Made available in DSpace on 2016-03-15T19:32:46Z (GMT). No. of bitstreams: 1 Maria Carolina Gazso Righetti.pdf: 1931666 bytes, checksum: 25c44d91bd44ee8051f145cf285eab59 (MD5) Previous issue date: 2012-01-30 / This paper aims to analyze the effects of the social value orientation and the social interdependence on the Budgetary slack. Budgetary slack is a subject very studied by international researchers as a dysfunctional budget problem, however until now, with no clear conclusion about your causes. Assuming that this subject impacts organization process of planning, results and competitiveness, this paper intend to contribute to budgetary slack knowledge based on social theories of social value and interdependence and slack theory, originated in the economics, most specifically, in the agency theory. It was applied a questionnaire, a budget experiment and an instrument to measure social value orientation among 41 leaders oh Tower International Company. According to statistic analysis, it was not possible to validate the hypothesis of this research, but considering the theories used on that, It is clear that there is a vast potential on the search of best practices in the management accounting area. / Este trabalho tem como objetivo analisar os efeitos da orientação de valor social e da interdependência social sobre a formação de folga orçamentária. A folga orçamentária é um tema largamente estudado por pesquisadores internacionais como fenômeno disfuncional do processo orçamentário, mas ainda não há uma conclusão clara a respeito de suas causas. Entendendo-se que esse tema influencia o processo de planejamento, os resultados e a competitividade das organizações, busca-se, neste trabalho, aprofundar os conhecimentos acerca do assunto, tendo como base as teorias sociais de valor, de interdependência e a teoria de folga orçamentária enraizada na teoria econômica da agência. Para tanto, foram aplicados um questionário, um experimento orçamentário e um instrumento para definição da orientação de valor social entre 41 gestores da empresa Tower International. De acordo com as análises estatísticas, não foi possível validar as hipóteses desta pesquisa, mas, considerando-se as teorias que nortearam este trabalho, pode-se concluir que há um vasto potencial na busca de melhores práticas na área de contabilidade gerencial.

Companies are expected to be good corporate citizens and fulfil expectations of both shareholders and stakeholders. Depending on their corporate objectives, companies undertake different CSR activities using their preferred financial resources. The relationship between these two notions is interesting to investigate in the Nordic context since companies in this geographical area are the global leaders in sustainability. We formulate the following research question as: What is the relationship between financial slack and the CSR performance in Nordic countries? As such, the purpose of this thesis is to investigate the underpinnings of whether companies choose to allocate their financial slack resources towards improving performance of CSR, or so called value creation. Doing so, we investigate the relationship between financial slack resources and CSR score. In adopting a regulatory position on the development of society, we conduct our research in accordance with the functionalist research paradigm, namely through commitment to the objectivist ontic and positivist epistemic research philosophies. We answer the research question using the deductive approach. Our research design is framed with an explanatory purpose relying on archival strategy to perform a quantitative study. The theoretical underpinnings for analysis comes in the form of legitimacy theory, the institutional differences hypothesis, Resource-based theory, slack resources theory, stakeholder and shareholder theory. We use multiple linear regressions to analyse cross-sectional data for the period between 2005 and 2015 collected from Thomson Reuters DataStream. Our result indicates that the relationship between financial slack and CSR performance in the following year is mixed with both positive and negative relationships being present. Our most important finding is a pattern indicating that during the year 2008 the relationship changed from being positive to negative. This implies that the more funds a company has at its discretion, the less likely it is for them to invest it in developing their CSR performance the following year. This could have severe negative implications on shareholders, stakeholders and society.

M. Ing. / The report presents and analyses allocation methods for assigning limited resources to project tasks. The report is partitioned into five chapters beginning with an introductory chapter. Chapter 1 summarises the problem and describes the process followed in addressing the problem. A literature chapter covers the literature for the development and analysis of the methods presented in the report. Chapter three presents the allocation methods and discusses the role of the methods in single and multi-project resource allocation. Two commercial methods (Hu’s Algorithm; and Coffman’s and Munt’s Algorithm) along with a recipe for implementation are discussed. It is followed by the introduction and formulation of two additional methods that base their resource allocation on critical and least slack chains (Least Slack and Least Slack Ancestors First methods). A final method, based on locating the best possible solution, is presented and formulated (Best Fit method). A case study is presented in chapter four which is applied to each of the formulated methods in chapter three. Key metrics are derived and necessary compassions among the methods are performed. Chapter 4 concludes with an analysis of the comparisons. Finally Chapter five presents a conclusion to the report summarising the results of chapters three and four. Future recommendations are also discussed with the main emphasis on a possible investigation of a hybrid method stemming from the application and analysis in chapter four.

