Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: All organisations, commercial or nonprofit, are exposed to a highly competitive and uncertain environment which is fuelled by globalisation and technological advancement. Organisations make use of business analytical tools to assist them in the effective management of their organisations. Strategic management in particular, is used as an analytical and decision making tool. The Christian church is by no means excluded from the effects of the changing society due to globalisation, technological advancement and post-modernism. Christianity has been a way of Ufe for many people over the past two millennia; however, there is a growing concern that Christianity is facing extinction. Research and surveys conducted indicate a decline in membership and attendance of worship. The literature reviewed in this research revealed that nonprofits, and in particular religious organisations, are focused primarily on their mission, rather than taking a holistic view of the external and internal environment in making strategic business decisions. This presented an opportunity for a research study on the application of strategic management principles in a church organisation, without compromising the church's mission. The research problem addressed in this report is: Can strategic management techniques and principles applied in business today, successfully be adapted for formulating a strategic framework which will enhance the growth and survival of the Christian Church? An extensive literature review has been undertaken within the field of the strategic management discipline in business and in non-profits. The purpose of the research is aimed at strategic management techniques to be applied to the Christian church. It made sense therefore to gain some understanding of what literature presented with regards to strategic management concepts in churches. Churches are expected to survive amidst a changing society, the church is expected to respond to the needs of its members and yet remain true to its mission. A number of issues which need v consideration when making strategic decisions have been addressed. These include: postmodernism and its challenges, public trust, leadership, volunteerism, money, culture, diversity, structures and systems. A strategic framework was applied to test its usefulness as a tool in the church. Elements of the framework entail the strategic intent which embodies the vision, mission, goals and objectives of the organisation. The internal and external environment in which the organisation exists, is analysed and the results are integrated to formulate an appropriate strategy. Based on the results of the literature reviewed, the research problem has been answered positively. The scope of the research is non-denominational and does not focus on any specific religious doctrines. Therefore, regardless of beliefs or re li gious convictions the framework provided can effectively be applied by any religious or nonprofit organisation. Although the proposed framework could be applied to multiple religious trad itions, the focus is on the Christian church and some examples are uniquely Christian. Ultimately it is intended that the adopted framework enhances the ability of Christian churches to grow from strength to strength. Working within the framework presented does not guarantee the success of the church but it will provide a structure for management's decision making. The need for flexibility within the framework must be recognised and appreciated. The research report is exploratory in nature and reviews existing knowledge to prepare the way for further research into relationships between strategic management and religious organisations. / AFRIKAANSE OPSOMMING: Aile organisasies, hetsy sake-ondernemings of nie-winsgewende assosiasies, word blootgestel aan haogs mededigende en onsekere omgewingsomstandighede wat aangevuur word deur globalisering en te9nologie5e vooruitgang. Organisasies rnaak gebruik van analitiese hulpmiddels om hulp 1e verleen in die doeltreffende bedryfsleiding van hul organisasies. Strategiese bestuur word in die besonder as 'n analitiese- en besluitnemingswerktuig gebruik. Die Christelike kerk bly geensins onaangeraak deur die uitwerking van 'n gemeenskap wat verander weens globalisering, te9nol09ie5e vooruitgang en