NC, Duke Univ., Dep. of Finance, Diss.--Durham, 2003. / Kopie, ersch. im Verl. UMI, Ann Arbor, Mich. - Enth. 2 Beitr.

Magistro baigiamajame darbe išanalizuoti veiklą pradedančių įmonių vertės nustatymo ypatumai. Pirmojoje, konceptualiojoje, darbo dalyje teoriniu aspektu analizuojami įmonės vertinimo ypatumai. Pateikiama įmonės vertės samprata ir reikšmė, išskiriami įmonės vertę įtakojantys veiksniai, aptarti įmonės vertės vertinimo principai. Išnagrinėti, susisteminti ir palyginti įmonės vertės nustatymo metodai, apžvelgiami tokių metodų parinkimo ypatumai. Antrojoje darbo dalyje atskleista veiklą pradedančių įmonių vertės modeliavimo tyrimo metodika. Trečiojoje, empirinėje, darbo dalyje atliktas išsamus UAB „FlixAuto“ veiklos vertinimas remiantis mokumo (likvidumo), pelningumo bei veiklos efektyvumo ir turto apyvartumo rodiklių analize, atliktas įmonės bankroto prognozavimas. Remiantis diskontuotų pinigų srautų (DCF) metodu apskaičiuota UAB „FlixAuto“ vertė. Atliekama kiekybinio tyrimo analizė. Pateikiamos atskirų vertinimų išvados. Tyrimas baigiamas išvadomis ir pasiūlymais. / Master's thesis analyzed the value of start-ups setting features. The first, conceptual, theoretical part of the work outlined in the company's assessment features. Presented the concept of the company's value and importance of secreted factors influencing the value of the company, to discuss the company's value evaluation. To examine the structure and compare the company valuation methods, a review of such methods for selecting features. The second part of start-ups revealed the value of simulation methods. Third, empirical work in a detailed JSC „FlixAuto“ performance evaluation based on solvency (liquidity), profitability and operating efficiency and asset turnover ratio analysis performed bankruptcy prediction. Based on the discounted cash flow (DCF) method calculated JSC „FlixAuto“ value. Performed a quantitative analysis of the research. Given for individual findings. The study ends with conclusions and suggestions.

This paper addresses the design and comparison of indicators of traditional financial analysis and modern value indicators with a focus on business performance, and their subsequent application to a particular construction company. In the theoretical part there is characterized the construction company and its economic processes, next there are the concept of financial analysis defined and the proposed assessment indicators described, also procedure for calculating economic value added as a representative of modern value indicators is mentioned. In the practical part there are the proposed indicators being used to analyze the company INSTAV Hlinsko, a.s. and the results are evaluated at the end.

Could shareholder primacy, with its assumed short-termist practices, have had its day when it comes to managerial activity centered on creating corporate value? Many business and opinion leaders appear to take this position, not least Jack Welch who famously declared 'shareholder primacy is the dumbest idea in the world!' Indeed, in a post-Crash economy has a wider stakeholder focus with a longer-term outlook superseded any business notions of shareholder primacy and wealth maximization? This research examines these possibilities through a consideration of the narrative companies produce, such as annual reports. From this corpus material, an assessment is made of whether UK managers' perceptions about corporate value generation changed over the period covering the worldwide financial crisis, with respect to their relative favouring of shareholders and stakeholders. The corpus of narrative material used is visualized as a conceptual space in which a conversation reflecting perceptual bias to the generation of corporate value occurs. To explore such corpuses, in order to compare narratives at points either side of the 2008 Crash, a new methodology was devised called narrative staining. Hence, a detection and visual mapping over the period was made possible of managers' changing perceptions concerning primacy (shareholder or stakeholder orientation) with its mediation by termism (a short or long-term bias). Termism is also originally conceived as part of a larger temporal category, which includes a sense of urgency to act (urgent versus non-urgent) that is similarly examined. The investigation reveals that over time perceptual change about value creation happened, though in unanticipated ways. Companies pre-Crash were often short-term stakeholder oriented then moved post-Crash to a long-term shareholder orientation. A focus for this study was the corporate domain, consisting of a selection of FT250 companies. However, managerial perceptions about corporate value creation are influenced not simply by the conversation of the corporate domain but rather by a multi-actor conversation taking place throughout the business environment. To comprehend this effect, the research mines further corpuses that comprise the UK's regulatory domain (hard and soft law), the press (Financial Times and other newspapers), and relevant peripheral stakeholder organizations (including the Confederation of British Industry, the Institute of Directors, and the Trades Union Congress). These organizations demonstrated more complex, unforeseen, perceptual effects as the financial crisis proceeded with many aligning according to their political or business agenda, which also impacted any sense of urgency to act they had. There appears to be no previous attempt at an extensive and multivariate analysis of this nature. And the findings challenge prevalent characterizations of shareholder and stakeholder behaviour. Moreover, the research shows that utilizing a wide set of stakeholder corpuses acts a viable proxy for broader financial perspectives amongst UK organizations. The technique of narrative staining therefore provides insights, hitherto inaccessible, for assessing and consolidating large-scale perceptual bias regarding value creation across the economy. The technique also has significant potential for other applications.

An ontology describing the constructs and their inter-relationships for business models has recently been built and evaluated: the Business Model Ontology (BMO). This ontology has been used to conceptually power a popular practitioner visual design tool: the Business Model Canvas (BMC). However, implicitly these works assume that designers of business models all have a singular normative goal: the creation of businesses that are financially profitable. These works perpetuate beliefs and businesses that do not create outcomes aligned with current natural and social science knowledge about long term individual human, societal and ecological flourishing, i.e. outcomes are not strongly sustainable. This limits the applicability and utility of these works. This exploratory research starts to overcome these limitations: creating knowledge of what is required of businesses for strongly sustainable outcomes to emerge and helping business model designers efficiently create high quality (reliable, consistent, effective) strongly sustainable business models. Based on criticism and review, this research project extends the BMO artefact to enable the description all the constructs and their inter-relationships related to a strongly sustainable business model. This results in the Strongly Sustainable Business Model Ontology (SSBMO). To help evaluate the SSBMO a practitioner visual design tool is also developed: the Strongly Sustainable Business Model Canvas (SSBMC). Ontological engineering (from Artificial Intelligence), Design Science and Systems Thinking methodological approaches were combined in a novel manner to create the Systemic Design Science approach used to build and evaluate the SSBMO. Comparative analysis, interviews and case study techniques were used to evaluate the utility of the designed artefacts. Formal 3rd party evaluation with 7 experts and 2 case study companies resulted in validation of the overall approaches used and the utility of the SSBMO. A number of opportunities for improvement, as well as areas for future work, are identified. This thesis includes a number of supplementary graphics included in separate (electronic) files. See “List of Supplementary Materials” for details.