This study investigates the extent to which sell-side analysts make full use of available financial and nonfinancial information signals in formulating stock recommendations. Prior research shows that investors rely strongly on sell-side analysts’ recommendations and that sell-side analysts pay considerable attention to nonfinancial measures in making their decisions. However, prior research has primarily focused on the mere presence of nonfinancial measures and not the extent to which the direction of such measures (i.e. favorability) is associated with firm value, or assessed the extent to which any interaction between financial measures and the direction of nonfinancial measures may influence analysts in formulating stock recommendations. Using a data set hand-collected from annual proxy statements, I use ordered logistic regression analysis to provide a multivariate test of the relation between sell-side analyst recommendations, financial and context-specific nonfinancial measures. I find that analysts do incorporate the direction (favorability) of nonfinancial measures in formulating stock recommendations and that unfavorable nonfinancial measures attenuate positive financial information.

Current real estate investment decision making frameworks fail to recognise differences posited by the retail sector. The investment decision stage concerned with forecasting expected returns relies on financial and quantitative models such as those derived from the Modern Portfolio Theory. In a shopping mall environment, however, future performance is driven by nonfinancial factors, for example tenant mix and superior customer experience. Therefore, forecasting expected returns in a retail environment requires a nuanced approach relative to other commercial property sectors. Using a Balanced Scorecard framework, this study investigated the usefulness of nonfinancial factors in forecasting expected returns in retail. An electronically administered survey using a sample of institutional investors that contributed to South Africa’s SAPOA/IPD Index for 2012 was conducted. Only officials occupying investment decision making positions were invited to participate in the survey. Nonfinancial factors identified from the literature were presented to the respondents on a Likert-Style scale. In aggregate, participants to the survey possessed 156 years of commercial property experience and 56 years of retail experience. Mean scores obtained from participants’ responses were used to analyse the research findings. The study found nonfinancial factors useful when forecasting expected returns in a retail investment decision environment. Further, the study suggested the use of a Balanced Scorecard framework in order to guide developments in the area of retail investment decisions. In conclusion, the study gave direction for future research in the retail sector. / Dissertation (MBA)--University of Pretoria, 2013. / zkgibs2014 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

