This thesis examines determinants of two variables important in evaluating private equity investments. First of them is the price of companies acquired by private equity funds expressed as a multiple of a profit indicator and the impact of primary and secondary buyouts. The second variable researched is the internal rate of return, a popular tool to measure profitability of private equity funds. The internal rate of return is studied for different groups of private equity funds and is reflected in a post-crisis perspective. The first conclusion stemming from the research is that the profit multiples in secondary buyouts are estimated to be higher compared to primary buyouts. The second conclusion proves the underperformance of real estate funds and the outperformance of distressed debt, turnaround and secondaries funds.

Bank profitability is one of the key inputs for macroprudential surveillance. Although we may find extensive empirical literature analyzing banks' performance, there is to our knowledge no study examining whole banking sectors. This thesis contributes to the existing research twofold. Firstly, we develop a banks' income model that considers banking sectors as a whole, using a sample of 40 countries in the period of 1997 to 2011. Secondly, we implement this model to two different restrictions of our data sample testing the model's applicability. We explore three hypotheses. Firstly, we test whether macroeconomic, industry-specific and bank-specific determinants are significant drivers of bank profitability. The final banks' income model is estimated via a dynamic GMM specification, consisting of proxies for the level of economic development, capitalization, interest-earning activities, credit quality and two lags of profitability capturing its persistency. The hypothesis is rejected since we do not find evidence of a significant industry-specific indicator. The second and third hypotheses restrict our sample to a time period before the financial crisis and banking sectors comprising only commercial banks, respectively. We conclude that the model is robust with regards to the chosen time period but...

M.Com. (Financial Management) / It has been argued that inadequate credit risk management practices and high levels of credit risk was the cause of the 2007 to 2009 global financial crisis, as well as the banking crises over the two past decades, including the 1997 East Asian crisis. As a result, banks have increasingly prioritised credit risk management to ensure acceptable levels of profitability and to keep them from collapsing. However, research on the relationship between credit risk management and profitability in banks in South Africa remains limited. Therefore, this study addressed the question of whether credit risk management has an effect on profitability in South Africa’s four major banks. A quantitative approach was used to establish the relationship between profitability, represented by return on equity (ROE), and credit risk management, represented by two variables, namely capital adequacy ratio (CAR) and the non-performing loans ratio (NPLR). Secondary data for the years 2002 to 2013 was analysed using panel regression and the study concludes that not only does credit risk management have an effect on profitability in South African banks, but that bank size, operating expenses and economic growth also affect the profitability of South African banks. These findings would enable the enhancement of profitability in South Africa through constantly improving credit risk management practices and policies, and by addressing other factors that can negatively affect profitability.

The public's interest and awareness in sustainable options is growing, resulting in a higher demand for high levels of sustainability in companies. Therefore, the question whether there is a profit to be made from being sustainable is becoming increasingly more relevant. Earlier research shows ambiguous results, with the majority indicating either positive or no connection between sustainability and profitability. Folksam’s index of responsible enterprise was used to get an assessment of the environmental and social performance of Swedish firms registered on the Swedish stock exchange between the years 2006 and 2013, where 303 individual firms were included in total. In order to measure the profitability of the included firms, two traditional financial ratios, ROA and ROE was used. A third financial ratio, Nissim & Penman’s RNOA was also used to include a more sophisticated and less researched measure. The differences between these measurements was analyzed to see whether they can explain the relationship between sustainability and profitability differently. Firstly, the reasoning behind the chosen topic of study is discussed, and the problems are formulated. Next, a literature review is conducted in order to better understand the state of research related to this study. Key concepts such as sustainability and measurements of profitability is explained in depth, and earlier research on the area is reviewed. The theoretical reference of this study is based on stakeholder and legitimacy theory. This leads up to research hypotheses to help answer whether there is a difference between RNOA and ROA, and if it is profitable to be sustainable. Our practical method discusses the data and leads to the usage of a fixed and random effects model for estimating the relationships previously mentioned. The result indicates that there is no relationship between sustainability and profitability. However, empirical evidence shows a difference in using RNOA instead of ROA, indicating that RNOA could possibly be a more accurate measure of profitability. Furthermore, our results indicate that a company can “greenwash” their organization by investing in sustainable options to legitimize their operations in the eyes of their stakeholders.

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.

Abstract: The aim of the work is to evaluate six different projects of the expansion of the company Tesco through opening new stores and choosing the best option on the general level. Shops differ from each other by their size (express, supermarket, hypermarket) and by the way of obtaining the required area (lease, building an own store). The whole thesis is divided into three parts. The theoretical part describes the development of the Czech retail market with food since 1996, when Tesco entered the Czech market. Methodology part describes different methods of evaluating investments. Practical part compare above mentioned projects with each other by using the methods described in the methodological part. The thesis found as the most suitable way of expansion the express format store, realized more likely by the option of lease than building a new store. However author mentioned that decision, if it is better to open the store in the leased place or built an own store significantly depends on specific terms of the project and it is not possible clearly decide on the general level. The thesis was written on the base of data provided for the purposes of this work by Tesco Stores ČR plc.

