Ne tik pasaulyje, bet ir Lietuvoje vertinti verslą tampa vis aktualiau. Anksčiau vadovams paprasčiausiai pakakdavo intuicijos, nuovokos ir logikos, vykdant strateginius sprendimus. Šiuo metu tai tampa neįmanoma dėl įvairių priežasčių. Pagrindinis baigiamojo magistro analitinės – metodinės dalies tikslas – pateikti susistemintą verslo vertinimo teisinę bei metodinę informaciją, esančią Europos Sąjungoje bei Lietuvoje, papildomai aprašyti įmonių finansinę analizę bei įvertinti jos svarbą. Eksperimentinėje – tiriamojoje dalyje, remiantis pirmojo skyriaus metodika, išanalizuota specialiosios paskirties AB „Lietuvos geležinkeliai“ Keleivių vežimo direkcija, išnagrinėti jos veiklos vertinimo ypatumai. Analizuojama, kodėl ne visais atvejais galima įvertinti verslą. Darbą sudaro 5 dalys: įvadas, verslo vertinimo teisinė bei metodinė informacija, specialiosios paskirties AB „Lietuvos geležinkeliai“ Keleivių vežimo direkcijos veiklos vertinimo ypatumai, išvados, literatūros sąrašas. / Not only in whole world, but also in Lithuania business valuation is becoming more relevant. Earlier managers used to take important decisions using only their intuition, perception, and logic. Today this is almost impossible because of various reasons. The main purpose of the analytic-methodic part of this final master’s degree thesis is to represent structured methodical and juristic information existent in European Union and Lithuania; and additionally describe the financial analysis of the companies and valuate its importance. Using analytic-methodic part as a reference, in experimental-research part is analyzed passenger transportation directorate of “Lietuvos Geležinkeliai” SP JSC, as well as the peculiarities of its activity valuation and evaluation, and why it is not possible to valuate business in all cases. Thesis consists of 5 parts: preface, methodical and juristic information of business valuation, peculiarities of valuation the passenger transportation directorate of “Lietuvos Geležinkeliai” SP JSC, conclusion, and list of literature.

This thesis is an implicit farmland value study which explores the possible effects of agricultural commodity prices, interest rate and land reform issues on farmland values. The study examines the impacts of these fundamental factors (interest rates and returns to farmland as determined by crop prices) on sugar cane farmland values, maize farmland values, on deciduous fruit (apples and pears) farmland values, and on aggregate South African farmland values. Expectations are that land reform influences the demand for farmland. Since farmland prices are demand driven, changes in the demand for farmland (as influenced by land reform issues) may result in changes in farmland prices. The study thus seeks to empirically examine, to a larger extent, the long-run influence of endogenous factors on farmland prices. Causes of cyclical behaviour in farmland prices are also examined. The study draws on cross-sectional and time series studies of previous research on farmland values. The maximum likelihood Johansen (1991) procedure of cointegration is used to estimate the relationship between fundamental factors and farmland values. The logit model is used to estimate the influence of land reform on the demand for farmland, hence farmland prices. Unit root and the Johansen cointegration test results proved that long-run relationships exist between farmland values and returns to farmland; the use of cointegration methods was thus recommended. Long-run changes in farmland prices are caused by fundamental factors. Short-run variations in farmland prices are caused by exogenous factors that affect net farm income and this lead to boom-bust cycles in farmland values. / Thesis (M.Comm.) - University of KwaZulu-Natal, Pietermaritzburg, 2009.

