Wertorientierte Unternehmensführung, Wertstromdesign als zentrale Methode des Lean Managements und die Flexibilität von Produktionssystemen haben sich als Managementansätze in der Vergangenheit bewährt. Die Koexistenz dieser Ansätze stellt Führungskräfte vor die tägliche Herausforderung, ihren jeweiligen Beitrag zur wertorientierten Unternehmensführung zu erkennen, operative Entscheidungen zu treffen und auf diese Weise die Wettbewerbsfähigkeit des Unternehmens im Spannungsfeld der Interessen der Anspruchsgruppen sicherzustellen. Unter der leitenden Forschungsfrage, welchen Beitrag das Wertstromdesign als Instrument der wertorientierten Unternehmensführung zum Unternehmenswert unter Beachtung der Flexibilität des Produktionssystems leistet, werden die Einzelkonzepte detailliert betrachtet, wesentliche Einflussgrößen sowie deren durch Reduktion von Komplexität entstehende Wechselwirkungen identifiziert und zur Handlungsorientierung methodisch gestützte Gestaltungsempfehlungen formuliert.:1 Einleitung … 1 1.1 Behandlung des Themas in der Literatur … 4 1.1.1 Wertstromdesign … 4 1.1.2 Flexibilität des Produktionssystems … 6 1.1.3 Wertorientierte Unternehmensführung … 8 1.2 Problemstellung und Zielsetzung … 11 1.3 Struktur der Arbeit und Vorgehensweise … 12 2 Theoretischer Bezugsrahmen … 15 2.1 Systemtheoretischer Ansatz zur Reduktion der Komplexität … 15 2.1.1 Begriffliche Abgrenzung und Arbeitsdefinition … 16 2.1.2 Ansatz der allgemeinen Systemtheorie … 17 2.1.2.1 Das Produktionssystem als Erfahrungsobjekt … 18 2.1.2.2 Der Wertstrom als Erkenntnisobjekt … 19 2.2 Wertstromdesign als Gestaltungsmethode … 20 2.2.1 Definition und Abgrenzung zu anderen Methoden … 20 2.2.1.1 Definition … 21 2.2.1.2 Abgrenzung zu anderen Lean-Methoden … 22 2.2.1.3 Abgrenzung zu anderen Prozessoptimierungsmethoden … 23 2.2.2 Vorgehensweise … 24 2.2.2.1 Festlegung der Produktfamilie … 24 2.2.2.2 Wertstromanalyse … 27 2.2.2.3 Wertstromdesign … 30 2.2.3 Zusammenfassung … 33 2.3 Flexibilität von Produktionssystemen … 34 2.3.1 Definition und begriffliche Abgrenzung … 34 2.3.1.1 Allgemeine Definitionen … 35 2.3.1.2 Abgrenzung von Agilität und Wandlungsfähigkeit … 37 2.3.2 Klassifizierung der Flexibilitätstypen … 39 2.3.2.1 Horizontale Klassifizierung … 39 2.3.2.2 Vertikale Klassifizierung … 41 2.3.2.3 Sonstige Klassifizierungen … 42 2.3.3 Messung der Flexibilität … 44 2.3.3.1 Zeit als Maß für die Flexibilität … 44 2.3.3.2 Kosten als Maß für die Flexibilität … 45 2.3.3.3 Wahrscheinlichkeit als Maß für die Flexibilität … 47 2.3.4 Zusammenfassung … 47 2.4 Wertorientierte Unternehmensführung … 48 2.4.1 Begriffliche Abgrenzung und Definition … 49 2.4.1.1 Shareholder-Value-Ansatz … 49 2.4.1.2 Stakeholder-Ansatz … 50 2.4.1.3 Arbeitsdefinition … 51 2.4.2 Wertorientierte Kennzahlenkonzepte … 52 2.4.2.1 Definition und Verwendung des Cashflows … 53 2.4.2.2 Discounted Cash-Flow (DCF) … 55 2.4.2.3 Shareholder Value Added (SVA) … 58 2.4.2.4 Cash Flow Return on Investment (CFROI) und Cash Value Added (CVA) … 59 2.4.2.5 Economic Value Added (EVA) … 61 2.4.3 Operationalisierung der wertorientierten Kennzahlenkonzepte … 63 2.4.3.1 Kennzahlensystem … 64 2.4.3.2 Werttreiberhierarchie … 64 2.5 Zusammenfassung … 65 3 Empirische Bestimmung von Wertstromtypen … 68 3.1 Modell zur Schätzung des Wertbeitrags durch das Wertstromdesign … 68 3.1.1 Bestimmung der Einflussgrößen … 69 3.1.1.1 Bestimmung der Erfolgsfaktoren und Kennzahlen … 69 3.1.1.2 Bestimmung der relevanten Flexibilitätstypen … 75 3.1.2 Konzeption des Modells zur Schätzung des Wertbeitrags … 76 3.1.2.1 Aufbau des Modells … 76 3.1.2.2 Ansatz zur Schätzung des Wertbeitrags … 78 3.2 Empirische Analyse zur Bestimmung von Wertstromtypen … 81 3.2.1 Datenbasis und Erhebungsmethodik … 81 3.2.1.1 Inhalt der Unternehmensbefragung … 82 3.2.1.2 