Made available in DSpace on 2016-04-25T18:40:26Z (GMT). No. of bitstreams: 1 Marcelo Fodra.pdf: 1228186 bytes, checksum: f7b10212cc5270bc5d0908c4304d7b16 (MD5) Previous issue date: 2007-10-29 / The availability of energy is a crucial element to the economic development of societies. In Brazil, in particular, predominate the use of electric energy that comes from hydraulic sources, because of the huge natural hydric potential that existing in Brazil. Since the beginning of the 20 th century, the government legislated and controlled the electrical sector as a whole, maintaining all the productive structure by natural monopole, exploring the services and taxing for the use, doing important services to the economic and social development of the country. Yet, when the State lost its investment capability, the predominant attitude nowadays was adopted, promoting the privatization of several productive structures, including the national electric facility. To do so, legal and organization measures, were taken, mainly determination of unverticalization of organization, building a competitive environment not consolidated yet. This assignment tried to compare the social and economic performance levels reached by the public and private Brazilian electrical companies, focusing on the added value, from financial and social demonstration elaborated by coletive groups that operated on the generation and distribution of energy from the hydraulic sources, between 2000 and 2003 / A disponibilidade de energia é elemento crucial ao desenvolvimento econômico das sociedades. No Brasil, em particular, predomina a utilização de energia elétrica proveniente de fontes hidráulicas, em razão do enorme potencial hídrico natural existente no país. Desde o início do século XX, o governo legislava e controlava o setor elétrico como um todo, mantendo toda a estrutura produtiva sob a forma de monopólio natural, explorando os serviços e cobrando tarifas pelo uso, prestando relevantes serviços ao desenvolvimento econômico e social do país. Contudo, à medida que o Estado perdeu sua capacidade de investimento, adotou-se a postura predominante no mundo atual, privatizando-se diversas estruturas produtivas, inclusive o aparato elétrico nacional. Para isso, providências legais e organizacionais foram tomadas, sendo a determinação de desverticalização das organizações uma das principais, criando-se um ambiente competitivo ainda não consolidado. Este trabalho consistiu em comparar os níveis de desempenho econômico e social alcançados pelas empresas públicas e privadas do setor elétrico brasileiro, com especial enfoque no valor adicionado, a partir das demonstrações financeiras e sociais elaboradas pelas entidades que operaram nos segmentos de transmissão, geração e distribuição de energia proveniente de fontes hidráulicas, entre 2000 e 2003. Os resultados mostraram que as empresas privadas apresentaram melhor desempenho financeiro, enquanto as públicas exibiram melhor performance dos seus indicadores sociais

La diversification de l’offre des produits de terroir oblige les distributeurs à s’interroger sur leur implantation en magasin. Cette thèse propose de réfléchir sur la décision de l’implantation des produits de terroir dans le contexte français en adoptant une approche inter-catégorielle, au niveau général du magasin. Cette recherche étudie le rôle des stratégies d’implantation dans l’accroissement de l’accessibilité et de la facilité d’achat des produits de terroir en magasin, d’une part, et dans l’augmentation de la performance financière, d’autre part. Pour ce faire, une étude qualitative exploratoire ainsi qu’une expérimentation dans un magasin ont été menées sur les catégories de produits de terroir. / The diversification of the offer of terroir products forces distributors to question their allocation in the store. The thesis proposes to reflect on the allocation of terroir products in the French context by adopting an inter-categorial approach, at the general level of the store. This research examines the role of shelf space allocation strategies in increasing the accessibility and ease of purchase of terroir products in-store, on the one hand, and in increasing financial performance, on the other hand. Therefore, both an exploratory qualitative study and an experiment in a store have been conducted for the categories of terroir products.

