The aim of this diploma thesis is to estimate the value of the company Philip Morris ČR a.s. operating on the market of tobacco products. Business valuation is valid for the date of 1st January 2015. The yield method used for the analysis is DCF in the equity variant, market capitalization and book value. The thesis is devided into two main parts. The theoretical part determines basic assumptions and criteria for business valuation .The practical part includes strategic and financial analysis, financial plan and own valuation of Philip Morris ČR a.s Valuation, tobacco industry, cigarette market, value

Background: The tobacco industry has globalized and tobacco use continues to increase in low- and middle-income countries. Yet, the data and research to inform policy initiatives for addressing this phenomenon is sparse. This study aims to estimate the prevalence of adult tobacco use in 17 Sub-Saharan Africa (SSA) countries, and to identify key factors associated with adult tobacco consumption choices (smoked, smokeless tobacco and dual use) in Madagascar. Methods. We used Demographic Health Survey for estimating tobacco use prevalence among adults in SSA. A multinomial logistic regression model was used to identify key determinants of adult tobacco consumption choices in Madagascar. Results: While differences in tobacco use exist in SSA, Madagascar has exceptionally higher prevalence rates (48.9% of males; 10.3% of females). The regression analyses showed complexity of tobacco use in Madagascar and identified age, education, wealth, employment, marriage, religion and place of residence as factors significantly associated with the choice of tobacco use among males, while age, wealth, and employment were significantly associated with that of females. The effects, however, differ across the three choices of tobacco use compared to non-use. Conclusions: Tobacco use in Madagascar was higher than the other 16 SSA countries. Although the government continues to enact policies to address the problem, there is a need for effective implementation and enforcement. There is also the need for health education to modify social norms and denormalize tobacco use.

Background: The tobacco industry has globalized and tobacco use continues to increase in low- and middle-income countries. Yet, the data and research to inform policy initiatives for addressing this phenomenon is sparse. This study aims to estimate the prevalence of adult tobacco use in 17 Sub-Saharan Africa (SSA) countries, and to identify key factors associated with adult tobacco consumption choices (smoked, smokeless tobacco and dual use) in Madagascar. Methods. We used Demographic Health Survey for estimating tobacco use prevalence among adults in SSA. A multinomial logistic regression model was used to identify key determinants of adult tobacco consumption choices in Madagascar. Results: While differences in tobacco use exist in SSA, Madagascar has exceptionally higher prevalence rates (48.9% of males; 10.3% of females). The regression analyses showed complexity of tobacco use in Madagascar and identified age, education, wealth, employment, marriage, religion and place of residence as factors significantly associated with the choice of tobacco use among males, while age, wealth, and employment were significantly associated with that of females. The effects, however, differ across the three choices of tobacco use compared to non-use. Conclusions: Tobacco use in Madagascar was higher than the other 16 SSA countries. Although the government continues to enact policies to address the problem, there is a need for effective implementation and enforcement. There is also the need for health education to modify social norms and denormalize tobacco use.

