Darbo tikslas – atlikti Lietuvos pieno sektoriaus pokyčių analizę Lietuvai tapus Europos sąjungos nare. Darbe buvo tiriama Europos Sąjungos pieno rinkos, struktūrinės paramos ir rinkos organizavimo priemonių įtaka Lietuvos pieno sektoriui. Tyrimas atliktas naudojant statistinius ir matematinius duomenų analizės ir grafinio vaizdavimo, lyginamosios analizės, mokslinės literatūros analizės ir sintezės metodus. ES bendrosios rinkos atsivėrimas, struktūrinė parama ir rinkos organizavimo priemonės turėjo didžiausią poveikį Lietuvos pieno ūkių struktūriniams pokyčiams bei pieno ir pieno produktų paklausai ir konkurencingumui. 2004 – 2008 metais bendra pieno kvota ir pardavimo perdirbti pieno kvota padidėjo, o pardavimo tiesiogiai vartoti pieno kvota sumažėjo. Tačiau pieno kvotos dėl nepakankamo pieno gamybos organizavimo nebuvo įvykdytos. Pieno kvotų turėtojų skaičius kasmet mažėjo dėl pieno ūkių stambėjimo bei asmenų pasitraukimo iš žemės ūkio gamybos. Didėjant pieno gamybai, augo pieno ir pieno produktų prekyba su ES šalimis bei pajamos dėl padidėjusių rinkos kainų. 2007 metais sumažėjo sviesto, s��rių ir varškės, laktozės ir kazeino eksportas dėl sumažėjusios šių produktų gamybos ir pieno naudojimo kitų pieno produktų gamybai. Ledų eksportas ir importas didėjo dėl didėjančios šių produktų paklausos rinkoje. Stambėjant pieno ūkiams ženkliai sumažėjo pieno ūkių, kuriuose buvo laikoma 1 – 4 karvės, skaičius. Padidėjo pieno ūkių, kuriuose buvo laikoma daugiau kaip 30 karvių... [toliau žr. visą tekstą] / Aim of the work was to analyze changes in Lithuanian milk sector after accession to EU. Impact of EU common market and support provided by structural funds and market support means was studied. Statistical and descriptive analysis of findings was applied. Study showed, that EU common market, structural funds and market support means have had the biggest impact to Lithuanian milk sector. In 2004 – 2008 common milk quota and quota for the milk delivery were increased. Quota for direct milk sale was reduced. However milk quota has never been delivered. Enlargement of farms and early retirement of farmers have reduced a number of keepers of milk quota. Growing milk production and common market has raised trade in dairy products. Milk has been used for production of variety of dairy products. In 2007 there was some decrease in trade of butter, cheese and cottage cheese, lactose and casein. There was high demand of ice-cream on the market. Enlargement and modernization of milk sector have significantly decreased a number of dairy farms keeping 1 – 4 cows. Dairy herds have improved in milk yield and milk quality.

No presente estudo tem-se o objetivo de analisar a efetiva implantação de um produto de Assistência à Saúde como estratégia empresarial, em suas diversas etapas de execução. A compreensão das dificuldades e dos desafios na implantação de uma estratégia empresarial é o ponto de partida desta pesquisa. Separadas conceitualmente, estratégia e execução são, em verdade, etapas de igual importância que merecem uma visão conjunta. A execução efetiva, entretanto, de uma estratégia, carrega em si uma complexidade de tarefas e uma quantidade de fatores. Também as novas demandas criadas pelo mercado de baixa renda desafiam as organizações, propiciando o lançamento de novos produtos destinados a um novo tipo de consumidor. O desafio de tornar a organização um ofertante ful-line no mercado de saúde suplementar, agregando ao seu portfólio um produto para as classes emergentes, constituiu o cenário e as proposições estratégicas que deveriam ser implementadas como importante decisão da Unimed Porto Alegre. Em relação ao método, adotou-se a pesquisa-ação, em um conceito de pleno envolvimento do pesquisador nas ações desenvolvidas. A execução da estratégia na implantação de um produto de assistência à saúde para o mercado de baixa renda abrangeu o período de 2008 a 2011. Analisaram-se as diversas etapas na implantação do produto e foram considerados os indicadores de desempenho empresarial e mercadológicos, consolidando-se a busca dos objetivos estratégicos propostos. O conjunto de evidências apresentadas consolidou o êxito na execução e nos resultados obtidos. O estudo se justifica por analisar, na prática, o desafiador conjunto de fatores no desenvolvimento de produtos para o público de baixa renda e a dedicação necessária à execução exitosa de uma estratégia empresarial. / Understanding the difficulties and challenges in the implementation of an effective business strategy is the starting point of this research. Conceptually separate, strategy and execution are in fact equally important steps that deserve a joint vision. The effective execution from a strategy carries with it a complexity of tasks and a number of factors that can frustrate even a brilliant design. Also the new demands created by the low-income market challenge organizations providing opportunities to launch new products for a new type of consumer. The challenge of making the organization a bidder ful-line health supplement on the market, adding to its portfolio a product for emerging classes constituted the scenario and strategic propositions that should be implemented as an important decision from Unimed Porto Alegre. Thus this dissertation was developed as a method of study and action research, within the concept of full involvement of the researcher in the actions developed. Strategy execution in deploying a product of health care for low-income market studies the period from 2008 to 2011. The study analyzed the different stages in product deployment. Business performance indicators and market were considered, consolidating the pursuit of strategic objectives proposed. The body of evidence presented consolidates the successful implementation and results. The study is justified by analyzing, in practice, challenging set of factors in the development of products for the low-income public and the dedication needed to run a successful business strategy.