Struktur der Grundgesamtheit … 82 3.2.2 Analyse der empirischen Datenbasis … 84 3.2.2.1 Gewichtung und Einfluss der Kennzahlen … 84 3.2.2.2 Faktorenanalyse … 90 3.2.2.3 Clusteranalyse … 94 3.3 Charakterisierung der Wertstromtypen … 97 3.3.1 Klassifizierungsmerkmale von Wertstromtypen … 98 3.3.2 Ableitung der idealisierten Wertstromtypen … 102 3.3.2.1 Cluster 1: Wertstromtyp „Balanced“ … 102 3.3.2.2 Cluster 2: Wertstromtyp „Pending“ … 03 3.3.2.3 Cluster 3: Wertstromtyp „Project“ … 104 3.3.2.4 Cluster 4: Wertstromtyp „Service“ … 105 3.3.3 .bersicht: Wertstromtypen … 106 3.4 Zusammenfassung … 10 4 Gestaltungsfelder des wertorientierten Wertstromdesigns unter Berücksichtigung der Flexibilität des Produktionssystems … 113 4.1 Ableitung der Gestaltungsfelder … 113 4.1.1 Gestaltungsansätze für die Haupteinflussgrößen … 113 4.1.1.1 Ansätze des Qualitätsmanagements … 113 4.1.1.2 Ansätze des Zeitmanagements … 16 4.1.2 Definition der Gestaltungsfelder … 117 4.1.2.1 Vier Gestaltungsfelder des wertorientierten Wertstromdesigns … 118 4.1.2.2 Einfluss der Gestaltungsmethoden auf die Flexibilitätsarten … 120 4.2 Gestaltungsfelder des wertorientierten Wertstromdesigns … 122 4.2.1 Fehlervermeidung … 122 4.2.1.1 Analyse der Fehlerrisiken im Ist-Wertstrom … 122 4.2.1.2 Reduzierung der Risiken im Soll-Wertstrom … 125 4.2.2 Fehlerabsicherung … 127 4.2.2.1 Fehleranalyse im Ist-Wertstrom … 127 4.2.2.2 Statistische Prozesskontrolle im Soll-Wertstrom … 130 4.2.3 Reduzierung der Komplexität … 134 4.2.3.1 Analyse der Produktkomplexität im Wertstrom … 135 4.2.3.2 Gestaltung eines wertstromgerechten Produktdesigns … 137 4.2.3.3 Analyse der Fertigungsorganisation … 139 4.2.3.4 Gestaltung wandlungsfähiger Fertigungssegmente …142 4.2.4 Stabilisierung und Optimierung des Prozesses … 144 4.2.4.1 Analyse des Informationsflusses … 144 4.2.4.2 Leitlinien zur Gestaltung des Material- und Informationsflusses … 146 4.2.4.3 Analyse der personalkritischen Engpässe … 148 4.2.4.4 Ma.nahmen zum Kapazitätsausgleich … 151 4.3 Zusammenfassung … 153 5 Fallstudien und Gestaltungsempfehlungen für das wertorientierte Wertstromdesign … 156 5.1 Auswahl der Fallstudien … 156 5.2 Ausgangssituation … 157 5.2.1 Fallstudie 1: Wertstromtyp „Balanced“ … 157 5.2.2 Fallstudie 2: Wertstromtyp „Pending“ … 62 5.2.3 Fallstudie 3: Wertstromtyp „Project“ … 65 5.2.4 Fallstudie 4: Wertstromtyp „Service“ … 168 5.3 Gestaltungsempfehlungen … 172 5.3.1 Wertstromtyp „Balanced“ … 172 5.3.2 Wertstromtyp „Pending“ … 174 5.3.3 Wertstromtyp „Project“ … 176 5.3.4 Wertstromtyp „Service“ … 177 5.4 Zusammenfassung … 180 6 Zusammenfassung und Ausblick … 183 7 Literaturverzeichnis … 187

This doctoral thesis is focused on value based management. The basic principle of value based management states that the main object in an organization is value enhancement. Within an organization the concept of value based management connects activities and people participating in business processes to maintain that the resources the owners put into the business are evaluated. The essential task of value based management is to find and identify factors which contribute increasing performance and creating the value of a company, known as value drivers. The purpose of this thesis is to identify the factors which by significant amount affect the value of the mechanical engineering enterprises in the Czech Republic. In the first part of the thesis an analysis of current academic knowledge in area of value drivers is made. The base of the analysis is created by foreign resources because there is only limited amount of information in domestic literature. Besides the determination of value approach and its benefits attention is mainly paid to organizing results from value generators area. Findings of secondary resources analysis are used for own research