die nadraai van modernisme. Vir vele mense was Christenskap oor die afgelope twee millennia 'n lewenswyse; desnieteenstaande is daar 'n groeiende besorgdheid dat Christenskap uitwissing in die oe staar. Navorsing en opnames toon 'n afname in lidmaatskap en bywoning aan godsdienste. Die geskrifte wat vir hierdie navorsing bestudeer is, het onthul dat nle-winsgewende, en in die besonder religieuse organisasies, allereerste op hul missie fokus, eerder as om 'n holistiese benadering te neem van die interne en eksterne omgewingsomstandighede, wanneer strategiese ondernemingsbesluite geneem word . Dit het die geleentheid geskep vir navorsing in die toepassing van stategiese bestuursbeginsels in 'n kerk-organisasie, sonder om die kerk se missie in gevaar te stel. Die navorsingsprobleem wat in hierdie verslag aangespreek word, is: Kan die strategiese bestuurstegnieke en -beginsels wat hedendaags in sake-ondernemings toegepas word, suksesvol aangepas word om 'n strategiese raamwerk te formuleer wat die ontwikkeling en oorlewing van die Christel ike kerk sal verhoog? 'n Uitgebreide oorsig van literatuur rakende die terrein van strategiese bestuursbeginsels In sake-ondernemings en nie-winsgewinde assosiasies is onderneem. Die doel van die navorsing was gevestig op strategiese bestuursbeginsels wat op die Christelike kerk toegepas kon word . Dit het dus sin gemaak om ondersoek in te stel oor wat die literatuuf s~ rakende strategiese bestuurskonsepte in kerke. Daar word van die kerk verwag om in 'n veranderende gemeenskap te aorleef, om te reageer op die behoeftes van sy ltdmate en nog steeds getrou te bly aan sy missie. 'n Hele aantal vraagpunte wat oorweging benodig wanneer strategiese besluite geneem word, is aangespreek. Oit sluit in: postmodernisme en sy uitdagings, publieke vertroue, leierskap, vrywillige dienslewering, befondsing, kultuur, diversiteit, strukture en sisteme. 'n Strategiese raamwerk is toegepas om sy bruikbaarheid as 'n werktuig in die kerk te toets. Elemente van hierdie raamwerk bevat die strategiese beweegrede wat die visie, missie, doelwitte en doelstellings van die organisasie omvat. Die interne en eksterne omgewing waarin die organisasie bestaan, is ge-analiseer en die resultate toe ingelyf om 'n gepaste strategie te formuleer. Gegrond op die resultate van die literatuur wat in oorsig geneem was, is die navorsingsprobleem positief beantwoord. Die omvang van die navorsing is nie gekoppel aan kerkverband nie en fokus dus nie op enige spesifieke godsdienstige leerstellings nie. Hierdie raamwerk kan dus ondanks die geloofs-oortuigings en - belydenisse doeltreffend op enige godsdienstige of nie-winsgewende organisasie toegepas word . Alhoewel die voorgestelde raamwerk op veelvuldige religieuse tradisies toegepas kan word, is die fokus op die Christelike kerk en party voorbeelde wat aangehaal word, is uniek aan Christendom. Daar word uiteindelik ten doel gestel dat die aanvaarde raamwerk die vermoe van Christen kerke om van krag tot krag te groei, verhoog. Wanneer daar binne die voorgestelde raamwerk gewerk word, is daar geen waarborg dat die kerk suksesvol sal wees nie, maar dit voorsien wei 'n struktuur vir bestuurslui se besluitneming. Die nodigheid vir buigsaamheid binne die raamwerk moet ook erken en waardeer word.

Thesis (MBA)--Stellenbosch University, 2006. / ENGLISH ABSTRACT: A, sometimes, very controversial concern in any professional service firm across the globe, be it a law firm, accounting practice or consulting engineering firm, is how to construct an equitable, performance-based reward system for executives and professional partners. This study project will address those key issues that affects partner compensation and profit sharing decisions within professional law firms on a daily basis, by establishing which factors influence the current and future legal environment as well as the factors which drive the decision making process when selecting a partner compensation system for a specific law firm, regardless of size and legal focus. This study project also establish which partner compensation systems are currently available and frequently being used by several law firms across the globe, by investigating and analysing their intrinsic features and operations. A total of eleven compensation systems have been identified and will be reported on. This includes the