During the past forty years, Oregon voters have approved only two tax proposals; both taxes on cigarettes. The subject of this study is the campaign carried out by proponents of H.B. 3064 to pass the most recent Oregon tax referendum measure. Central to the questions asked in the investigation of the 1972 cigarette tax campaign was why the outcome of this proposal was successful. The thesis hypothesizes that the critical variable was the involvement of major socio-economic interest groups in formulating and disseminating persuasive campaign messages. The rationale for entering into such a study was the shortage of information on campaigns which focus not only on the effects of the "new politics" on the electorate, but which fill in details of significance to the historical setting within which the campaign takes place. Further, there is an apparent shortage of information on state-wide referendum campaigns which describe the campaign setting, the structure of the decision-making organization directing the campaign effort, and the voters reaction to campaign strategies. For these reasons two research methods were utilized for the descriptive case study: a field investigation and a two-part opinion survey. The former traced the historical-political situation in Oregon, action taken by the 1971 legislative assembly to correct the state budgetary dilemma, the mobilization of public and private individuals following the successful referral drive to place the cigarette tax on the ballot, and campaign strategies carried out during the 40 day period prior to the special election. By reviewing all available news reports and interviewing those persons active in the campaign, the field investigation revealed that the state was indeed threatened by budgetary crisis and that the proposed tax was the only immediately available solution. An alternative source would have required another special session, another 90 day waiting period, and the threat of another referendum. Without the tax, state agencies depending for support on revenue coming from the General Fund would face a two percent cut in funds for the 1972-73 fiscal year. It was also found in the field investigation that the cigarette tax had support from legislative leaders of both political parties; a collection of large permanent interest groups; and an array of state officials and private citizens with pocket-book interest in passing the ballot measure. Persuasive appeals developed by the involved groups focused on the fiscal impact of a tax defeat on these and other special economic groups in Oregon. Results of the second research method, the voter-leadership survey, indicated that the voters surveyed were generally accurate in assessing the participation of interest groups and were influenced by those groups most visible and state officials most vocal. It also revealed that while the voters professed to being influenced by certain groups or individuals, the reasons they gave for their vote choice were not those emphasized by the influence sources. The leadership survey found that interest group leaders were somewhat more accurate than legislators in ascribing motives to the choices voters made, but that there was a significant discrepancy between opinions of voters and opinions of the state leadership relevant to the reasons people voted as they did. As to the central question of this thesis, the investigation did confirm the proposition that interest groups made the difference in the success of the 1972 cigarette tax measure. Interest groups were effective, chiefly because of the many roles they performed in each phase of the campaign: as initiators of campaign activity, as legitimizers, as fund raisers, and as channel sources for disseminating persuasive messages to both their own members and to the general public. The study strongly suggests that it was the mediating activity of state and local influential, through the mechanisms of special interest pressure and cause groups which provided the critical margin in the vote outcome.

Выпускная квалификационная работа (магистерская диссертация) посвящена исследованию аспектов ведения инновационной деятельности в реальном секторе экономики и принципам ее финансирования. Предметом исследования выступают. Основной целью магистерской диссертации является формулирование алгоритма реализации и финансирования инновационного проекта на примере международной корпорации и разработка рекомендаций для повышения его эффективности. / Final qualifying work (master's thesis) is devoted to the study of aspects of innovations in the manufacturing sector of economy and methods of investing in it. The subject of the study are aspects of investing in innovative activities of an international corporation, analysis of its effectiveness. The main purpose of the master's thesis is to develop a comprehensive concept of systematization of costs for the production and sale of formulate algorithm of innovation project realization and investing process and to develop a set of recommendations on its efficiency increase.

An organisation's survival depends on being considered legitimate through the eyes of society. Through CSR-work, organisations strive to appease stakeholders in order to reach and maintain legitimacy. In controversial industries this work is significantly harder, for such businesses often cause harm to human health, society and/or environment. The purpose of this study is to critically review how companies in the tobacco industry legitimise their businesses through communications of CSR-work. Through analysis of Swedish Match’s and Japan Tobacco International’s webpages and annual reports this study aims to understand how they communicate their social responsibility to stakeholders and society. Since CSR-work and legitimacy within controversial industries is a relatively unexplored subject of research, prior scientific research has formed a significant basis for the study. Prior scientific research states that CSR-communication with high-transparency and preventative strategies have the highest legitimising effect within controversial industries. The theoretical framework has been based on legitimacy- and communication theories, combined with Bacchis’ analytical theory and method WPR. The method used in the study is an ideology critical text analysis. The results show that the companies use high-transparency and remedying CSR-strategies in their communication to strive for legitimacy. Overall, the companies use their platforms to strengthen the legitimacy of their risk-reducing products, environmental initiatives and their work with human rights in their supply-chains. / En organisations överlevnad är beroende av att den uppfattas som legitim av omvärlden. Genom CSR-arbete strävar organisationer efter att blidka intressenter och uppnå legitimitet. I kontroversiella industrier är detta betydligt svårare då sådana verksamheter ofta orsakar skada för hälsa, miljö och/eller samhälle. Syftet med denna studie är att kritiskt granska hur tobaksindustrier legitimerar sin verksamhet genom kommunikation om CSR-arbete. Genom analys av Swedish Matchs och Japan Tobacco Internationals hemsidor och årsrapporter ämnar studien att förstå hur företagen kommunicerar sitt sociala ansvar till allmänheten och intressenter. Eftersom CSR-arbete och legitimitet inom kontroversiella industrier är ett relativt outforskat ämne har tidigare forskning utgjort en betydande grund för denna studie. Tidigare forskning visar att CSR-kommunikation med hög transparens och förebyggande strategier har störst legitimerande effekt inom kontroversiella industrier. Studiens teoretiska ramverk består av legitimitets- och kommunikationsteorier som används tillsammans med Bacchis analytiska teori och metod WPR. Metoden som används är en ideologikritisk kvalitativ textanalys. Resultaten från studien visar att företagen använder sig av hög transparens och avhjälpande CSR-strategier i sin kommunikation för att uppnå legitimitet. Överlag använder företagen sin plattform för att stärka legitimiteten för nya riskreducerande produkter, miljösatsningar och arbetet med mänskliga rättigheter i sin leverantörskedja.