This thesis takes an interest in how values attain a specific meaning in market reforms of welfare provision. The study builds on exploring how values are enacted rather than treating them as universal and stable. The aim of the thesis is to contribute conceptually to the understanding of how market-making activities in the welfare state bureaucracy handle the values at play in welfare reform. The empirical case is the governance of a so-called care choice system in a Swedish county council. The methodology for the study is “shadowing” of public officials working to formulate a so-called rulebook for care centres. The analysis describes how these officials handle a variety of values when designing the rulebook. How they choose to organize their work – the methods used to collect data about care centre performance, what governance tools they employ, how they arrange their work roles, and how they construct the rulebook – leads to value shifts and determines the meaning of values in practice. The officials’ work practice is political in the sense that it actively shapes the values enacted in the care choice reform. Therefore, it is of great importance to spur a broader debate about the organization of such governance practices, while there is a need to problematize simplistic images of what market reforms of welfare entails in practice. The thesis proposes that an “ecological” – i.e. a situated, reflexive, and malleable – approach to handling of contending values may contribute to such debates. / Avhandlingen intresserar sig för hur värden får sin praktiska innebörd i marknadsreformer av välfärdstjänster. Studien bygger på att undersöka hur värden blir lokalt iscensatta snarare än att behandla dem som universella och stabila. Syftet med studien är att utveckla begrepp för att förstå hur marknadsskapande styrning av välfärd hanterar de motstridiga värden som står på spel i välfärdsreform. Det empiriska fallet utgörs av styrningen av det s.k. vårdvalet i ett svenskt landsting. Metoden är ”skuggning” av tjänstemän som jobbar med att formulera en s.k. regelbok för vårdcentraler. Analysen beskriver hur dessa tjänstemän arbetar med att hantera olika typer av värden när de konstruerar regelboken. Hur de väljer att organisera sitt arbete – vilka metoder de använder för att samla in data om vårdcentralernas prestationer, vilka verktyg de använder för styrning, hur de ordnar sina arbetsroller, samt hur de konstruerar regelboken – leder till värdeförskjutningar och styr vilka uttryck de olika värdena får i praktiken. Tjänstemännens arbete är politiskt såtillvida att det aktivt formar de värden som får utrymme i vårdvalsreformen. Därför är det av stor vikt att skapa en bredare debatt kring organisering av sådan styrning, samtidigt som det kräver att man problematiserar förenklade bilder av vad marknadsreformer i välfärden betyder i praktiken. Avhandlingen föreslår att ett ”ekologiskt” – dvs. ett situerat, reflexivt och föränderligt – perspektiv på hanteringen av motstridiga värden i marknadsreformer kan bidra till en sådan debatt.

Intellectual Capital is considered an intangible asset that occurs in many organizations, especially service organizations, mainly because South African banks offer a service to their customers. This results in Intellectual Capital being an important factor in obtaining competitive advantage and success. If organizations do not consider Intellectual Capital as an important factor, it could lead to brands devoted to competitors, the loss of talented employees and unsatisfied customers. This in turn could affect the image of the organization. Financial organizations have the responsibility to identify and to monitor the various components of Intellectual Capital. Intellectual Capital consists of three main components, namely, Human Capital, Structural Capital and Relationship Capital. One of the biggest challenges of Intellectual Capital is that no one hundred percent accurate measurement method exists to measure Intellectual Capital items. An inaccurate value of Intellectual Capital leads to inaccurate disclosure of financial statements which, in turn, could result in various stakeholders (such as shareholders and public) losing faith and confidence in the organization. The purpose of the study is to describe the various components of Intellectual Capital, the linked costs and to examine the measurement of Intellectual Capital, in order to provide accurate disclosure. An empirical study was conducted to assess the impact and importance of Intellectual Capital in a South African bank. Recommendations were made on the manner problems regarding Intellectual Capital are managed and dealt with by the management of the bank. / Thesis (MCom (Management Accountancy))--North-West University, Potchefstroom Campus, 2013.

Intellectual Capital is considered an intangible asset that occurs in many organizations, especially service organizations, mainly because South African banks offer a service to their customers. This results in Intellectual Capital being an important factor in obtaining competitive advantage and success. If organizations do not consider Intellectual Capital as an important factor, it could lead to brands devoted to competitors, the loss of talented employees and unsatisfied customers. This in turn could affect the image of the organization. Financial organizations have the responsibility to identify and to monitor the various components of Intellectual Capital. Intellectual Capital consists of three main components, namely, Human Capital, Structural Capital and Relationship Capital. One of the biggest challenges of Intellectual Capital is that no one hundred percent accurate measurement method exists to measure Intellectual Capital items. An inaccurate value of Intellectual Capital leads to inaccurate disclosure of financial statements which, in turn, could result in various stakeholders (such as shareholders and public) losing faith and confidence in the organization. The purpose of the study is to describe the various components of Intellectual Capital, the linked costs and to examine the measurement of Intellectual Capital, in order to provide accurate disclosure. An empirical study was conducted to assess the impact and importance of Intellectual Capital in a South African bank. Recommendations were made on the manner problems regarding Intellectual Capital are managed and dealt with by the management of the bank. / Thesis (MCom (Management Accountancy))--North-West University, Potchefstroom Campus, 2013.

