The dissertation thesis analyzes the debt burden on the prosperity of enterprise that operate in the territory of the Czech Republic, where the prosperity of the companies is expressed in equity capital profitability. The main aim is the empirical validation of the conclusions of financial leverage applied to the specific economic conditions of enterprises in the Czech Republic. The dissertation thesis is focused on the issue of the financial leverage on enterprises. First, the relation of return on equity and debt was evaluated Followed by an analysis of the relation of the debt ratio and a dynamic degree of financial leverage. Also a static degree of financial leverage with increasing debt was quantified. The operational objective was to assess a methodological diversity of quantification of static and dynamic model degrees of financial leverages. The validity of conclusions on the degree of financial leverage was assessed on the basic of the model simulating the impact of debt financing on earnings per share while changing the output (i.e., earnings before interest and taxes). The variance analysis of the return on equity indicator was performed using functional methods. The result was to quantify the effects of partial analytical indicators to the return on equity, the top-level indicator analyzed, mostly the influence of the dynamic degree of financial leverage indicators as a casual factor.

Face à l'ampleur de la crise financière de 2007-2008, comprendre la prise de risques des banques et ses déterminants est devenu une question centrale aussi bien pour les académiques en finance que pour les régulateurs. Dans cette thèse, nous analysons le rôle joué par l'objectif de maximisation de la rentabilité des fonds propres (RoE), omniprésent dans les banques, au regard de la prise de risques. A travers de nombreux tests empiriques, nous mettons en évidence que le RoE est associé à des prises de risques extrêmes et que des incitations monétaires à maximiser cette mesure existaient pour les dirigeants de banques dans les années précédant la crise. Le RoE, utilisé comme principale mesure de performance dans les banques, s'avère en réalité être un indicateur avancé de leur risque et de leur vulnérabilité dans les crises. Afin de mieux comprendre l'attachement des banques au RoE. nous avons également étudié la légitimité de cette mesure en temps normal, c'est-à-dire hors périodes de crise. Les résultats indiquent qu'avant la crise, les risques latents associés au RoE n'étaient que partiellement pris en compte et que la maximisation du RoE n'a pas bénéficié aux actionnaires des banques. A la lumière de ces résultats, la validité du RoE comme mesure de performance apparait d'autant plus surprenante. Enfin, dans une troisième partie, nous questionnons l'approche générale en matière de régulation qui a été de considérer que plus de capital était souhaitable, et ce quelle que soit la nature des investisseurs qui l'apportent. Nous montrons que l'horizon des actionnaires joue un rôle central puisque les banques qui avaient plus d'investisseurs court-terme ont moins résisté (moins bonne performance et plus faible probabilité de survie) pendant la crise. / The 2007-2008 financial crisis prompted much handwringing among academics and regulators as to why banks had taker on so much risks and what factors drove risk-taking. In this thesis, we focus on the responsibility of the focalization on RoE as main performance measure in inducing risk-taking in banks. Our empirical tests show that RoE is associated with strategies of excessive risk-taking and that bank managers had monetary incentives to maximize RoE in the years leading up to the crisis. While RoE is used as a key performance measure in banks, it proves to be a leading indicator of a bank's risk and vulnerability during crises. To better understand the reluctance of banks to abandon RoE despite its perverse effects on risk-taking, we assess in the second article, the validity of RoE as a performance measure outs ide of financial crises. Results indicate that in the pre-crisis period, the information conveyed by RoE on bank risk was only partially taken into account and that RoE did not guarantee a superior performance for bank shareholders in normal periods. Giver these results, the enduring reliance on RoE in banks is even more surprising and questionable. In the third article, we challenge the general view in the area of bank regulation which is that more capital is better, irrespective of who provided it. We show that the investment horizon of bank capital providers plays a crucial role since banks with more short-term investors performed worse and had a lower survival probability during the crisis.

