Thesis (M.Com. (Accounting))--North-West University, Potchefstroom Campus, 2008.

It is acknowledged that the primary objective of any company should be the creation of shareholder-value. However, it is also recognised that there are other stakeholders, with their own financial and/or non-financial objectives, which could impact on a company's overall financial performance. Management should therefore identify stakeholder-groups which could impact on the company and formulate a model in addressing their objectives. This study integrates elements from the theory of shareholder-value, the agency-theory, the theory of property rights and different stakeholder orientation-models to develop the approach of responsible stakeholder-management in the creation of shareholder-value. Stakeholders can be grouped into economic, social and environmental components. The concept of sustainable development has exploded in recent years. Three main elements of sustainable development were identified, namely economic, social and environmental development, referred to as "Triple Bottom Line (TBL)". Several organisations have started focussing on the concept of sustainability by guiding the development of sustainability policies. However, the Global Reporting Initiative (GRI) has become the de facto global standard for reporting on sustainable development. The concept of TBL, and how the three elements of sustainability could contribute to the maximisation of shareholder-value, is discussed. The results of the empirical study, where the financial performance and shareholder-growth of companies listed on the JSE and which adopted and reported on the GRI-guidelines, were compared to a group of companies in the same index grouping of the JSE that had not formally adopted and reported on the guidelines, identified a clear trend that those reporting on their sustainability policies had had a much better growth in five of the six financial measures used than the comparative group. / Thesis (M.Com. (Accounting))--North-West University, Potchefstroom Campus, 2008.

It is acknowledged that the primary objective of any company should be the creation of shareholder-value. However, it is also recognised that there are other stakeholders, with their own financial and/or non-financial objectives, which could impact on a company's overall financial performance. Management should therefore identify stakeholder-groups which could impact on the company and formulate a model in addressing their objectives. This study integrates elements from the theory of shareholder-value, the agency-theory, the theory of property rights and different stakeholder orientation-models to develop the approach of responsible stakeholder-management in the creation of shareholder-value. Stakeholders can be grouped into economic, social and environmental components. The concept of sustainable development has exploded in recent years. Three main elements of sustainable development were identified, namely economic, social and environmental development, referred to as "Triple Bottom Line (TBL)". Several organisations have started focussing on the concept of sustainability by guiding the development of sustainability policies. However, the Global Reporting Initiative (GRI) has become the de facto global standard for reporting on sustainable development. The concept of TBL, and how the three elements of sustainability could contribute to the maximisation of shareholder-value, is discussed. The results of the empirical study, where the financial performance and shareholder-growth of companies listed on the JSE and which adopted and reported on the GRI-guidelines, were compared to a group of companies in the same index grouping of the JSE that had not formally adopted and reported on the guidelines, identified a clear trend that those reporting on their sustainability policies had had a much better growth in five of the six financial measures used than the comparative group. / Thesis (M.Com. (Accounting))--North-West University, Potchefstroom Campus, 2008.

The theme of the thesis is to compare the accounting and economic value added. The theoretical part describes the value added and its determinants. It is defined as economic value added. The first is the basic formula for calculating the economic value added, and the identification of variables that are needed to calculate. The most important variable is the weighted average cost of capital. The next section is defined by other methods which can calculate EVA. The practical section provides the necessary methods and procedures for calculating the financial and economic value added. Methods chosen for the calculation were: the CAPM method, Modular method and Benchmarking diagnostic system of financial indicators INFA.

Doctorat en sciences sociales, politiques et économiques / info:eu-repo/semantics/nonPublished

The theme of this diploma thesis is "Application of Value Added Tax (VAT) in Association without Legal Personality". The thesis focuses on such type of association that is mainly used by entrepreneurs-individuals for the purposes of their consistent gainful activity. This type of association is the most common in practice. The thesis is divided into three chapters. The first chapter is theoretical and provides with a general view of the legal frame of the association without legal personality under the Civil Code which represents the main basis for the application of the Law of VAT. Association participants who have the status of VAT taxpayers are obliged to observe general VAT rules, but there are some exceptions. The second chapter of the thesis is dealing with the analysis of legal regulations of the association without legal personality governed by the Law of VAT. With regard to the fact that these legal regulations are insufficient, the diploma thesis should offer proposals for making them better. So that the legal certainty of association participants could become higher.