Bakgrund: Short-termism beskrivs i såväl den vardagliga debatten som i akademiska undersökningar som ett hinder för bolags långsiktiga värdeskapande. Trots detta så är inte relationen mellan short-termism och långsiktigt värdeskapande undersökt tillräckligt. Utöver detta så har tidigare studier funnit att tidshorisonten inom bolagsstyrning påverkar ett bolags finansiella prestationer, men inte kunnat fastställa hur relationen mellan short-termism, långsiktigt värdeskapande och finansiella prestationer ser ut. Syfte: Syftet med denna studie är att öka förståelse för relationen mellan short-termism, långsiktigt värdeskapande och finansiella prestationer, samt förklara vilka faktorer som påverkar variation av short-termism inom den svenska IT-branschen. Metod: Genom en kvantitativ metod i kombination med en deduktiv ansats så har studien undersökt hur relationen mellan olika fenomen inom bolagsstyrningen ser ut. Detta är gjort med ett urval bestående av IT-bolag som är noterade på Stockholmsbörsen. Slutsats: I en svensk kontext är agentteorin applicerbar, där ägande tycks vara starkast drivande faktorn när det kommer till tidshorisonten inom bolagsstyrning. Studien finner inte några empiriska bevis för att en relation mellan short-termism och långsiktigt värdeskapande finns, vilket påvisar att dessa två fenomen inom bolagsstyrning inte nödvändigtvis har en negativ relation mellan sig. Resultat från studien har dock visat att short-termism har en positiv relation till kortsiktiga finansiella prestationer, medan långsiktigt värdeskapande har en negativ relation till kortsiktiga finansiella prestationer. Det ser studien som ett empiriskt bevis för nyttan av att kunna balansera short-termism och långsiktigt värdeskapande för att uppnå en effektiv bolagsstyrning. / Background: Short-termism is described in both commonplace debate and academic research as an obstacle to company's long-term value creation. Nevertheless, the relationship between short-termism and long-term value creation is not investigated enough. In addition to this, previous studies have found that the time perspective within corporate governance affects a company's financial performance, but has not been able to determine how the relationship between short-termism, long-term value creation and financial performance appears. Purpose: The purpose of this study is to increase understanding of the relationship between short-termism, long-term value creation and financial performance, as well as explain the factors that influence the variation of short-termism within the Swedish IT industry. Method: Through a quantitative method in combination with a deductive approach, the study has investigated the relationship between different phenomena within corporate governance. The sample consists of companies from the IT industry listed on the Stockholm Stock Exchange. Conclusion: In a Swedish context, the agency theory is applicable, where ownership seems to be the strongest driving factor when it comes to the time perspective within corporate governance. The study does not find any empirical evidence that a relationship between short- termism and long-term value creation exists, which shows that these two phenomena of corporate governance do not necessarily have a negative relationship to each other. However, the results of the study have shown that short-termism has a positive relation to short-term financial performance, while long-term value creation has a negative relation to short-term financial performance. These empirical evidences indicate the benefit of being able to balance short-term and long-term value creation in order to achieve effective corporate governance.