different lockstep models, the merit or performance–based model (also referred to as the discretionary model), the peer-review system as well as other least frequently used systems like the equal partnership, ownership percentage model, 50/50 subjective-objective system, the modified “Hale and Dorr”, simple unit and the team building systems. The study project, by focussing on the operations of a specifically selected South African law firm, will furthermore investigate what effects a possible firm-wide approach to profit sharing, instead of the traditional partner / owner profit sharing systems, might have on the overall operation and / or performance of a law firm. Several performance appraisal concepts and general remuneration principles will be addressed which forms the backbone of this firm-wide approach and which are the key issues to effectively evaluate a person’s overall performance and contributions to a firm – those elements that should be aligned with your firm’s remuneration system. In essence, the aim of this study project is to establish an information resource base on partner compensation and profit share models in law firms, to establish the viability of introducing a firm-wide approach as alternative to the traditional partner-only profit sharing models, to establish a formal framework and model for firm-wide profit sharing for the selected South African law firm and ultimately presenting an effective decision making tool and concept document when selecting a fair and equitable remuneration system for your legal practice. / AFRIKAANSE OPSOMMING: Een van die mees kontroversiële aspekte in professionele dienste firmas wêreldwyd, hetsy binne ‘n regsfirma, rekeningkundige praktyk of konsulteringsfirma, is hoe om uitvoerende bestuur en professionele vennote op gelyke voet te vergoed gebaseer op hulle werklike algehele prestasie. Hierdie werkstuk sal daardie kern aspekte adresseer wat vennote vergoeding- en winsdelingstelsel besluite, binne regsfirmas, op ‘n daaglikse basis affekteer deur die lewensvatbare faktore te identifiseer wat die huidige en toekomstige regsomgewing sal beïnvloed, asook daardie faktore wat die besluitnemingsproses dryf wanneer dit kom by die keuse van ‘n vennote vergoedingstelsel vir ‘n spesifieke regsfirma, ongeag die relatiewe grootte en fokus van die regsfirma. Hierdie werkstuk sal verder vasstel watter vennote vergoedingstelsels tans op ‘n gereelde basis gebruik word deur regsfirmas wêreldwyd, deur ondersoek in te stel na die verskillende stelsels se inherente eienskappe en operasionele werking. Elf vennote vergoedingstelsels word in hierdie studie bespreek. Dit sluit in die verskillende tipe “Lockstep” modelle, die prestasie-meriete gebasseerde modelle, die “peer-review” model asook ander modelle wat minder konsekwent toegepas en aangewend word soos die gelyke vennootskap model, die eienaarskap persentasie model, die 50/50 subjektiewe-objektiewe model, die aangepaste “Hale and Dorr”, die “simple unit” en spanbou modelle. Die werkstuk, deur spesifiek te fokus op die werksaamhede van ‘n spesifieke Suid-Afrikaanse regsfirma, sal ook die effek van ‘n moontlike firma-wye benadering tot winsdeling ondersoek, in teenstelling met die tradisionele benadering van net uitvoerende bestuur wat kan deel in die wins, en sal fokus op die invloed van so ‘n stelsel op die algehele werksaamhede en prestasies van ‘n tipiese regsfirma. Verskeie konsepte van prestasie meting, asook die algemene beginsels van vergoeding word aangespreek wat die fondamente vorm van so ‘n firma-wye benadering – dus daardie kern aspekte wat effektiewe prestasie meting verteenwoordig en wat in lyn gebring moet word met die firma se gekose vergoedingstelsel. Die doel van hierdie werkstuk is dus om ‘n inligtingsdatabasis oor vennote vergoeding- en winsdelingstelsels in regsfirmas te vestig, om vas te stel of daar moontlike potensiaal daarin is om ‘n firma-wye benadering te ontwikkel as alternatief vir die tradisionele modelle waar net uitvoerende bestuur of eienaars deel in die winste, en vervolgens om ‘n formele raamwerk en model vir firma-wye winsdeling te ontwerp om moontlik geimplementeer te word in die spesifieke regsfirma wat ondersoek word. Die werkstuk sal dus dien as ‘n effektiewe besluitnemings- hulpbron wanneer daar op ‘n spesifieke vergoedingstelsel vir jou regsfirma besluit moet word.