problem. The second part of the thesis includes determination of the main objects and the research problem as well as formulation of the research questions and tested hypotheses. The third part is focused on describing methods which were used in the thesis. In the thesis was applied logical (induction – deduction, analysis – synthesis, generalization – concretaization) and empirical methods (comparsion method, quantitative research methods). Primary data was collected by using a questionnaire. Obtained data was analyzed using logarithmic decomposition of the return on equity, Boosted Trees and descriptive statistics (for example measures of location, measures of variability) and more statistical methods for analysis of statistical hypothesis (Kolmogorov-Smirnov test, Lilliefors test for normality, F-test, Student’s t-test, Chi-squared test, Fisher’s exact test, Spearman’s rank correlation coefficient). In the fourth part of the thesis the branch of manufacturing industry is characterized and the identification of performance factors is accomplished applying logarithmic decomposition of the return on equity. The other subjects of research were companies in a branch called “Manufacturing of machines and devices”. The fifth part of the thesis includes summary of findings of the prime research and its discussion. Primary data was obtained by a questionnaire survey and completed with accounting information of respondents. The findings of the research show that main determinants affecting the value of engineering companies in the Czech Republic are return on assets, profit margin, consumption, sales profitability, personnel costs and value added. The qualitative value drivers are good reputation, human resources (employees) and its characteristics, business and flexibility, performance and productivity, assets, competency responsible staff, attentiveness to requirement of customers, innovation and quality.

Актуальность темы исследования заключается в основополагающей роли компаний нефтегазовой промышленности для российской экономики и высоком уровне неопределенности в отношении перспектив ее развития в долгосрочной перспективе на фоне геополитической напряженности и набирающей обороты концепции четвертого энергоперехода. Цель исследования – разработка модели формирования справедливой стоимости нефтегазовой компании и предложение на ее основе рекомендаций по повышению стоимости ПАО «ЛУКОЙЛ». Объектом исследования выступает Публичное акционерное общество «Нефтяная компания «ЛУКОЙЛ». Основными задачами являются: исследовать зарубежный и российский опыт стоимостно-ориентированного управления; проанализировать специфику управления стоимостью нефтегазовой компании в изменяющихся условиях макросреды; разработать модель формирования справедливой стоимости нефтегазовой компании; предложить рекомендации по повышению стоимости ПАО «ЛУКОЙЛ». / The relevance of the research topic lies in the fundamental role of oil and gas industry companies for the Russian economy and the high level of uncertainty regarding the prospects for its development in the long term against the backdrop of geopolitical tensions and the growing concept of the fourth energy transition. The purpose of the study is to develop a model for forming the fair value of an oil and gas company and, based on it, propose recommendations for increasing the value of PJSC LUKOIL. The object of the study is the Public Joint Stock Company Oil Company LUKOIL. The main objectives are: to explore foreign and Russian experience of cost-based management; analyze the specifics of managing the value of an oil and gas company in the changing conditions of the macroenvironment; develop a model for forming the fair value of an oil and gas company; offer recommendations for increasing the value of PJSC LUKOIL.

