O presente trabalho trata do tema finanças corporativas e geração de valor ao acionista. O objetivo geral é propor um modelo integrado de gestão financeira, contemplando em um painel gerencial, as principais decisões financeiras tomadas pela empresa: análise de investimentos, análise das alternativas de financiamento e gestão do capital de giro. O modelo propõe o alinhamento dos objetivos estratégicos, definidos pela alta administração, com a execução das ações de gestão apoiado na metodologia Balanced Scorecard. Este estudo é classificado quanto a sua natureza como uma pesquisa aplicada, em relação aos seus objetivos como exploratória e, quanto aos procedimentos, pesquisa bibliográfica. O tema finanças corporativas foi referenciado de acordo com os principais periódicos da área. Os resultados encontrados apontam que através da integração das decisões financeiras é possível preservar e otimizar o valor do acionista, contribuindo para sua continuidade ao longo do tempo. / This dissertation deals with corporate finance and value creation for shareholders. The overall goal is to propose an integrated model of financial management, covering a panel management, major financial decisions made by the company: investment analysis, analysis of alternatives for financing and management of working capital. The model proposes the alignment of strategic objectives set by the Board of Directors, with the implementation of management actions supported by the Balanced Scorecard methodology. This study is classified as to its nature as an applied research, in relation to their goals as exploratory and as to the procedures, literature research. The results show that by integrating financial decisions one can preserve and optimize shareholder value, contributing to its continuity over time.

Les systèmes de santé sont confrontés à l’heure actuelle aux défis que sont la demande croissante de soins, la diminution de la démographie médicale et les contraintes budgétaires de plus en plus importantes. La télémédecine apparaît comme une innovation majeure permettant de surmonter ces défis grâce à l’utilisation des nouvelles technologies de l’information et de la communication. Elle est définie comme une forme de coopération dans l’exercice médical mettant en rapport à distance, entre eux ou avec un patient, un ou plusieurs professionnels de santé. L’intégration de la télémédecine au sein du système sanitaire existant est envisagée dans ce travail de recherche comme l’incorporation d’un système technologique innovant au sein d’un système complexe organisationnel de santé. Notre problématique consiste alors à fournir une aide efficace à la réussite de cette intégration. Cette question sous-tend trois grandes interrogations : Comment construire de nouveaux processus permettant l’intégration d’une nouvelle technologie dans une organisation existante ? Comment concevoir les modèles de partage de la valeur économique pour réussir cette intégration ? Comment définir les stratégies à mobiliser pour déployer cette intégration ? Pour concevoir des processus en fonction de la création de valeurs souhaitées par chacune des parties prenantes du système de télémédecine, nous proposons la méthode OCSM (Organizational Complex System Modeling). Nous l’appliquons pour concevoir deux processus : un processus de téléexpertises dermatologiques et un processus de téléconsultations spécialisées avec une identification du parcours de soins des patients à travers différents types d’établissements d’une région. Pour concevoir de nouveaux modèles de partage de la valeur économique, nous préconisons la méthode FFM (Financial Flow Modeling). Nous avons conçu un outil adossé à cette méthode qui calcule le solde des marges de chacune des parties prenantes. Nous appliquons cette méthode pour modéliser les flux économiques entre les parties prenantes du système de télémédecine. Des hypothèses de partage de la valeur peuvent ainsi être testées. Ce travail a notamment permis de définir un exemple de modèle économique pérenne pour de futurs déploiements. Pour modéliser le comportement d’un système en lien avec son environnement nous utilisons la méthode SDM (System Dynamics Modeling). Nous proposons ainsi une modélisation en Dynamique des Systèmes de notre cas d’étude de la région Picardie. Différents scénarii de déploiement de processus y sont simulés et analysés. Ce modèle est réutilisable pour d’autres régions françaises. De ce fait, ce travail nous permet de formuler des recommandations à l’échelle nationale pour le déploiement de systèmes de télémédecine. Nous avons suivi une démarche de recherche-action pour répondre simultanément aux problématiques de terrain et à la nécessité de réaliser une contribution