Made available in DSpace on 2016-12-23T13:42:11Z (GMT). No. of bitstreams: 1 Ricardo Furieri Batianello.pdf: 1553909 bytes, checksum: 307230d5431d6833c34cb63af8c84ab9 (MD5) Previous issue date: 2012-09-11 / Esta dissertação analisa a qualidade da informação contábil (QIC) na interação entre a governança corporativa e a competição, visando responder lacunas ainda não preenchidas pela literatura, principalmente na comparação entre os quatro ambientes resultantes da interação entre competição e governança das firmas. No que tange relação competição/governança, estudos como o de Karuna (2010), por exemplo, apontaram existir uma relação entre a intensidade da competição e uma governança mais forte. Em relação à contabilidade/competição, Dhaliwal et al. (2008), descobriram haver associação positiva entre a intensidade da competição e o conservadorismo condicional, que é considerada uma das propriedades da informação contábil. Por conseguinte, no que diz respeito à relação governança/contabilidade, achados de Bushman et al. (2000), por exemplo, confirmam que a contabilidade influencia a governança corporativa. Ball et al. (2000) contradizem-nos afirmando que a governança corporativa impacta a contabilidade, ou seja, os mecanismos de governança presentes em um ambiente teriam papel fundamental na qualidade da informação contábil. A competição do mercado de produtos foi calculada mediante o Índice de Herfindahl. A divisão entre firmas com mecanismos de governança fortes e fracos foi feita com base na listagem da BM&FBovespa, onde considerou-se empresas listadas nos níveis Novo Mercado e Nível 2 como empresas com governança forte, e o restante como empresas com governança fraca. Foram utilizados dados entre os anos de 2000 e 2011, das firmas listadas da Bolsa de Valores de São Paulo. A técnica de análise estatística utilizada foi a regressão múltipla com dados em painel desbalanceado. Os resultados, no geral, corroboraram com estudos anteriores, de que tanto a presença de uma governança forte quanto um ambiente altamente competitivo podem incrementar os números contábeis de forma a torná-los mais qualitativos. Curiosamente, os resultados sugeriram que em ambientes classificados como não competitivos e com mecanismos de governança fracos, a qualidade da informação contábil divulgada mostrou-se relativamente alta, segundo duas das três propriedades da qualidade da informação contábil analisadas / This dissertation analyzes the quality of accounting information (QAI) on the interaction between corporate governance and competition, aiming to tackle questions that have not been addressed by the literature available so far, especially when it comes to comparing the four possible environments resulting of the combination between different competition and governance environments. When it comes to the relationship between competition and governance, studies such as Karuna s (2010) point out to the existence of a cause/effect relationship between the intensity of the competition and stronger governance. When discussing accounting and competition, Dhaliwal et al. (2008) evidenced a positive relation between the amount of competition and the conditional conservatism, which is considered one of the main priorities of accounting information. Thus, in what concerns the relationship between governance and accounting, findings made by Bushman et al (2000) confirm that accountancy has an influence on corporate governance. Ball et al (2000) are contrary to that opinion, claiming that it is corporate governance that impacts on accountancy, which means that the governance mechanisms present at a certain environment would play a fundamental role in the quality of accounting information. The product market competition was calculated using the Herfindahl Index and the identification of firms with strong or weak governance was based on BM&FBovespa listings, where firms listed in New Market or Level 2 were considered with strong governance, and the others were considered with weak governance. The data used was collected