[pt] O presente trabalho explora o desenvolvimento e aplicação de uma ferramenta de simulação denominada Valora, projetada para ser um catalisador da implementação da gestão baseada em valor (VBM) em uma empresa de óleo e gás, com um enfoque particular na métrica de Valor Econômico Agregado . Esta ferramenta foi concebida para oferecer uma análise do impacto de variáveis operacionais e de mercado sobre o Valor Econômico Agregado de uma Companhia, em particular do Segmento de Exploração e Produção, proporcionando perspectivas valiosas para tomada de decisões estratégicas e operacionais. A metodologia empregada na criação do Valora enfatizou a entrega incremental de valor, adaptabilidade e colaboração intensiva entre stakeholders, tornando a ferramenta um recurso valioso para simulações e análises de cenários. Através de entrevistas e pesquisas com os usuários, ficou evidenciado como o Valora melhorou a compreensão e aplicação da gestão baseada em valor, impactando positivamente na eficiência das decisões estratégicas e na cultura organizacional. Os resultados obtidos com a implementação do Valora, incluindo a construção do modelo conceitual, a versão inicial no Excel, os testes e feedbacks para aprimoramento da usabilidade, e finalmente, a implementação da versão final via web, demonstraram sua eficácia em quantificar a criação ou destruição de valor resultante de ações estratégicas ou cotidianas. Estes resultados sublinham a relevância do Valora tanto para a prática empresarial quanto para o aprimoramento acadêmico, oferecendo uma ferramenta para o fortalecimento da gestão baseada em valor na indústria de óleo e gás. Este estudo ressalta a importância de ferramentas analíticas acessíveis em ambientes corporativos para a promoção de uma cultura de valor e a otimização do desempenho organizacional. / [en] This work explores the development and application of a simulation tool named Valora, designed to catalyze the implementation of value-based management (VBM) within an oil and gas company, with a particular focus on the Economic Value Added metric. This tool was created to provide an analysis of the impact of operational and market variables on a Company s Economic Value Added, especially within the Exploration and Production Segment, offering valuable perspectives for strategic and operational decision-making. The methodology employed in the creation of Valora emphasized incremental value delivery, adaptability, and intensive collaboration among stakeholders, making the tool a valuable resource for simulations and scenario analyses. Through interviews and surveys with users, it was evidenced how Valora improved the understanding and application of value-based management, positively impacting strategic decision-making efficiency and organizational culture. The results obtained with the implementation of Valora, including the conceptual model construction, the initial version in Excel, the tests, and feedback for usability enhancement, and finally, the implementation of the final version via web, demonstrated its efficacy in quantifying the creation or destruction of value resulting from strategic or daily actions. These results underline the relevance of Valora for both business practice and academic enhancement, offering a tool for strengthening value-based management in the oil and gas industry. This study highlights the importance of accessible analytical tools in corporate environments for promoting a value culture and optimizing organizational performance.

Este trabalho procura ampliar os conhecimentos a respeito da influência do enfoque na geração do valor aos acionistas sobre as práticas de gestão de pessoas, com ênfase no ambiente da produção. Inicialmente, o trabalho resgata as origens e os fundamentos da concepção financeira e da concepção da geração de valor ao acionista das empresas, em que o principal foco é a valorização do preço das ações. Em seguida, é analisada a interface que estas concepções possuem com as práticas de gestão de pessoas, explorando o caráter bidirecional desta interface, uma vez que a função recursos humanos não só é influenciada pelas diretrizes das empresas, mas também é tida como uma das principais formas para ajudar a difundi-las, tendo em vista seu papel de agente de mudança de comportamento nas empresas. Neste sentido, são aprofundados três principais elementos que compõem, segundo a literatura, esta interface: a remuneração variável, gestão de desempenho e autonomia no trabalho. Por fim, é apresentado um estudo de casos múltiplos que busca verificar como a concepção financeira das empresas vem influenciando, de fato, estas práticas relacionadas à gestão de pessoas no nível da produção de organizações que atuam no Brasil, assim como o quanto estas práticas têm contribuído para a difusão da mentalidade de geração de valor ao acionista. O resultado deste estudo indica que, no plano conceitual, a influência da orientação à geração de valor ao acionista sobre as práticas de gestão de pessoas é nítida, mas que, na prática, ainda é pouco efetivada, apesar de mudanças já estarem ocorrendo nesta direção. / The objective of this paper is to increase knowledge about the influence of the shareholder value on people management practices, with emphasis on the production environment. Initially, the paper takes a step backwards to the origins and fundaments regarding the finance conception and the shareholder value conception of the firm, where the main focus resides in increasing share prices. The paper then goes on to analyze the interface that these concepts possess with people management practices, exploring the two-way nature of said interface, in view that the human resources function is not only influenced by company guidelines, but is also deemed one of the main forms for helping disseminate it, due to its role as a change agent of behaviors in companies. As such, it delves into the three main elements that, according to literature, comprise this interface: variable compensation, performance management and work autonomy. Lastly, the paper presents a multiple case study that aims to verify how the finance concept of companies has, in fact, been influencing these practices relating to people management at the production level of companies that operate in Brazil, as well as how much these practices have contributed to disseminate the shareholder value mentality. The result of this study shows that, at the conceptual level, the influence of shareholder value on people management practices is quite clear, but that in practice it is still used very little, despite changes that are already occurring in this sense.

