O conceito de sustentabilidade tem sido discutido em âmbito mundial e influenciado de modo crescente as decisões de mercado nos mais diversos países. As nações, os governos, as corporações, os gestores e os cidadãos tiveram suas posturas e questionamentos ampliados sob os pontos de vista econômicos, sociais e ambientais. A propagação de uma geração verde não somente afetou questões ambientais como também transformou as informações de enfoque sustentável em importantes direcionadores ao mercado. Em meio a este cenário, as corporações dos mais diversos segmentos passaram a ter de criar mecanismos de comunicação com toda sua gama de interessados, de maneira a consolidar suas posturas e divulgar práticas responsáveis em toda a sua cadeia produtiva e operacional. Ao mesmo tempo em que as entidades priorizam geração de riqueza ao acionista, a influência do conceito de sustentabilidade impulsionou os gestores a justificarem os meios para se chegar ao lucro, desde a extração da matéria-prima até a expedição dos produtos acabados. Observava-se, neste contexto, que começam a surgir as primeiras distinções entre as empresas. Face à indagação sobre quem faz mais e as condições necessárias para isso, surgiu o objetivo deste trabalho: investigar o nível de responsabilidade socioambiental das empresas do setor de papel e celulose. Haverá a apuração do nível de aderência das empresas do setor de papel e celulose ao modelo de relatório de sustentabilidade da Global Reporting Initiative - GRI; e a confrontação deste nível de aderência com informações financeiras apresentadas pelas companhias da amostra, como faturamento, endividamento, custo da dívida e eficiência na geração de recursos, visando verificar se é possível estabelecer relação entre estas variáveis. Das empresas afiliadas à Associação Brasileira de Papel e Celulose - Bracelpa, sete possuem relatório de sustentabilidade e dados financeiros disponíveis para o público, razão pela qual foram tomadas como elementos deste estudo. A presente pesquisa tem como base de informações os Relatórios Anuais de Sustentabilidade analisados nos período de 2007 e 2008, bem como os Relatórios de Administração dos mesmos períodos. Além dos relatórios mencionados, também foram extraídas informações dos websites das companhias. Trata-se de uma pesquisa de natureza exploratória-descritiva realizada com base em análise documental. Concluiu-se que as relações previstas não foram confirmadas pelo conjunto dos elementos que compuseram a amostra e, ainda que as empresas selecionadas tenham apresentado evolução na confecção de seus relatórios, a transparência poderia ser maior. / The concept of sustainability has been discussed worldwide and increasingly influenced by the decisions of the market in different countries. Nations, governments, corporations, managers and citizens have had their positions and questions under the expanded views of economic, social and environmental. The spread of a \"green\" generation has affected not only environmental issues but also become the focus of development information important drivers in the market. In this scenario, corporations of several segments have been given to establish mechanisms of communication with all its range of stakeholders, to consolidate their positions and disseminate responsible practices throughout their supply chain and operational. While the controllers give priority to wealth creation for shareholders, the influence of sustainability spurred managers to justify the means to get to profit from the extraction of raw materials to shipment of finished products. It is observed, in this context, that begin to appear the first distinctions between companies. Faced with the question of who does it more and the necessary conditions for this, came the objective of this work: to investigate the level of environmental responsibility of companies in the pulp and paper. There will be the determination of the level of compliance of companies in the pulp and paper model of the sustainability report of the Global Reporting Initiative - GRI, and the confrontation of this level of compliance with financial reporting by companies of the sample, such as billing, debt, cost of debt and efficiency in the generation of resources to verify whether it is possible to establish the relationship between these variables. Of companies affiliated to the Brazilian Association of Pulp and Paper - Bracelpa, seven have sustainability report and financial data available to the public why it was taken as evidence of this study. This research is based on information from the Annual Reports Sustainability analyzed the period 2007 and 2008 and the Annual Reports s of the same periods. In the reports mentioned, were also extracted information from the websites of companies. This is a search for exploratory-descriptive study based on documentary analysis. It was concluded that the contemplated have not been confirmed by all the elements that made up the sample and, although the selected companies have made progress in making their reports, transparency could be higher.