between 2000 and 2011, from the firms listed on the São Paulo Stock Exchange. The type of statistical analysis used to process data was the multiple regression with unbalanced panel data. In general, the results point to the same direction as previous ones, showing that both the presence of a strong governance and a highly competitive environment can enhance the accounting numbers in order to make them more qualitative. Interestingly, results suggest that in environments classified as uncompetitive and weak governance mechanisms, the quality of accounting information disclosed was relatively high, according to two of the three properties of the quality of accounting information analyzed

No presente estudo tem-se o objetivo de analisar a efetiva implantação de um produto de Assistência à Saúde como estratégia empresarial, em suas diversas etapas de execução. A compreensão das dificuldades e dos desafios na implantação de uma estratégia empresarial é o ponto de partida desta pesquisa. Separadas conceitualmente, estratégia e execução são, em verdade, etapas de igual importância que merecem uma visão conjunta. A execução efetiva, entretanto, de uma estratégia, carrega em si uma complexidade de tarefas e uma quantidade de fatores. Também as novas demandas criadas pelo mercado de baixa renda desafiam as organizações, propiciando o lançamento de novos produtos destinados a um novo tipo de consumidor. O desafio de tornar a organização um ofertante ful-line no mercado de saúde suplementar, agregando ao seu portfólio um produto para as classes emergentes, constituiu o cenário e as proposições estratégicas que deveriam ser implementadas como importante decisão da Unimed Porto Alegre. Em relação ao método, adotou-se a pesquisa-ação, em um conceito de pleno envolvimento do pesquisador nas ações desenvolvidas. A execução da estratégia na implantação de um produto de assistência à saúde para o mercado de baixa renda abrangeu o período de 2008 a 2011. Analisaram-se as diversas etapas na implantação do produto e foram considerados os indicadores de desempenho empresarial e mercadológicos, consolidando-se a busca dos objetivos estratégicos propostos. O conjunto de evidências apresentadas consolidou o êxito na execução e nos resultados obtidos. O estudo se justifica por analisar, na prática, o desafiador conjunto de fatores no desenvolvimento de produtos para o público de baixa renda e a dedicação necessária à execução exitosa de uma estratégia empresarial. / Understanding the difficulties and challenges in the implementation of an effective business strategy is the starting point of this research. Conceptually separate, strategy and execution are in fact equally important steps that deserve a joint vision. The effective execution from a strategy carries with it a complexity of tasks and a number of factors that can frustrate even a brilliant design. Also the new demands created by the low-income market challenge organizations providing opportunities to launch new products for a new type of consumer. The challenge of making the organization a bidder ful-line health supplement on the market, adding to its portfolio a product for emerging classes constituted the scenario and strategic propositions that should be implemented as an important decision from Unimed Porto Alegre. Thus this dissertation was developed as a method of study and action research, within the concept of full involvement of the researcher in the actions developed. Strategy execution in deploying a product of health care for low-income market studies the period from 2008 to 2011. The study analyzed the different stages in product deployment. Business performance indicators and market were considered, consolidating the pursuit of strategic objectives proposed. The body of evidence presented consolidates the successful implementation and results. The study is justified by analyzing, in practice, challenging set of factors in the development of products for the low-income public and the dedication needed to run a successful business strategy.