Thesis (PhD)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: The non-profit sector has grown and changed substantially since its origins more than 2 000 years ago. At present there is an increase in organised voluntary activity around the globe, which reflects a set of social and technological changes, as well as an increasing lack of confidence in the ability of the state to render certain vital services. NPOs that do not work in the fields of housing, the aged, HIV/AIDS and education, for instance organisations doing missionary work, are faced with the difficult task of procuring funds within this highly competitive environment. The overall purpose of relationship marketing is customer retention and development, not simply a series of transactions. With this in mind, it seems that relationship marketing has an important role to play in the non-profit sector. Why is it then so difficult to "sell brotherhood like soap"? To answer this question tools have been developed and adapted to fit the non-profit sector. Donor behaviour plays a crucial role in the survival of an organisation and insights into behaviour can give the organisation an edge over its competitors. In the case of this study the research problem relates to the identification of the dimensions impacting on donor behaviour in religious (Christian) organisations. A conceptual model of donor behaviour in religious non-profit organisations was developed and used for the eventual formulation of 23 hypotheses to guide the study and to represent the possible relationships. For the statistical analysis it was deemed necessary to revise both the model and the proposed hypotheses. The model was split into three models: - Perceptions of non-profit organisations; - Individual donor characteristics; and - Donor perceptions of the non-profit organisation. A thorough overview of the literature was undertaken, mainly to investigate the nature of the non-profit sector in general as well as in South Africa, its marketing and behaviour of its donors. The conceptual model that was developed through the literature study was used to develop a measuring instrument specifically for this study for collecting primary data. It was empirically tested in a religious (Christian) non-profit organisation in South Africa by collecting primary data. Questionnaires were mailed to its whole donor database. The questionnaires returned were captured with the aid of an Excel spreadsheet and merged with data from the donor database. The first step was to assess the validity and reliability of the measurement instrument used. Next, an exploratory factor analysis was done to identify the unique factors evident in the study data. The next step entailed testing the proposed theoretical model by means of the "Structural Equation Modelling" technique. The results of the data analysis led to the creation of a model suitable for the management of the donors of a Christian missionary organisation. This study is a pioneering study of donor behaviour in South African religious non-profit organisations, in particular Christian organisations. It is clear from the results that donors of religious organisations react differently than donors of other non-profit organisations and therefore that different approaches are needed to secure Christian donor loyalty and trust. / AFRIKAANSE OPSOMMING: Die nie-winsgewende sektor het sedert die oorsprong daarvan, meer as 2 000 jaar gelede aansienlik gegroei en verander. Op die oomblik is daar oral in die wêreld 'n toename in georganiseerde vrywillige optrede. Hierdie neiging weerspieël sekere maatskaplike en tegnologiese veranderinge, asook 'n toenemende gebrek aan vertroue in die staat se vermoë om sekere noodsaaklike dienste te lewer. Die nie-winsorganisasies wat nie binne die veld van behuising, bejaardesorg, MIV/VIGS en onderwys werk nie, soos byvoorbeeld organisasies