Bakgrund: Riskkapital är en betydande finansieringsmetod för unga företag. Riskkapital tillhandahålls av Venture Capital-bolag som har en betydande inverkan på det investerade företaget. Venture Capital-bolagens fokus under den period som de är investerade i portföljbolagen ligger på tillförsel av värde och övervakning. Trycket för företag att arbeta mer med hållbarhetsfrågor har ökat. Vilket öppnar frågan om hur de kan använda ESG för att öka värdet i sina portföljbolag. Mål: Syftet med denna studie är att ge förståelse för hur svenska Venture Capital-bolag arbetar med ESG som ett verktyg längs alla investeringsfaser för att kunna tillföra värde till sina portföljbolag. Metod: För att besvara frågeställningen samt uppnå syftet av studien har semistrukturerade intervjuer genomförts. Det har genomförts sex intervjuer där fem av respondenterna arbetade på ett Venture Capital-bolag och en respondent arbetade på en intresseorganisation. Resultaten av intervjuerna jämfördes med tidigare separerade resultat till ämnena ESG och Venture Capital. Slutsats: Betydelsen av ESG i portföljföretag kan variera på grund av bristande standard inom branschen. Några monetära värdeökningar har inte kunnat fastställas däremot är en del av respondenterna eniga om att ESG bidrar till värdeökning genom mjukavärden. Alla respondenter tror att ESG kommer ha en betydande roll i framtiden för branschen. Vidare har det kunnat observeras att respondenter tror på att ESG bidrar till riskminimering som enligt teorin tillför värde i bolag. / Background: Venture Capital is a significant financing method for young companies. Venture capital is provided by Venture Capital companies that have a significant impact on the invested company. The focus of the Venture Capital companies during the period in which they are invested in the portfolio companies is on the supply of value and supervision. The pressure for companies to work more with sustainability issues has increased. Which opens the question of how they can use ESG to increase the value of their portfolio companies.  Objective: The aim of this study is to provide understanding how Swedish Venture Capital are working with ESG as a toll along all investment phases to be able to add value to their portfolio companies.  Methodology: To answer the question and achieve the purpose of the study, semistructured interviews were conducted. Six interviews were conducted in which five of the respondents worked at a Venture Capital company and one respondent worked at an interest group. The results of the interviews were compared with previously separated results for the topics ESG and Venture Capital.  Conclusion: The importance of ESG in portfolio companies may vary due to lack of industry standards. No monetary value increases could be determined, however, some of the respondents agree that ESG contributes to value increases through soft values. All respondents believe that ESG will play a significant role in the future of the industry. Furthermore, it has been observed that respondents believe that ESG contributes to risk minimization, which according to the theory adds value in companies.

This master‘s thesis deals with evaluation efficiency of the company XY. It analyses the company’s development in years 2007 – 2011 by the modern method of economic value added. Based on the recognized results I suggested measures for an improvement present situation of the company for several following years.

The diploma thesis deals with issues of value added tax registration in Czech Republic in case of municipalities and with complications associated with applying value added tax to municipalities. In the thesis is defined methodology to determine impact of registration for value added tax on the municipal budget. The thesis considers the possibility of transfer of selected activities of the municipality to legal entities, in order to reduce turnover of municipality to secure that the turnover for compulsory registration for value added tax is not overrun.

This research identified that e-commerce is growing annually and has a significant impact on the South African economy. When the Minister of Finance announced that VAT registration would become compulsory for foreign suppliers importing e-commerce transactions into South Africa, there were many speculations regarding the implication this will have for South Africa. The main objectives for the research are to determine whether the current VAT structure and VAT Act in South Africa will be able to support the proposal made by the Minister of Finance and what possible challenges should be considered regarding VAT on e-commerce transactions that were already identified by other countries. It will further be considered whether the proposal is in line with current international legislation and trends. Therefore, the development and implementation of VAT on e-commerce transactions in the European Union and New Zealand were researched and discussed to obtain an understanding of the similar current VAT systems in other parts of the world. It was identified during the research that there are still challenges experienced with the implementation of VAT on e-commerce transactions. The challenges range from the anonymity of the parties to the identification of the permanent establishment of the supplier, which are discussed in detail. These challenges can lead to tax evasion and the erosion of a country’s revenue base. The proposal by the Minister of Finance is found to be in line with other countries’ implementation of VAT on e-commerce transactions. Furthermore, South Africa’s current VAT system was analysed to ascertain whether it is sufficient to implement VAT on e-commerce transactions. Currently, SARS is dependent on the consumer’s honesty to declare the VAT on all e-commerce transactions. It was further identified that there are challenges relating to the implementation of VAT on ecommerce transactions as it is lacking place of supply rules, which often creates uncertainty about whether a product is subject to VAT. It was found in the study that the current VAT system would not be sufficient to support the proposal made by the Minister of Finance without an amendment to the VAT system to secure the income from the consumption tax on e-commerce transactions. It was further found that there are worldwide still challenges experienced with the implementation of VAT on e-commerce transactions. Recommendations were made for further research relating to the new Tax Bill that is due to be released in 2014 and the impact it will have on the South African economy. / MCom (South African and International Taxation), North-West University, Potchefstroom Campus, 2014