After a decade of reforming policy, building and developing the multi-sector market economy, Small and Medium Enterprises (SMEs) in Vietnam have developed strongly and contributed to creating employment, increasing GDP, and raising the nation’s volume of exports. However, SMEs have found difficulties on the way to development due to lack of management experience and financial resources, and due to uncertainty within the business environment. As a result, SMEs often faced obstacles during their operations. This thesis examines the relationship between financial management and profitability of SMEs to determine whether financial management practices and financial characteristics impact on SME profitability. Objectives of the thesis are (1) to investigate and describe features of financial management practices and financial characteristics of SMEs in Vietnam, (2) to develop and test a model of SME profitability, and (3) to contribute knowledge of the relationships between financial management and characteristics to improve SME profitability by using tools of efficient financial management. In terms of structure, the thesis has six chapters. The thesis begins by defining the research problem and questions, and providing a justification for the research study. Chapter one also reviews the research background, and presents definitions of terms, significance and scope of the study. Chapter two examines the economic background, business structure and the development of SMEs in Vietnam. This chapter also reviews previous research related to financial management for SMEs in Vietnam to identify gaps between financial management for SMEs in Vietnam and financial management for SMEs worldwide. Chapter three reviews financial management including financial management practices, financial characteristics and profitability of SMEs around the world, especially in the developed economies such as the United States of America (USA), the United Kingdom (UK), Australia and Canada. This review emphasizes profitability and the impact of financial management practices and financial characteristics on SME profitability. Objectives of this chapter are to review previous research related to the areas of financial management practices, financial characteristics, and profitability of SMEs and to build a model of the impact of financial management practices and financial characteristics on SME profitability. Chapter four discusses aspects of the research methodology including research design, data collection and data analysis methods, and hypothesis testing to support the model. Objectives of this chapter are: (1) to justify the research methodology of this study, (2) to explain research methodology used in the study, and (3) to demonstrate how research design, and data collection and analysis can be utilized in this study to answer the research questions outlined in the chapter 1. Data analysis and findings are presented in chapter five. This chapter presents descriptive findings of financial management practices, financial characteristics and SME profitability and findings of the research study related to testing the model of SME profitability. Objectives of this chapter are (1) to systematically present the descriptive findings of the research study, (2) to interpret significance of these findings based on data analysis, (3) to present the results of testing the model of SME profitability, and (4) to explain how the model, developed from a literature review, was supported by data analysis. Finally, the thesis ends with chapter six where conclusions are summarized and applications of the research findings are indicated for the financial management practitioners. The thesis provides descriptive findings of financial management practices and financial characteristics and demonstrates the simultaneous impact of financial management practices and financial characteristics on SME profitability. In addition, the research study provides a model of SME profitability, in which profitability was found to be related to financial management practices and financial characteristics. With the exception of debt ratios, all other variables including current ratio, total asset turnover, working capital management and short-term planning practices, fixed asset management and long-term planning practices, and financial and accounting information systems were found to be significantly related to SME profitability. With the findings as presented above, this research study provides many implications for financial management practices and contributes to knowledge of financial management of SMEs. The model of SME profitability can be used as guidance for actions to improve the profitability of SMEs in Vietnam.

Diss. Uppsala : Uppsala universitet, 2007.

Diss. Uppsala : Sveriges lantbruksuniversitet, 2006.