scientifique. Trois projets de télémédecine dans les régions Ile-de-France, Picardie et Centre ont alimenté et validé nos modèles démontrant leur généricité dans le milieu médical. Ce travail nous permet plus généralement de préconiser l’utilisation simultanée des méthodes OCSM, FFM et SDM pour intégrer efficacement un système innovant au sein d’un système complexe organisationnel. / Healthcare systems are currently facing intense challenges due to the growing demand for health care, the decreasing of medical demography and the increasing budgetary constraints. Telehealth appears as a major innovation to overcome these challenges through the use of new information and communication technologies. It is defined as a form of cooperation in medical practice by relating at distance, between them or with a patient, one or more healthcare professionals. Telehealth integration within the existing healthcare system is considered in this research as the incorporation of an innovative technological system within an organizational complex system. Thus, our problematic is to provide an effective help to the success of this integration. This underlies three major questions: How to design new processes for the integration of a new technology into an existing organization? How to design the suitable models to share the economic value in order to succeed in this integration? How to define the strategies to be mobilized to deploy this integration? To develop new processes based on the value creation desired by each stakeholder of the telehealth system, we propose the OCSM (Organizational Complex System Modeling) method. We apply it to model and analyze two processes: a process of teleexpertises in dermatology and a process of specialized teleconsultations with an identification of the patient path across different types of healthcare establishments. To develop new business models, we recommend the FFM (Financial Flow Modeling) method. We designed a specific tool to support it, which calculates the balances margins of each stakeholder. We apply this method to model the economic flows between the telehealth system stakeholders. Thus, hypotheses of shared value can be tested. This work identifies a particular example of sustainable economic model for future deployments. To model the behavior of a system in its environment we use the SDM (System Dynamics Modeling) method. We propose a System Dynamics model of our case study of the Picardie region. Different deployment scenarios of processes are simulated and analyzed. Our model can be used again for other French regions. Thus, this work makes recommendations at the national level for the deployment of telehealth systems. We followed an action-research process to solve practical telehealth problems and to address scientific contributions. Three telehealth projects in the regions Ile-de-France, Picardie and Centre fuelled and validated our models thus demonstrating their genericity in the medical community. More generally, this work recommends the simultaneous use of OCSM, FFM and SDM methods to effectively integrate an innovative system in a complex organizational system

The IoT (Internet of Things) is developing rapidly, as a result of that, the number of connected devices in Sweden has doubled every year. According to big companies like Ericsson, the estimated number of connected devices worldwide will be 50 billion in 2020. IoT, by itself, may be a relatively simple concept of connected devices and machines, but its implications are profound. For companies in Sweden which offer a broad range of non-connected tools and products, it is becoming increasingly important to adapt their products to IoT; adherence to IoT will warrant new developments which offer value-added services such as monitoring and remote control, etc. The primary research method employed for this thesis is a case study at a vendor company who today offers their customers non-connected tools. To be able to demonstrate the concept of IoT enhanced tools we create a conceptual framework and a prototype, which we present to our interviewees and use as a starting point for qualitative interviews. In this thesis, we want to know how vendors could benefit themselves by the use of IoT in their businesses. We formulated some research questions, being, based on a vendor’s perspective: why do they (vendors) need connected products; how can such products be made marketable to the customer; and what are the predicted benefits of IoT-connected products for the customers? The case study brings to light some issues dealing with the business model, service providing, data display and data security which every company should take into consideration before implementing IoT.

