pesquisa / The process of credit risk management of banks is an extremely important activity for the correct identification of the risks inherent in banking to lend funds to third parties. Thus, bank s managers should be alert to best market practices and efficient processes for the timely and accurate identification of credit risks in its loan portfolio and act appropriately to minimize their potential losses. Worldwide, the process of credit risk management has changed to improve the measurement of risks by banks through the new agreement of Capitals - Basel II. Through this new agreement the banks can build and use their own models of credit risk management, with the inclusion of financial and nonfinancial information. Currently, studies demonstrate the importance of intangible assets of enterprises, including those related to intellectual capital, for its ability to generate value and future cash flows for companies. However, due to the difficult identification and measurement of these assets, the current processes for credit risk management still do not include these assets (Intellectual Capital) into their risk analysis. Thus, this study investigates the structure of current models of credit risk management of Brazilian banks, from the Basel II s perspective, to see the possibility to contemplate the intangible assets related to intellectual capital in these models. It was also a scope of the research, a proposal for improving the process of Banco Titânio (unreal name), through the identification, measurement and inclusion of such assets in the process of credit risk management of the bank. The research is exploratory and descriptive and it was conducted in two phases: Initially, the data collection was conducted through an electronic research sent to eight Brazilian banks, and the data were processed by descriptive analysis and content analysis. In the second phase, the research was conducted like a case analysis with the Banco Titânio, and the data were processed through the verification in loco of the current processes of the bank. The results showed that intangible assets related to Intellectual Capital are viewed by managers of banks as important informations to the process of managing credit risk, but because there is no systematic way for its inclusion in the models, these assets still are not included in the processes of credit risk management of Banks that formed the sample; therefore, we proposed a systematic way to improve the management models of banks' credit risk with the inclusion of these assets. / O processo de gerenciamento de risco de crédito dos bancos é uma atividade de extrema importância para a correta identificação dos riscos inerentes à atividade bancária de emprestar recursos financeiros a terceiros. Dessa forma, os gestores dos bancos precisam estar atentos às melhores práticas de mercado e ter em mãos processos eficientes para a tempestiva e correta identificação dos riscos de crédito de sua carteira de empréstimos e agir de maneira adequada para minimizar suas possíveis perdas. Mundialmente, o processo de gerenciamento de risco de crédito passa por significativas mudanças de forma a melhorar a mensuração de riscos por parte dos bancos, devido ao novo acordo de capitais da Basileia II. Segundo este novo acordo, os bancos podem construir e utilizar modelos próprios de gerenciamento de riscos de crédito com a inclusão de informações financeiras e não financeiras. Atualmente, estudos demonstram a importância dos ativos intangíveis das empresas, inclusive os relacionados ao Capital Intelectual, por sua capacidade de geração de valor e de fluxos de caixas futuros para as empresas. Porém, em função da difícil identificação e mensuração desses ativos, os processos atuais de gerenciamento de risco de crédito não incluem esses ativos em suas análises. Sendo assim, esse estudo buscou conhecer a estrutura atual dos modelos de gerenciamento de risco de crédito de bancos brasileiros, pela ótica do novo acordo de capitais da Basileia II, de forma a se verificar a possibilidade de se contemplar os ativos intangíveis relacionados ao Capital Intelectual nesses modelos. Também foi escopo do trabalho sugerir uma proposta de aperfeiçoamento do processo do Banco Titânio (nome fictício), com a identificação, mensuração e inclusão desses ativos no processo de gerenciamento de risco de crédito do banco. A pesquisa é descritiva e exploratória e foi conduzida em duas fases: Na primeira fase, a coleta de dados foi efetuada por meio de questionário eletrônico enviado para oito bancos brasileiros, sendo que os dados foram tratados por análises descritivas e análises de conteúdo. Na segunda fase da pesquisa, foi efetuada uma análise de caso com o Banco Titânio, sendo que os dados foram tratados por meio da verificação in loco dos processos atuais do banco. Os resultados demonstraram que os ativos intangíveis relacionados ao Capital Intelectual são vistos pelos gestores dos bancos como informações importantes para o processo de gerenciamento de risco de crédito, porém por não existir uma forma sistematizada para sua inclusão nos modelos, esses ativos ainda não são contemplados nos processos de gerenciamento de risco de crédito dos bancos que compuseram a amostra; sendo assim, foi proposta uma sistemática para o aperfeiçoamento dos modelos de gerenciamento de risco de crédito dos bancos com a inclusão desses ativos.