Submitted by Haroudo Xavier Filho (haroudo.xavierfo@ufpe.br) on 2016-03-17T18:29:00Z No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) MAXLEIDE NASCIMENTO CASTRO PPG CC 03 2015.pdf: 3151352 bytes, checksum: e428d847c100ea1df803e99a8d40c59f (MD5) / Made available in DSpace on 2016-03-17T18:29:00Z (GMT). No. of bitstreams: 2 license_rdf: 1232 bytes, checksum: 66e71c371cc565284e70f40736c94386 (MD5) MAXLEIDE NASCIMENTO CASTRO PPG CC 03 2015.pdf: 3151352 bytes, checksum: e428d847c100ea1df803e99a8d40c59f (MD5) Previous issue date: 2015-03-09 / Desde 2009, há uma discussão em âmbito internacional acerca do pensamento corporativo integrado, que tem por finalidade integrar informações financeiras e não financeiras em um único relatório, que é denominado “Relato Integrado”. E para este estudo o objetivo foi verificar quais os níveis de aderência das empresas brasileiras aos indicadores-chave de desempenho dos capitais não financeiros expostos na parte complementar do draft da Estrutura Conceitual do “Relato Integrado”. Tais capitais se restringem ao Capital Natural, Capital Humano, Capital Social e de Relacionamento e Capital Intelectual, sendo excluídos os capitais Financeiro e Manufaturado. Esta pesquisa se caracteriza exploratória-descritiva a partir de dados secundários, e utilizou-se como estratégia a pesquisa documental, como também a técnica de análise de conteúdo e estatística inferencial para complementar os resultados. A população consiste em 128 empresas listadas no segmento do Novo Mercado da BM&FBOVESPA, que divulgaram relatórios com informações não financeiras em 2012. Após a coleta dos dados, que compreendeu o período dos meses de setembro a outubro de 2014, somente 49% da população apresentaram alguma divulgação com informações não financeiras, assim amostra foi composta por 63 empresas. Para alcançar o objetivo proposto foi utilizado na analise dos relatórios um checklist composto por 34 indicadores-chave (KPIs), que resultou em um Índice de Divulgação de Capital por empresa e em seguida agrupado por setor, com a finalidade de verificar os níveis de aderências das empresas/setores aos indicadores-chave de capital não financeiro. De forma geral, observou-se que os níveis de aderência foram baixos, pois somente 6,3% das empresas obtiveram um nível Alto (nível 1), enquanto 39,7 % no nível 3 (moderado baixo) e 23,8% no nível 4 (baixo), somando 63,5% de aderência com força para baixo (0,50). Nesse sentido, verifica-se que o capital mais aderente foi o “Capital Natural”, com a maioria das empresas (38,1%) classificadas no Nível 2 de aderência, seguido de 14,3% classificadas no Nível 1, totalizando 52,4% de aderência. E o Capital Intelectual foi o menos aderente, apresentou a menor participação nos níveis elevados de aderência, pois a maioria das empresas (44,4%) encontra-se classificada como Nível 4 (baixo), e somente 6,3% (4) se classificam como Nível 1(alto). E ainda observou-se os índices de divulgação por setor no geral, destacou-se que somente três setores ficaram acima de 0,50: os setores “Utilidade pública” (0,64), “Telecomunicação” (0,62) e “Materiais básicos” (0,50). Enquanto que os setores de baixa aderência foram: “Financeiros e outros” (0,28) e “Consumo cíclico” (0,34). Para complementar o estudo, analisou-se o conteúdo dos indicadores quanto às características e às classificações, e, no geral, observou-se que 61% dos indicadores apresentam características “quantitativa não monetária”, e 58% apresentam classificação “Neutra”. Quanto às possíveis associações existentes, sugeriu-se, através da estatística, que, para a distribuição não normal, obteve-se associação significativamente positiva com a característica monetária (rho=0,033) e a classificação “Ruim” (rho=0,532); e na distribuição normal, a associação foi significativamente negativa com a característica “declarativa” (rho=- 0,312) e a classificação Neutra (rho=- 0,267). Esta pesquisa corrobora para o avanço dos estudos nesta temática, pois até 2014 há uma lacuna de trabalhos empíricos ligados ao “Relato Integrado”. / Since 2009, there is an internationally discussion of integrated corporate thinking, which aims to integrate financial and non-financial information in a single report, which is called "Integrated Reporting". And for this study the objective was to verify that the grip levels of the Brazilian companies to key performance indicators of non-financial capital exposed in the part complementary, of the Framework of the draft "Integrated Reporting". Such capital is restricted to Natural Capital, Human Capital, Social Capital and Relationship and intellectual capital, and excluding Financial and manufactured capital. This research is characterized exploratory and descriptive based on secondary data, and used a strategy of documentary research, as well as the technique if content analysis and inferential statistics to complement the results. The population consists of 128 companies listed on the Novo Mercado segment of BM&FBOVESPA, which released reports with non-financial information in 2012. After collecting the data, which covered the period from September to October 2014, only 49% of the population had some disclosure with non-financial information and sample consisted of 63 companies. To achieve the proposed objective was used in the reports analysis, a checklist consisting of 34 key indicators (KPIs), which resulted in a Capital Disclosure Index by company and then grouped by sector, in order to check the levels adhesions from companies/sectors to non-financial capital key indicators. Overall, it was observed that the grip levels were low, as only 6.3% of companies achieved a high level (level 1), while 39.7% at level 3 (moderately bass) and 23.8% in level 4 (low), totaling 63.5% of adhesion for down (0.50). In this sense, it appears that the most adherent capital was the "Natural Capital", with most companies (38.1%) classified as Level 2 of adhesion, followed by 14.3% classified at Level 1, totaling 52, 4% adhesion. And the Intellectual Capital was the least adherent, has the lowest participation in high levels adhesion, because most companies (44.4%) is classified as Level 4 (low), and only 6.3% (4) are classified as Level 1 (high). And yet It was observed that the disclosure indexes by sector in general, it was highlighted that only three sectors were above 0.50: sectors "public utility" (0.64) "Telecommunications" (0.62) and "basic materials "(0.50). While the low-grip sectors were: "financial and other" (0.28) and "cyclical consumption" (0.34). To complement the study, we analyzed the content of the indicators concerning the characteristics and classifications, and overall, it was observed that 61% of the indicators have "non-monetary quantitative" characteristics, and 58% are rated "Neutral”. As for the possible associations, it is suggested by statistics, that for the non-normal distribution, we obtained significantly positive association with monetary characteristics (rho = 0.033) and a rating of "Poor" (rho = 0.532); and normal distribution, the association was significantly negative with the "declarative" feature (rho = - 0.312) and the classification Neutral (rho = - 0.267). This research supports the advance the studies on this topic, until 2014 there is a lack of empirical work related to the "Integrated Reporting".