This thesis explores the theoretical basis of non-market valuation techniques; discusses in detail, the Contingent Valuation Method (CVM) and the Travel Cost Method (TCM); highlights the advantages and disadvantages of various non-market valuation techniques and their suitability under different conditions; and identifies the Contingent Valuation Method as the most appropriate non-market valuation technique to apply to Pekapeka Swamp, the case study site. The overall objective of the study is to apply the most appropriate non-market valuation technique to estimate the total economic value (TEV) of the restoration and preservation of Pekapeka Swamp and to test Hawke’s Bay Regional Council’s (HBRC) restoration programme for the Pekapeka Swamp using economic efficiency criteria. An appropriate contingent valuation mail survey questionnaire was designed to elicit responses to the dichotomous choice (DC) and open-ended valuation questions, and to collect socio-economic data and information on households’ attitude towards the environment. Responses to the survey questionnaire were analysed (using ordinary least squares regression for the open ended question, and logistic regression, for the DC question) to identify the factors that influence households’ willingness to pay (WTP) for the restoration and preservation of the Pekapeka Swamp and to estimate TEV. A number of functional forms of the logit and open-ended WTP models were fitted from which WTP functions were estimated. Households were asked a DC question followed by an open-ended question regarding the value they placed on the restoration and preservation of Pekapeka Swamp. Out of an initial mail-out of 958 questionnaires, an overall response rate of 46.13% was achieved after two follow-ups. Results from the final usable sample of 231, after removing protests and inconsistent responses, indicate that households in the Hawke’s Bay region would pay, on average, between NZ$30.00 and NZ$76.89 per annum for five years. Unit value ranges between NZ$17,898 and NZ$45,866 per hectare per year; and net present values for the restoration and preservation programme for Pekapeka Swamp based on our ‘best estimates’ range between NZ$5.05 million and NZ$18.20 million depending on the model and discount rate used.

Thesis (PhD)--Macquarie University, Graduate School of Management, 2004. / Bibliography: p. 210-272. / "December 2003". / Overview -- Literature review of intellectual capital reporting with a human capital focus -- Forces shaping intellectual capital reporting in Sri Lanka -- Reseach method -- Political economy of accounting reporting theory -- Hypothesis development and data interpretation -- Results of hypothesis testing --Interpretation of results -- Conclusions. / This study examines and explains the intellectual capital reporting (ICR) practices, with a human capital (HumC) focus, of firms located in a developing nation, Sri Lanka. The study ascertained the following: first, to what extent the industry groups, based on the number of shareholders, differ in their ICR practices; and second, to what extent firms in Sri Lanka differfrom counterparts in other nations in their ICR practices. -- The literature reviewed highlighted the voluntary nature and unregulated nvironment of ICR. It also underlined the inability of traditional accounting to recognise IC within its financial statements. This has lead to a plethora of non-uniform definitions of intellectual capital (IC) and ICR, and a wide range of theoretical frameworks available for IC. -- This thesis examined the top 30 firms by market capitalisation listed on the Colombo stock exchange in both 1998/1999 and 1999/2000. It reviewed their annual reports using content analysis to analyse the type and amount ofIC reported, and carried out 11 case study interviews with directors and senior executives to analyse the type and amount of IC managed within the firms. Using this data, this study tested the political economy of accounting (PEA) theory. The study collapsed the firms into four industry groups based on the number of areholders; this was done on the basis that the number of shareholders of a firm influences their ICR practice. -- The results indicate that, overall, there were distinct differences in ICR practice between industry groups. The industry groups were found to report similarly in relation to IC category. However, in relation to IC elements the industry groups were found to report differently, with some industry groups over reporting on certain elements which were not well managed and vice versa. The differences in ICR practices indicate that industry groups use ICR to mediate the agenda of debate between them and their economic, social and political constituents to maximise their capital reproduction. The study also indicates that differences exist in ICR practices between firms located in Sri Lanka and firms in other nations in relation to both IC categories and IC elements. These differences are attributed to the unique economic, social and political context of each country. / Mode of access: World Wide Web. / xvii, 383 p., ill

