This study aims to investigate the determinants of efficiency, profitability and stability in the banking sector across the world over the period 2005-2012. In this study, efficiency is measured using data envelopment analysis (DEA), which is divided into technical efficiency (TE), pure technical efficiency (PTE), and scale efficiency (SE). The profitability is represented by return on assets (ROA), return on equity (ROE), and net interest margin (NIM). Furthermore, the z-score and capital ratios are the main indicators for stability. The data includes 323 banks (43 Islamic, 242 conventional, and 38 socially responsible banks [SRBs]) from around the world, covering 37 countries. The statistical methods to find the determinants are ordinary least square (OLS) and fixed effects model (FEM). The data for this study was extracted from the Bankscope and World Bank databases. According to efficiency, the DEA measures demonstrate that socially responsible banks (SRBs) are the most efficient banks. This is due to the fact that SRBs management employ minimum inputs; one of the main characteristics of SRBs is the saving of resources (inputs). In contrast, the least efficient scores are achieved by conventional banks. As conventional banks have higher interest expenses to pay. In terms of Islamic banks, the larger banks were found to be more efficient. Furthermore, lending services are important to maximise outputs effectively. Additionally, efficiency in Islamic banks is influenced significantly by earnings. Islamic banks with higher capitalisation were found to be more efficient, and new Islamic banks operate better than older banks. Regarding the macroeconomic factors, countries with better market capitalisations include more efficient Islamic banks. Based on the conventional banks’ findings, banks with a higher size performed better than the smaller sized banks. The loans profits increased the efficiency significantly. Focusing on age, the more recent banks achieve better efficiency scores. The three types of ownership (foreign, domestic, and public) reflect inverse correlations with DEA. With regards to the external variables, the wealth of the country is highly important in terms of efficiency. In addition, stock market growth supports the efficiency positively and significantly, while inflation and the global financial crisis (GFC) influenced the efficiency negatively and significantly. Concentrating on SRBs, banks with more capitals operated more efficiently than lower capitalised banks. Additionally, GDP, inflation and market capitalisation enhanced efficiency significantly. Overall, the relationship between the control of corruption and efficiency is positive and significant in Islamic, conventional and socially responsible banks. Tighter controls on corruption have led to better efficiency. Regarding the profitability, the highest ROA and ROE were attained by conventional banks. This is because the main aim for conventional banks is to achieve returns, and charging interest maximises their earnings. On the other hand, SRBs scored the lowest ROA and ROE as those banks are primarily concerned with providing social and environmental services over profits. According to NIM, Islamic banks do not have interest expenses, which can allow them to score the highest NIM measures in this study; while conventional banks have the minimum NIM ratios due to higher interest expenses. Based on the Islamic banks’ results, Islamic banking was affected positively by total assets of banks. In addition, the stable Islamic banks achieved greater profits based on the strong associations between z-score and earnings. This contradicts the relationship between profitability ratios and capital ratios, which indicate negative and significant correlations. Depending on country-specific factor, Islamic banks in higher productivity countries could not exploit the growth to gain higher profits. This results in a weakness for Islamic banks in terms of being resistant to higher inflation rates. For the conventional banks, size of bank and capital are highly important for profits. The conventional banks can concentrate on providing more loans to maximise their returns. The stability of conventional banks also has positive and significant associations with profitability ratios. Concerning the SRBs, profitability ratios are affected significantly and positively by stability (z-score) and market capitalisation growth. On the other hand, foreign, domestic and public ownerships negatively impacted the profits. According to industry-specific variables, GDP growth reduces profits significantly. For the stability, SRBs are demonstrably the most stable and resilient system against financial crisis. Accepting more deposits and attaining greater profits significantly increase the stability of all banks and lower the risk of insolvency. Overall, listed banks were found to be more efficient, profitable, and stable than unlisted banks. This study helps managers and policy makers within the banking sector to reduce costs and increase profits with lower risks. In addition, finding the positive determinants allows managers to make more decisions based on positive factors. On the contrary, through raising efficiency, profitability and stability in banking, managers can aim to avoid negative variables altogether. Finally, this study contributes to the literature in terms of adding socially responsible banks into the equation. In addition, comparing efficiency, profitability and stability simultaneously is a new method that can allow bankers to build effective strategic decisions based on the determinants.