Ever since its conception, Intellectual Capital has undergone substantial transformation both in terms of its general definition and its prevalence in external reports. Although consistently focusing on intangibles, over time, intellectual capital has become an area focused on intangibles in accordance with the basic principles of the Resource-Based View regarding how assets can be used to acquire sustainable superior performance. Proponents of intellectual capital adhere to its framework and classification of different intangibles, claiming that it offers increased understanding as to how value is derived from intangible assets. The understanding of the measurement and subsequent reporting of intellectual capital being value creating is, however, a disputed claim. The field of intellectual capital has also been stated to be suffering from a lack of empirical studies focused on specific sectors. Although organisations from among the banking sector have been included in empirical studies within the realm of intellectual capital, there are few such studies which include Swedish banks, let alone studies focused on the Swedish bank sector. The question of whether organisations among the Swedish banking sector are dedicating themselves towards measuring intangible assets included in the intellectual capital framework has so far not been closely studied. Neither has a study focused on exploring the underlying motivations as to why organisations within this sector would choose to dedicate themselves to such work been made. By means of a qualitative research method focused on interviews with respondents from three banks belonging to the Swedish banking sector, this study demonstrates that although intellectual capital is virtually unknown within the sector, examples of the organisations’ measuring practises of intangibles included in the intellectual capital framework are numerous. By implementing resourced-based view and legitimacy theory, the primary motivation behind organisations implementing such measurements is suggested to primarily be to better understand and utilise the resource. The findings of this study also suggest that disclosure of intellectual capital is not viewed as legitimising, despite similarities between organisations in the sector leading to expressed wishes of certain intangibles being disclosed for differentiation purposes. / Intellektuellt Kapital har gått igenom en omfattande förvandling både vad gäller dess generella definition och sin utbredning i externa rapporter sedan begreppet först myntades. Även om begreppet konsekvent har fokuserat på immateriella tillgångar har intellektuellt kapital, över tid, blivit ett område där immateriella tillgångar behandlas i enhet med de grundläggande antaganden hos Resursbaserad Teori i fråga om hur tillgångar kan användas för att uppnå varaktiga konkurrensfördelar. Förespråkare av intellektuellt kapital ansluter sig till dess ramverk och klassificering av olika immateriella tillgångar och påstår att det erbjuder en ökad förståelse gällande hur värde härleds från dessa tillgångar. Huruvida mätningen och följaktiga rapportering av intellektuellt kapital är värdeskapande är däremot ett omtvistat område. Intellektuellt kapital har även hävdats lida av en brist av empiriska studier fokuserade på specifika sektorer. Även fast organisationer från banksektorn har varit inkluderade i empiriska studier inom området intellektuellt kapital så finns det få sådana studier som inkluderar svenska banker, för att inte tala om studier som fokuserar på den svenska banksektorn. Frågan om huruvida organisationer från den svenska banksektorn aktivt mäter immateriella tillgångar som inkluderas i ramverket av intellektuellt kapital har hittills inte studerats grundligt. Inte heller har en studie gjorts som fokuserar på att utforska de underliggande motivationerna varför organisationer inom denna sektor skulle ägna sig åt sådant arbete. Genom en kvalitativ studie baserad på intervjuer med respondenter från tre banker från den svenska banksektorn demonstrerar denna studie att trots att intellektuellt kapital är praktiskt taget okänt inom sektorn så återfinns ett flertal exempel av mätning av immateriella tillgångar som inkluderas i ramverket hos intellektuellt kapital bland dessa organisationer. Genom implementering av resursbaserad teori och legitimitetsteorin så framgår att den huvudsakliga orsaken till att organisationer implementerar sådan mätning är att få ökad förståelse för resursen och bättre kan utnyttja den. Resultaten visar även på att redovisning av intellektuellt kapital inte ses som legitimerande, trots att likheter mellan organisationer i den svenska banksektorn tycks leda till att vissa immateriella tillgångar redovisas för att organisationen ska kunna differentiera sig från sina konkurrenter.