Submitted by Mariana Dornelles Vargas (marianadv) on 2015-05-07T12:58:12Z No. of bitstreams: 1 recursos_intangiveis.pdf: 441330 bytes, checksum: d2dc209ca4c62beb1725b09ff68ab6b9 (MD5) / Made available in DSpace on 2015-05-07T12:58:12Z (GMT). No. of bitstreams: 1 recursos_intangiveis.pdf: 441330 bytes, checksum: d2dc209ca4c62beb1725b09ff68ab6b9 (MD5) Previous issue date: 210-08-23 / Nenhuma / Esta dissertação apresenta resultados de um estudo empírico sobre recursos intangíveis , fundamentado na teoria de Recursos e Capacidade - Resource Based View of the Firm (RBV). Objetivou-se analisar se existe relação entre o investimento de recursos intangíveis e o desempenho econômico-financeiro das empresas dos setores elétrico e financeiro, com ações listadas na BM&FBOVESPA. Em termos metodológicos, utilizou-se o Value Added Intellectual Coefficient - VAICTM, como coeficiente de valor agregado dos recursos intangíveis, proposto por Pulic (2000). A análise das evidências foi realizada em três amostras. A primeira, composta por 137 empresas, com evidências correspondentes a dois anos. A segunda, formada por 23 empresas do setor elétrico, com evidências correspondentes a oito anos. A terceira, constituída por 21 empresas do setor financeiro, com evidências correspondentes a oito anos. Utilizou-se a técnica de mínimos quadrados ordinários com dados em painel. A primeira análise não apresentou resultados estatisticamente significativos, não se comprovando a relação explicativa entre recursos intangíveis e desempenho econômico-financeiro das empresas. Nas amostras do setor elétrico e financeiro, os resultados foram estatisticamente significativos. Verificou-se que, para o desempenho econômico-financeiro das empresas, o capital financeiro e o capital humano são mais explicativos do que o capital estrutural. / This research presents the results of an empiric study about intangible resource² grounded on the theory of Resources and Capacity – Resource-Based View of the Firm (RBV). The objective was to analyze if there is any relation between the investments of intangible resource and the performance economic-financial of companies from Electric and Financial sectors, the ones with shares listed on BM&FBOVESPA. The Value Added Intellectual Coefficient – VAIC™ was used as a methodological approach, as add value coefficient of the intangible resource, proposed by Pulic (2000). The evidence analysis was made in three samples. The first sample was composed by 137 companies, corresponding to two years of evidences. The second one was composed by 23 companies of the electric sector, with eight years of evidences. And the third sample was composed by 21 financial companies, with eight years of evidences. It was used the ordinary least square with panel data. The first analyzes did not present any statistically significant results, so it was not possible to explain relation between intangible resource and financial-economic performance of the companies. The results were statistically significant on the electrical and financial sector’s samples. It was verified that financial and human capital are more explicative than the structural capital for companies’ economic-financial performance.

Depending on their needs for enhancing and sustaining their business and market values, some firms choose to operate with a corporate governance structure of CEO duality, in which an executive serves as the CEO and the chairperson of the board of directors. The problem addressed in this study is that past empirical and theoretical studies of the relationship between CEO duality and firm performance of organizations across different industries have generated ambiguous results, and no studies have focused specifically on the relationship between CEO duality and financial performance of not-for-profit hospitals. Based on agency and stewardship theories, and considering that CEO duality's effects on firms' financial performance are contextually specific to each type of industry and dependent on certain industry conditions, the purpose of this quantitative study was to answer 3 research questions that examine the relationship between CEO duality, presence of physicians on governance board, hospital size, hospital age, board size, and financial performance of not-for-profit hospitals. This study used multiple regression analyses of data of financial indicators from 146 U.S. not-for-profit hospitals selected from the Office of Statewide Health Planning and Development database of California, for the period from 2009 to 2012. The results of this study suggested CEO duality and presence of physicians on healthcare governance were not related to financial performance of not-for-profit hospitals. The outcomes of this study can promote positive social change by bringing awareness of appropriate healthcare governance structures that enhance organizational effectiveness and sustain hospitals' charitable missions of provision of community services and transformation of communities and society.

A proliferation of social movements and a large group of young, politically active individuals have pushed corporate firms to pay more attention to increase resource allocation to corporate social responsibility. As of now, corporate social responsibility refers to a wide definition of general efforts made by firms to support society through social impacts. A review of current literature on corporate social responsibility reveals a gap in the way the quality is calculated as well as does not take into account the influence of social movements in the past couple of years. This paper assesses the specific social and political justice positions that firms have taken and whether these positions have had an effect on financial performance given the more actively conscious consumer base. Tobin’s Q is used to quantify these effects and show that positive corporate social responsibility increases financial performance, supporting the hypothesis, while negative corporate social responsibility does not significantly affect financial performance. Future research recommends a closer look at the industry differences in the subject as well as a clearer definition of the variance between the different issues that constitute corporate social responsibility.