Master of Science / Department of Agricultural Economics / Vincent R. Amanor-Boadu / This study assessed the farm and farmer characteristics influencing the profitability of broiler chicken farms in Ghana. It used data obtained from the 2015 census of the poultry industry conducted by USAID-METSS in collaboration with Ghana's Ministry of Food and Agriculture and the Ghana National Association of Poultry Farmers. Results show that broiler production in Ghana is operated on a small scale basis with an average number of 1,410 birds. Broiler chicken production is profitable in Ghana with national average gross margin/bird of GHS 9.22 and standard deviation of 8.40. Regression analysis was carried out using Ordinary Least Square method to estimate the effect of farm and farmer characteristics on profitability and also explore regional differences. Results shows that farm income and feed were negative and statistically significant such that a farmer with primary income from broiler chicken production had a decrease in gross margin of GHS 1.24 per bird compared to a farmer with other sources of income; a farmer that increases one unit of own feed production will have a decrease in gross margin of GHS 0.06 per bird. Additionally, regional differences exist such that farms situated in Ashanti, Central, and Eastern had higher gross margin per bird of GHS 3.21, GHS 6.10 and GHS 6.26 respectively compared to farms situated in Brong Ahafo Region. In conclusion, the study shows that both farmer (primary source of income) and farm characteristics (such as regional location and the extent to which feed was prepared on the farm) were important in explaining broiler chicken profitability. Finally, continuous research is recommended to examine the robustness of these factors in explaining profitability.

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Rice cultivation is on fundamental importance to the state s economy, where there is a need for improvements in productivity and profitability of farming located. This paper aimed to evaluate the production costs of the implementation of a rice farming using techniques of Precision Agriculture to obtain better productive incomes. The experiment was performed in the city of Rosário do Sul RS, in constant cultivation and with rotation of the rice, soy and grazing crops. The studied area is a section of 55 hectares and the methodology implemented was the comparative of two consecutive years of irrigated rice cultivation, being the crop in a conventional fertilization system in 2012/2013 and in 2013/2014 the cultivation was with the implementation of Precision Agriculture techniques. Necessary tools for the soil geo-referenced sampling were used to implement the Precision Agriculture techniques, and the recommendation and elaboration of input application maps. Through the obtained analysis, recommended corrections were made with the application of chalk, potassium and phosphorus in a variable rate, for goals of high crop efficiency. The result of the experiment determined a production cost for the implementation of precision agriculture techniques of 30,20% higher than the conventional crop cost. Respectively, it was also obtained an efficiency of 14,30% higher and profitability of 10,85% higher than the conventional crop. The reevaluation of the soil after the crop of 2013/2014 showed a significant improvement on the chemical attributes of the soil, justifying the high initial investment of the techniques implementation. Besides, the economic viability to purchase the centrifugal destributor was analyzed. This acquisition seemed to be economically viable for areas bigger than 200 hectares, if compared to the cost of service provider companies. / A cultura do arroz é de fundamental importância para a economia do Estado, onde há a necessidade de melhorias na produtividade e rentabilidade da lavoura implantada. Este trabalho teve como objetivo avaliar os custos de produção da implantação de uma lavoura orizícola utilizando técnicas de Agricultura de Precisão visando a obtenção de melhores rendimentos produtivos. O experimento foi realizado no município de Rosário do Sul RS, em área de cultivo contínuo com rotações das culturas de arroz, soja e pastagens. A área analisada foi um talhão de 55 hectares e a metodologia aplicada constituiu de um comparativo de dois anos consecutivos de cultivo de arroz irrigado, sendo na safra 2012/2013 o cultivo no sistema convencional de adubação e na safra 2013/2014 o cultivo com a implantação de técnicas de agricultura de precisão. Para a implantação das técnicas de AP utilizou-se as ferramentas necessárias para a amostragem georreferenciada do solo, a interpretação dos atributos químicos do solo, recomendação e elaboração dos mapas de aplicação de insumos. Através da análise obtida, fizeram-se as correções recomendadas com a aplicação de calcário, potássio e fósforo em taxa variável, para metas de alta produtividade da cultura. O resultado do experimento determinou um custo de produção para a implantação de técnicas de Agricultura de Precisão de 30,20% superior ao custo do cultivo de maneira convencional. Respectivamente, obteve-se também uma produtividade de 14,30% superior e lucratividade de 10,85% superior ao cultivo convencional. A reanálise do solo após a safra 2013/2014 mostrou uma melhora significativa nos atributos químicos, justificando o alto investimento inicial da implantação das técnicas. Além disso, foi analisada a viabilidade econômica da aquisição de distribuidor centrífugo, para a realização das aplicações de insumos em taxa variável. Esta aquisição se mostrou economicamente viável para áreas maiores de 200 ha, se comparados com o custo de empresas prestadoras de serviço.

Geographical aspects of soccer players' origin - football academies: Comparison of Czechia and Serbia Abstract The goal of this thesis is to identify football academies in Czechia and Serbia since 1993. That accomplishes through presenting theoretical approaches of sport geography, then documents the globalisation of sport and especially the diffusion of football in space and time. It submits also characteristics of the successful football academy and finds out positive economical effects, which are generated by production of professional football players. The thesis researches in analytical part not only regional divide of the football academies, which are identified based on the place of birth, first youth and professional clubs and transfer value of the individual players, but the influence of different factors on success of club in national league as well. Key words: geographical aspects, origin, football academies, transfers, economic profitability Powered by TCPDF (www.tcpdf.org)