Thesis deals with the valuation of a trademark as an intangible property of a firm. In the theoretical part is a treatise on the difference between brand and trademark. There is also explained the importance of brand essence and brand building. It also described the area, benefiting from brand valuation. The selected company is subjected to several analysis and the value of its brand is recognized by the method license analogy.

The aim of this thesis is to analyse the research area of omitted intangible assets from the balance sheet and consider rewards of their potential recognition in the statement of financial position. The theoretical part provides the reader with the current regulation in force and compares it to the regulation prior the standardization and convergence process. The empirical part focuses on valuation of equity of three companies from the pharmaceutical industry based on the model pursued by American professor Stephen Penman. The values obtained are subsequently compared to market prices which are believed to reflect also the possession of omitted intangible assets. Differences identified speak in favour of potential recognition, however these are believed to be marginal comparing to probable inherent risks, which include, inter alia, stock market run-ups and earnings management.

The Diploma Thesis deals with an intangible assets reporting in different accounting systems. The purpose of the Diploma Thesis is a comparison of intangible assets in accordance with International Financial Reporting Standards (IFRS), Czech and Slovak accounting rules. It presents the impact of the found problematic scopes on the relevance of data reporting in the concrete companies. It points out the necessity of harmonization of national accounting legislations.

The topic of the diploma thesis „Reporting of intangible assets in accordance with Czech Accounting Standards, IFRS and US GAAP“ is a determination and presentation of intangible assets under Czech Accounting Standards and two predominant accounting frameworks in use – International Accounting Financial Standards and US Generally Acepted Accounting Principles. The analytical part of thesis is focused on impacts in a particular entity which arise from different accounting treatment.

The performance effects of multinationality have been subject to extensive study over the last four decades. To date, the findings of empirical studies have not been able to demonstrate a consistent picture as far as the relationship between multinationality (M) and performance (P) is concerned; nor have they established a general link. This dissertation suggests that the M-P relation might be contingent upon certain contextual considerations. In particular, this doctoral thesis examines the performance effects of multinationality depending on a) scope of international expansion (regional vs. global); b) the role of firm-specific assets (FSAs) and c) home region effects.