wat sendingwerk doen, het 'n moeilike taak om fondse te bekom. Die oorwegende doel van verhoudingsbemarking is die behoud en ontwikkeling van klante, nie net 'n reeks transaksies nie. As hierdie feit in ag geneem word, word dit duidelik dat verhoudingsbemarking 'n belangrike rol binne die sektor te speel het. Hoekom is dit dan so moeilik om "broederskap soos seep te verkoop"? Om hierdie vraag te beantwoord is hulpmiddele ontwikkel wat aangepas is by die behoeftes van hierdie sektor. Donateursgedrag speel 'n uiters belangrike rol in die oorlewing van 'n organisasie en daarom kan insig in hierdie gedrag die organisasie 'n voorsprong gee bo die van sy mededingers. In die geval van hierdie studie gaan dit oor die identifisering van dimensies wat donateurs se gedrag beïnvloed binne religieuse (Christelike) organisasies. 'n Konseptuele model is ontwikkel om donateurs, soos dit verband hou met religieuse nie-winsorganisasies se gedrag, te ontleed. Die model is gebruik as riglyn vir die navorsing, asook om uiteindelik 23 hipoteses te formuleer en hulle moontlike onderlinge verhoudings uiteen te sit. Gebaseer op die statistiese ontledingsproses, is die model en die voorgestelde hipoteses aangepas. Die model is onderverdeel in drie modelle: - Persepsies van nie-winsorganisasies; - Individuele kenmerke van donateurs; en - Donateur persepsies van die nie-winsorganisasie. 'n Deeglike oorsig van die literatuur is gedoen, hoofsaaklik om ondersoek in te stel na die omstandighede van die nie-winssekor oor die algemeen en veral binne Suid-Afrika, asook na donateurs se gedrag. Die konseptuele model wat ontwikkel is volgens die literatuurstudie, is empiries getoets binne 'n Christelike nie-winsorganisasie in Suid-Afrika. 'n Metingsinstrument is spesfiek ontwikkel om primêre data te verkry en vraelyste is gepos aan die totale dontateurbasis van die organisasie. Die inligting van die vraelyste wat teruggestuur is, is opgeneem in 'n Excel-spreitabel en saamgevoeg met inligting van die donateurdatabasis. Die eerste stap was om die geldigheid en betroubaarheid van die metingsinstrument te bepaal. Daarna is 'n ontleding van verkenningsfaktore gedoen, wat gebruik is om unieke faktore uit die navorsingsinligting te identifiseer. Die volgende stap was die toetsing van die teoretiese model volgens 'n erkende toetstegniek wat gebruik word vir strukturele vergelykings. Die resultate van die ontleding is daarna gebruik om 'n geskikte model te skep vir die bestuur van donateurs van 'n Christelike sendingorganisasie. Die navorsing van die gedrag van donateurs van religieuse nie-winsorganisasies en veral Christelike organisasies is baanbrekerswerk in Suid-Afrika. Die resultate dui ook daarop dat donateurs van religieuse organisasies verskillend reageer as donateurs van ander nie-winsorganisasies en dat ander benaderings dus noodsaaklik is om eersgenoemde se lojaliteit en vertroue te bekom en te behou.

本研究的目的是探討Kotler的社會行銷理論如何應用於非營利組織的管理。 「中華白絲帶協會」被選擇為案例研究的樣本。為了達成這一研究的目的，深度訪談和自行設計的結構式問卷被用來收集數據，並針對質量數據進行了分析，探討中華白絲帶協會社會行銷的本質。研究結果發現，Kotler的社會行銷策略成功適用於中華白絲帶協會，且這項研究的結果可以被視為其他網路安全與兒童健康相關非營利組織採用Kotler的社會行銷策略時的參考依據。 / The Purpose of this study was to explore how Kotler’s social marketing theory applies to the management of the non-profit organization. “Cyber Angel’s Pick” is selected as the sample for the case study. In order to fulfill the purpose of this study, in-depth interview and self-designed structured questionnaire were used to collect the data. Qualitative data were analyzed to explore the nature of social marketing of the Cyber Angel’s Pick. As the result of this study, Cyber Angel’s Pick has applied to the Kotler’s social marketing strategy successfully and the result of this study can be seen as a reference to the non-profit organizations relate to internet safety issues or children’s health when adopting the Kotler’s social marketing strategy.