This thesis investigates whether environmental, social, and governance (ESG) performance impacts financial performance in the Swedish market. ESG performance is measured using the overall ESG score and the three individual pillar scores (environment, social, and governance). Financial performance is assessed using a market-based financial measure(Tobin's Q) and an accounting-based financial measure (Return on Assets, ROA). Further, we introduce a one-year lag between ESG performance and financial performance. We analyze a total of 858 firm-year observations from 266 firms listed on the NASDAQ Stockholm stock exchange over the five-year period from 2018 to 2022, with controls for firm size and leverage. Our findings reveal that none of the ESG performance measures have an impact on the financial performance measures (ROA or Tobin’s Q). This indicates a need for further research into the complexities of the ESG impact on firm financial performance within the Swedish context.

Free cash flow and capital structure is a widely covered topic, with several studies conducted in previous years and markets. We set out to examine the possible effects of free cash flow and capital structure on the Stockholm Nasdaq OMX between the years 2018 and 2022. Regarding this period, no previous studies had been conducted that consisted of a population encompassing an entire market. We decided to employ a deductive approach to perform our quantitative research. Using the ORBIS database, we gathered data regarding variables free cash flow, debt ratio, debt-equity ratio, asset turnover ratio, return on equity and return on assets. Return on equity and return on assets worked as our dependent variables, with free cash flow, debt ratio, debt-equity ratio and asset turnover ratio as independent variables. After testing the data for heteroskedasticity and autocorrelation, a fixed effects regression model was both constructed and examined along with a Pearson’s correlation test.  Our results indicated a significant negative relationship between free cash flow and return on equity, as well as a significant positive relationship between asset turnover ratio and return on equity. From these results, we gathered we had detected evidence to support the financial slack theory, which is a theory that highlights the importance of keeping an excess of resources to use when needed. The theory advocates using additional resources and not allowing an overflow of assets to gather dust in inventory.

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Die Reaktionsauswahl und die visuelle Aufmerksamkeit sind kapazitätslimitiert. In Doppelaufgaben des Paradigmas der Psychologischen Refraktärperiode (PRP) wird angenommen, dass die Reaktionsauswahlstufen in Aufgabe 1 und Aufgabe 2 sequentiell verarbeitet werden. Für Konjunktionssuchaufgaben wird angenommen, dass die visuelle Aufmerksamkeit Objekte selektiert und Objektmerkmale zusammen bindet, was zu einem seriellen Suchprozess führt. In der vorliegenden Dissertation wurde untersucht, ob die visuelle Aufmerksamkeit (d.h. Merkmalsbindung) demselben zentralen Verarbeitungsengpass wie die Reaktionsauswahl in Doppelaufgaben unterliegt. Sequentielle Verarbeitung von Reaktionsauswahl und visueller Aufmerksamkeit würde Evidenz dafür zeigen, dass beide Prozesse derselben Kapazitätslimitation unterliegen, während parallele Verarbeitung Evidenz dafür zeigen würde, dass beide Prozesse unterschiedlichen Kapazitätslimitationen unterliegen. Um diese Frage zu untersuchen, wurden Reaktionszeitmaße (locus-of-slack Methode), Targetdetektionsmaße (d’) und Ereigniskorrelierte Potentiale (EKPs; N2pc (N2 posterior contralateral)) gemessen. Schwerpunkt aller Analysen war der visuelle Aufmerksamkeitsprozess in einer Konjunktionssuche, die als Aufgabe 2 in Doppelaufgaben implementiert wurde. Aufgabe 1 war stets eine Wahlunterscheidungsaufgabe. Die Verhaltens- und elektrophysiologischen Ergebnisse zeigten, dass die Reaktionsauswahl in Aufgabe 1 und die visuelle Aufmerksamkeit (d.h. Merkmalsbindung) in Aufgabe 2 parallel verarbeitet wurden unabhängig von der Stimulusmodalität in Aufgabe 1, der Schwierigkeit der Reaktionsauswahl in Aufgabe 1 und der Darbietungsform des Stimulusdisplays in Aufgabe 2. Außerdem wurde eine Methode entwickelt, um die Anzahl der Objekte zu berechnen, die parallel zur Reaktionsauswahl verarbeitet wurden. Die Berechnungen stützten die Konklusion, dass die Reaktionsauswahl und die visuelle Aufmerksamkeit unterschiedlichen Kapazitätslimitationen unterliegen. / Response selection and visual attention are limited in capacity. Concerning dual-tasks of the Psychological Refractory Period (PRP) paradigm, it is assumed that response selection of Task 1 and Task 2 are processed sequentially. On the other hand, concerning conjunction search, it is assumed that visual attention selects the items and binds the item features resulting in a serial search process. In the present dissertation I investigated whether visual attention (i.e., feature binding) is subject to the same bottleneck mechanism as response selection in dual-tasks. Sequential processing of response selection and visual attention would provide evidence that both processes rely on a common capacity limitation, whereas concurrent processing would provide evidence that they rely on distinct capacity limitations. Reaction time (RT) measures based on the locus-of-slack method, target detectability measures based on d’, and the event-related potential (ERP) technique to measure the N2pc (N2 posterior contralateral) were combined to investigate this question. Analyses focused on visual attention deployment in a conjunction search task, which was implemented as Task 2 in dual-task situations. Task 1 was a choice discrimination task. Both tasks were presented at variable temporal overlap (Stimulus Onset Asynchrony, SOA). The behavioral and N2pc results showed that response selection in Task 1 and visual attention (i.e., feature binding) in Task 2 operated concurrently irrespective of the stimulus modality in Task 1, the response selection difficulty in Task 1 and the type of presentation of the search display in Task 2. Based on a method that was developed in the present dissertation, it was possible to calculate how many items of the search display were processed in parallel to response selection. The results supported the conclusion that response selection and visual attention rely on distinct capacity limitations.