Syftet med uppsatsen är att utifrån intern strategi och anställdas uppfattning undersöka hur ett varuhus ​inom High-End-segmentet arbetar med att differentiera sitt fysiska erbjudande. Vidare syftar uppsatsen till att undersöka huruvida detta skulle kunna vara ett sätt att bemöta den ökade konkurrensen från E-handeln.  De teorier som har legat till grund för studiens analysmodell är teorin om The Five Products Levels samt immateriella värdens kompletterande effekten på differentieringen av ett erbjudande.  Studien baseras på primär- och sekundärdata av Nordiska Kompaniet (NK). Kvalitativ primärdata erhölls från semistrukturerade intervjuer med personer i strategisk position på NK och anställda i varuhuset. Respondenterna valdes utifrån ett strategiskt urval. Sekundärdata från externa källor användes som komplement.  ​Studien visar att NK har möjlighet att konkurrera med E-handeln med ett fysisk erbjudande, genom en unik upplevelse som sträcker sig utanför köpögonblicket. NK kan konkurrera genom att positionera sig inom områden som E-handeln behärskar sämre. Områden som E-handeln i dagsläget ej anses behärska på grund av dess svårigheter att bygga starka kundrelationer samt endast digital närvaro där fysiska upplevelser går förlorade. / The purpose of the thesis is to, based on internal strategy and the employees' perception, investigate how a department store within the High-End segment works to differentiate its physical offering. Furthermore, the thesis aims to investigate whether this could be a response to the increased competition from E-commerce.  The theories that have formed the basis of the study's model of analysis are the theory of The Five Products Levels and the complementary effect of intangible values on the differentiation of an offer.  The study is based on primary and secondary data of Nordiska Kompaniet (NK). Qualitative primary data was obtained from semi-structured interviews with people in strategic positions at NK and department store staff. The respondents were selected based on a strategic selection. Secondary data from external sources were used as a complement.  The study shows that NK has the opportunity to compete with E-commerce with a physical offer, through a unique experience that extends beyond the moment of purchase. NK can compete by positioning itself in areas that E-commerce masters less. Areas that E-commerce currently does not master due to its difficulties in building strong customer relationships and only digital presence where physical experiences are lost.

Forskning och utveckling utgör den största posten bland egenupparbetade immateriella tillgångar. Inom bara Europa uppgick läkemedelsföretagens investeringar inom forskning och utveckling till 37 500 miljoner euro. Hur dessa utgifter ska redovisas har länge varit uppe för diskussion. Det finns två möjliga sätt att redovisa utgifter för forskning och utveckling. Antingen kostnadsförs utgifterna direkt i resultaträkningen eller så aktiveras utgifterna till immateriella tillgångar i balansräkningen. Aktivering förutsätter dock att vissa kriterier enligt IAS 38 är uppfyllda.  Studiens syfte är att undersöka hur skillnaderna mellan de olika redovisningsmetoderna för forskning och utveckling påverkar företagets långivare och investerare. Vidare syftar även studien till att undersöka vilken redovisningsmetod som är mest fördelaktigt för långivare och investerare. Detta har undersökts genom konstruerade typfall där IAS 38 och K3-regelverket för egenupparbetade immateriella tillgångar har tillämpats. Empirin från typfallen har analyserats utifrån relevanta nyckeltal, positiv redovisningsteori och redovisningens kvalitativa egenskaper.  Resultatet av studien visar att vald redovisningsmetod ger endast en liten påverkan på företagens finansiella ställning. Företag som tillämpar standarderna utgivna av IASB erfordras fler krav på antal upplysningar. Vid tidpunkten då ett projekt befinner sig i utvecklingsfasen har företaget kontroll över en resurs som kommer att inbringa framtida kassaflöden. Därför blir slutsatsen att IAS 38 bör tillämpas. Denna standard ger en mer rättvisande bild och speglar verkligheten bättre samt höjer kvalitén på de finansiella rapporterna. / Research and development constitutes the largest post among internally generated intangible assets. Investment in research and development among the pharmaceutical industry amounted to 37 500 million euros, solely in Europe. How these expenditures should be accounted for has been subjected to debate for a long time. Accounting for research and development is made feasible through two methods. The company can either classify the research and development expenses as any expenditure on the income statement or capitalize the internally generated assets on the balance sheet. However, according to IAS 38 companies are required to meet certain criteria before capitalizing the assets. The purpose of the study was to examine how the discrepancies between these accounting methods affected the company’s creditors and investors. Furthermore, the study aims to examine which accounting methods are most advantageous for the creditors and investors. The study has been executed through self-constructed cases where IAS 38 and K3 framework have been practiced. The empirical results from the cases have been analyzed with regards to relevant key figures, positive accounting theory, prudence concept and accounting qualitative characteristics. The result from the study demonstrated that accounting methods have little to no effect on the financial statements. Financial statements are affected marginally regardless of the chosen method. The results concluded that compliance with IAS 38 issued by IASB offers a fair presentation of the financials, which subsequently reflects the reality better as well as heightens the quality of the financial statements and shall therefore be practiced.

