Doctor of Philosophy / Department of Industrial and Manufacturing Systems Engineering / Bradley Kramer / This research shows that industry and company related performance indicators enhance the business valuation process by providing a broader, more encompassing view of overall corporate health and a better understanding of improvement opportunity areas within a company. To incorporate performance indicators in the business valuation process, new methodologies are required to integrate the non-financial and soft data with the typical financial information used in business valuation. This requires a “re-think” of the standard business valuation process and the exploration and application of other methods and analytical techniques. The results of this research are the definition of a problem type and the development of a new business valuation process. The problem structure has as inputs industry specific performance metrics grouped into three primary areas Production Processes, Products/Services and Marketability and Management, a fuzzy logic model with fuzzy and approximate relationships between performance metrics and financial information and crisp financial information as output. The framework for a fuzzy logic model was developed and is used to approximate relationships and model a non-linear environment. The resulting crisp financial information is then input and integrated into the traditional business valuation process. The process was demonstrated with an example production company and with data from two regional airlines. A step-by-step example of the process was provided using the production company example to demonstrate how the results are generated and integrated with DCF business valuation. Heuristics to identify areas to improve company performance were described. Two regional airlines, individually and combined, were tested with actual data using the original fuzzy logic model structure and then the original fuzzy logic model structure was revised and new results generated. Tuning the model showed an improvement in the business valuation process performance. The benefits from this research include the definition of a new class of problems and a process to solve problems of this nature. The insights gained from this research can be applied in major disciplines such as accounting, business and finance, engineering and decision theory.

The fourth industrial revolution, also known as Industry 4.0, is based on digital industrial technology developments. The purpose of Industry 4.0 is to transform industrial manufacturing through digitalization and new technologies. The introduction of Industry 4.0 has led companies to consider digitalization as essential for company strategies. For decades, companies have aspired to increase performance by using advanced production practices, such as different operation methods and advanced manufacturing technologies. The intention of introducing these practices is to advance companies towards high performance by implementing advanced techniques. One way of utilizing the potential of new technologies is by an adoption of the concept Industry 4.0. This research studies the impact of Industry 4.0 on companies current manufacturing strategies and operational performance. The study is carried out by conducting case studies on two companies with connections to the concept of Industry 4.0 and implementations of Industry 4.0 technologies such as big data, Internet of things, the Cloud concepts, simulations, and autonomous robots. Through theoretical and comparative analysis and discussion, the study found that an adoption to Industry 4.0 as a concept is a long and stepwise process. Successful Industry 4.0 adaption requires integration of Industry 4.0 with current manufacturing strategies. Implementation of certain Industry 4.0 technologies can have an impact on operational performance if these are integrated with advancements of manufacturing practices. The practices of manufacturing strategies are significantly associated with operational performance. In other cases, the impact of implementing new technologies linger, and is not directly noticeable. With this in consideration, the value of these new technologies should not be limited to operational measurements such as financial measures.