No contexto atual dos mercados globalizados, as empresas enfrentam uma competicao cada vez mais complexa na obtencao de capital. Para atrai-lo, elas precisam oferecer um retorno que remunere o risco assumido pelos investidores, ou seja, gerar valor. A Gestao Baseada no Valor defende a maximizacao de riqueza dos acionistas como a meta principal da organizacao. No Brasil, essa abordagem tem sido adotada de forma mais intensa na ultima decada, tornando evidente a necessidade de monitorar o valor da firma nessa economia. Nesse contexto, o objetivo deste estudo foi identificar os principais direcionadores de valor das empresas de capital aberto nao financeiras brasileiras, representadas pelas companhias com acoes negociadas na Bolsa de Valores de Sao Paulo (BM&FBOVESPA), no periodo de 2000 a 2009. Para isso, foram avaliados quais indicadores financeiros estavam mais relacionados a geracao de valor, representada pelo Valor Economico Agregado (VEA), de forma a serem considerados direcionadores desse em cada setor economico. As tecnicas estatísticas utilizadas para esse proposito foram: correlacao, teste t para diferenca de medias entre as empresas com VEA positivo e negativo, regressao multipla, regressao em painel e regressão logistica. Um dos principais resultados encontrados foi que pelo menos dois tercos dos indicadores financeiros utilizados para analise de empresas nao explicam a geracao de valor. Considerando o universo pesquisado, os indicadores financeiros significativamente relacionados a geracao de valor foram: retorno sobre o patrimonio liquido (ROE), retorno sobre o ativo (ROA), spread do acionista, margem bruta, margem liquida e giro do ativo, todos com coeficiente positivo, ou seja, com relacao direta com o VEA. Alem disso, na analise dos setores economicos, por suas caracteristicas especificas, foram encontradas divergencias entre os indicadores financeiros considerados direcionadores de valor. Em relacao ao desempenho das empresas no periodo de analise, observou-se que a maioria delas destruiu valor, ja que apenas 30% obtiveram valor economico agregado anual positivo. Porem, nao ha uniformidade entre os setores, pois as porcentagens medias variaram de 6,7% (setor textil) a 66,7% (setor de petroleo e gas). Outra contribuicao deste trabalho foi a avaliacao das diferencas na geracao de valor das empresas brasileiras antes e apos a crise do subprime. Como resultado tem-se que, embora o ano de 2009 tenha sido o segundo pior nesse quesito, nao foi encontrada diferenca significativa, no conjunto, entre os periodos antes e depois da crise, apesar das divergencias identificadas entre os setores. Esta pesquisa inova pela sua amplitude, ao utilizar um significativo numero de indicadores financeiros (33), que refletem o resultado de estrategias da empresa ligadas a estrutura de capital, rentabilidade, liquidez, operacao e investimento e, tambem, uma ampla base de dados (345 empresas, totalizando 2.205 relatorios anuais), abrangendo dez anos de analise em quinze setores economicos. Assim, espera-se que os resultados contribuam para subsidiar a tomada de decisao nas organizacoes, utilizando a abordagem da Gestao Baseada no Valor, bem como para auxiliar na selecao e monitoramento das empresas pelos investidores. / In the current context of globalized markets, the enterprises face a competition more and more complex in the capital obtainment. To attract it, they need to offer a return that rewards the risk taken by the investors, in other words, create value. The Value Based Management (VBM) defends the shareholders wealth maximization as the main goal of the firm. In Brazil, this approach has been adopted more intensively in the last decade, becoming evident the need of monitoring the business value in this economy. In this context, the objective of this study was to identify the main value drivers of non-financial publicly traded Brazilian companies, represented by the ones with shares traded in the Sao Paulo Stock Exchange (BM&FBOVESPA), in the period from 2000 to 2009. For this purpose, it was evaluated which financial indicators were more associated to the value creation, represented by the Economic Value Added (EVAR), in a way that they could be considered value drivers in each economic sector. The statistical techniques used to obtain the results were: correlation, test t for mean differences between the firms with EVAR positive and negative, multiple regression, panel regression and logit model. One of the main results obtained was that at least two thirds of the financial indicators used for company analysis don\'t explain the value creation. Considering the universe studied, the financial indicators significantly related to the value creation were: return on equity (ROE), return on assets (ROA), shareholder spread, gross margin, net margin and asset turnover, all of them with positive coefficient, what means that they have direct relation with EVAR. Furthermore, in the analysis of the economic sectors, because of their specific features, it was found differences between the financial indicators considered value drivers. In relation to the companies\' performance in the period analyzed, it was observed that most of them destroyed value, since only 30% obtained positive annual economic value added. However, there is no uniformity between the sectors, because the average percentages varied from 6.7% (textile sector) to 66.7% (oil and gas sector). Another contribution of this assignment was the analysis of the differences in the Brazilian companies\' value creation before and after the subprime crisis. As a result, despite the fact that the year of 2009 had been the second worst in this criterion, it was found no significant difference, considering the whole sample, between the periods before and after the crisis. However, divergences were identified between the sectors. This research innovates for its extent, using a significant number of financial indicators (33), which reflect the result of the firm strategies connected to capital structure, profitability, liquidity, operation and investment, besides a wide database (345 companies, totalizing 2,205 annual reports), covering ten years of analysis in fifteen economic sectors. Therefore, it is expected that the results contribute to subsidize the decision making in the organizations, using the approach of Value Based Management, as well as to help the selection and monitoring of the firms by the investors.