組織寬松(organizational slack)乃指組織可用的資源與欲維持組織所必須支付之資 源間的差。而又因引起之對象不同, 可分為外部寬松及內部寬松。所謂外部寬松系由 外界第三者所引起, 如, 付超額股利給股東。而內部寬松則是由組織內之成員所造成 。如, 管理者為求達成銷售目標而低估收入。從前人之研究中得知, 內部寬松系組織 資源分配不完美所引起, 而資源的分配通常以預算方式出現, 所以, 內部寬松又稱為 預算寬松或預算虛估。而管理者則是造成預算虛估的最主要因素。 本研究之主題, 即在探討影響預算虛估的因素。以往研究瞀虛估之學者皆認為預算虛 估在企業經濟狀況良好時會增加, 而當企業經濟不佳時, 預算虛估則會減少。 本研究根據此一假設將變項分為二組, 一為主觀變項, 另一為客觀變項。藉由這二組 變項來探討預算虛估。 本研究以企業中須對預算負責人員為對象, 問卷為調查工具, 以 集主觀變項之資料 。另從受調查企業之公開財務報表中取得客觀變項之資料。利用皮爾遜積差相關分析 變項間之關系及以復回歸分析來探討各變項與預算虛估之相關程度。

Under de senaste årtiondena har ansvarfullt företagande (CSR) varit ett ämne som erhållit allt mer fokus inom forskning och således även för företag och samhället i stort. CSR är ett ämne som är högst aktuellt då globalisering är ett faktum och medför att de företag som är verksamma idag bär ett globalt ansvar, då dessa är stora aktörer i en värld som kantas av ekonomiska kriser, miljöproblem och humanitär försummelse. Det ökade intresset från samhället för CSR har medfört att företagen idag ser detta som en strategisk investering och företags satsning i hållbarhetsaktiviteter har kommit att erhålla en allt större del av företags verksamhet. Frågan kvarstår om detta endast är en investering som ökar företagets etik och moral eller om det faktiskt är lönsamt, och även om lönsamma företag ökar sin investering i hållbarhetsarbete. En stor mängd forskning har utförts för att undersöka förhållandena mellan hållbarhet och lönsamhet, dock utan att konsensus i forskningsgrenen har uppkommit.       Grundat på den nuvarande forskningssituationen syftade denna studie till att undersöka vilken effekt ansvarsfullt företagande har på olika lönsamhetsmått, samt vilken effekt de olika lönsamhetsmåtten har på ansvarsfullt företagande, i företag registrerade på large cap och mid cap på Nasdaq OMX Stockholm. För att besvara studiens problemformulering och uppfylla studiens syfte har en kvantitativ forskningsansats brukats och ett urval av företag listade på large och mid cap Nasdaq OMX Stockholm har undersökts. För att sätta ett mått på ansvarsfullt företagande (CSP) har en innehållsanalys av företags årsrapporter och hållbarhetsrapporter genomförts, lönsamhetsmåtten (CFP) har utgått från redovisningsbaserade mått (ROE och ROA) samt ett marknadsbaserat mått (total avkastning). Vidare undersöks även