This thesis is focused on the analysis of the financial and nonfinancial factors of business success. Particular focus is on the telecommunications market in the Czech Republic and the comparison of these factors is focused on Telefónica Czech Republic. On the one hand there are introduced main causation of chosen financial numbers and indexes, which are well-known from traditional financial analysis. On the other hand there are defined basic nonfinancial numbers and indexes with their causation. As representatives are chosen customer satisfaction index, churn rate and average revenue per user. All of these indexes are very important within telecommunication companies, because they can give information about the successes of companies. In conclusion there are shown possible dependences across financial and nonfinancial indexes.

No description available.

Diploma thesis Financial and nonfinancial analysis of Spalovsky Company is dealing with a complex evaluation of chosen company. On the basis of financial statements for the years 2004 -- 2008 is accomplished financial analysis which purveys information about processes in company. As another methods for financial evaluation are chosen overall bankruptcy and credibility models and Quelle methodology. As a basis for nonfinancial indicators were made questionnaires among companies' employees and customers and created two new indexes - People Value Added and Customer Value Added. The last method was selected Pollack's method of companies' vitality. The goals of this thesis are two: the first of all to evaluate the company, characterize strong and weak points and suggest recommendations for improvement. The second goal is to analyze usefulness of selected methodizes and find out in which relation are they (substitutes, components or antagonists).

In the early 1990s, Robert Kaplan and David Norton introduced and developed a new performance measurement and management system called the balanced scorecard (BSC). Most studies have found that evaluators tend to ignore or are not willing to use nonfinancial measures. This study attempts to examine whether the explicit linkage between the evaluator's BSC and the subordinate's BSC makes the evaluators use nonfinancial measures in performance evaluation. This study used an experimental design where subjects were asked to evaluate two managers' performance under explicit linkage versus nonexplicit linkage conditions. The difference between performance evaluation scores of the two managers under the two linkage conditions captures the influence of explicit linkage between BSCs on performance evaluation. I used regression analyses to test my hypothesis. The results of the regression analyses support my hypothesis. This study attempts to explore one possible reason for evaluators' not using nonfinancial measures much in performance evaluation. It is the first one that studies the influence of the linkage between the BSCs on performance evaluation.

本文以實地實證研究方法，探討「非財務性績效衡量指標」與「工作設計」此二項誘因工具對員工績效的影響。實地研究對象為一家商業銀行，研究期間為1993-1997；該行於1995年7月開始採用非財務性績效衡量指標，並自1996年1月選擇五家分行實施徵、授信分工。 本文首先利用個案銀行17位授信員連續60個月所構成的縱查資料（panel data），以固定影響模型（fixed-effects model）分析非財務性績效衡量指標誘因工具對員工績效的影響，發現銀行授信人員之績效考核制度中，加入授信不良率與脫落率非財務性衡量指標後，雖然授信員努力的重分配導致其授信金額與利息收入財務績效變差，但授信員的授信不良率與脫落率非財務績效變佳，整體而言，授信利潤有顯著的改善。 本文另以實施徵、授信分工前後，51名授信員的績效資料，採中斷的時間序列設計（interrupted time-series design），檢定非財務性績效衡量指標與工作設計配合採用後，員工的績效是否較佳。分析結果顯示，存在非財務績效衡量指標之獎酬制度下，配合實施徵、授信分工的授信員，其授信金額及授信不良率績效顯著較徵、授信合一之授信員為佳。 / This thesis reports the results of a longitudinal field study examining the impact of nonfinancial performance measures and job design on employee performance. A commercial bank was the research site. The bank adopted nonfinancial performance measures in July 1995 and redesigned jobs in retail banking credit underwriting at five branches in January 1996. Prior to the job redesign, sales representatives were jointly responsible for all credit underwriting functions including credit extension and credit servicing. After the change, sales representatives were only responsible for credit extension while credit servicing was handled by credit decidion-makers. Panel data for 17 sales representatives over 60 months (1993 through 1997) were obtained to assess the effects of adopting nonfinancial measures on employee performance. Using fixed-effects regression analysis, the results are consistent with the predictions of agency theory: although loan volume and interest revenue decreased following adoption of nonfinancial measures to evaluate and compensate the performance of sales representatives, loan profit increased significantly. This thesis also hypothesizes that employee performance increases with the fit between incentive systems based on nonfinancial measures and job design. The empirical tests of this prediction rely on an interrupted time-series design, using performance data of 51 sales representatives in the 1995-1997 period. After the change in job design-separation of the credit underwriting jobs-alogn with introduction of incentive systems based on nonfinancial measures, the treatment group demonstrated greater improvements in productivity and quality performance. This result supports the hypothesis developed.