The thesis assesses bank performance from two aspects: growth sustainability and the externality impact on the growth of non-financial industries. With regard to sustainability, the study considers two issues. One is financial performance with a focus on understanding what determines profitability and stability, particularly the role of market structure in generating profits. The second aspect is that of exploring what drives bank growth. Do banks grow through a competitive process or a noncompetitive one? In the context of externality, the thesis investigates whether bank competition and stability contribute to the growth of non-financial industries. The thesis starts by investigating the effects of market structure on profitability and stability using the sample data of 1929 banks from 40 countries including both emerging and advanced economies over 1999-2008. It attempts to examine which school of theories provide more explanatory power to profitability and stability in banks: the traditional structure-conduct-performance (SCP) or relative-market-power (RMP) hypotheses. The results show that a greater market share leads to higher bank profitability in favour of the RMP theory evidenced in advanced economies; however interestingly there is no evidence in support of these theories in emerging economies. Furthermore, the RMP effect appears more sustainable when compared with the SCP. This suggests that a more concentrated banking system may be more vulnerable to financial stability. Regarding the second aspect of banking sector performance, we look at an issue of competition by employing data from around 5850 banks across 49 economies during 2001-2010. We employ different industrial economics theories to estimate the degree of bank competition. The results show that bank competition varies across countries in terms of competition intensity and process. Some banks compete more intensity for efficiency and some compete less. Interestingly, all indicators show that emerging banking markets are less competitive than their counterparts in advanced economies. Furthermore, the thesis explores whether competition and stability in the banking sector can affect the growth and market structure of nonfinancial industries and hence economic growth. Empirical evidence from 23 industries for 48 emerging and advanced economies shows robustly that a more vigorously competitive and thus efficient banking sector allows financially dependent industries to grow faster through supporting small firms and new entrants that disconcentrate market structure. Policy implication is clear: competition, rather than market structure, is what we need for restructuring our banks that can help economic growth.

We provide a comprehensive study of out-of-sample forecasts for the EUR/USD exchange rate based on multivariate macroeconomic models and forecast combinations. We use profit maximization measures based on directional accuracy and trading strategies in addition to standard loss minimization measures. When comparing predictive accuracy and profit measures, data snooping bias free tests are used. The results indicate that forecast combinations, in particular those based on principal components of forecasts, help to improve over benchmark trading strategies, although the excess return per unit of deviation is limited.

The aim of this paper is to determine, whether the conclusions reached by some authors about the influence of the development of the financial system, bank size and taxation on bank profitability are also applicable to the European banking sector. This thesis is divided into 4 thematic parts. The first part tries to summarize the recent events that have had influence on the European banking sector as well as on the whole world and sum up their possible impact on bank profitability. A lot of attention is paid to the events of 2007 and 2008. The second and third subsection describes the basic theory, on which the thesis is build on. The balance and income statement is analysed in short as well. Further, an insight into the profitability ratios is given, because the comparison of these ratios is the centre of this paper. The forth, methodological, subsection and the fifth as well are focusing on the process contiguous our comparison. The data selection process and the influences on it are described in this section. The section also includes the fundamental base and hypotheses. The profitability comparison can be found in the next three subsections. The banks are not looked at as individual institutions, but there are concentrated into bigger units, based on country of residence and size. The last section deals with the influence of taxation on bank's profitability. The conclusion is dedicated to a summary of all the findings that were discovered during the previous sections.

The main goal of my thesis is assessment of financial situation of Apoly, s.r.o. through analysis of profit and analysis of profitability in period from 2005 to 2009. The first part deals with theoretical-methodological base of analysis. Second part of my thesis deals with practical aplication of analysis' methods. Evaluation of obtained results is at last part.