[pt] A Orientação Empreendedora (OE) reflete a propensão de uma empresa a se engajar em comportamentos inovadores, proativos e de correr riscos para atingir seus objetivos. Em um contexto cada vez mais competitivo e globalizado, este campo foi se consolidando como um dos mais férteis na literatura de gestão estratégica, atraindo o interesse de pesquisadores dispostos a investigar como as empresas devem explorar essa postura empreendedora para aprimorar seu desempenho. Dentro deste contexto, um recurso relevante para PMEs, é a utilização da rede de relacionamentos (network) criada em volta da empresa para aprimorar seus negócios. Em vista disso, a presente pesquisa se propôs a analisar empiricamente o impacto da orientação empreendedora no desempenho financeiro e operacional de pequenas empresas, avaliando também a moderação do network de negócios nessa relação. Para tanto, foram coletados dados de 155 pequenas empresas do Rio de Janeiro cadastradas no SEBRAE/RJ, para posterior análise através do método de regressão hierárquica. Os resultados do estudo demonstraram que a orientação empreendedora contribui para melhorias tanto no desempenho financeiro quanto no operacional. Além disso, verificou-se que o network de negócios não exerceu papel moderador em nenhuma dessas duas relações. Com base nestes achados, contribuições acadêmicas e implicações gerenciais foram elaboradas, assim como limitações e sugestões para pesquisas futuras. / [en] The Entrepreneurial Orientation (OE) reflects a company s propensity to engage in innovative, proactive behaviors and to take risks in order to achieve its goals. In an increasingly competitive and globalized context, this field has been consolidated as one of the most fertile in the strategic management literature, attracting the interest of researchers willing to investigate how companies should explore this entrepreneurial stance to improve their desempenho. Within this context, a relevant resource for SMEs is the use of the network created around the company to improve their business. In view of this, the present research proposed to empirically analyze the impact of entrepreneurial orientation on the financial and operational desempenho of small companies, also evaluating the moderation of the business network in this relationship. For this purpose, data were collected from 155 small companies in Rio de Janeiro registered in SEBRAE, for further analysis using the hierarchical regression method. The results of the study demonstrated that entrepreneurial orientation contributes to improvements in both financial and operational desempenho. In addition, it was found that the business network did not play a moderating role in either of these two relationships. Based on these findings, academic contributions and managerial implications were elaborated, as well as limitations and suggestions for future research.

Thesis (M.Dev. ( Planning and Management)) -- University of Limpopo, 2021 / Cooperatives are recognised as an important instrument to reduce poverty, create employment, achieve economic growth and development. As a result, smallholder farmers with common interests have organised themselves and registered agricultural cooperatives. However, the operational performance of smallholder agricultural cooperatives for sustainable community development has remained poor. The purpose of the study is to explore the operational performance of smallholder agricultural cooperatives for sustainable community development in Elias Motsoaledi Local Municipality in Limpopo Province. Mixed research design was used in this study. Data was collected from sixty participants, questionnaires and semi-structured interviews were used to collect primary data for both quantitative and qualitative methods. The study found that smallholder agricultural cooperatives in the area of the study face challenges such as lack of managerial skills, poor governance, lack of adequate financial support and access to loans, lack of clarity on policy as well as lack of alternative strategies. The main findings of the study confirmed that there are challenges associated with the operational performance for sustainable community development. Inadequate financial support and lack of managerial skills were regarded as the main challenges that hinder the operational performance for sustainable community development. The study has suggested alternative strategies and recommendations that can assist smallholder agricultural cooperatives to improve their operational performance for sustainable community development.