A crescente atuação da sociedade nos processos de discussão e de tomada de decisões relacionados com as políticas públicas incentiva a gestão pública no Brasil a buscar mecanismos para demonstrar eficiência e transparência na aplicação de recursos. Dentro da esfera pública, o setor de saúde é destaque em termos de alocação de recursos, por isso, apresenta acentuadas necessidades de planejamento, avaliação e prestação de contas das atividades desenvolvidas. Este trabalho adotou o modelo conceitual de mensuração do resultado econômico em entidades públicas e teve como objetivo principal calcular o valor econômico agregado à sociedade por Hospitais Universitários Públicos, segundo os preceitos da Gestão Baseada em Valor. Para consecução deste propósito, conduziu-se um estudo de caso no Hospital das Clínicas da FMRP-USP, avaliando seu desempenho econômico em um período de três anos. Para interpretação dos resultados utilizou-se a Análise por Envoltória de Dados que categorizou os epartamentos do hospital estudado em eficientes e ineficientes. Este estudo revelou que o valor econômico agregado à sociedade no longo prazo pela entidade é positivo. Essa medida de valor proposta indicou que a sociedade está obtendo um retorno superior ao custo de oportunidade do capital investido, ou seja, o hospital está construindo valor econômico e, conseqüentemente, contribuindo para o bem estar social. Adicionalmente, o estudo demonstrou que a teoria da Gestão Baseada em Valor pode ser adaptada como uma ferramenta para avaliação de desempenho de entidades públicas, adotando-se a perspectiva do cidadão como investidor. Finalmente, os gestores de hospitais universitários públicos podem aprimorar o processo de tomada de decisões utilizando o cálculo do valor econômico agregado à sociedade, porque foi constado que esta medida de valor econômico tem sensibilidade para identificar os direcionadores de valor econômico a serem enfatizados na gestão de curto e longo prazos. / The increasing performance of the society in the processes of discussion and taking decisions related to public politics stimulates public administration in Brazil to search for mechanisms to demonstrate efficiency and disclosure in resources application. Within public sphere, the health sector is prominence in terms of allocation of resources; therefore, it presents accented necessities of planning, evaluation and accounts rendering of the developed activities. This work has adopted the conceptual measurement model of economic result in public entities and it has had as main objective to calculate the economic value added to the society by Public University Hospitals, according to the precepts of Value Based Management. For achievement of this intention, a case study at ?Hospital das Clínicas da FMRP-USP? has been carried out, evaluating its economic performance in a period of three years. For interpretation of the results it has been used Data Envelopment Analysis that categorized the efficient and inefficient departments of the studied hospital. This study has shown that the economic value added to the society in the long term by the entity is positive. This proposed value measure has indicated that the society is getting a superior return at the opportunity costs of capital invested, or either, the hospital is constructing economic value and consequently contributing for the welfare state. Additionally, the study has demonstrated that the theory of Value Based Management can be adapted as a tool for performance evaluation of public entities, adopting the perspective of the citizen as a shareholder. Finally, the managers of public university hospitals are able to improve the taking decisions process using the economic value added to the society calculation because it has been consisted that this measure of economic value has sensitivity to identify which value drivers should be emphasized in short and long term management.

Unternehmen, die den organisierten Kapitalmarkt in Anspruch nehmen, steuern sich zunehmend und mehrheitlich nach den Methoden einer am Wert des Unternehmens ausgerichteten Unternehmensführung. Bei börsennotierten Unternehmen wurden bereits seit Mitte der 1990er Jahre empirische Untersuchungen zum Stand der Anwendung wertorientierter Unternehmensführungsmethoden durchgeführt. Für deutsche, mittelständische Unternehmen existieren diesbezüglich noch keine Untersuchungen. 2.000 mittels einer geschichteten Zufalls-stichprobe ausgewählte Unternehmen wurden mit Hilfe einer strukturierten schriftlichen Befragung danach untersucht, wie weit eine wertorientierte Denkhaltung und die verschiedenen Facetten der wertorientierten Unternehmensführung in mittelständischen Unternehmen verbreitet sind und was wesentliche Einflussfaktoren, die den Einsatz wertorientierter Methoden fördern bzw. hemmen darstellen. Auf der Basis von 307 auswertbaren Fragebögen (Rücklauf-quote 15,4 %) können wertvolle Ergebnisse zur Einstellung des Managements bzw. der Ei-gentümer zur wertorientierten Steuerung, zu eingesetzten Methoden und zur Verzahnung mit anderen Managementsystemen gewonnen werden. / Companies using the organized capital market are increasingly and dominantly controlled by management methods that focus on a company’s value. Already since the mid-1990s empirical studies have been conducted about the dispersion of value-based management methods in listed companies. But, there have been no such studies of German SMEs. In our study, 2,000 German small- and medium-sized companies randomly selected through a stratified sample are investigated by using a standardized written questionnaire to receive information about the dispersion of value-orientated attitudes, application of value-based management methods, and factors of influence supporting or hindering the diffusion of value-based management in German SMEs. Based on 307 usable questionnaires (response rate 15.4 %) valuable insights have been gained into the attitudes of managers and owners about value based management, applied methods, and interconnections with other management systems.