Corporate social responsibility has evolved as a business strategy, but the business worth of voluntary social conduct has not been well understood. The contradictory research findings mean that social performance is not maximized, which constrains economic growth and sustainable development. Grounded by stakeholder theory, this correlational study was aimed at examining the effect of social responsibility factors on the market-based Fama-French cost of capital. Within a sample of 71 United States banks, the publicly available ethical ratings, financial data, and stock market data were analyzed using multiple regression models. Contrary to the positive effect of social conduct on financial performance common in the literature, this study revealed no significant effect of social factors on the accounting returns, and, consequently, the shareholders perceived the social activities as risky and therefore demanded higher returns. The study also showed that governance, diversity, and employee relation were positively related to accounting returns while product and community factors were negatively related to profits. The implied higher cost of raising equity finance following engagement in social activities is a lesson for corporate managers to exercise caution in their social conduct and carry the investors along. Such inclusive policy could help to minimize investor bias and moderate their consequential adverse reactions to well-intentioned corporate actions. This research contributes to positive social change by assisting the bank managers, directors, investors, regulators, and government in improving the discharge of their respective roles to ensure optimal allocation of resources to competing social activities in a manner that may maximize performance and improve the overall stakeholder wellbeing.

Information is a significant asset to organizations, and a data breach from a cyberattack harms reputations and may result in a massive financial loss. Many senior managers lack the competencies to implement an enterprise risk management system and align organizational resources such as people, processes, and technology to prevent cyberattacks on enterprise assets. The purpose of this Delphi study was to explore how the managerial competencies for information security and risk management senior managers help in managing security objectives and practices to mitigate security risks. The National Institute of Standards and Technology framework served as the foundation for this study. The sample was made up of 12 information security practitioners, information security experts, and managers responsible for the enterprise information security management. Participants were from Fortune 500 companies in the United States. Selection was based on their level of experience and knowledge of the topic being studied. Data were collected using a 3 round Delphi study of 12 experts in information security and risk management. Statistical analysis was performed on the collected data during a 3 round Delphi study. The mean, standard deviation, majority agreement, and ranges were used to determine the final concensus for this research study. Findings of this study included the need for managerial support, risk management strategies, and developling the managerial and technical talent to mitigate and respond to cyberattacks. Findings may result in a positive social change by providing information that helps managers to reduce the number of data breaches from cyberattacks, which benefits companies, employees, and customers.

Business leaders lack consistent information to make and support strategic budgetary decisions while supporting corporate social responsibility initiatives. Grounded in stakeholder and contract theory, this correlation study examined the relationship between Fortune reputation scores and return on asset, return on equity, and earnings per share, while controlling for total assets. Archival data were collected from 25 corporate websites of U.S. banks included in Fortune Most Admired Companies listing from 2011 to 2013. For 2011 there was a moderate positive partial correlation between Fortune reputation index (FRI) and return on equity (ROE) while controlling for total assets, r = .47, p < .05, with higher levels of FRI associated with higher levels of ROE. For 2012 there was a moderate positive partial correlation between FRI and ROE while controlling for total assets, r = .48, p < .05, with higher levels of FRI associated with higher levels of ROE. Correspondingly, there was a moderate positive partial correlation between FRI and EPS, r = .56, p < 0.5 with higher levels of FRI associated with higher levels of ROE in 2012. For 2013, there was also a moderate positive, but not statistically significant, partial correlation between FRI and EPS, r = .41, p > .05, with higher levels of FRI associated with higher levels of EPS. The implications for positive social change include greater support for socially responsible business strategies to promote sustainability and more business leaders promoting the provision of social benefits for stakeholders.

A negative relationship exists between unmanaged IT risk and financial performance of institutions of varying sizes. The purpose for this quantitative correlation study was to examine the relationship between IT risk management, institution size, and the financial performance of credit unions in Jamaica. Information Systems Audit and Control Association (ISACA) risk IT model provided the theoretical framework for the study. Audited financial statements and a web-based survey provided data for this study. One hundred and thirty employees from 13 credit unions in Jamaica participated in the study. Results of the multiple regression tests confirmed a statistically significant relationship between IT risk management, institution size, and the financial performance of Jamaican credit unions, F (2, 99) = 46.861, p = 0.000, R2 = .486. Institution size was a statistically significant predictor of financial performance (beta = -.637, p = .000). IT risk management initiatives did not provide any significant variation (beta = .139, p = .074) in financial performance. Research findings may lead to more effective and efficient operations of Jamaican credit unions and improvement in their financial performance, which could result in positive social change through the increases in corporate social contributions, the payment of dividends, and the offer of affordable product and services for over 1 million Jamaican credit union members.