Manufacturing companies are currently experiencing a digital transformation pressure as focus on concepts such as Industry 4.0 are growing. Industry 4.0 a concept inheriting, among other technologies, IoT, Cloud manufacturing and advanced analytics. The digital transformation and digitalisation of manufacturing may provide performance improvements. For example, in Supply chain functions, due to increased information sharing and possible performance improvements in forecast accuracy and deliverer accuracy. However, many companies are uncertain regarding how digital transformation best could be approached. An increasingly digital supply chain will increase the complexity of the organisation and the first step of any such transformation is to understand current capabilities. In this study we applied and, propose, the usage of a digital maturity framework, including a questionnaire, which is academically robust, has high level of transparency regarding the questionnaire, and are measuring all corporate functions. The digital maturity model is built on 3 dimensions, Strategy & organisation, Smart business processes and Smart product & services, 3 sub-dimensions and 13 associated fields. The framework thereby assesses all necessary enablers for digital transformation and provide guidelines for companies regarding what dimensions that are lagging and potentially are hindering a digital transformation. The framework was adapted and applied in the Scandinavian FMCG industry. By assessing 3 companies within the same corporate group which enabled triangulation with interviews to ensure validity provided a deeper understanding of the challenges in digitalisation and level of digital maturity in the Scandinavian FMCG industry were obtained. The results indicate that the major factor causing the low level of digital maturity within the Scandinavian FMCG industry were due to insufficient Strategy & Organisation mostly caused by a lack of strategic partners. The study concludes that competence and knowledge regarding how to approach digital transformation are the major challenge. In order to avoid develop all capabilities internally it is therefore important to source strategic partners. In addition, this study explored certain KPI’s that, according to the SCOR-model, are of great importance for operational performance. The SCOR-model were used since it is an established framework. The KPI’s for each of the participating factories were presented in relation to the digital maturity score within the associated field of production, procurement & logistics. Although no claims regarding causal relationships between digital maturity are made, the study proves the importance of connecting digital maturity to KPI’s in order to provide tangible benefits. / I och med framväxten av nya digitala teknologier upplever tillverkande företag ett ökat fokus på att digitalisera sin produktion. Digitaliseringen av industrin har kommit olika långt i olika delar men försök till att definiera vad som menar har genererat koncept som exempelvis Industry 4.0. Industry 4.0 är ett koncept som innefattar bland annat teknik som möjliggör att genom avancerad dataanalys och informationsdelning i realtid få helt nya insikter och möjlighet att styra och optimera produktionsprocesser. Dessa digitala hjälpmedel och tekniker tros även leda till mer kostnadseffektiva och flexibla värdekedjor. Exempelvis försöker många företag att förbättra sin prognos och leveranssäkerhet genom att få tillgång till försäljningsdata i realtid. Många företag är emellertid osäkra om hur de ska ta implementera och välja mellan vilka tekniker de bör fokusera på, samt om de har en organisation som är redo för att dra nytta av ny teknologi. En alltmer digital värdekedja som agerar i realtid ökar komplexitet och ställer även ökade krav på olika funktioner inom organisationen att samarbeta. Ett första steg i att förändras till ett digitalt företag att avgöra var de står idag och vad som kan förhindra en sådan förändring. I den här studien justerades och applicerades en modell som mäter digital mognadsgrad på ett företag inom den Skandinaviska FMCG industrin. Modellen som används är framtagen av akademiker och erbjuder transparens då frågeformuläret och hur bedömningen görs framgår, till skillnad från andra modeller. Modellen bedömer en organisations digital mognadsgrad enligt 3 dimensioner, Strategi och organisation, Smarta affärsprocesser och Smarta produkt och tjänster. I tillägg är dessa dimensioner uppbyggda av 3 under-dimensioner och 13 relaterade områden. Modellen bedömer därigenom alla nödvändiga faktorer för digital transformation och ger riktlinjer för företag om vilka dimensioner som anses digitalt omogna och potentiellt hindrar en digital transformation. Resultaten valideras genom att även genom semi-strukturerade intervjuer få ytterligare insikter i företagets processer, attityder, ledarskap och strategiska utmaningar. Resultaten visade att den avgörande faktorn som orsakade den relativt sett låga digitala mognadsgraden var avsaknaden av en tydlig strategi, att företagen är organiserade i funktionella silos, brist på kompetens och även strategiska partnerskap. I tillägg, utforskades vilka KPI’er som eventuellt kan förbättras genom en ökad digital mognadsgrad. Dessa KPI’er togs fram enligt SCOR-modellen då den är erbjuder ett akademisk etablerat ramverk. KPI’er för var och en av de deltagande fabrikerna presenterades i förhållande till digital mognadsgrad, men enbart inom det området produktion, upphandling och logistik. Även om det i studien inte görs några anspråk på att förklara samband mellan digital mognadsgrad, visar studien vikten av att koppla digital mognadsnivå till KPI’er för att kunna ge erbjuda konkreta fördelar med digitalisering och föreslår att det här tillvägagångsättet utvecklas i framtida arbete.

