Ever since introduced and rolled out on the market during the 1950's and 1960's the supermarket format of grocery retail stores has played an important role in the grocery retail sector in Sweden, as well as in other countries. Although the sector in Sweden has evolved into a sector harbouring various store formats, the supermarket remains the major one - about half of the total volume of sales currently goes through supermarkets. Issues referring to the economic performance of supermarkets, and its antecedents, are thus of interest not only to retailers, but also to consumers as well as to society, overall. This study contributes to previous research by explicitly addressing bottom-line performance of supermarkets, and by bridging different fields of research. With the structure-conduct-performance (SCP) paradigm as theoretical underpinning, a cross-sectional design is developed for the study, comprising the economic performance of 168 supermarkets. By pooling data from various sources a unique database is developed, providing prerequisites for a comprehensive investigation into the effects of scale of operation, local market conditions, and supermarket conduct on various aspects of supermarket performance, all the way to bottom-line profitability performance.   The results show that profitability performance of supermarkets is a consequence of a complex network of relationships between various aspects of economic performance, scale of operation, local market conditions and supermarket conduct. The profit margin, i.e. the span between gross margin and operating costs%, turns out as the major determinant of profitability performance. The profit margin, in turn, is found related to productivity, which in turn is found related to the volume of sales. Scale of operation and local market conditions are found working themselves into profitability performance, via conduct and various aspects of economic performance. However, neither scale nor favorable local market conditions turns out as the determinant of high rather than low profitability performance. Among the most as well as among least profitable, there are small and large supermarkets, facing local markets of favorable as well as unfavorable conditions. Rather, the dividing line between the low vs. highly profitable lies in the interplay between market conditions and conduct. Results from analyses of internal and external characteristics of the least and most profitable show important dissimilarities referring to their interplay with local market conditions. As such, the study provides important implications for retailers, from a strategical, tactical, as well as operational perspective. / Diss. Stockholm : Handelshögskolan, 2009

Orientador: Claudio Angelo Agostinho / Resumo: O objetivo do estudo foi avaliar diferentes sequências de taxas de arraçoamento e duas frequências alimentares, corrigidas de acordo com a temperatura da água. O experimento ocorreu em uma piscicultura comercial na represa de Jurumirim, localizada no município de Arandu-SP. Foram utilizados 3000 peixes com peso médio de 100g, distribuídos em 30 tanques-rede com 1m³ de volume útil. O delineamento foi inteiramente casualizado, em um esquema fatorial 3x2 com cinco repetições, sendo três sequências de taxas de alimentação e dois regimes alimentares (4 e 24 refeições). Mensalmente foram realizadas biometrias dos animais e ao final do período experimental, foram avaliados os parâmetros zootécnicos, através dos índices de peso total final (PTF), ganho médio em peso (GMP), ganho em peso por dia (GPD), conversão alimentar aparente (CAA), sobrevivência (SO), uniformidade (U), rendimento de carcaça (RC), rendimento de filé (RF), índice de gordura visceral (IGV), índice hepatossomático (IHS), glicose sanguínea (GS) e análise da composição centesimal do filé. Realizou se um estudo econômico para avaliar qual tratamento se apresentou com maior viabilidade econômica. Ao final do experimento, os dados obtidos foram analisados por meio do Sistema para Análises Estatísticas e Genéticas – SAEG (UFV, 2007) e as médias comparadas pelo teste de Duncan ou Tukey, a 5% de significância. Conclui-se que para ambos os estudos a sequência 4%, 3% e 2% independente da frequência de refeições apresentou se ... (Resumo completo, clicar acesso eletrônico abaixo) / Doutor

Orientador: Silvia Maria Almeida Lima Costa / Resumo: A cultura da seringueira vem crescendo no Brasil como uma atividade promissora, que ainda importa a maior parte da sua demanda de borracha natural. Existe uma grande expectativa para o crescimento de borracha no Estado de Mato Grosso do Sul, pois possui terras propícias para plantio de seringueira. Com isso, o presente trabalho tem como objetivo central avaliar questões técnicas e socioeconômicas na produção de heveicultura na Mesorregião do Estado de Mato Grosso do Sul. A abrangência do estudo tem como referencia as microrregiões de Cassilândia e Paranaíba, segundo a classificação do IBGE. A metodologia proposta foi realizada com a obtenção de dados secundários do processo produtivo da heveicultura e de dados primários com aplicação de questionários e entrevistas. Foram entrevistados 8 produtores de coágulo dos municípios de Aparecida do Taboado, Cassilândia e Paranaíba. Também foram entrevistados responsáveis por associações e pelas empresas compradoras da matéria prima na região e de outras regiões. No Estado de Mato Grosso do Sul, a área colhida com látex coagulado cresceu 47% no período de 2005 a 2015. Verificou-se que o valor investido nos primeiros anos é alto e no custo de produção a despesa com mão de obra na sangria, corresponde cerca de 66% do Custo Operacional Efetivo (COE) e 57% do Custo Operacional Total (COT). A receita só é maior que o custo para o preço do coágulo maior que R$2,26/kg. A análise de investimentos mostrou VPL negativo, TIR de 2,70% e no 18º ano... (Resumo completo, clicar acesso eletrônico abaixo) / Doutor