Från år 2009 till år 2021 har den totala mängden goodwill för alla svenska börsnoterade bolag ökat från 490,4 miljarder kronor till 1 166,9 miljarder kronor, medan nedskrivningarna legat på en konstant låg nivå. Enligt regelverket IAS 36 är inflation, räntor och marknadsutsikter betydande faktorer som ska tas i beaktande vid värderingen av goodwill. Med hänsyn till det förändrade makroekonomiska läget som varit under år 2022, ämnar uppsatsen att undersöka om nedskrivningar av goodwill år 2022 skiljer sig från åren 2009–2021, samt vad som kan förklara de nedskrivningar som gjordes år 2022. För att besvara syftet användes en deskriptiv analysmetod för att samla in och analysera data för perioden 2009–2022, och för att kunna förklara nedskrivningarna som gjordes år 2022 genomfördes en fallstudie. Genom att sammanföra resultaten från de två analyserna kunde uppsatsens syfte besvaras med hjälp av tidigare forskning och teoretiska perspektiv. Populationen för den deskriptiva analysen gällande skillnader i nedskrivningar är svenska börsnoterade aktiebolag på Nasdaq OMX Stockholm Main Market som redovisar goodwill. Populationen för fallstudien är svenska börsnoterade aktiebolag på Nasdaq OMX Stockholm Main Market som genomfört en nedskrivning av goodwill år 2022. Uppsatsens resultat visar att ett företag har gjort en rekordstor nedskrivning år 2022 som är större än något annat års totala nedskrivning. Exkluderas detta företag finns det ingen större skillnad i nedskrivningarna år 2022 jämfört med åren 2009-2021. Företagen motiverar att deras nedskrivningar år 2022 huvudsakligen beror på förändringar i både den makroekonomiska miljön och i deras marknadsförutsättningar. Även om dessa förklaringar överensstämmer med regelverket, tyder resultaten på att företagen använt olika redovisningsval för att uppnå önskade resultat, vilket bekräftar det som tidigare forskning kommit fram till. Detta indikerar att företag fortsatt kan använda subjektiva bedömningar för att uppnå önskade resultat, trots betydande makroekonomiska förändringar år 2022. / From 2009 to 2021, the total amount of goodwill for all Swedish listed companies has increased from SEK 490.4 billion to SEK 1,166.9 billion, while impairments have remained consistently low. According to the IAS 36 framework, inflation, interest rates, and market outlook are significant factors to consider when valuing goodwill. Considering the changed macroeconomic conditions experienced in 2022, this paper aims to investigate whether impairments of goodwill in 2022 differ from the years 2009-2021, as well as identify the reasons behind the impairments made in 2022. To address the research purpose, a descriptive analysis method was used to gather and analyze data for the period of 2009-2022. Additionally, a case study was conducted to explain the impairments observed in 2022. By combining the results from both analyses, the research objective was accomplished through the utilization of previous research and theoretical perspectives. The population for the descriptive analysis regarding differences in impairments consists of Swedish listed companies on the Nasdaq OMX Stockholm Main Market that reported goodwill. The population for the case study comprises Swedish listed companies on the Nasdaq OMX Stockholm Main Market that have performed impairments of goodwill in 2022. The results of the essay reveal that one company has made a record-breaking impairment in 2022, surpassing the total impairments of any other year. However, when excluding this particular company, there is no significant difference in impairments observed in 2022 compared to the years 2009-2021. The companies justify their impairments in 2022 primarily based on changes in both the macroeconomic environment and their market conditions. Although these explanations align with the regulatory framework, the results indicates that the companies have used different accounting choices to achieve desired outcomes, which confirms findings from previous research. This indicates that companies are able to use subjective assessments to achieve desired results, despite the significant macroeconomic changes in 2022.