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[pt] Este trabalho fundamentou-se na teoria da visão baseada em recursos (RBV) e nas cinco forças competitivas de mercado para identificar e analisar os fatores determinantes para o desempenho operacional de pequenos negócios prestadores de serviços, evidenciando os facilitadores e barreiras para o desempenho dos mesmos. Utilizou-se como métodos de pesquisa a revisão sistemática da literatura (RSL) para identificar os principais determinantes e o estudo de caso para explorar como os pequenos negócios abordam esses determinantes em seu desempenho operacional. Neste contexto, este estudo foi realizado junto a quatro pequenos negócios prestadores de serviços do setor de petróleo e gás, parceiras do Serviço Brasileiro de Apoio às Micro e Pequenas Empresas no Estado do Rio de Janeiro (SEBRAE/RJ). Como resultados da RSL, identificou-se a inovação e a orientação ao mercado como os principais determinantes frequentemente relacionados ao desempenho de pequenos negócios em serviços. Os principais facilitadores identificados foram qualidade, capital humano e inovação de produto/serviço, enquanto que recursos limitados e funcionários desqualificados foram identificados como as principais barreiras. Assim, na análise dos resultados dos estudos de caso observou-se que a competitividade e o crescimento no mercado são as forças que direcionam as atividades de inovação, logo, a orientação ao mercado se torna necessária paras as empresas direcionarem suas ações de maneira estrategicamente assertiva e, com a inovação, as organizações visam melhorar seus desempenhos, gerando vantagens competitivas ao oferecer novos serviços. / [en] This work was grounded on the theory of the resource-based view (RBV) and the five competitive market forces to identify and analyze the determining factors for the operational performance of small service providers, showing the facilitators and barriers to an improved performance. The systematic literature review (SLR) was used as a research method to identify the main determinants and a case study to explore how small businesses address these determinants in their operational performance. In this context, this study was carried out with four small oil and gas service providers, which work in partnership with the Brazilian Micro and Small Business Support Service in the State of Rio de Janeiro (SEBRAE/RJ). As SLR results, innovation and market orientation were identified as the main determinants often related to the performance of small businesses in services. The key facilitators identified were quality, human capital, and product/service innovation while limited resources and disqualified employees were identified as the main barriers. Thus, in the analysis of the results of the case studies, it was observed that competitiveness and market growth are the driving forces for innovation activities, so market orientation becomes necessary for companies to target their actions in a strategically assertive way and, with innovation, organizations aim to improve their performance generating competitive advantages by offering new services.

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[pt] Dado o surgimento de uma nova ordem econômica, as empresas em todo o mundo perceberam que precisam estar comprometidas com a sustentabilidade. As pressões externas vão desde o governo, com a criação de regulamentações socioambientais, até os empregados e a sociedade - mídia, ONGs e clientes - que estão cada vez mais conectados, atentos e exigentes a essas questões. Empresas sustentáveis devem satisfazer as necessidades do presente (gerar lucro) sem comprometer o futuro (respeitando o meio ambiente e os preceitos de responsabilidade social). A indústria de manufatura, foco dessa dissertação, tem muito a contribuir para a sustentabilidade, pois impacta socio-economico-ambientalmente os locais onde opera, de forma significativa. Geração de gases de efeito estufa e de resíduos tóxicos estão entre os grandes vilões, mas não se limitando a eles. No âmbito interno, as empresas necessitam absorver o conceito de sustentabilidade no seu processo de produção, a partir de práticas de gestão ambiental relacionadas, por exemplo, à otimização do uso dos recursos ambientais (ex. reuso de água e utilização de energias alternativas), à redução de gases poluentes e às alternativas para descarte de resíduos; assim como às práticas de gestão social tais como medidas para aumentar saúde e segurança no ambiente de trabalho e criação de programas ligados ao bem estar dos funcionários. As ações, porém, devem ser ampliadas para toda a cadeia do processo e devem ser adotadas medidas colaborativas com os fornecedores para que sejam comprometidos e também responsáveis. No entanto, para a empresa se tornar sustentável, investimentos adicionais e aumento de custos são necessários para incluir em sua estrutura pessoal e processos responsáveis pelo incremento da sustentabilidade, seja ela econômica, social ou relacionada ao meio ambiente, o chamado triple bottom line, em inglês. / [en] Companies worldwide realized that being committed to sustainability is becoming a source to competitive advantage. Empirical evidence exists in the literature validating a positive link of sustainable manufacturing practices with organizational performance. However, there is a lack of rigorous empirical studies directly examining the impact of both environmental and social practices on operational manufacturing performance, especially in four main competitive operational capabilities: cost delivery, quality, and flexibility. This study analyses these relationships with literature review and the backdrop of the resource-based view and of the natural resource-based view of the firm. For this purpose, structural equation modeling (SEM) is used to build the measurement model and hierarchical stepwise multiple regression is used to test the research hypotheses. The data used were obtained from the sixth round of the International Manufacturing Strategy Survey (IMSS-VI) which includes responses from 931 manufacturing plants within the assembly industry in 22 countries. Our findings suggest that internal and external sustainability management practices are complementary. Manufacturing plants can increase their quality and flexibility performance, by implementing internal sustainable practices, such as water and energy consumption reduction, environmental and social certifications, work/life balance policies and sustainability communication, and can increase their cost efficiency and delivery performance by promoting supplier s sustainability management. Overall, this study contributes to the investigation of strategies for sustainable management, highlighting important implications for both practice and future research.