El objeto de este estudio es establecer la relación existente entre las dos variables de estudio, la productividad como variable no dependiente y la formalización de las micro y pequeñas empresas de Lima en el período 2007-2017 como variable dependiente, teniendo en cuenta como indicadores de la productividad a la rentabilidad, la tasa impositiva y la tasa de interés de referencia. The purpose of this study is to establish the relationship between the two study variables, productivity as a non-dependent variable and the formalization of Lima's micro and small enterprises in the 2007-2017 period as a dependent variable, taking into account as indicators of productivity to profitability, the tax rate and the reference interest rate.

O presente trabalho emprega Redes Bayesianas para a previsão da rentabilidade de empresas. Define-se como rentabilidade superior as empresa que obtiveram retorno para os acionistas classificados acima de 81,5% em relação às demais. Adota-se a metodologia de seleção dos indicadores proposta por Sun e Shenoy (2007), que seleciona as variáveis explicativas segundo suas correlações com a variável classificadora. Obtêm-se, ao final, dois modelos sendo o primeiro com dois estados de classificação de empresas, superior e inferior; o segundo com três estados (superior mediano e inferior). Assim como Sun e Shenoy (2007), tenta-se validar o modelo Bayesiano com a regressão logística. Constata-se que não é possível afirmar que as média das taxas de sucesso dos dois modelos sejam diferentes ao se prever rentabilidade superior, entretanto a regressão tem melhor desempenho ao se prever rentabilidade baixa. A variável mais significativa tanto para o primeiro quanto para o segundo modelos foi a classificação atual da empresa, ou seja, empresas que figuram em um determinado ano no estado de rentabilidade superior são as mais propensas a repetir o resultado do que as demais. Os resultados apontam taxas de acerto que vão de 14,70% em 1999 (ano da crise cambial quando a rentabilidade média das empresas foi de 2,74%) a 52,94% em 1997 (ano cuja rentabilidade média foi de 11,76%) para o primeiro modelo e de 11,76 % (1999) a 56,60 % (2004, rentabilidade média de 10,76%) para o segundo modelo. Apesar dos modelos ainda não conseguirem alcançar uma estabilidade nas previsões os resultados são animadores quando se desenvolve a hipótese de utilidade para um possível investidor e a expectativa de retorno acumulado, ao longo dos dez anos, passa de 70,37%, que é a rentabilidade média acumulada do período, para 357,07% e 410,10 % para o primeiro e o segundo modelo respectivamente. / This work use the knowledge obtained from Bayesian networks studies of bankruptcy prediction and applied it for forecasting companies' profitability. Higher profitability is defined as the company that had returns for shareholders classified over 81.5% compared to the others. Adopting the methodology of selection of the explanatory variables proposed by Sun and SHENOY (2007) based on correlations among them with the classification variable. As a result it is obtained two models, the first one with two classification states for de classification variable, upper and low, and the second one with three states (upper, middle and low). As Sun and SHENOY (2007), the Bayesian model was compared with a logistic regression. It cannot be say that the average success rates of the two models are different for forecasting higher profitability; otherwise, for low profitability forecasts the regression model was superior. The most significant variable for both the first and for the second model was the previous company's return for the shareholders, i.e. companies that are in a given year in the state of upper profitability are more likely to repeat the resulting the next year. The results show success rates ranging from 14.70% in 1999 (year of the currency crisis when the average profitability of the companies was 2.74%) to 52.94% in 1997 (average return rate was 11.76 %) for the first model and from 11.76% (1999) to 56.60% (2004, average return rate was 10.76%) for the second model. Although the models still fail to achieve stability in the estimates the results are encouraging when developing the hypothesis of possible investor profitability when the expectation of return accumulated over the ten years, range from 70.37%, which is the average profitability accumulated in the period to 357.07% and 410.10% respectively for the first and second model.