Denna uppsats observerar och analyserar hur medlemmar på sociala medier påverkas av aktiegrupper. Uppsatsens syfte är att ge läsaren en djupare förståelse till hur kunskapen bland medlemmar i aktiegrupper generellt ser ut och om det går att se likheter mellan faktorer som kunskap och investeringsbeteende och hur det återspeglas i deras totala avkastning. Med begreppet kunskapsfaktorer avses de variabler som påverkar medlemmarnas avkastning på deras aktier. Sådana variabler kan vara investeringsbeteende, mängden aktier som ägs eller finansiell kunskap. Med begreppet finansiell kunskap avser denna studie kunskap och förståelse inom finansiering, investering och aktiekunskap som behandlas i finansiell litteratur. Tillvägagångssätt som valdes för studien var en kvantitativ enkät som skrevs i Google Forms och delades i flera svenska aktiegrupper på Facebook där enkäten totalt fick 402 svar. Enkätfrågorna undersökte forskningsfrågorna med hjälp av olika variabler där frågor om ålder, utbildning, grad av engagemang i forum och finansiell kunskap ställdes. Enkäten utfördes anonymt och inga personuppgifter lagrades. Vidare upprättades enkätresultaten med hjälp av deskriptiv statistik. Därefter analyserades resterande variabler med hjälp av en regressionsanalys. Resultatet av regressionsanalysen visade att det enbart var två variabler som var statistisk signifikanta och korrelerade till positiv avkastning för medlemmarna i aktiegrupperna. De andra variablerna var inte statistisk signifikanta. Resultatet av analysen visade att det fanns flera likheter bland medlemmarna i dessa aktiegrupper. Likheterna som observerades var bland annat hur ofta medlemmarna i dessa grupper besökte aktieforum, utbildning och åldern. Ålder som observerades var relativt jämnt fördelat bland respondenterna där cirka hälften av respondenterna var mellan 18–35 år. Frågorna kring utbildning visade att cirka 66 % av respondenterna hade en högskole- eller universitetsutbildning. De flesta respondenterna svarade att de var studenter. Det går därmed att konstatera att medlemmarna i dessa aktiegrupper tenderar att vara unga och har genomsnittligt en högskole- eller universitetsutbildning. Resultatet av regressionsanalysen visade på att två av variablerna påverkade avkastningen positivt. Dessa två variabler var ”Äger du fler än tio olika aktier?” och ”Har du läst böcker eller annan litteratur som behandlar aktier?”. / This study analyses how social media impact members of forums regarding shares investments, return on equity on these investments and how social media affects these members in their investment behaviour. The study sets out to observe the level of financial literacy among these members and if there are factors that affect their investment returns. The study was conducted via a survey with a regression analysis along with descriptive statistics. The survey questions were designed to measure the research questions with several variables such as age, education, frequency of visiting stock forums etc. The survey was shared on stock forums on Facebook and gathered a total of 402 responses. These responses were then analysed. The results of the survey conclude that there are only two statistically significant factors that affect the investment returns for members of these forums, while also observing the similarities between members: The majority are young (between 18–35) and 66 % of participants have college/university education.

This master´s thesis asses the financial situation of the ralated company in the years 2002 to 2005 at the basis of sesecte methods of the financial anlaysis. It comprieses proposals of possible solutions of identified probléme which should result in the improvement of financial situation of the rirm in future years.

Tato diplomová práce se zabývá hodnocením finanční situace vybraného podniku formou finanční analýzy. Cílem diplomové práce je navrhnout možná opatření, která povedou ke zlepšení finanční situace v následujícím období.

This study examined the relationship between return on equity (ROE) and return on assets (ROA), the business sector, and long-term performance of new firms 5 years after the initial public offer (IPO) date. IPOs have a high rate of delisting from stock exchanges, and understanding possible predictors of long-term performance will benefit business owners and investors. The purpose of this study was to determine if ROE and ROA are predictors of long-term performance of IPOs on U.S. stock exchanges. The research question examined whether there is a statically significant relationship between the ROE, ROA, business sector, and market capitalization of IPOs. This study followed a correlational design to analyze the research question and its hypotheses. Both shareholder theory and financial ratio models constituted the theoretical framework for this study; public databases provided all the historical financial data on publicly traded companies. The population for this study included all firms that pursued an IPO within the United States stock exchanges from January 2007 through December 2009. Using Spearman correlations, the results suggested no significant relationship between ROE and any business sector with market capitalization of IPOs. However, there was a significant correlation with ROA and market capitalization for these IPOs. The implications for positive social change in this study are new insights for leaders concerning the survivability and monetary gain for new firms entering the public market and the new firm's ability as a result of this gain to provide new jobs thereby improving the economy.

Background: During recent years, the growing attention to environmental, social, and governance factors (ESG) as a recognized sustainability performance measurement has led to that corporate participation in sustainable development as one of the main concerns among stakeholders. The Nordic countries have been outstanding leaders in terms of sustainability for years and consistently ranked excellent on ESG scores. The role of ESG and its effect on value creation has been widely discussed by academics and stakeholders, but the results differ. Purpose: This thesis aims to study the relationship between ESG scores and a firm’s performance in terms of ROE in Nordic countries between 2020 to 2022 and investigate whether investing in environmental innovation strengthens or weakens the correlation between the two variables. The study uses both stakeholder and shareholder theories to explain the results. Method: The linear regression models were conducted on data collected from Thomson Reuters Eikon’s database (2023) between 2020-2022 on 150 firm observations and 450 firm-year observations to fulfil the study's purpose. Conclusion: The findings show a significant positive relationship between ESG scores and ROE, but environmental innovation weakened this relationship. The conclusions were drawn that Nordic firms which take more value into sustainability practices, especially ESG scores, enhance their financial performance, which is supported by the stakeholder theory. But firms with higher ESG, which invest more in environmental innovation, wouldn't pay off through better financial performance in the short run. Furthermore, the results from statistical models for two dummy variables, year, and country, indicate that the relationship between ESG scores and financial performance is neither significantly affected by time nor significantly by Nordic countries.