No presente estudo tem-se o objetivo de analisar a efetiva implantação de um produto de Assistência à Saúde como estratégia empresarial, em suas diversas etapas de execução. A compreensão das dificuldades e dos desafios na implantação de uma estratégia empresarial é o ponto de partida desta pesquisa. Separadas conceitualmente, estratégia e execução são, em verdade, etapas de igual importância que merecem uma visão conjunta. A execução efetiva, entretanto, de uma estratégia, carrega em si uma complexidade de tarefas e uma quantidade de fatores. Também as novas demandas criadas pelo mercado de baixa renda desafiam as organizações, propiciando o lançamento de novos produtos destinados a um novo tipo de consumidor. O desafio de tornar a organização um ofertante ful-line no mercado de saúde suplementar, agregando ao seu portfólio um produto para as classes emergentes, constituiu o cenário e as proposições estratégicas que deveriam ser implementadas como importante decisão da Unimed Porto Alegre. Em relação ao método, adotou-se a pesquisa-ação, em um conceito de pleno envolvimento do pesquisador nas ações desenvolvidas. A execução da estratégia na implantação de um produto de assistência à saúde para o mercado de baixa renda abrangeu o período de 2008 a 2011. Analisaram-se as diversas etapas na implantação do produto e foram considerados os indicadores de desempenho empresarial e mercadológicos, consolidando-se a busca dos objetivos estratégicos propostos. O conjunto de evidências apresentadas consolidou o êxito na execução e nos resultados obtidos. O estudo se justifica por analisar, na prática, o desafiador conjunto de fatores no desenvolvimento de produtos para o público de baixa renda e a dedicação necessária à execução exitosa de uma estratégia empresarial. / Understanding the difficulties and challenges in the implementation of an effective business strategy is the starting point of this research. Conceptually separate, strategy and execution are in fact equally important steps that deserve a joint vision. The effective execution from a strategy carries with it a complexity of tasks and a number of factors that can frustrate even a brilliant design. Also the new demands created by the low-income market challenge organizations providing opportunities to launch new products for a new type of consumer. The challenge of making the organization a bidder ful-line health supplement on the market, adding to its portfolio a product for emerging classes constituted the scenario and strategic propositions that should be implemented as an important decision from Unimed Porto Alegre. Thus this dissertation was developed as a method of study and action research, within the concept of full involvement of the researcher in the actions developed. Strategy execution in deploying a product of health care for low-income market studies the period from 2008 to 2011. The study analyzed the different stages in product deployment. Business performance indicators and market were considered, consolidating the pursuit of strategic objectives proposed. The body of evidence presented consolidates the successful implementation and results. The study is justified by analyzing, in practice, challenging set of factors in the development of products for the low-income public and the dedication needed to run a successful business strategy.

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Die vorliegende Dissertation besteht aus drei empirischen Papieren, die verschiedene Anreize von Manager bezüglich einer Beeinflussung der Rechnungslegung untersuchen. Das erste Papier untersucht die Wechselwirkung von Produktmarktregulierung und Rechnungslegung. Die Ergebnisse zeigen, dass Manager frühzeitig neue Rechnungslegungsregeln anwenden, um regulierte Preise in der Versorgungswirtschaft zu beeinflussen. Der zweite Teil der Dissertation befasst sich mit der Frage, inwieweit sich persönliche Eigenschaften von Managern (Selbstüberschätzung) in der Rechnungslegung widerspiegeln. Ihre Fähigkeiten überschätzende Manager haben zu hohe Erwartungen bezüglich der zukünftigen Zahlungsüberschüsse ihres Unternehmens. Das Papier zeigt, dass diese Manager bei Amtsantritt mit einer geringeren Wahrscheinlichkeit das Periodenergebnis negativ beeinflussen (Earnings bath). Das letzte Papier der Dissertation untersucht die Berichterstattung von Unternehmen, die an europäischen, börsenregulierten Aktienmärkten notiert sind. Insbesondere liegt der Fokus auf der freiwilligen Anwendung der International Financial Reporting Standards (IFRS) und der freiwilligen Veröffentlichung von Quartalsinformationen. Die Ergebnisse zeigen, dass der Verkauf von Aktien an institutionelle Investoren zum Zeitpunkt des Börsengangs positiv mit der freiwilligen Anwendung der IFRS korreliert, jedoch nicht mit der freiwilligen Veröffentlichung von Quartalsinformationen. / This cumulative doctoral thesis consists of three papers. Each part investigates empirically different aspects of the incentive structure of managers to influence the accounting outcome. The first paper examines the interplay of product market regulation and financial reporting. It shows that managers early adopt a new accounting regime if accounting numbers are used by regulators to set prices in utility industries. The second paper argues that reporting decisions of managers are influenced by personal characteristics (overconfidence). Overconfident managers overestimate their abilities and consequently have upwardly biased expectations concerning future firm cash flows. More specifically, the paper shows that overconfident CEOs are less likely to engage in an earnings bath at CEO turnover. The last paper investigates reporting choices of firms in European exchange-regulated markets. In particular, it sheds light on the voluntary adoption of International Financial Reporting Standards (IFRS) and on the decision to voluntarily provide quarterly financial information. The findings indicate that the likelihood of voluntary IFRS adoption increases with the proportion of stocks sold to institutional investors upon IPO while the likelihood to provide quarterly information does not.