Titel: Styrning för värdeskapande – En studie på icke-vinstdrivande organisationer. Författare: Matilda Olsson Handledare: Elin Funck Examinator: Fredrik Karlsson Bakgrund och problem: Kundfokus och hur organisationer styr för att skapa värde för kunden har kommit att bli viktigt för framgång och överlevnad, vilket har bidragit till att kundorientering har blivit vanligt. Att vara kundorienterade och styra mot värdeskapande för kunden tycks bli problematiskt för icke-vinstdrivande organisationer då det dels är svårt att definiera kunden men också att tillämpa den klassiska synen på värdeskapande. Frågan väcks därmed hur olika typer av icke-vinstdrivande organisationer definierar kund, skapar värde för denna och styr mot värdeskapande?   Syfte: Syftet med studien är att förklara hur olika typer av icke-vinstdrivande organisationer definierar kund, skapar värde för denna samt styr mot värdeskapande på ett strategiskt respektive operativt plan. Studien ämnar utveckla kunskapen om styrning för värdeskapande i icke-vinstdrivande organisationer.   Metod: För att uppfylla studiens syfte har en flerfallstudie använts som forskningsstrategi. Tre icke-vinstdrivande organisationer har studerats genom kvalitativa semi-strukturerade intervjuer samt granskning av dokument på respektive organisation.   Slutsats: Definitionen av kund har konstaterats bero på en rad faktorer. Dessa faktorer är vilken typ av produkt eller tjänst som levereras, relationen till kunden, maktförhållandet, konkurrenssituationen och om det är samma person som betalar för produkten eller tjänsten som förbrukar den. Dessa faktorer kommer i sin tur leda till att organisationen ser på kunden ur ett snävare perspektiv, medan samhället kan ses som kund ur ett bredare perspektiv. Vad som skapar värde för kunden är individuellt för varje organisation men de viktigaste värdeskapande attributen tycks vara varumärket och kundrelationer som bidrar med förtroende och tillit för organisationen. I styrningen mot värdeskapande stöter organisationerna på flera problem kopplade till organisationernas karaktärsdrag, så som att kunder inte kan prioriteras, att målen är vaga, att det finns restriktioner i strategiformulering och att det är svårt att koppla operativa aktiviteter till strategierna. Även prestationsmätning har begränsningar då uppdraget är svårt att mäta, då det inte finns något övergripande mått som visar på prestationen samt att det är svårt att se sambandet mellan input och output. / Title: Management Control for Value Creation – A Study on Non-Profit Organizations. Author: Matilda Olsson Tutor: Elin Funck Examiner: Fredrik Karlsson Background and problem:  Customer focus and how organizations create value for the customer have become important for success and survival, which has contributed to customer orientation being a common practise. Being customer oriented and using management control for value creation seems to be problematic in non-profit organizations because it is difficult to define the customer but also to apply the classical view of value creation. Therefore, the question raises how different types of non-profit organizations define customer, create value for the customer and use management control for value creation?   Purpose: The purpose of the study is to explain how different types of non-profit organizations define customer, create value for the customer and use management control for value creation at a strategic and operational level. The study intends to develop knowledge about management control for value creation in non-profit organizations.   Method: To fulfill the purpose of the study, a multi-case study was used as a research strategy. Three non-profit organizations have been studied by the use of qualitative semi-structured interviews and review of documents in each organization.   Conclusion: The definition of the customer has been found to be due to a number of factors. These factors include the type of product or service supplied, the relationship with the customer, the power relationship, the competitive situation and if it is the same person who pays for the product or service that consumes it. These factors will lead to the organization looking at the customer from a narrower perspective, while the community can be seen as a customer from a broader perspective. What creates value for the customer is individual for each organization, but the most important value-adding attributes are the brand and the customer relationships that provides reliance and trust to the organization. The management control for value creation will encounter obstacles related to the characteristics of the organizations, such as not being able to prioritize among customers, having vague goals, restrictions in strategy formulation and that it is difficult to connect the operational activities to the strategies. Also, performance measurement has limitations because of the task being difficult to measure, having no overall measure performances, and that it is difficult to see the relationship between input and output.

Managers and researchers have become increasingly interested in linking marketing activities to firm financial performance. That is, they desire to make marketing more financially accountable. One approach to achieving this goal has been to “valuate” customers to determine their degrees of profitability over the lifetime of their relationships with firms. However, traditional customer valuation techniques are largely based on quantitative factors and do not account for softer measures such as a customer’s behavior and performance both during and after service encounters. Additionally, while customer profitability is commonly valuated, employees are not generally assessed in this manner in profit linkage frameworks. This indicates that employee factors have not been deemed to have an equivalent, direct impact on the bottom line. Instead, if included at all, employee factors have mainly been positioned as antecedents to customer factors in past linkage models. Because both customers and employees play essential roles in determining the success of service encounters, both customer and employee factors should be fully considered before profitability is determined. In this dissertation, an innovative theoretical model is presented in which past profit linkage research is extended to include nonfinancial considerations. This research merges traditional financial valuation methods with nonfinancial metrics to assess organizational performance. Furthermore, a conceptually parallel framework is developed in which both employee and customer factors are hypothesized as links through which service encounter dynamics can be connected to firm financial performance. This research examines the linkages between service interactions, customer and employee outcomes, and overall financial performance. Within the contexts of two studies, the overall structural model is dissected into comparable performance models and examined within the retail banking and computer services industries. The overall empirical findings provide some evidence of a positive flow of interconnected relationships between service encounter dynamics and firm financial performance. Accordingly, this research presents some indication of the importance of service encounters as antecedents to outcome behaviors that have critical financial consequences.