Author of this dissertation focuses on venture capital financing in the Czech Republic. Individual aspects of venture capital financing from the perspective of investors and also businesses are researched and evaluated in this work and formulated proposals for changes that may lead to the development of venture capital financing in the Czech Republic .This research is based on findings published in foreign scientific journals and own research. This dissertation has several scientific objectives. It is necessary to identify the evaluation criteria used by the investors to evaluate the proposed business plans. It is also important to research the nonfinancial added value and to determine the forms of support businesses receive from the investors. The final objective is to identify the limitations of venture capital financing in the Czech Republic. A list of recommendations that should improve the condi-tions of venture capital financing is formulated based on these identified limitations. Primary research was conducted with the help of questionnaires and interviews. Resulting qualitative data was evaluated with the help of Microsoft Excel. Thorough analysis of the qualitative data allowed the formulation of conclusions which can be found in the final part of this work. This dissertation provides a complex view of venture capital financing in the Czech Republic, its specifics, conditions and limitations.

I en allt mer konkurrenskraftig och snabbt föränderlig miljö måste dagens organisationer identifiera sina befintliga positioner, klargöra sina mål samt fungera mer effektivt och ändamålsenligt. Dessa premisser gäller också för icke vinstdrivande organisationer som även de behöver anpassa sig efter denna nya verklighet för att överleva. Ett prestationsmätningssystem (PMS), som sammanfattningsvis är ett redskap för att säkerställa att organisationer uppfyller sina mål och sitt syfte, kan hjälpa till att klara av dessa utmaningar. Det finns dock studier som visar att chefer och uppdragsgivare i icke vinstdrivande organisationer är allt mer oroliga över att mäta och hantera organisatoriska prestationer. Studien syftar till att förklara och bidra till en större förståelse av användningsområden och syften med PMS i icke vinstdrivande organisationer. Således blir också syftet med studien att bidra till den befintliga kunskapsbasen inom PMS. Denna kvalitativa fallstudie är utförd på Systembolaget och har primärt samlat in empiriska data genom semistrukturerade intervjuer med sju chefer från tre hierarkiska nivåer i ett av organisationens försäljningsdistrikt, men även genom dokument. Genom analys och diskussion av det empiriska materialet i förhållande till den teoretiska referensramen har vi dragit slutsatserna att ändamålet med PMS är densamma för icke vinstdrivande organisationer som för vinstdrivande organisationer. Vi har identifierat PMS som ett managementverktyg för efterlevnad och utveckling av strategier samt nå mål och visioner. Studien visar även att ett strategiskt sammanpassat PMS med fokus på icke-finansiella mått tydligt kopplade till verksamheten, kan ha betydelse för översättningen av icke vinstdrivande organisationers strategi till ett önskvärt handlingssätt och resultat. / An increasingly competitive and quickly changing environment requires today’s organizations to clarify their goals, identify their existing positions, and function more efficiently and effectively. These premises also apply to nonprofit organizations that also need to adapt to this new reality to survive. A performance measurement system (PMS) that, in short terms, is a tool for ensuring that organizations meet their goals and purposes can help to cope with these challenges. However, studies shows that measuring and managing organizational performance is an increasing concern for managers and constituents in nonprofit organizations. The purpose of the study is to explain and contribute to a greater understanding of the use and purpose of PMS in nonprofit organizations. Thus, the purpose of the study will also be to contribute to the existing knowledge base within the field of performance measurement. This qualitative case study is conducted on Systembolaget and has collected empirical data primarily through semi-structured interviews with seven managers from three hierarchical levels in one of the organization's sales districts, but also through documents. Through an analysis and discussion of our empirical findings in relation to our theoretical framework, one of the conclusions is that the purpose of PMS is the same in nonprofit organizations as for profit-making organizations. We have identified PMS as a management tool for adherence and development of strategies as well as achieving goals and visions. The study also shows that a strategically aligned PMS focusing on nonfinancial measures clearly linked to operations can be important when it comes to translation of nonprofit organization's strategy into desirable actions and results.