Partindo da premissa de que o objetivo maior da empresa e de seus administradores consiste na maximização do capital nela investido, observa-se que os administradores devem se preocupar com a geração de riqueza dentro da empresa, buscando continuamente incrementar e otimizar a criação de valor pela organização e também mensurá-la. Outro forte motivo para mensuração do valor da empresa consiste no crescente aumento do número de fusões e aquisições entre empresas ocorridas no país, incluindo o setor sucroalcooleiro, o que torna sua avaliação necessária a fim de se determinar o valor de transação do negócio. Esta mensuração pode ser realizada a partir da análise do valor da empresa, que, por sua vez, pode ser obtido através do uso de modelos de avaliação de empresas. Por outro lado, nota-se que a importância e a participação dos ativos intangíveis dentro deste processo de criação de valor tem crescido ao longo dos anos. Neste contexto, e considerando a importância do setor sucroalcooleiro dentro da economia nacional, este trabalho apresenta um estudo exploratório realizado em dez usinas sucroalcooleiras instaladas no Estado de São Paulo, com o objetivo de investigar a presença, os inter-relacionamentos e a importância dos ativos intangíveis, agrupados e estruturados sob o conceito de capital intelectual, no processo de criação de valor dentro destas empresas, assim como as decisões e atitudes dos gestores acerca destes elementos que constituem o capital intelectual da organização. Também é investigada a prática dos princípios delineadores do conceito de avaliação de empresas baseado no modelo de fluxo de caixa descontado pelos administradores na gestão das usinas, buscando-se identificar o conhecimento dos gestores acerca deste conceito e seu preparo para utilização desta ferramenta. Verificou-se, a partir da constatação da importância dos elementos formadores do capital intelectual para a criação de valor dentro das empresas, que, de forma geral, o nível do capital humano e estrutural das usinas pesquisadas se encontra aquém do necessário para um melhor desempenho destas, enquanto que seu capital de relacionamentos, ou seja, a qualidade de seus relacionamentos se encontra em um nível elevado e bastante próximo do adequado. Observou-se também que, embora não conheçam a fundo e nem se utilizem da prática de determinar o valor do negócio, os administradores praticam os princípios delineadores do conceito de avaliação de empresas na gestão das usinas, o que os prepara e credencia para a utilização do conceito tanto como ferramenta para a mensuração do desempenho econômico-financeiro da organização, como também por outros motivos tais como a participação em processos de fusões e aquisições entre usinas e uma futura participação destas em bolsas de valores / Based on the premise that the main objective of the company and its administrators consists in the maximization of the capital invested, it can be observed that the administrators should worry about the wealth generation inside the company, continually aiming to increase and improve the value creation inside the organization and also measuring it. Another great reason for measuring of company's value consists in the growing increase of the number of mergers and acquisitions among companies happened in the Brazil, including the sugarcane sector, what turns necessary the valuation to determine the transaction's value of the business. This measurement can be accomplished starting from the analysis of the company's value that, for its turn, can be obtained through the use of models of companies' valuation. On the other hand, it is noticed that the importance and the participation of the intangible assets inside of this process of value creation has been growing along the years. In this context and considering the importance of the sugarcane sector for the national economy, this work presents an exploratory study accomplished in ten sugarcane companies located in São Paulo State with the objective of investigating the presence, the inter-relationships and the importance of the intangible assets, contained and structured under the concept of intellectual capital, in the process of value creation inside of these companies. The decisions and the managers' attitudes concerning these elements that constitute the intellectual capital of the organization are also analysed. The principles of the concept of companies' valuation based on the cash flow model discounted practice by the administrators in the organization management is also investigated, seeking to identify the managers' knowledge concerning this concept and yours prepares for use this tool. It was verified, starting from the verification of the importance of the intellectual capital elements for the value creation inside of the organizations, that, in a general way, the level of the human and structural capital of the researched companies is below of the necessary for a better performance, while its relationships capital, that is to say, the quality of its relationships see in a high and quite close of the appropriate level. Although they do not thoroughly know and are not used of the practice of determining the business' value, it was also observed that the administrators practice the principles of the concept of valuation in the management of the companies, what prepares them for the utilization of the concept as tool for the measuring of the economic-financial organization performance, as well as for other reasons as the participation in processes of mergers and acquisitions or a future participation of the company in stocks exchange

Os elementos intangíveis no processo de criação de valor dentro das empresas vêm ganhando crescente importância nas discussões acadêmicas. Neste sentido, é importante que os administradores identifiquem e gerenciem estes elementos, que são agrupados sob o conceito de capital intelectual (CI) da organização. Este trabalho apresenta um survey realizado com cento e onze hotéis do estado de São Paulo, o qual evidenciou a presença dos elementos do CI conforme os portes dos hotéis (pequeno, médio e grande) e analisou as atitudes dos gestores acerca destes elementos. As informações e os dados foram coletados a partir da aplicação de um questionário estruturado disponível em um site. Os dados foram tratados e analisados estatisticamente e os resultados obtidos evidenciaram como principal diferença de gestão dos hotéis o fato dos hotéis de pequeno porte sustentarem o capital humano como componente de sua estrutura de CI mais consistente, enquanto que nos hotéis de médio porte toda a estrutura está em formação, ao contrário dos hotéis de grande porte, que possuem uma estrutura consistente. / The intangible elements in the process of organizational value creation are gaining increasing importance in the academic quarrels. In this direction, it is important that the administrators identify and manage these elements, which are classified under the concept of intellectual capital (IC) of the organization. This work presents a survey carried through with one hundred and eleven paulistans hotels, which evidenced the presence of the elements of the IC as the size of the hotels (small, medium and large) and to analyzed the attitudes of the managers about of these elements. The information and data had been collected from the application of a structuralized questionnaire available in a website. The data had been treated and analyzed statistically and the results found evidenced as main difference the fact of the small hotels support the capital human as component of its structure of IC more consistent, while that in the medium hotels have carried all the structure is in formation, in contrast of the great hotels, that keep a consistent structure.