Sammanfattning   Titel: Vilka faktorer påverkar val av kapitalstruktur? – En kvantitativ studie avseende 226 bolag på Stockholmsbörsen.   Nivå: C-uppsats inom ämnet företagsekonomi   Författare: Anna Hansen och Robert Sandberg   Handledare: Peter Lindberg   Examinator: Stig Sörling   Datum: 2015 – maj   Syfte: Syftet med studien är att undersöka vilka faktorer som påverkar val av kapitalstruktur i bolag på Stockholmsbörsen.   Metod: Denna studie bygger på en kvantitativ metod med en deduktiv ansats. Baserat på tidigare forskning väljs ett antal variabler ut för att undersökas. Det insamlade materialet hämtas genom sekundärdatainsamling och exporteras sedan till Microsoft Excel där det sammanställs. En regressionsanalys genomförs i statistikprogrammet SPSS för att undersöka hur stor inverkan dessa variabler har på kapitalstrukturen.   Resultat & slutsats: Resultaten visar ett negativt samband mellan skuldsättning och tillväxt samt ett svagt negativt samband mellan skuldsättning och lönsamhet. Storlek och materiella tillgångar uppvisar ett svagt positivt samband med skuldsättning medan skuldsättning och ålder inte visar på något samband alls. I tre av nio branscher visar sig bransch vara en variabel med relativt stark inverkan på skuldsättningen. Dessa branscher är industri, konsumenttjänster och fastigheter.   Förslag till fortsatt forskning: Fler variabler än de som testas skulle kunna undersökas i en ny studie. Eftersom branscherna visar väldigt olika samband med variabeln skuldkvot skulle det vara intressant med en djupgående studie i vilka faktorer som kan tänkas ligga bakom skillnaderna mellan branscherna.   Uppsatsens bidrag: Bidraget denna studie lämnar är en ökad kunskap och förståelse för hur olika faktorer påverkar val av kapitalstruktur i svenska börsnoterade företag. Genom att studera hur stor inverkan olika faktorer har på företagens val av kapitalstruktur är det möjligt att kunna kartlägga och förutse hur kapitalstrukturen kommer att se ut i framtiden i olika företag och i olika branscher.   Nyckelord: skuldsättning, tillväxt, lönsamhet, storlek, ålder, materiella tillgångar, bransch. / Abstract   Title: Which factors affect the choice of capital structure? – A quantitative study of 226 public firms in Sweden.   Level: Final assignment for Bachelor Degree in Business Administration   Authors: Anna Hansen and Robert Sandberg   Supervisor: Peter Lindberg   Date: 2015 - May   Aim: The purpose is to investigate which factors affect the choice of capital structure in public firms in Sweden.   Method: The study is based on a quantitative method with a deductive approach. Based on previous researches a number of variables are investigated. The material is downloaded through secondary data collection and then exported and processed in Microsoft Excel. Finally the study go through with a regression analysis in the stats program SPSS to see how much influence the variables have on the capital structure.   Results & Conclusions: The results show a negative relationship between debts and growth and a weak negative relationship between debts and profitability. The results also show a positive relationship between debts and firm size and debts and tangible assets while debts and age does not show any relationship at all. In three of nine investigated sectors, sector is a factor with a strong impact on debts. These sectors are industrial, consumer services and real estate.     Suggestions for future research: More variables than those this study tests could be tested in a new study. Since the sectors shows various context and connections to debts it would be interesting with a study investigating which factors affect the differences between the sectors.   Contribution of the thesis: The contribution of this study provides a greater knowledge and understanding of how different factors affect the choice of capital structure in public firms in Sweden. By examining how much influence various factors have on a firms choice of capital structure, it is possible to identify and predict how the capital structure will look like in the future in different companies and in different sectors.   Key words: debts, growth, profitability, size, age, tangible asset, sector