L’innovation technologique est considérée comme un élément clef dans la constitution des économies, dites du savoir, ou de la connaissance. Ce cadre économique stimule une forte croissance des investissements immatériels dans l’objectif de création de valeur et de construction d’un avantage compétitif défendable sur le long terme. Néanmoins, l’innovation est un processus continu qui requiert un horizon de long terme pour transformer l’ensemble des connaissances, et des efforts de Recherche et Développement (R&D) en un produit ayant de la valeur économique. La dimension temporelle de l’innovation technologique renforce son caractère risqué et augmente l’incertitude quant à sa réussite. De même, les problèmes d’asymétrie d’information créés par le processus d’innovation s’accentuent. Cette thèse s’intéresse à la relation entre le capital-connaissances et la performance financière des entreprises, dans un premier temps, pour se pencher ensuite sur la question de la valeur de marché de l’actif intangible. Pour ce faire, nous élaborons une base de données unique, à partir des brevets européens et proposons de nouvelles mesures qualitatives au capital intangible, basées sur les caractéristiques des brevets. Cette thèse mesure empiriquement la valeur économique du capital-connaissances représenté par sa « matière première », à savoir les dépenses R&D et par son « produit fini » à savoir les brevets. Nous construisons, également un indice composite de la qualité de l’innovation afin de mieux représenter la valeur privée de l’immatériel. Enfin, cette thèse s’intéresse à la question d’écart entre valeur comptable et valeur de marché des entreprises en présence d’investissements immatériels. Pour ce faire, elle contient une étude prévisionnelle et causale de la performance opérationnelle par les dépenses R&D et l’indice composite de qualité. Ce dernier est proposé en tant qu’outil non-financier d’analyse et de prévision de performance. / Technological innovation is considered as a key element in the knowledge-based economies, where the share of intangible assets continues to grow significantly. The development of innovation is enhanced mainly in the purpose of value creation and the obtaining of a competitive advantage. Nevertheless, innovating is a long process where the lag between the investments in Research and Development (R&D) activities, considered as its input, and the obtaining of a valuable output, often estimated by the patent application, is large. The long character is emphasized by the uncertainty and the riskiness of the process which are at the root of important problems of information asymmetry between investors and the insiders. This dissertation studies the impact of intangible investments on the financial performance of companies in Europe. Therefore, we use a unique database of European patents and suggest a set of qualitative measures to innovation, based on the patents’ attributes. Moreover, this thesis estimates the market value of intangibles as measured by the R&D expenses, the patent applications but also the qualitative attributes. In this framework, we construct a composite quality index of innovation in order to better estimate its private economic value. The increasing lag between financial and book values in the presence of R&D investments leads us to undertake a causal study of innovation on the financial performance of companies. We suggest our composite index as non-financial metric to predict the future earnings and examine the effect of R&D on the growth and volatility of future operating incomes.