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The temperature-dependent development of red and green morphs of the green peach aphid, Myzus persicae (Sulzer), was compared on flue-cured tobacco, Nicotiana tabacum (L.), at moderate to high constant temperatures in the laboratory. The red morph was found to develop faster and reproduce more than the green morph at temperatures that promoted the most rapid population growth of either morph. In addition, mean longevity of the green morph was increasingly and significantly shorter than the red morph as temperature increased above the mutual optimum temperature (25 °C) for population increase. Study of the growth of GPA populations on commercial flue-cured tobacco farms in Virginia indicated the initial GPA population is highly aggregated. As the population increases, it becomes increasingly more randomly dispersed within the field. The typical pattern of temporal development of GPA was a bimodal distribution with the greater proportion of individuals occurring after topping of the crop. Cumulative proportional population growth models using degree-days were able to adequately describe growth of populations only on individual farms. Study of the within-plant distribution of GPA found that populations developed colonies of greatest intensity on the youngest leaves. The proportion of the total GPA population found on each leaf occurring on the lower leaf surface decreased with ascending leaf position. In addition, the proportion of the total plant population found on the lower leaves was highest as the crop approached the topping stage. / M.S.

A tobacco supply function for the Dominican Republic was estimated and the resulting coefficients used to measure the effects of government policies on tobacco production. Nominal (Direct and Total) protection rates (NRP) and effective rates of protection (ERP) were estimated for tobacco, corn, and fertilizer. The results indicated that tobacco was taxed at an annual average rate of 9 percent while corn was subsidized during most years of the study. Direct and total price interventions for both crops and for fertilizer had the effect of decreasing tobacco production in 17 out of 21 years. A major source of taxation on tobacco production is the government policy of overvaluing the Dominican currency. In order to ameliorate the negative effects of the exchange rate policy, the Dominican government provides an explicit subsidy to tobacco production through the Tobacco Institute. Nonetheless, the results show that government revenues from tobacco product sales more than offset government expenditures on tobacco production. / Master of Science

A history of tobacco and its use by the Indians of South, Central, and North America is discussed and its gradual spread of use to Spain, England, and the Continent is given. The formation of a monopoly by James B. Duke in establishing the American Tobacco Company, and the price policies, product differentiation, and advertising expenditures used in the development of the Trust is discussed. The Sherman and Clayton Anti-trust Acts are presented and their use in the dissolution of the trust and the establishment of an oligopoly are covered extensively. The Lexington, Kentucky Case of 1940-1946 shows the tobacco industry again prosecuted by the government for conspiracy in restraint of trade, monopoly, and attempts to monopolize resulting in a decision against the eight companies indicted and the assessment of fines totaling $255,000. The companies developed business practices after this trial that would enable them to stay within the letter of the law and have successfully avoided prosecution from 1946 to 1962. The current financial positions of the major tobacco companies is given and the long-run prospects of the tobacco industry are those of gradual growth and expansion based on an increase in population and the growth of national income as regard domestic sales and expansion of foreign trade by nearly all of the major producers. Finally, some general observations concerning monopoly and oligopoly are given and their relationship to the tobacco industry as a whole are explained. / Master of Science