Diploma work consists of two parts. Teoretical parts is based on characteristic of non-profit organizations, their specific finance and budgeting, their system of accounting and problematics of funds creation and usage.

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The main goal of my work is to set the criteria which have an influence on the profit of the ski resorts. The topic deals with building valuation, public database and data about air temperature. The part of the thesis is about building valuation of two companies that own chosen ski resorts. The valuation is done by the definite valuation regulation, single objects in the way given by the valuation notice. For main influential criteria was needed to get the information about profit and expense, this information was necessary for assessment of the company profit. From this information we can say that gross profit relies on the rent which both companies have to pay for ski lift and lift area. Assessment of criteria is about the location of the ski resorts. The most important criteria are the accommodation capacity and the weather. The accommodation capacity is going together with attendance. Because of the possibility of sleeping over the visitors of the ski resorts, the weather and the air temperature have an influence on the snow quality and this is going together with the length of the skiing season.

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<p>In this thesis deposit and loan rate-setting equations for chartered banks are derived on the premise that these rates are set so as to maximize the banking industry's profits. Because of the oligopolistic nature of the Canadian banking industry and because explicit collusion is illegal an optimizing model of chartered bank ratesetting behaviour was integrated into the institutional framework of the Canadian banking industry.</p> <p>To do this a two-stage model of the Canadian banking industry is proposed. At the first stage, the prime rate on loans and the rate on non-chequing personal savings deposits are set so as to maximize the collective profits of the industry. To circumvent the illegality of explicit collusion a price leadership model is developed. In this model it is not one of the individual banks which is a price leader, but rather changes in the bank rate act as a signal for all of the individual banks to change their rates. The formulation proposed was tested and the hypothesis accepted for both rates. The second stage of the two-stage model is concerned with asset and liability management and is not developed in this thesis.</p> <p>A second contribution of this thesis is to take into account chartered bank rate-setting behaviour when estimating demand equations for both business loans and nonchequing personal savings deposits. When the estimation procedure used reflects these problems it is found that there are large changes in the values of the estimated coefficients in the demand functions for loans and deposits, compared to the simple O.L.S. estimates of the parameter values.</p> / Doctor of Philosophy (PhD)

Som en samhällsviktig funktion behöver banker stå till svars för de vinster de gör för att kunna uppfattas som legitima. Trots det möts svenska banker av kritik från samhället. Som senaste exempel fick storbankerna kritik under 2023 på grund av övervinster under en tid när svenska hushåll hade det finansiellt ansträngt. Syftet med studien är att identifiera legitimitetsstrategier i de fyra svenska storbankernas VD-ord samt att analysera hur strategierna kan ta sig uttryck inom och mellan banker för att skapa förståelse för hur banker legitimerar sina vinster. Empirin analyserades med en analysmodell baserad på tidigare forskning om legitimitetsstrategier huvudsakligen framtagna för att reparera ett företags legitimitet. Analysmodellen kompletterades med egenutvecklade strategier kopplade till vinster för att uppnå studiens syfte. Modellen definierar studien åtta legitimitetsstrategier: förklara, tillgodose aktieägare, förändra, flytta fokus, konstatera, ta ansvar, anpassa samt skapa och upprätthålla. De användes till en kvalitativ innehållsanalys där VD-orden från Swedbank, Nordea, Handelsbanken samt Skandinaviska Enskilda Banken (SEB) analyserades mellan åren 2000-2023. En inomfallsanalys utfördes initialt där respektive bank analyserades var för sig under fyra tidsperioder som sammanfaller med kritik från samhället tillsammans med efterföljande år för att se hur kritiken bemöts. Därefter utfördes en mellanfallsanalys för att jämföra bankerna och ge svar på vad som gör att en bank väljer en specifik strategi samt vilka strategier som använts. Slutsatserna visade att samtliga åtta legitimitetsstrategier från analysmodellen återfanns hos tre av bankerna, hos den sista banken återfanns enbart sex strategier. Vidare, kunde man dra slutsatsen att bankerna bemöter kritiken de får även om det vid vissa perioder sker indirekt samt att användningen av legitimitetsstrategier har olika betydelser för respektive bank. / As a socially important function banks need to be held accountable for the profits they make to possess legitimacy. Despite that Swedish banks face criticism from society. As the latest example the biggest banks received criticism during 2023 for excess profits during a time when Swedish households were financially strained. The study aims to identify legitimacy strategies in the CEO-letter at Sweden's four biggest banks and to analyze how the strategies can be shown within and between the banks to create an understanding for how banks legitimize their profits. The empirical material was analyzed with a model of analysis based on previous research on legitimacy strategies mainly for repairing a company’s legitimacy. The model of analysis was supplemented with self-developed strategies connected to profits to achieve the aim of the study. The model defines eight strategies for legitimacy: explain, satisfy shareholders, change, shift focus, state, take responsibility, adapt and create and maintain. They were used for a qualitative content analysis where the CEO-letters from Swedbank, Nordea, Handelsbanken and Skandinaviska Enskilda Banken (SEB) were analyzed between the years of 2000-2023. A case analysis was done initially where every bank was analyzed separately during four time periods that correlate with criticism from society along with the following year to see how the critique was received. An intermediate case analysis was then done to compare the banks and give an answer to why a bank chose a specific strategy along with what strategies were used. The conclusions show that all eight strategies for legitimacy from the model of analysis were used by three of the banks, at the remaining bank only six strategies were used. Furthermore, it was possible to draw the conclusion that the banks meet the criticism they receive even though at certain periods it happens indirectly and also that the use of legitimacy strategies have different meaning for the respective bank.