Sverige står inför en stor omställning inom energisektorn. Det finns mål om mycket mer förnybar energi som kräver mer kraftanläggningar de kommande åren. Men redan nu har många anläggningar för förnybar kraft kommit till. En del i det har varit de kooperativa energiföretagen som detta arbetet kommer fördjupa sig inom. Mer specifikt kommer det att undersökas vad medlemmar i kooperativen får ut ekonomiskt av sina medlemskap. Detta sker genom att primärt undersöka avkastningen på eget kapital. Mer forskning om kooperation är också efterfrågat av såväl företagsledare som akademin, som båda anser att kooperationen är negligerad inom forskningen. 39 ekonomiska föreningar inom energibranschen ingick i denna studien. Begränsning skedde till dem som är registrerade som arbetsgivare. Föreningarnas avkastning på eget kapital har tagits fram som helhet och vidare undersöks faktorer som påverkar avkastningen. Faktorerna har tagit fram med hjälp av resursbaserad teori och kan vara egenskaper hos företag eller vissa bolagstyper. En kvantitativ metod har använts där främst hypotesprövning har använts. Undersökningen kom fram till några faktorer som påverkar avkastningen och ett par faktorer som inte riktigt klarar kraven som våra metoder kräver, men som är nära att göra det. Medlemsengagemang som resurs ökar avkastningen på eget kapital och minskar personalkostnaderna. Engagemanget minskar dock desto större kooperativet blir. Vindkraftskooperativ är vidare mer lönsamma ju äldre kraftverk dem har. I övrigt kan noteras att signifikanta resultat är nära för att elhandelsföretag och fjärrvärmeproducenter är mer lönsamma än övriga kooperativa energiföretag med personal. / Sweden is approaching a major change within its energy sector. There are goals for renewable energy that requires the construction of more facilities Although, a lot of facilities for renewable energy have already been constructed. Which the cooperative energy companies have been a part of, which this paper will focus on. More specifically, this paper will examine their members' financial gains from their memberships. This has been conducted primarily by looking at return on equity. More studies about cooperatives is requested by both corporate leaders and academics who both agree that cooperatives are neglected in research. 39 cooperatives from the energy sector were included in this study. The study was limited to those who were registered as employers. The cooperative companies return on equity was calculated as a whole and thereafter the factors which had an effect on it were examined. The factors were picked with the help of a resource based view and could for example be a company's properties or type of company. A quantitative method has been used with hypothesis testing. This paper concludes that some factors affect the return on equity and two other factors were on the verge of affecting it, but did not pass the requirements that our methods demanded. The members' engagement as a resource increases both the return on equity and decreases personnel costs. However, the engagement becomes lower the larger the cooperative becomes. Moreover, the windpower cooperatives had higher returns the older their plants were. Also, we noticed that companies within electricity trading and district heating are close to receiving significant levels regarding their companies being more profitable than the other cooperative energy companies who were registered as employers.

No description available.

ost companies adhere to corporate governance, which is a generally recognized governingstructure in order to enhance the financial performance of their business. This studyinvestigates the relationship between corporate governance and the financial performanceof Sri Lanka's licensed banks using this scenario as a basis. The research question raised bythis study was “Does Corporate Governance impact on Financial Performance of BankingSector in Sri Lanka?”. The independence variables were corporate governance and it wasmeasured from five dimensions board size ,gender diversity , number of board meetings,and board independence, number of board committees. The dependent variables wasfinancial performance and it was measured from return on assets and return on equity. Thecontrol variables used for study were firm size, leverage, and firm age. The non-randomconvenience sampling methods was used and selected 19 banks out of 30 licensed banks inSri Lanka. The data was collected from secondary sources, that is, annual reports of 2018-2022.The collected data were analyzed through regression analysis using SPSS statistical methodto ascertain the developed hypothesis of this study. The findings of the study revealed thatboard independence was statistically significant with both ROA and ROE indicating that anegative and positive linear relationship respectively. Board size and number of femaledirectors were statistically significant with ROA while board size and number of femaledirectors were not statistically significant with ROE. However, number of board meetingsand number of board committees were not statistically significant with both ROA and ROE.These results revealed that in overall, corporate governance dimensions were moreimpacted on return on assets compared to return on equity in the Sri Lankan banking sector.