Submitted by ANTONIO DIAS FIGUEIREDO FILHO (toni.figueiredo@terra.com.br) on 2016-02-26T04:39:17Z No. of bitstreams: 1 antonio_dissertacao_fgv_final.pdf: 794189 bytes, checksum: 2016ed8e754ff01d5d0ee3db29d7a691 (MD5) / Approved for entry into archive by Fabiana da Silva Segura (fabiana.segura@fgv.br) on 2016-02-26T14:04:50Z (GMT) No. of bitstreams: 1 antonio_dissertacao_fgv_final.pdf: 794189 bytes, checksum: 2016ed8e754ff01d5d0ee3db29d7a691 (MD5) / Made available in DSpace on 2016-02-26T14:12:27Z (GMT). No. of bitstreams: 1 antonio_dissertacao_fgv_final.pdf: 794189 bytes, checksum: 2016ed8e754ff01d5d0ee3db29d7a691 (MD5) Previous issue date: 2016-02-03 / A avaliação de imóveis é uma prática normatizada pela ABNT que vem desde a década de 60, quando surge a necessidade de se fazer grandes desapropriações. A normatização para imóveis rurais ganha corpo na década de 70 e desde então a ABNT NBR 14653-3 organiza e padroniza os conceitos da engenharia de avaliações. O método utilizado para se avaliar imóveis rurais se baseia em preços de mercado e este apresenta algumas fragilidades. Neste contexto, o objetivo deste trabalho é de propor o uso de uma metodologia, baseada no valor presente da renda do imóvel rural, que complemente a metodologia de preços de mercado, incorporando assim geradores de valor que são importantes para a gestão na alocação de capital em propriedades agrícolas. Discorre-se também ao longo deste trabalho a exemplificação da metodologia proposta por meio de um estudo de caso, abordando a caracterização do imóvel, premissas utilizadas para análise e a valoração do hectare da propriedade, comparando-a com a avaliação pelo método de preços de mercado. Acredita-se que esta abordagem baseada em fundamentos econômico-financeiros, aliada ao levantamento de preços de mercado trarão mais robustez para a avaliação de imóveis agrícolas com propósito gerencial, trazendo para discussão outras variáveis de relevância para a gestão agro imobiliária. / Real estate appraisal is a well established discipline in Brazil, which is standardized by ABNT, a Brazilian private entity, member of the International Organization for Standardization (ISO). Rural real estate appraisal standardization starts to build up from the 70´s and since then ABNT NBR 14653-3 organizes the appraisal discipline. The commonly used method to value land in Brazil is the sale value estimates from comparable sales, but it offers some fragilities. In this context, the objective of this research paper is to suggest a methodology capable of incorporating value drivers into farmland price, assessing the agricultural potential available at the property being analyzed. This method takes into account farmland rents to estimate its value, which adds to the current method applied by appraisers. This research paper also develops a case study to test the proposed methodology, approaching issues such as property agronomical characteristics, economic and financial assumptions to realize the property value. It is believed that this approach, based upon economic and financial fundamentals, coupled with sale value estimates will bring together a robust and comprehensive appraisal toolkit.