Competitive bidding typically challenges contractors to stay in business by reducing contingency and limiting profit margin, which imposes more prudent resource utilization and allocation decisions during both planning and construction phases of projects. Many of these decisions must be made considering uncertainties that affect resource production and construction performance through several factors such as weather, managerial practices, job-type, and market conditions, etc. Construction decision makers will therefore have varied approaches to deal with these uncertainties based on their risk utility or perception. This research presents the development of a model for investigating the impact of risk-based approaches on construction network outcomes. The current study contributes to development of a model that enables corporate managers to understand the impact of different resource utilization and sharing policies on the overall outcome of their project and to select among optimum planning solutions that satisfy their profit margin and capital limitations. This research also enables corporate decision makers to have more realistic estimates for the profitability of their company, and understand consequences of their decisions in short and long term. Findings of this research provide decision makers with different solutions for profitability of their corporation based on non-dominated optimal time-cost trade-offs, and also broader perspective on how overall time and budget limitations, as well as risk perceptions, can affect the decision-making process. The model is verified and the results are validated through acquiring data from actual large scale construction projects in South Florida.

El objetivo general de la investigación es analizar los acogimientos indebidos en las solicitudes de restitución de derechos arancelarios - Drawback y su efecto en la rentabilidad de la empresa, durante los años 2011 - 2013 considerada deficiente; con respecto a un marco referencial que integre: las normas que deben cumplir las empresas exportadoras; mediante un análisis cuanti-cualitativo; con el propósito de identificar las causas de cada parte del problema; de tal manera que tengamos base o fundamento para proponer recomendaciones que contribuyan a mejorar las decisiones y las acciones a fin de elevar su eficiencia, traduciéndose en mayor solidez financiera; y evitar la repetición de errores cuando se acogen a este beneficio; si esto último fuera posible. / Trabajo de investigación

The thesis aims to present an overview of available sources of information for the processing of financial analysis and theoretically defines the main indicators of financial analysis and presents these findings into practice by performing analysis of the company XYZ. Financial analysis is conducted for the period from 2011 to 2015.

Today, there is a large amount of assets which are offered to investors, and if we consider the possibility of relocating the investor's funds, we come to a very complicated problem, which this thesis aims to cover. The main objective is to explore the basics of the portfolio theory and its real usage in practice. Emphasis is put on the periodic re-optimizing of the investor's portfolio and getting the answer to the question of whether such conduct is more successful than the standard and investment in equity indices. The theoretical part summarizes the currently used approaches to optimization which are tested in the practical part on real data and evaluated.

This graduation thesis deal with the financial analysis of the Limited Liability Company. The financial analysis is elaborated for the needs of the company owner and it covers the period of time 2005-2009. To evaluate the company financial position I use standard methods, e.g. - horizontal and vertical analysis, calculations of profitability, activity, liquidity, productivity of labour and indebtedness. At the end of the thesis I give a complex evaluation of the company and suggest some measures for the financial innovation of the company.

Syftet med denna studie är att identifiera vilka förutsättningar som kan ligga bakom en investering i solceller i Sverige. Studiens forskningsfråga lyder, Vilka förutsättningar kan påverka energiföretag till att investera i solcellsanläggningar? samt Vilka aspekter kan göra en solcellsanläggning mer lönsam? För att kunna besvara frågeställningarna har ett induktivt angreppssätt i studien använts, som utgör kvalitativa bestämmelser utifrån respondenternas information. I denna studie får läsaren bekanta sig med sex olika solcellsanläggningar belägna i olika delar av landet för att få en inblick i hur solcellsmarknaden fungerar idag. Experter med god uppfattning om solcellsmarknaden har intervjuats för att ge sin syn på marknadsutvecklingen och hur framtiden för solceller ser ut.   Sverige hade under 2015 en installerad solcellseffekt på 47,4 MW vilket motsvarar en ökning med 31 % jämfört med år 2014. Investeringsstöd och låga priser på solcellsmoduler utgör idag de två främsta motiven för aktörer som vill investera i solceller. Företag ser i samband med en solcellsinvestering goda möjligheter att stärka sin miljöprofil, vilket på senare år har visat sig vara en strategi som prioriteras högre än investeringens avkastning. / The purpose of this study is to identify in which conditions that may lie behind an investment in photovoltaics in Sweden. The study’s research questions are What conditions may affect an energy corporation to invest in photovoltaic facilities? and What aspects can make a photovoltaic facility more profitable? An inductive approach has been used in this study in order to answer the research questions, which make qualitative regulations that are taken from the respondents’ information.  The reader will get to know about six different photovoltaic facilities that are placed around different areas in Sweden to get an insight on how the present market for photovoltaics works. Experts with solid competence about the market has been interviewed in order to provide a view on how the future holds for the development on the photovoltaic market. Sweden had during 2015 47,4 MW installed photovoltaic effect which results in an increase by 31 percent compared to 2014. Investment support and low prices on photovoltaic modules are one of the motives for operators to invest in photovoltaics. In a company’s point of view there’s a connection with photovoltaic investments which creates great opportunities to strengthen the brand’s image for sustainable development, which in recent years looks to be a strategy that holds a higher priority than the profit itself.