Syftet med denna studie är att belysa vilka faktorer som fastighetsbolagen upplever påverkar lönsamheten för och genomförandet av energiinvesteringar inom värme och ventilation. Studien är av kvalitativ karaktär och fallstudier görs på sju företag med semistrukturerade intervjuer som insamlingsmetod. Därefter spelas alla intervjuer in och transkriberas. Flera olika faktorer påverkar lönsamheten för och genomförandet av energiinvesteringar i flerbostadshus. De undersökta faktorerna som påverkar investeringarnas lönsamhet är: typ av investering, kalkylmetod, avkastningskrav, energipriset, intressenter och institutionella faktorer. Studiens resultat tyder på att värmeåtervinning (FX), tilläggsisolering av vind, injusteringar och optimering samt styr och reglering varit de mest företagsekonomiskt lönsamma energiinvesteringarna. Den vanligaste beräkningsgrunden var Livscykelkostnadsanalys (LCC). Uppsatsen bidrar till att öka kunskapen om hur fastighetsbolag ser på energiinvesteringar och dess lönsamhet. Studiens kvalitativa resultat kan inte generaliseras till andra fastighetsbolag eller till framtida investeringar. Vidare forskning rekommenderas nationellt och kvantitativt inom lönsamma energiinvesteringar. Det skulle vara av intresse att fastställa de mest lönsamma investeringarna i Sverige, orsaker till vad som hindrar energiinvesteringar samt hur olika beräkningssätt kan påverka dess lönsamhet och realisering. / The purpose of this study is to highlight the factors that real estate companies is experiencing affects the profitability and the implementation of energy investments in heating and ventilation. The study is qualitative in nature and case studies are conducted at seven companies with semi-structured interviews as the method of collection. Furthermore, all the interviews are recorded and transcribed. Several factors affect the viability and implementation of energy investments in apartment buildings. The investigated factors affecting the profitability of investment are: the type of investment, calculation method, yield, energy price, stakeholders and institutional factors. The study's results suggest that heat recovery (FX), additional insulation of attic, adjustments and optimization, and control and regulation was the most economically viable energy investments. The most common basis of calculation was the Life Cycle Cost Analysis (LCC). The study contributes to the knowledge of real estate companies’ perspectives of energy investments and their profitability. The study's qualitative results cannot be generalized neither to other real estate companies or future investments. Further quantitative and national research is recommended in profitable energy investments. It would be of interest to determine the most profitable investments in Sweden, causes of the barriers preventing energy investments and how different methods of calculation may affect its profitability and implementation.

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The study was developed in the farm Anna, located in the municipal district of Não-me-Toque RS, in the period included among the crops of 2002/03 and 2005/06. In the precision farming worked areas were generated yield maps of the culture, with information collected through sensors that equip the harvester, maps of soil fertility, with are based in geo-referenced soil samplings of soils, and maps of fertilizers application in variable rates, according to the prescriptions of the soil samplings in the precision agriculture system. In the present case study whether it compared the economically results of the soy crop in the two areas, handled in precision agriculture, with the results of the other areas of the farm, managed by the traditional farming (averages). The main results of the study demonstrate that in the precision farming the medium cost, of the soy production, was 0,3% smaller in relation to the handling in traditional farming. The liquid margin was higher in that in R$ 81,18 ha-1, representing a difference of 18,4%. The medium of the soy culture was more lucrative in 36,0% in AP and 32,2% in AT. The medium profitability rose from 3,3% in the traditional management to 3,9%, when adopting the AP. This resulted in a investment return of 2,9 soy crops in the 256 hectare handling, in this system. / O estudo foi desenvolvido na fazenda Anna, localizada no município de Não-me-Toque RS, no período compreendido entre as safras de 2002/03 e 2005/06. Nas áreas manejadas em agricultura de precisão, foram gerados mapas de produtividade da cultura, com base em informações coletadas, através de sensores que equipam a colhedora, mapas de fertilidade do solo, com base em amostragens de solo georeferenciadas e mapas de aplicação de fertilizantes em taxas variáveis, segundo as prescrições das amostragens de solo, no sistema de agricultura de precisão. No presente estudo de caso, compararam-se, economicamente, os resultados da cultura da soja nos dois talhões, manejados em agricultura de precisão, com os resultados das demais áreas da fazenda manejadas pela agricultura tradicional (médias). Os principais resultados do trabalho demonstram que, na agricultura de precisão, o custo médio de produção da soja foi 0,3% menor em relação ao manejo em agricultura tradicional. A margem líquida foi superior naquela em R$ 81,18 ha-1, representando uma diferença de 18,4%. A lucratividade média da cultura da soja foi de 36,0% na AP e de 32,2% na AT. A rentabilidade média passou de 3,3% no manejo tradicional para 3,9%, ao adotar o manejo da AP. Isto resultou no retorno do investimento em 2,9 safras de soja nos 256 ha manejados, neste sistema.