H παρούσα διατριβή προσφέρει, για πρώτη φορά, μια ολοκληρωμένη ανάλυση της επίδοσης των τραπεζών σε επίπεδο υποκαταστημάτων (branch level). Αξιολογήθηκε η επίδοση ενός ομοιογενούς δικτύου υποκαταστημάτων μεγάλης Ελληνικής Τράπεζας για την περίοδο Ιανουάριος 2006 - Ιούνιος 2009, στη βάση δύο λειτουργικών κριτηρίων, λαμβάνοντας υπόψη και την επίδραση της πρόσφατης κρίσης: στην αξία που παράγουν τα υποκαταστήματα για το μέτοχο της τράπεζας (shareholder value), όπως αυτή μετράται με το Υπολειμματικό Εισόδημα (residual income -RI), και στο βαθμό αποτελεσματικότητας κέρδους και παραγωγής (profit and production efficiency). Αναφορικά με τη διαχείριση της αξίας, βρέθηκε ότι οι λειτουργικοί παράγοντες αξίας (operational value drivers) που σχετίζονται με τη διαφοροποίηση του εισοδήματος, τη διαχείριση του ελεγχόμενου κόστους, την ικανότητα διαχείρισης του πιστωτικού κινδύνου, το spread των δανείων, και την ικανότητα του υποκαταστήματος να δημιουργεί έσοδα από καταθέσεις χαμηλού κόστους, συνδέονται στατιστικά σημαντικά με το RI. Η κρίση επηρεάζει στατιστικά σημαντικά μόνο τη διαχείριση του πιστωτικού κινδύνου, καταστρέφοντας περαιτέρω αξία για το μέτοχο και υποδεικνύοντας χαμηλότερη ικανότητα διαχείρισης του πιστωτικού κινδύνου. Επιπρόσθετα, αυτό το εμπειρικό εύρημα αποκαλύπτει και την αδυναμία του τρέχοντος λογιστικού πλαισίου σύμφωνα με το ΔΛΠ 39, να αναγνωρίζει και να καταγράφει νωρίτερα (την περίοδο της πιστωτικής ανάπτυξης) ζημιές απομείωσης της αξίας των δανείων. Όσον αφορά στη μέτρηση της αποτελεσματικότητας, βρέθηκε ότι η κρίση μειώνει στατιστικά σημαντικά μόνο τη μέση αποτελεσματικότητα κέρδους του δικτύου, απόρροια της χορήγησης κακών δανείων την περίοδο της πιστωτικής επέκτασης. / This thesis offers, for the first time, a comprehensive analysis of the performance of banks at the branch level. We evaluated the performance of a homogenous retail branch network of a large private Greek bank for the period January 2006-June 2009, based on two operational criteria, taking into account the impact of the recent crisis: the shareholder value that branches generate as measured by the Residual Income (RI) and the profit and production efficiency in branch operations. Regarding the value management, we found that diversified income, cost management, credit risk capabilities, income on core deposits and loan spread are all statistically significant associated with the RI. In addition, the value driver of credit risk capabilities is incrementally negatively associated with residual income at the branch level during the recent crisis, indicating lower ability to manage credit risk. Moreover, this finding reveals the inability of the current accounting framework under IAS 39 to recognize and record earlier (in the expansion period) impaired loans. Regarding the efficiency measurement, we found that during the crisis only the average profit-oriented efficiency of the branch network reduced significantly. We located the roots of the efficiency loss in the expansion period, in which over-optimism leads to the granting of bad quality loans.