<p>Background: Studying insider trading is difficult due to its sensitive and delicate</p><p>nature. Therefore it is hard to gauge the extent of such activities.</p><p>This problem has resulted in a fierce debate whether it should be</p><p>prohibited or not. Using a method where the effect on monopolistic</p><p>information usage can be isolated insider trading can be monitored.</p><p>Such an event is a profit warning.</p><p>Purpose: This paper examines whether insider trading exist for companies</p><p>making a profit warning between year 2003 and 2007 on the Stockholm</p><p>Stock Exchange. Furthermore the aim with the study is to contribute</p><p>to the debate on the insider trading legislation.</p><p>Method: The study’s purpose is achieved through an event study studying the</p><p>cumulative abnormal return as well as average daily returns during</p><p>the thirty days preceding the warning for a sample of thirty companies.</p><p>Since profit warnings should be completely random and as such</p><p>almost impossible for the market to know in advance, a significant</p><p>abnormal return can only be explained with insider trading. The abnormal</p><p>returns were calculated using the Capital Asset Pricing Model</p><p>since it is the most widely used model.</p><p>Conclusion: For the chosen time frame, when testing on a 95% significance level,</p><p>the study found a significant abnormal return during the last 10 days</p><p>of the event window but not for the entire period of thirty days. The</p><p>daily average return for the thirty companies were significant for six</p><p>of the thirty days within the event window. Two of them were included</p><p>in the last ten day period with a confirmed significant abnormal</p><p>return which might suggest that on average insider trading tend</p><p>to occur during these days. The other four was discarded due to</p><p>sample issues. Since the study was limited to a period of four years</p><p>extending the results to a period other than tested should be made</p><p>with great care since conditions may differ over time. Concerning the</p><p>current debate on the insider legislation, the findings can be used by</p><p>both sides. Either to argue for a strengthening of the law or to question its existence.</p>

本研究探討非營利組織設立基金保管與治理機制之關聯性。非營利組織接受社會捐贈成立，以達成設立宗旨為目標，對財產的保管與運用效率負有責任。在文化藝術財團法人的財務資源保管方面，行政院文化建設委員會在藝術財團法人設立許可及監督要點，規範基金會需要將設立基金以定存等相關方式保管，並接受主管機關的監督。 研究採用隸屬於文建會之財團法人組織為樣本，探討與董事會組成結構之關聯性。本研究以民國97年訪視文化藝術財團法人，是否採用與營運資金分離的定期存款帳戶保管設立基金，衡量財團法人是否妥善保管設立基金。在董事會組成結構方面，採用董事會規模、內部董事、執行長是否兼任董事、發起人是否亦為董事及監察人之人數衡量。 實證結果顯示：首先，董事規模與是否善盡財務保管之責為負向顯著關係；其次，執行長是否兼任董事與是否善盡財務保管之責為負向關係；第三，發起人亦為董事與是否善盡財務保管之責為正向顯著關係；最後，當發起人亦為董事情況下，董事規模越大將減低管理者不善盡財務保管之責。本研究發現董事會組成結構與財團法人是否採用定期存款方式保管設立基金間存有關聯性。

Syfte: Syftet med denna studie är att undersöka hur den ekonomiska prestationen skiljer sig mellan de ideella föreningarna och IdrottsAB som styrs av elitlicensens krav inom fotbollen och ishockeyn. Metod: Vi har i denna jämförande studie använt oss av en kvantitativ metod med en longitudinell design där vi med hjälp av sekundärdataanalys undersökt ideella föreningar och IdrottsAB:s ekonomiska prestationer i utvalda nyckeltal under en femårsperiod. Resultat &amp; slutsats: I denna studie har empirin samlats in genom att beräkna de ideella föreningarnas och IdrottsAB medelvärde på de utvalda nyckeltalen och sedan jämfört dessa resultat mot varandra. Hypotestester har även använts för att se om det fanns någon signifikant skillnad mellan vad de ideella föreningarna och IdrottsAB presterat i de olika nyckeltalen. Vår slutsats var att det inte fanns någon större skillnad mellan de ideella föreningarna och IdrottsAB:s finansiella prestationer men att de ideella föreningarna presterade lite bättre sammantaget.