My diploma thesis focuses on a financial analysis of the company JOKEY PRAHA CZ, s.r.o. for period 2009-2012. The aim of this thesis is to assess the company's economic performance and financial health with a support of the financial analysis tools. The diploma thesis is divided into two main parts - methodical and application. Methodical part describes the subject, purpose of the financial analysis and its sources and methods. This part is followed by application part which applies previously gained insights to the specific company. The conclusion is dedicated to a summary of the results of the applied financial analysis.

The thesis is focused on the practical analysis of the profitability and efficiency of banks operating in the Czech Republic from the perspective of people who do not have inside information on banking operations. The restrictions of obtaining information, assumptions and limitations of the methods used and also the question whether such an analysis makes sense and it is therefore possible to comprehensively compare the bank are also discussed. The paper also discusses the possible views on the definition of bank performance and other methods for its qualification are marginally mentioned.

Orientador: Orlando Fontes Lima Junior / Dissertação (mestrado) - Universidade Estadual de Campinas, Faculdade de Engenharia Civil, Arquitetura e Urbanismo / Made available in DSpace on 2018-08-22T04:57:54Z (GMT). No. of bitstreams: 1 Jacintho_JoseCarvalhodeAvila_M.pdf: 7956840 bytes, checksum: 0aa1cffc17d2306554eb42e2c860fba8 (MD5) Previous issue date: 2013 / Resumo: O objetivo desta dissertação é apresentar um estudo de casos referente a um Sistema de Auditorias em Operações Logísticas internas, implantado em um Operador Logístico brasileiro em suas atividades de movimentação e armazenagem de materiais em indústrias, armazéns e centros de distribuição. Porém, por utilizar conceitos gerais, o sistema pode ser aplicado também em atividades industriais ou de serviços. O Sistema de Auditorias abrange a verificação da gestão dos 10 seguintes processos operacionais, diretos e indiretos, fundamentais para a eficiência e eficácia das operações: pessoas, equipamentos, controle de processos, segurança e saúde ocupacional, engenharia logística, relacionamento com os clientes, contrato com fornecedores, análise crítica de resultados, meio ambiente e organização e limpeza. É chamado de Sistema de Auditorias Operacionais Logísticas, pois vai além da proposição e aplicação da auditoria propriamente dita, tratando-se de uma abordagem sistemática, que visa à melhoria contínua das operações, através dos seguintes passos complementares: elaboração de planos de ação para a correção dos problemas apontados nas auditorias; incentivo ao uso das tradicionais ferramentas da qualidade; repetição periódica das auditorias e a aplicação de Indicadores Chave de Desempenho (KPI) para se acompanhar a evolução dos 10 processos auditados. Neste estudo de casos, para se verificar se a metodologia implantada foi bem-sucedida, foram analisados os resultados obtidos em 6 unidades de trabalho do Operador Logístico, sendo 3 unidades onde o método foi implantado e 3 onde não foi. Estes resultados obtidos foram analisados através de alguns KPI escolhidos que, por ser padrão do Operador Logístico, existem também nas unidades de trabalho onde o Sistema de Auditorias não foi implantado. Foi feita, então, uma síntese cruzada dos KPI, em um período de 5 anos, com os resultados comparados de 2 formas: primeiro, foi verificado a evolução dos KPI nas unidades de trabalho onde o Sistema de Auditorias foi implantado, para se souber se houve melhoria dos processos após a implantação do procedimento e, segundo, foi feito a comparação da evolução dos KPI entre os 2 grupos de estudo (unidades onde o sistema foi implantado com aquelas onde não foi), para se verificar qual foi o impacto da implantação do Sistema de Auditorias. Ao final deste trabalho são apresentadas conclusões e recomendações para aprimoramento do Sistema de Auditorias Operacionais Logísticas, dentro da filosofia de melhoria contínua praticada pelo Operador Logístico foco deste estudo / Abstract: The object of this dissertation is to present a case study about a Logistics Operations Audits System, implanted in a brazilian third-part logistic (3PL), in its material handling and warehousing operations, in industries, warehouses and distribution centers. However, as the system uses general concepts, it can be applied also in industrial or services activities. The audit system includes the management check of the 10 following, direct and indirect, process, those are critical for the operational efficiency and effectiveness: people, equipment, process control, occupational health and security, logistics engineering, consumer's relationship, supplier's contracts, critical analysis of results, environment and housekeeping. It is called Audits System because goes beyond the proposal and application of the audit strictly speaking, being a systematic approach that intends the operations continuous improvement, through the complementary following steps: development of action planes to correct the problems showed in the audits; stimulus to the use of the traditional quality tools; periodic repetition of the audits and the use of Key Performance Indicators (KPI), in order to follow the 10 audited process evolution. In the present case study, in order to see if the introduced methodology was successful, the reached results in 6 work units of this 3PL was analyzed, being 3 units were the methodology was applied and 3 were not. These reached results were analyzed through some chosen KPI that, because they are standard of the 3PL, there are also in the work units where the audit system was not introduced. So, it was done at 5 years KPI cross analysis, with the results compared in 2 ways: first, the indicators evolution in the units where the audit system was introduced, in order to verify if there was process improvement after the implantation of the procedure and, second, it was done the KPI evolution comparison between the 2 groups studied (units were the system was and was not introduced), in order to verify the impact of the audit system introduction. In the end of this dissertation conclusions and the audits system improvement proposals are presented, according to the continuous improvement philosophy used by the 3PL focused in this case study / Mestrado / Transportes / Mestre em Engenharia Civil