No contexto atual dos mercados globalizados, as empresas enfrentam uma competicao cada vez mais complexa na obtencao de capital. Para atrai-lo, elas precisam oferecer um retorno que remunere o risco assumido pelos investidores, ou seja, gerar valor. A Gestao Baseada no Valor defende a maximizacao de riqueza dos acionistas como a meta principal da organizacao. No Brasil, essa abordagem tem sido adotada de forma mais intensa na ultima decada, tornando evidente a necessidade de monitorar o valor da firma nessa economia. Nesse contexto, o objetivo deste estudo foi identificar os principais direcionadores de valor das empresas de capital aberto nao financeiras brasileiras, representadas pelas companhias com acoes negociadas na Bolsa de Valores de Sao Paulo (BM&FBOVESPA), no periodo de 2000 a 2009. Para isso, foram avaliados quais indicadores financeiros estavam mais relacionados a geracao de valor, representada pelo Valor Economico Agregado (VEA), de forma a serem considerados direcionadores desse em cada setor economico. As tecnicas estatísticas utilizadas para esse proposito foram: correlacao, teste t para diferenca de medias entre as empresas com VEA positivo e negativo, regressao multipla, regressao em painel e regressão logistica. Um dos principais resultados encontrados foi que pelo menos dois tercos dos indicadores financeiros utilizados para analise de empresas nao explicam a geracao de valor. Considerando o universo pesquisado, os indicadores financeiros significativamente relacionados a geracao de valor foram: retorno sobre o patrimonio liquido (ROE), retorno sobre o ativo (ROA), spread do acionista, margem bruta, margem liquida e giro do ativo, todos com coeficiente positivo, ou seja, com relacao direta com o VEA. Alem disso, na analise dos setores economicos, por suas caracteristicas especificas, foram encontradas divergencias entre os indicadores financeiros considerados direcionadores de valor. Em relacao ao desempenho das empresas no periodo de analise, observou-se que a maioria delas destruiu valor, ja que apenas 30% obtiveram valor economico agregado anual positivo. Porem, nao ha uniformidade entre os setores, pois as porcentagens medias variaram de 6,7% (setor textil) a 66,7% (setor de petroleo e gas). Outra contribuicao deste trabalho foi a avaliacao das diferencas na geracao de valor das empresas brasileiras antes e apos a crise do subprime. Como resultado tem-se que, embora o ano de 2009 tenha sido o segundo pior nesse quesito, nao foi encontrada diferenca significativa, no conjunto, entre os periodos antes e depois da crise, apesar das divergencias identificadas entre os setores. Esta pesquisa inova pela sua amplitude, ao utilizar um significativo numero de indicadores financeiros (33), que refletem o resultado de estrategias da empresa ligadas a estrutura de capital, rentabilidade, liquidez, operacao e investimento e, tambem, uma ampla base de dados (345 empresas, totalizando 2.205 relatorios anuais), abrangendo dez anos de analise em quinze setores economicos. Assim, espera-se que os resultados contribuam para subsidiar a tomada de decisao nas organizacoes, utilizando a abordagem da Gestao Baseada no Valor, bem como para auxiliar na selecao e monitoramento das empresas pelos investidores. / In the current context of globalized markets, the enterprises face a competition more and more complex in the capital obtainment. To attract it, they need to offer a return that rewards the risk taken by the investors, in other words, create value. The Value Based Management (VBM) defends the shareholders wealth maximization as the main goal of the firm. In Brazil, this approach has been adopted more intensively in the last decade, becoming evident the need of monitoring the business value in this economy. In this context, the objective of this study was to identify the main value drivers of non-financial publicly traded Brazilian companies, represented by the ones with shares traded in the Sao Paulo Stock Exchange (BM&FBOVESPA), in the period from 2000 to 2009. For this purpose, it was evaluated which financial indicators were more associated to the value creation, represented by the Economic Value Added (EVAR), in a way that they could be considered value drivers in each economic sector. The statistical techniques used to obtain the results were: correlation, test t for mean differences between the firms with EVAR positive and negative, multiple regression, panel regression and logit model. One of the main results obtained was that at least two thirds of the financial indicators used for company analysis don\'t explain the value creation. Considering the universe studied, the financial indicators significantly related to the value creation were: return on equity (ROE), return on assets (ROA), shareholder spread, gross margin, net margin and asset turnover, all of them with positive coefficient, what means that they have direct relation with EVAR. Furthermore, in the analysis of the economic sectors, because of their specific features, it was found differences between the financial indicators considered value drivers. In relation to the companies\' performance in the period analyzed, it was observed that most of them destroyed value, since only 30% obtained positive annual economic value added. However, there is no uniformity between the sectors, because the average percentages varied from 6.7% (textile sector) to 66.7% (oil and gas sector). Another contribution of this assignment was the analysis of the differences in the Brazilian companies\' value creation before and after the subprime crisis. As a result, despite the fact that the year of 2009 had been the second worst in this criterion, it was found no significant difference, considering the whole sample, between the periods before and after the crisis. However, divergences were identified between the sectors. This research innovates for its extent, using a significant number of financial indicators (33), which reflect the result of the firm strategies connected to capital structure, profitability, liquidity, operation and investment, besides a wide database (345 companies, totalizing 2,205 annual reports), covering ten years of analysis in fifteen economic sectors. Therefore, it is expected that the results contribute to subsidize the decision making in the organizations, using the approach of Value Based Management, as well as to help the selection and monitoring of the firms by the investors.