This study is one of five such studies dealing with the general subject of growth which have been undertaken recently in the School of Business of North Texas State College. This study is the third in the series and is concerned, as were the previous studies, with the general subject of growth. However, this third study is concerned with the compound annual rates of growth, during definite economic epochs, of net profit after taxes for more than 150 prominent corporations. The problem involved in this study is threefold: (1) to determine what constitutes growth, (2) to determine which corporations are growing, and (3) to determine as nearly as possible the growth characteristics of the corporations employed.

The first problem involved in this study is to determine what growth is. The second problem of this thesis is to determine the characteristics of growth during the previous economic epochs. The third problem is to determine what companies are growing. This will be accomplished by the use of a representative list of American corporations.

A quoi sert la responsabilité contractuelle ? « Réparer » répond la doctrine classique. « Payer ! » conteste un courant doctrinal audacieux. « Punir ? » s’interrogent quelques voix ici et là. La responsabilité contractuelle cherche à reconstituer une situation à l’image de celle qui aurait découlé de l’exécution du contrat. Ce faisant, elle ne remplit pas une fonction unique mais plusieurs fonctions. Elle est d’abord tournée vers le créancier, auquel elle offre un substitut en argent de l’exécution elle-même (fonction de paiement) et la compensation des préjudices consécutifs à l’inexécution (fonction de réparation). Les dommages et intérêts en lieu et place de l’exécution et les dommages et intérêts compensatoires se complètent et permettent le rétablissement du créancier. La responsabilité contractuelle est ensuite tournée vers le débiteur : elle punit l’inexécution d’une particulière gravité en le condamnant à verser une somme supérieure à celle due au titre du paiement et de la réparation (fonction de peine privée). Cette punition peut notamment prendre la forme d’une restitution des profits, sanction de portée générale de la violation lucrative du contrat. L’étude des fonctions de paiement, de réparation et de peine privée révèle le caractère hybride de la responsabilité contractuelle, lequel forge sa spécificité et fonde son autonomie. Des fonctions qui sont reconnues à la responsabilité contractuelle dépendent directement les conditions qui président à sa mise en oeuvre, les effets qui sont les siens, la place qu’elle occupe au sein du droit de l’inexécution, son articulation avec les autres sanctions et la frontière qui la sépare de la responsabilité délictuelle. Cette étude de droit comparé, qui inclut, aux côtés du droit français, les droits allemand et anglais, examine les interactions entre les fonctions et les sanctions de la responsabilité contractuelle en vue d’une meilleure compréhension et d’une possible reconstruction de cette institution. / What is the purpose of contractual liability? “To compensate” will be the classical answer. “To provide a substitute for performance!” will dissent some daring scholars. “To punish?” will ask some voices here and there. Contractual liability aims at reproducing a situation similar to the one that would have resulted from performance. In doing so, it fulfils not one, but several functions. Firstly, looking at the creditor, contractual liability offers him a monetary substitute for performance itself (satisfactory function) and a compensation for the consequential loss suffered due to the breach of contract (compensatory function). Secondly, turning to the debtor, contractual liability punishes particularly serious breaches of contract by allowing an amount of damages greater than the cost of performance and compensation (punitive function). In case of a profit-oriented breach, this punishment can take the form of an account of profits. The clarification of these three functions reveals the hybrid nature of contractual liability that forges its specificity and provides the conceptual foundations for its autonomy. On these functions depend the conditions and effects of contractual liability, its place in contract law and its articulation and combination with the other remedies for breach of contract, as well as its borderline to tortious liability. This comparative work in French, German and English Law examines the interactions between the functions and the sanctions within contractual liability in view of a better understanding and a possible rational reconstruction of the concept of contractual liability.

A problem South-Africa is facing is that the wealth created by mines (also called economic rent) may not yet get distributed satisfactorily evenly between the nation and investors. In an attempt to find a solution to the abovementioned dilemma, government initiated a feasibility study for the nationalisation of mines. This proposal was however waived for two reasons: firstly that it would be unaffordable for government to buy out private companies and secondly, that it would create discontent amongst foreign investors, which would result in them withdrawing access to financing. Consequently, the ANC, during 2012 in the SIMS report proposed a possible implementation of a resource rent tax (RRT), akin to Australia’s, to ensure that the State receives a greater/more equitable share of the wealth. Developments in the mining industry since 2012, have drawn attention to two serious issues: labour related concerns and continued strikes as well as a reduction in foreign direct investment as a result of negative investor sentiment towards South Africa. These issues are directly related to the perception that the community (including mine workers) do not benefit fairly from the wealth created by mines, which results in ongoing labour unrests and subsequently in investment withdrawal. It would seem that even though no further consideration has been given to the implementation of a RRT since 2012, it may be regarded as a possible and sensible solution. This study focuses on the possible impact on the taxation payable by the South African mining industry, if a RRT were to be introduced. Research has been conducted in order to obtain an understanding of the working of a RRT, to analyse South Africa’s current tax regime, to develop a simple hypothetical case study to evaluate both the quantitative and qualitative impact of the introduction of a RRT system on South African mining tax (for both the investor and the state). The study concludes that the introduction of a RRT can potentially result in a more fair distribution of resource rents between the investor and the state (community - rightful owners of the natural resources). Research however proved that this is likely to influence the investor’s investment decisions which in turn may result in a general downturn in mining operations and profits. Based on the qualitative results of a case study, a RRT was proven to be inefficient due to the fact that it will only tax mining companies with a higher rate of return and in effect higher risk companies. As investors are prepared to take on high risk projects for the purpose of generating higher returns, the introduction of an RRT reducing this return might influence an investor’s decision. The potential impact on investors’ decisions may be counteracted through further research with regard to variables used in the RRT model namely the percentage of tax charged and the required rate of return. A RRT is therefore proven to have some benefits, even though some aspects will require further evaluation. / MCom (South African and International Tax), North-West University, Potchefstroom Campus, 2015