Según expertos, se ha analizado que en la última década la gente injiere alimentos poco saludables por el estilo de vida y el tiempo reducido que tienen para llevar, comer o disfrutar de productos nutritivos como lo es un jugo de frutas. Sin embargo existe la tendencia hacia el consumo saludable en el Perú en los últimos años. La empresa Fast Juice, se encarga de brindar jugos naturales que conservan el valor nutricional de la fruta, todo esto a través de las máquinas expendedoras que permiten la venta de manera rápida, sencilla e innovadora. El negocio ubicará una máquina expendedora en las principales universidades privadas de Lima, como son: Universidad de Lima, UPC, ESAN, Ricardo Palma, Pacifico y PUCP. Estas universidades han sido elegidas a través de un estudio de mercado y cuentan con consumidores del segmento A y B. La inversión inicial es 67,658.74 soles para la creación del negocio, de los cuales, el 70% o 47,361.12 soles serán proporcionados por el prestamista, y el 30% o 20,297.62 soles será aporte de los emprendedores. Se proyecta un crecimiento en ventas del 2% anual. Finalmente después de un análisis financiero se concluye que el proyecto es rentable con una VAN de 25 384.93 soles y un TIR del 48.72%. / According to experts, it has been analyzed that in the last decade people ingest unhealthy foods because of the lifestyle and the reduced time they have to carry, eat or enjoy nutritious products such as fruit juice. Nevertheless, there is a trend towards healthy consumption in Peru in the recent years. The company Fast Juice is responsible for providing natural juices that preserve the nutritional value of the fruit, all this through vending machines that allow the sale quickly, easily and innovatively. The business will locate a vending machine in the main private universities of Lima, such as: University of Lima, UPC, ESAN, Ricardo Palma, Pacífico and PUCP. These universities have been chosen through a market study and have consumers of segments A and B. The initial investment is 67,658.74 soles for creating business, of which 70% or 47361.12 soles be provided by the lender, and 30% or 20297.62 soles be input by entrepreneurs. A 2% annual sales growth is projected. Finally, after a financial analysis, it is concluded that the project is profitable with an NPV of 25,384.93 soles and an IRR of 48.72%. / Trabajo de investigación

The thesis deals with evaluation of company efficiency by economic value added method. An analysis of company efficiency is carried out through the use of EVA and partial indicators, that were obtained via its decomposition. Consequently, the results of this analysis are interpreted. Based on these results, special arrangements to improve the current situation of the company are suggested.