The master's thesis aim is to construct an index of profitability of Czech banks using the method of discriminant analysis. The bases for construction of the index are commonly used ratios characteristic for the banking sector whose impact on profitability was evaluated as statistically significant. These indicators are calculated for a sample of 16 banks over three years; the individual observations were classified into one of two groups according to profitability. Besides the construction of the index and the subsequent description of the results, the work also deals with a brief description of the Czech banking sector and its development during the reference period. The theoretical part is mainly focused on description of the specifics of bank statements and interpretation of financial ratios used in the model. One chapter also discuss the basis of discriminant analysis.

La presente propuesta describe los aspectos necesarios para llevar a cabo un negocio de kits de jardinería urbana para un público objetivo de hombres y mujeres pertenecientes al NSE A, B y C1 que se encuentran en un rango de edades de 18 a 55+ años, inicialmente de Lima Metropolitana; cada kit de autocultivo contará con una serie de herramientas base donde la variable de diferenciación se dará por el tipo de kit (terrario, hortalizas o aromáticas, mini huerto y plantas carnívoras), colores de la caja trupan y la utilización de insumos ecológicos. Las fuentes de ingreso serán generadas por las ventas de los kits ya mencionados y el contacto con los clientes y/o usuarios se llevará a cabo a través de redes sociales, página web y vía telefónica. Con respecto a la relación con los clientes, aplicaremos algunas encuestas virtuales a nuestros usuarios para recibir feedbacks y mejorar el producto ofrecido. También, realizaremos actividades de fidelización al cliente tales como descuentos, sorteos, etc. con la finalidad de que contribuyan con la idea de ir modificando y mejorando poco a poco las propuestas de kits. La inversión requerida para llevar a cabo la propuesta de negocio es de S/26,771.72. Nuestro punto de equilibro es de 64 unidades, lo cual nos indica que ese es el promedio de unidades de kits que se deberá vender mensualmente para cubrir los costos. Con un valor de ventas promedio de S/. 3,085, ingresos mínimos que se deberán generar mensualmente para cubrir todos los costos. / This proposal describes the aspects necessary to carry out a business of urban gardening kits for a target audience of men and women belonging to the NSE A, B and C1 that are in an age range of 18 to 55+ years, initially from Metropolitan Lima; Each self-cultivation kit will have a series of basic tools where the differentiation variable will be given by the type of kit (terrarium, vegetables or aromatic, mini orchard and carnivorous plants), trupan box colors and the use of ecological inputs. The sources of income will be generated by the sales of the aforementioned kits and contact with customers and / or users will be carried out through social networks, website and telephone. With regard to the relationship with customers, we will apply some virtual surveys to our users to receive feedbacks and improve the product offered. Also, we will carry out customer loyalty activities such as discounts, raffles, etc. in order to contribute to the idea of gradually modifying and improving kit proposals. The investment required to carry out the business proposal is S / 26,771.72. Our balance point is 64 units, which indicates that this is the average of units of kits that must be sold monthly to cover costs. With an average sales value of S /. 3,085, minimum income that must be generated monthly to cover all costs. / Trabajo de investigación

The total number of operating dairy farms in the US has decreased by 74.1% over the past 25 years, dropping from 155,339 in 1992 to just 40,219 in 2017. As milk prices have fallen and become more volatile, profit margins have tightened, causing farmers to leave the business due to low profitability. Some Vermont farmers are currently looking for new economic strategies. One approach has been to transition from conventional to organic production in order to take advantage of better prices and new market opportunities. In order to make production decisions, farmers need accurate financial information on the costs and benefits of the various options available. Since 2004, UVM Extension has collected panel data on organic dairy farms in Vermont to help meet this growing need. As a part of UVM’s long-term organic dairy profitability research, this study analyzed 10 years of financial panel data (2006-2017) from an unbalanced panel of approximately 40 organic dairy farms in Vermont. For article 1, a multivariate fixed effects regression model was used to identify key factors influencing farm profitability and estimate their effects on Return on Assets. Variables related to feeding management, farm management, farm characteristics, input costs, and year were shown to be significant. For article 2, industry wide milk price trends were compared with descriptive statistics on Vermont organic dairy profitability outcomes across a 3-year period (2015-2017) in order to test the hypothesis that recent price shifts have a had a noticeable effect on farm profitability. Despite limited data for 2017, results indicated a study-wide reduction in ROA in line with national market trends. In identifying management and market factors associated with profitability, this thesis provides valuable decision-making information for farmers interested in switching to organic. Results suggest that feeding management and milk quality improvements can improve profitability outcomes on Vermont farms. Vermont farmers will also benefit from the updated cost of production and financial performance data presented here. Evidence from this thesis also supports a need for new supply management policies and a more nuanced approach to organic dairy profitability research.

Typically, small businesses have encountered issues with sustaining their enterprise for longer than 5 years after inception, which can adversely affect the prosperity of the communities in which the businesses operate. The purpose of this multiple case study was to identify and explore strategies some owners of small business trucking companies used to achieve profitability and longevity for longer than 5 years. The population of the study consisted of owners of 4 small business trucking companies located in Northern Virginia, who demonstrated profitability and longevity for longer than 5 years of operation. The conceptual framework for this study was systems theory. The data for the study came from semistructured interviews, and review of companies' documents. The data analysis process consisted of organizing the data, interpreting the data, and identifying the themes. After verifying the themes through methodological triangulation, 3 themes emerged: relationship building, passion and commitment, and access to capital. The findings, conclusions, and recommendations from this study could effect social change by providing profits to the small business trucking owners for sustaining and aiding employees, families, and their communities' economies.