Les trois essais, qui constituent les principales contributions théoriques et empiriques de cette thèse, sont présentés dans les chapitres1 à 3. Le chapitre 1 présente le premier essai intitulé « Relations politiques d'entreprise en Russie et leurs implications pour la performance et la rentabilité des entreprises ». Le chapitre 2 représente le deuxième essai intitulé « Banque et relations politiques en Russie et leurs implications pour les coûts au niveau de la dette ». Le chapitre 3 présente le troisième essai intitulé « Relations politiques d'entreprise en Russie et leurs implications pour l'activité d'acquisition au niveau de l'entreprise » Bien que développés séparément, ces chapitres sont interconnectés de façon cohérente, comme le montre la figure GI-1. Conceptuellement, la construction théorique principale dans ces trois chapitres est l'effet ultime que les liens politiques des entreprises ont sur la performance et la rentabilité des entreprises. Cet effet peut être étudié directement (pour obtenir une grande image de l'impact que ces différents types de liens politiques ont sur la rentabilité et la performance), et aussi indirectement (en examinant précisément les effets des différents types de liens politiques sur les déterminants de rentabilité et de performance). Plus précisément, le chapitre 1 aborde la grande image en régressant les ratios de rentabilité et de performance et de leurs déterminants fondamentaux sur différents types de relations politiques. Le chapitre 2 enquête précisément sur l'impact des différents types de relations politiques et bancaires sur le coût au niveau de la dette de l'entreprise, qui à son tour affecte la rentabilité et la performance, et le chapitre 3 examine les effets des différents types de liens politiques sur l'activité des acquisitions au niveau des entreprises qui potentiellement peuvent également affecter les ratios de rentabilité et de performance. Suite à ces trois chapitres, le mémoire se termine par une conclusion générale présentant les principales conclusions de cette thèse, les limites et les perspectives pour la recherche future. / This dissertation consists of three chapters representing three self-contained essays on the effects of corporate political connections on firm operational, financial, and investment activities. The research is based on a sample of Russian non-state-owned companies operating within the period of 2000-2013. Chapter 1 investigates the effect of corporate political connections on firm performance and profitability. I find that political connections to the executive branch of the central (federal) government positively affect connected firm’s return on sales, return on assets, return on equity and market-to-book ratio. These improvements are conditioned by better operating performance of the connected firm. At the same time financial and taxation costs are not seriously affected by political connections. Contrary to the effect of federal ties, connections to regional authorities bring more costs than benefits to the connected firms with both operating performance and overall performance indicators showing decline in presence of regional political ties. The latter effect can be explained by greater costs which regionally connected firms have to bear in order to contribute to the economic development of regions and provinces to which they are connected. Overall, Chapter 1 provides direct evidence on the effects of corporate political connections on firm profitability, performance, and their basic determinants, also showing that different types of connections differently affect performance. Chapter 2 examines the effect of corporate political and bank connections on firm-level cost of debt. I find that corporate connections to banks decrease cost of debt of a firm. However this effect works only if a firm has connections to a state-owned bank, not a private bank, and connections to a state-owned bank are to be maintained through a significant shareholder of the firm, not CEO, or board member. I also find that corporate connections to the executive branch of the central (federal) government decrease cost of debt. The latter effect works only if political connections are strong and cohesive enough, i.e. they were formed under circumstances that required high level of mutual trust and reliability between parties. Overall, the second chapter provides evidence that political and bank connections do really affect cost of debt and reveals important conditions under which connections can have an impact on this variable. Chapter 3 investigates the effect of corporate political connections on firm-level acquisitions activity. I find that political connections to central (federal) government positively affect firm’s propensity to purchase stakes in other firms. This effect works well in the domestic market, but not in the foreign markets. It does also work well with regard to acquisitions of stakes in the open market, but, ironically, not in the process of privatization. At the same time I find that political connections to regional governments are negatively associated with the probability of purchasing a stake by the acquirer. The latter effect may have an explanation that in a “small world” of regional political and business elites it is risky for participants to violate the regional equilibrium of wealth and power, thus firms demonstrate acquisitions activity levels lower than that of the reference group of unconnected firms. Overall, the third chapter provides evidence on the effects of corporate political connections on bidder’s acquisitions activity, showing, however, that different types of connections may differently impact bidder’s propensity to acquire stakes in other firms.