Made available in DSpace on 2014-06-11T19:32:58Z (GMT). No. of bitstreams: 0 Previous issue date: 2009-05-05Bitstream added on 2014-06-13T21:05:26Z : No. of bitstreams: 1 netto_dp_dr_botfmvz.pdf: 505159 bytes, checksum: fdbb2ee95004f51e21168fda4ef26f4b (MD5) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / Universidade Estadual Paulista (UNESP) / Objetivou-se avaliar como a substituição parcial de silagem de milho por pastagem de alfafa afeta o desempenho de vacas leiteiras e a viabilidade econômica do sistema. Usaramse 24 vacas da raça Holandesa, em estádio médio de lactação, num delineamento em blocos ao acaso. O período experimental durou 84 dias. Os tratamentos foram: dieta à base de silagem de milho em confinamento; ou silagem de milho substituída parcialmente por pastejo restrito (limitado a quatro horas/dia) ou irrestrito de alfafa. O pastejo foi rotacionado, e a quantidade de concentrado igual (4,5 kg de MS/vaca/dia) em todos os tratamentos. A massa de forragem foi 2338,0 e 1878,0 kg de MS/ha e a oferta, 1,8 e 4,2 kg MS/100 kg PV, nos tratamentos pastejo restrito e irrestrito, respectivamente. A produção de leite não diferiu entre tratamentos, cujas médias foram 25,9±1; 25,8±1 e 25,2±1 litros/vaca/dia no confinamento, pastejo restrito e pastejo irrestrito, respectivamente. A produção de leite por área foi 59 litros/ha/dia no pastejo restrito e 63 litros/ha/dia no pastejo irrestrito, enquanto no confinamento foi 48 litros/ha/dia. A substituição parcial de silagem de milho por alfafa em pastejo não limitou o desempenho produtivo dos animais e mostrou-se economicamente vantajosa em relação ao confinamento. / The objective was to evaluate how the partial replacement of corn silage with alfafa grazing affects dairy cow performance and profitability. Twenty four Holstein dairy cows in mid-lactation were used in a randomized block design. The experimental period lasted 84 days. The treatments were: a corn silage-based diet fed on drylot; or partial replacement of corn silage with either restricted alfalfa grazing (limited to 4 hours/day) or unrestricted grazing. A rotational grazing system was used and the amount of concentrate fed was the same (4.5 kg of DM/cow/day) for all treatments. Forage availability was 2,338.0 and 1,878.0 kg DM/ha and forage-on-offer was 1.8 and 4.2 kg DM/100 kg LW under restricted or unrestricted grazing, respectively. No difference in milk production/cow/day was observed among treatments. Mean milk production was 25.9±1, 25.8±1 and 25.2±1 liters/cow/day for feedlot, restricted grazing or unrestricted grazing, respectively. Milk production per hectare was 59 liters/day under restricted grazing and 63 liters/day under unrestricted grazing, whereas it was 48 liters/day on drylot. The partial replacement of corn silage by alfalfa grazing did not limit animal performance and was shown to be economically advantageous as compared to drylot feeding.