Made available in DSpace on 2015-05-08T14:44:54Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 1026635 bytes, checksum: 9f73fc99ed670817798dac77b35bfb11 (MD5) Previous issue date: 2013-04-30 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / The economic valuation of environmental assets has gained relevance as instruments to assist the decision making of managers both public and legislators, as investors and entrepreneurs. Assign an economic value to environmental resources is not yet a widespread practice. The environmental management has been focused mainly on assessment of the impacts generated by the unbalanced exploitation of these resources. Therefore, this work has as overall goal performing economic valuation of Dunes State Park of Natal in Natal/RN, analyzing the Willingness to Pay (WTP) for students and employees of the Federal Institute of Education, Science and Technology of Rio Grande do Norte (IFRN) through Contingent Valuation Method (CVM), considering its natural attractions, and specific objectives, we analyze the socioeconomic profile of students and employees and their concerns about environmental issues, as well we estimate the function WTP for the use of environmental attractions of the park. Finally, we relate the value of the WTP Park socioeconomic characteristics of the students and IFRN servers. As methodology, we used a bibliographic review of the existing literature and a field research, executed at Federal Institute of Education, Science and Technology of Rio Grande do Norte (IFRN), Natal-campus center, where we applied a questionnaire in the open form of elicitation, during September of 2012, among students aged 18 years and servers (administrative staff and teachers) of this educational institution, gathering also socioeconomic information of the individuals. The results demonstrated that through the regression model, analyzed in general, we have evidence for a significance level of 6,8% there is a significant difference between the amount willing to pay for the maintenance of the park with family income and net income, in other words, as the individual has a higher net income and family, value willing to pay for the maintenance of the Dunes state Park tends to be higher. Furthermore, it was detected that there is also significant effect with respect to schooling, where as you increase the educational level of the individual, the average willing to pay for the maintenance of the Dunes state Park also increases. A fact relevant as adjustments in the general model, it is found not to have significant effect on the amount willing to pay for the maintenance of the Dunes state Park with respect to students and servers. / A valoração econômica de ativos ambientais tem ganhado relevância como instrumentos para auxiliar a tomada de decisão tanto de gestores públicos e legisladores, como de investidores e empresários. Atribuir um valor econômico aos recursos ambientais não é, ainda, uma prática difundida. A gestão ambiental tem se preocupado principalmente na avaliação dos impactos gerados pela exploração desequilibrada desses recursos. Logo, este trabalho tem como objetivo geral realizar a valoração econômica do Parque Estadual Dunas de Natal, em Natal/RN, analisando a Disposição a Pagar (DAP) de alunos e servidores do Instituto Federal de Educação, Ciência e Tecnologia do Rio Grande do Norte (IFRN) por meio do Método de Valoração Contingente (MVC), considerando seus atrativos naturais; e como objetivos específicos, analisamos o perfil socioeconômico de alunos e servidores e de seus interesses sobre as questões ambientais, bem como estimamos a função DAP pelo uso dos atrativos ambientais do parque. E, por fim, relacionamos o valor da DAP do parque às características socioeconômicos dos discentes e servidores do IFRN. Como metodologia, utilizamos uma revisão bibliográfica da literatura existente e uma pesquisa de campo, realizada no Instituto Federal de Educação, Ciência e Tecnologia do Rio Grande do Norte (IFRN), Câmpus Natal-Central, onde aplicamos um questionário na forma aberta de eliciação, durante o mês de setembro de 2012, entre os alunos maiores de 18 anos e servidores (técnicos administrativos e professores) desta instituição de ensino, reunindo também informações socioeconômicas dos indivíduos amostrados. Os resultados demonstraram que, através do modelo de regressão, analisado de forma geral, temos evidências para um nível de significância de 6,8% que existe diferença significativa entre o valor disposto a pagar pela manutenção do parque com renda familiar e renda líquida, ou seja, a medida que o indivíduo possui maior renda líquida e familiar, o valor disposto a pagar pela manutenção do Parque das Dunas tende a ser maior. Além disso, foi detectado que existe efeito significativo também com relação ao grau de escolaridade, onde a medida que aumenta o grau de escolaridade do indívíduo, o valor médio disposto a pagar pela manutenção do Parque das Dunas também aumenta. Um fato relevante visto nos ajustes do modelo geral, trata-se de não ter encontrado efeito significativo no valor disposto a pagar pela manutenção do Parque das Dunas com relação aos estudantes e servidores.

The aim of this thesis is to evaluate the company by means of the Relative Valuation Approach, including the confrontation of the result of this evaluation with the values obtained by application the Revenues Method of Valuation. To be able to use the defined methods to estimate the market price of particular entity was chosen the Company, that is operating in a sector with strong links to agriculture, which is obviously one of fundamental determinants for the establishment of the Company Value. One of the first requirements is to characterize the methods of valuation and apply them consequently to the chosen Company. But there exist the other milestones with have to be met. In the first instance, it must be process the analysis of the sector in which the enterprise operates, as well as the analysis of its performance on this market and analysis of its financial situation. While the methods of valuation are based on restrictive conditions and simplifications which have to be considerate and subsequently eliminate, this methods of valuation are applicable to determine the market value of the Company as whole entity. This Value of the Firm achieves comparable results defined in the application of different methods {--} The Relative Valuation, The Discounted Cash Flow Valuation and The Method of Revenues Capitalisation.