relationen mellan variablerna, CSP och CFP, med en tidsaspekt och kontrollvariablerna storlek, risk, FoU och industritillhörighet har brukats. De teorier som har använts för att förklara CFP:s effekt på CSP är slappa resurser och direktörsopportunism, och effekten CSP har på CFP har teorierna intressentteorin, resursbaserad synvinkel och kompromissteorin använts.  Det resultat som framkommit genom de multipla regressionerna som testat studiens hypoteser visar att ROE:s effekt på CSP är positiv, medan både ROA:s och avkastningens effekt på CSP är neutral. Slutsatsen blir således delad då lönsamhetsmåttet ROE visar att företag som har en högre lönsamhet kommer investera mer i hållbarhet, denna effekt knyts samman med teorin om slappa resurser. Å andra sidan visar både ROA och avkastning på en neutral effekt på CSP vilket ej kan knytas till varken slappa resurser eller direktöropportunism. Vidare när istället CSP:s effekt på ROE, ROA och avkastning undersökts visar samtliga på en neutral påverkan. Den slutsats som kan dras från detta resultat är att hållbarhetsarbete ej empiriskt kan säkerställa en högre eller lägre lönsamhet, och varken intressentteorin, resursbaserad synvinkel eller kompromissteorin kan förklara resultatet. Med icke-konklusiva resultat föreslår författarna för vidare forskning inom området där mer forskning i den svenska kontexten är nödvändig.

在臺灣經濟發展的過程中，中小企業的蓬勃發展，對臺灣經濟的成長有著實的貢獻。但是，中小企業的規模和資源有限，如何在維繫企業生存之後，妥善協調和分配現有資源和組織內外未充分利用的寬裕資源，追求企業成長發展，將是企業經營者必須面臨的重大挑戰課題。 本研究採用質化研究方法，經由實證型（Positivist）的個案分析，深入地探討「組織寬裕資源的組合」與「事業成長發展的績效」之間複雜的關係。研究對象是以「多店組織企業」（Multiunit Enterprise）為研究標的，從企業集團和新餐飲品牌事業部的研究視角，將每開展一家新分店視為一個新事業的成長擴張，觀察其新分店的「組織寬裕資源的組合」過程。 本研究挑選具有代表性的成長企業，臺灣本土餐飲業龍頭「王品餐飲集團」進行分析，觀察其「財產權設計」對「組織寬裕資源組合」的影響，並且對照另一個臺灣餐飲公司「展圓國際」作為比較，驗證理論架構和進一步歸納推論提出研究假說。 本研究發現，「組織寬裕資源」無法客觀衡量，必須透過組織資源「潛在效能」的再利用，才能顯示出「寬裕」資源的概念和使用價值。在新事業的資源組合過程中，「組織寬裕資源」經由「財產權設計」，提供資源擁有者適當的報酬誘因，將資源由「支出的費用」轉變為「投入的資本」，可以改變不同資源類型的「資源屬性」和「交易屬性」，有效率地組合組織內外未充分利用的寬裕資源，降低事業成長擴張所需資源的取得和建構成本。然而，新事業的資源組合方式千變萬化，若「財產權的設計」可以同時考量「資源財產權的劃分」和「組織財產權的界定」，使得構成組織統治權的正當性來源之三種資源（實體和金融資源、人力資源和知識資源）愈容易「相結合」於組織成員，達成共同統治組織資源的形式，將有利於驅動事業的成長發展。 本研究的理論貢獻在於整合「資源基礎理論」和「交易成本理論」的觀點，提出「財產權理論」的整合性架構，並且連結「資源財產權的劃分」和「組織財產權的界定」，這兩個財產權分析層次的研究缺口，說明「財產權設計」對「組織寬裕資源組合」和「事業成長發展」的影響。本研究的實務貢獻在於，提出「財產權設計」的原則，可以應用到企業的資源締約和組織治理結構的安排。