We examine the potential gains of using exchange rate forecast models and forecast combination methods in the management of currency portfolios for three exchange rates: the euro versus the US dollar, the British pound, and the Japanese yen. We use a battery of econometric specifications to evaluate whether optimal currency portfolios implied by trading strategies based on exchange rate forecasts outperform single currencies and the equally weighted portfolio. We assess the differences in profitability of optimal currency portfolios for different types of investor preferences, two trading strategies, mean squared error-based composite forecasts, and different forecast horizons. Our results indicate that there are clear benefits of integrating exchange rate forecasts from state-of-the-art econometric models in currency portfolios. These benefits vary across investor preferences and prediction horizons but are rather similar across trading strategies.

Ao considerar que as empresas de serviços contábeis não prestam somente serviços na área contábil, mas também nas áreas societária, trabalhista e tributária, dentre outras; que clientes de portes semelhantes geram serviços com dificuldades de elaboração diferenciada em razão da forma de tributação, da atividade exercida e de questões de organização interna de cada empresa, entre outros fatores; que muitos dos escritórios contábeis cresceram e hoje são considerados empresas de serviços contábeis e constituem um segmento de grande importância no cenário empresarial brasileiro, faz-se necessário estudos quanto aos custos dos serviços prestados, a fixação do preço de venda destes serviços e a análise da lucratividade de cada cliente. O presente estudo, que tem como objetivo de propor um modelo de mensuração de custos mensais para as empresas de serviços contábeis, com o intuito de viabilizar a análise da lucratividade de cada um de seus clientes. O trabalho parte de uma abordagem administrativa, com enfoque gerencial da empresa de serviços contábeis, identifica custos e despesas, utiliza-se de conceitos de diversos métodos de custeio para direcionar os custos a cada departamento da empresa de serviços contábeis e, consequentemente, a cada cliente usuário dos serviços. Identifica, portanto, os custos, compara com os preços de venda praticados, e analisa, individualmente, a lucratividade de cada cliente da empresa de serviços contábeis. / Considering that accounting services companies do not only provide services in accounting, but also in corporation, labor and taxation, and other fields, considering that clients of similar sizes generate services with special development difficulties due to the way they are taxed, the type of business being carried out, and matters of each company’s internal structure, among other factors, considering that many accounting firms grew and today are considered financial services companies which constitute a segment of great importance in the Brazilian business scenario, studies on the costs of services provided to each client are made necessary as well as fixing the selling price of services and profitability analysis of each client. The present study aims to propose a measurement model of monthly costs for businesses providing accounting services, it intends to facilitate the analysis of the profitability of each client. It comes from an administrative perspective, with a managerial focus on accounting services companies, it identifies costs and expenses and uses the concepts of various defrayment methods to direct the costs to each department of the accounting services company and therefore to each client user of the services. Therefore it identifies the costs, compares them with the sales prices, and analyzes individually the profitability of each client of the accounting services company.

The thesis examines the economics of the production of cereals in the Czech Republic by focusing on the importance of agriculture and by clarifying the role of state intervention in the cereal market. The main research interest was the outcome of economic activities in the respective production areas. Based on the observed data, a proposal for state regulatory measures has been drafted, which could aid in solving common problems connected with growing cereal crops on farms.

Academic studies of Bangladeshi Private Commercial Banks (PCBs) have identified issues of Corporate Governance relating to ‘crony capitalism’ and political influence. The thesis combines quantitative and qualitative methods. The research employs conventional econometric panel estimation and a novel method of estimating efficiency using a non-parametric bootstrapping technology. The results reveal significant performance differences. To understand the causes underlying the differences in revenue efficiency and profitability, multiple lenses from theories of Corporate Governance are adopted to design semi-structured interviews. Twenty in-depth interviews from a sample of banks, both managers and board members and industry stakeholders are supplemented with documentary analysis. The quantitative findings reveal a performance gap between 1st Generation PCBs and 2nd and 3rd Generation PCBs in terms of Efficiency and Profitability. 1st Gen PCBs perform worst whereas there is no statistical difference between Gen 2 and Gen 3 PCBs. Moreover, there is no sign of catch-up or improvement for the 1st Generation PCBs. The research demonstrates that an increasing amount of 1st Generation banks’ Non Performing Loans is the main reason for this performance gap. The interview data relate the performance gaps to inadequate Corporate Governance. The research identifies family dominated boards that have encouraged crony capitalism and featherbedding of employees resulting in excessive Non Performing Loans and higher overhead costs. Also, these 1st Generation banks are excessively large in terms of employees, rural branches and remittance earnings leading to a culture of invulnerability to takeover.