Lietuva per paskutinius keletą metų prarado lyderės pozicijas Vakarų Europoje lyginant apmokestinamojo pelno apskaičiavimo taisykles ir pelno mokesčio tarifo dydį, tačiau iš pirmaujančių šalių grupės nepasitraukė, nenusileidžia ji ir Latvijai bei Estijai, kuriose yra sukurtos taip pat vienos patraukliausių investuotojams pelno mokesčio sistemų Europos Sąjungoje. Siekiant įvertinti šalies patrauklumą užsienio investuotojams reikia įvertinti apmokestinamojo pelno apskaičiavimo taisykles bei apžvelgti pelno mokesčio tarifą. Šio darbo objektas yra apmokestinamasis pelnas. Tikslas – išsiaiškinti apmokestinamojo pelno apskaičiavimą. Šiam tikslui pasiekti iškelti šie svarbiausi uždaviniai: 1) išnagrinėti pelno sampratą bei pateikti informaciją apie pelno valdymą; 2) išanalizuoti Lietuvos akcinių bendrovių apmokestinamojo pelno apskaičiavimą; 3) išnagrinėti ir palyginti Lietuvos, Latvijos ir Estijos apmokestinamojo pelno apskaičiavimo tvarką; Darbą sudaro 3 pagrindinės dalys. Pirmoje dalyje “Pelno samprata ir valdymas“ nagrinėjama pelno sąvoka, išskiriami neatitikimai tarp finansinio ir mokestinio pelno bei pateikiamos pelno valdymo galimybės pasirenkant apskaitos politikos priemones. Antroje dalyje „Apmokestinamojo pelno apskaičiavimas Lietuvoje“ analizuojama akcinių bendrovių apmokestinamojo pelno apskaičiavimo tvarka, pateikiamos neapmokestinamosios pajamos, neleidžiami ir ribojamų dydžių leidžiami atskaitymai. Nagrinėjami galimi pelno mokesčio sumažinimo būdai bei metinė pelno... [toliau žr. visą tekstą] / Lithuania during several recent years has lost its leading position in Western Europe compared to calculation of taxable profit rules and income tax rate, but it is still one of leading countries, it keep up with Latvia and Estonia where also are developed one of the most attractive income tax systems in the European Union. In order to evaluate country’s attractiveness to foreign investors we need to evaluate calculation of taxable profit rules and review corporate income tax rate. The subject of this investigation is taxable profit. Purpose is to find out calculation of taxable profit rules. There are main tasks to achieve the purpose: 1) to investigate concept of profit and to give information about profit management; 2) to analyze calculation of taxable profit of Lithuanian stock companies; 3) to consider and compare Lithuanian, Latvian and Estonian calculation of taxable profit. This paper consists of three main parts. In the first part “Concept of profit and management”, is considered the profit concept, differences between taxable and accounting profit, also there is written about profit management opportunities choosing of accounting policy tools. In the second part “Calculation of taxable profit in Lithuania” is analyzed stock companies calculation of taxable profit and is introduced non-taxable income, not allowed and limited amount allowed deductions. Also there is written possibilities of reducing income tax and about profit tax declaration as well its purpose. The... [to full text]