本論文包含二篇與公司財務相關之文章，第一篇文章嘗試在考量總體經濟條件和公司生產力衝擊下，建構一個簡單結構式模型以探討公司之資本結構決策。特別的是，由該模型可得到公司最適負債比率與總體經濟條件衝擊之報酬波動性呈反向關係，惟公司最適負債比率與公司生產力衝擊之報酬波動性呈正向關係。第二篇文章係利用對稱寡占產業均衡模型，以探討產業內經理人薪酬決策之異質性。即使產業內所有公司皆為同質，在模型均衡下存在有些公司會採取激勵性薪酬，而其他公司則不採取激勵性薪酬。該模型預期當市場競爭性增加時，產業內公司經理人薪酬決策會更具異質性。此外，上述二篇文章皆分別以美國製造業資料進行實證，並且實證結果均符合其模型之預期。 / This dissertation proposes two essays about corporate finance. Essay one develops a simple structural model to investigate a firm’s capital structure choices in consideration of macroeconomic conditions and firm-level productivity shocks. The model particularly generates the implication that the optimal debt ratio is negatively correlated to the return volatility of macroeconomic conditions, but positively correlated to that of firm-level productivity. Essay two is contributed to explore the heterogeneity of the compensation decision within the industry by employing a symmetric oligopoly industry equilibrium model. Within the equilibrium some firms will adopt incentive pay while others will not, even though all firms are ex ante identical. The model predicts that there is more heterogeneity in the compensation decision as the intensity of market competition increases. Both of the two essays further provide empirical evidence of the US manufacturing industry to support the model implications.

本研究旨在探討公司治理與動態資本結構之間的關係，以及產品市場競爭對此關係的影響。 第一篇文章探討公司治理品質如何影響動態資本結構。本篇文章同時考慮負債的「接管防禦」與「懲罰」效果，對最適資本結構調整速度的影響。我們的實證結果發現，雖然低負債(underlevered)和高負債(overlevered)公司，皆呈現公司治理品質愈差，調整速度愈慢的結果，但原因並不相同。以低負債且弱治理的公司來說，因負債所扮演的懲罰角色帶來的成本，高於使用負債作為接管防禦工具所帶來的利益，因此公司傾向減少負債的使用，並以較緩慢的速度朝向目標資本結構調整。但就高負債弱治理的公司而言，因面臨較嚴重的接管威脅，為了驅逐潛在的掠奪者，公司選擇增加負債的使用，而不願調降其負債水準至目標值，因此也降低了資本結構的調整速度。 第二篇文章主要探討產品市場競爭在公司治理品質與動態資本結構關係中所扮演的角色。文獻中已有許多研究探討市場競爭對經理人的怠惰行為的影響。然而，到目前為止，仍然沒有文獻研究產品市場競爭程度的高低如何影響公司治理與資本結構調整速度之間的關係。我們的文章因此補足目前研究文獻不足之處。實證結果顯示，公司在競爭的狀態下，更願意以追求股東財富極大化為其目標，此舉也因此提升公司資本結構朝向最適目標值調整的速度。除此之外，我們的實證結果亦發現在一個高度市場競爭的環境下，弱治理與強治理公司之間調整速度的差距會縮小。 / This study contains two essays on the relationship between corporate governance on capital structure dynamics, and how production market competition affects this relation. Essay 1: Corporate Governance and the Dynamics of Capital Structure: New Evidences The effects of corporate governance on optimal capital structure choices have been well documented, though without offering empirical evidence about the impact of corporate governance quality on the adjustment speed toward an optimal capital structure. This study simultaneously considers two effects of debt originating from agency theory—the takeover defense and the disciplinary effects of debt—on the speed of adjustment to the optimal capital structure. Corporate governance has a distinct effect on the speed of capital structure adjustment: weak governance firms that are underlevered tend to adjust slowly to the optimal capital structure, because the costs of the disciplinary role of debt outweigh the benefits of using debt as a takeover defense tool. Although, overlevered weak governance firms also adjust slowly, they do so because they are reluctant to decrease their leverage toward the target level to deter potential raiders, especially if they face a serious takeover threat. Therefore, this study finds that both overlevered and underlevered firms with weak governance adjust slowly toward their target debt levels, though with different motivations. Essay 2: Corporate Governance, Product Market Competition, and Dynamic Capital Structure The importance of product market competition for analyzing managerial slack or the impact of corporate governance on capital structure decision has been widely discussed. However, prior studies pay little attention to center on the impact of market competition on the relationship between corporate governance quality and capital structure dynamics. This paper thus fills this gap in the literature. Our study finds that competition makes firms with weak governance have stronger incentive to maximize shareholders’ wealth and thus increase their adjustment speed toward their target leverage. Moreover, the difference in the adjustment speeds between weak and strong governance firms become smaller when firms operate in highly competitive industries.