Made available in DSpace on 2014-12-17T15:53:14Z (GMT). No. of bitstreams: 1 CarlaRSL.pdf: 469518 bytes, checksum: dd33646ec5e69c7084c59d5f3fc51bfd (MD5) Previous issue date: 2002-12-06 / Coordena??o de Aperfei?oamento de Pessoal de N?vel Superior / This study presents an investigation about customer profitability in the hotel industry. It exposes the hotel industry?s history and its managerial environment, besides its importance to the society and economy, considering the increasement of the hotel industry. It realizes a literature survey about the customer profitability, emphasizing the informations that are necessary to measurement. In order to perceive the hotel reality, a questionnaire was applied in some hotels classified as middle and great size. It has covered five Brasilian Northeast states. The objective of the research is to investigate the existence of an individual measurement to the customer profitability, through the hotel?s information systems. The results reveal that 81,6% of the sampled hotels do not evaluate the individual profitability obtained with the customers , while 18,4% do it. Although, 85,8% recognize the importance of the electronic system that supplies this information for decisions. Finally, it concludes that the informations about individual customer profitability may provide a good opportunity to the hotel maximize your customer relationships / O presente estudo trata da rentabilidade de clientes, atrav?s de uma investiga??o no setor hoteleiro. Exp?e a hist?ria da hotelaria e o seu ambiente de gest?o, al?m da sua import?ncia na sociedade e na economia, dado o grande crescimento do setor. Apresenta uma revis?o bibliogr?fica sobre a mensura??o da rentabilidade obtida com os clientes, dando ?nfase ?s informa??es necess?rias para a mensura??o. Para extrair a realidade dos hot?is, efetua uma pesquisa de campo nos hot?is de m?dio e grande porte, localizados em cinco Estados do Nordeste brasileiro. A pesquisa objetiva investigar se a mensura??o da rentabilidade individual de clientes ? efetuada atrav?s de informa??es estruturadas, geradas nos sistemas de informa??o gerencial desses hot?is. A pesquisa revela que 81,6% da amostra estudada n?o avalia a rentabilidade individual obtida com seus clientes, enquanto 18,4% o fazem atrav?s de um sistema com informa??es estruturadas. Por?m 85,8% dos hot?is, mesmo com algumas restri??es, consideram importante a exist?ncia de um sistema eletr?nico que forne?a esse tipo de informa??o para uma decis?o. Finalmente, conclui que as informa??es sobre a rentabilidade individual de seus clientes pode proporcionar uma boa oportunidade aos hot?is de rentabilizar as suas rela??es com estes

In the euro area interest rates have dropped low for almost a decade now and it is anticipated to endure in the years to come. This creates challenges for banks performance, therefore this paper observes whether interest rates effect bank profitability. Further investigating whether loan growth should be an important factor to also consider in the model. We use data for 72 banks from various countries in the Eurozone for the period 2006-2016 and conduct a panel data analysis on this data. Results show that loan growth is not significant and is not a vital component to be included in the model. We find a negative significant relationship between the spread which compromises of long-term deposit rates minus the interest rate controlled by the European Central Bank. This suggests that, a decrease in interest rates can and had eroded bank profitability in the euro area.

The first empirical chapter examines the existence of a 'net equity issuance' (NEI) effect in the UK stock market. Net Equity Issuance (NEI) refers to the change in a firm's shares outstanding due to events such as SEOs, acquisitions financed by share issues, issues to staff and share repurchases. The NEI effect is the ability of share issuance by firms to predict their subsequent stock returns. My results mainly suggest that there is an NEI effect in the UK. However, a discrepancy exists between the UK results and those found in the US. In the UK market, negative-NEI stocks tend to show negative subsequent returns while zero-NEI stocks have the highest subsequent returns. I also find that the abnormal returns from the NEI effect disappear when transaction costs are taken into account. Furthermore, the asset pricing test results suggest that the new factor models partially explain the NEI effect in the UK. The second empirical chapter evaluates the information content of new asset pricing factors in the UK. I find that two new risk factors, the investment factor and the profitability factor, improve the factor model's performance in the UK while both the size factor 'small minus big' (SMB) and the value factor 'high minus low' (HML) are redundant. There is also evidence that factor construction methods matter to the information content of the profitability factor. The most informative profitability factor in the UK among the possible candidates is constructed using income before extraordinary items scaled by book equity. The third empirical chapter explores the information content of the two new factors by linking them to the state variables which predict future investment opportunities. By doing this, I find confirmative evidence that the two new risk factors may proxy for state variables that capture time variations in the investment opportunity set. I find empirical evidence which confirms that the investment factor predicts future economic growth, proxied by GDP growth, investment growth and consumption growth. In addition, the investment factor is found to be related to dividend yield shocks, whereas the profitability factor is related to inflation shocks. In addition, the pricing significance of macroeconomic variable shocks disappears when loadings on the two new factors are presented in the model. The evidence therefore provides economic interpretation to the information content of the new asset pricing factors in the UK market.