O presente trabalho trata do tema finanças corporativas e geração de valor ao acionista. O objetivo geral é propor um modelo integrado de gestão financeira, contemplando em um painel gerencial, as principais decisões financeiras tomadas pela empresa: análise de investimentos, análise das alternativas de financiamento e gestão do capital de giro. O modelo propõe o alinhamento dos objetivos estratégicos, definidos pela alta administração, com a execução das ações de gestão apoiado na metodologia Balanced Scorecard. Este estudo é classificado quanto a sua natureza como uma pesquisa aplicada, em relação aos seus objetivos como exploratória e, quanto aos procedimentos, pesquisa bibliográfica. O tema finanças corporativas foi referenciado de acordo com os principais periódicos da área. Os resultados encontrados apontam que através da integração das decisões financeiras é possível preservar e otimizar o valor do acionista, contribuindo para sua continuidade ao longo do tempo. / This dissertation deals with corporate finance and value creation for shareholders. The overall goal is to propose an integrated model of financial management, covering a panel management, major financial decisions made by the company: investment analysis, analysis of alternatives for financing and management of working capital. The model proposes the alignment of strategic objectives set by the Board of Directors, with the implementation of management actions supported by the Balanced Scorecard methodology. This study is classified as to its nature as an applied research, in relation to their goals as exploratory and as to the procedures, literature research. The results show that by integrating financial decisions one can preserve and optimize shareholder value, contributing to its continuity over time.

Com o crescimento da economia brasileira as operações de Fusões e Aquisições tem vivenciado um franco crescimento. Segundo trabalhos recentes sobre o tema, esse tipo de operação tem um componente estratégico muito superior ao simples ganho imediato de valor, tese que se justifica com os trabalhos empíricos atuais, que encontram fortes evidências que a empresa adquirente, frequentemente, perde valor de mercado, através da queda no preço das suas ações, nos dias seguintes à combinação empresarial. No entanto, a maioria dos trabalhos sobre o tema versam sobre operações de Fusões e Aquisições no mercado norte-americano e europeu, onde estruturas regulatórias e cultura de proteção aos acionistas minoritários divergem muito das situações encontradas no Brasil. Por outro lado, a economia brasileira após a implantação do Plano Real é relativamente recente, mas sendo permeada por crises internacionais e nacionais na década de 1990, além de um período de intenso programa de privatizações que fez surgir grandes grupos econômicos nacionais, tornando esse período um intervalo temporal único, e que as evidências encontradas nesse período possam não ter muita aderência à atual realidade brasileira. Através de um estudo de caso com 121 empresas listadas na BOVESPA, foi analisado a criação de valor para o acionista da empresa adquirente através de uma janela temporal de 20 dias antes e 20 dias após o anúncio do fato relevante que dá início a combinação empresarial. Foram utilizados dois métodos para observar a criação ou destruição de valor para o acionista, o método do retorno de mercado e o método do modelo de mercado ajustado, que demonstraram ser idênticos para a análise proposta. Analisando operações de combinação empresarial de 2001 a 2011, as empresas adquirentes foram agrupadas através da Classificação Nacional de Atividades Econômicas (CNAE) e submetidas a critérios de seleção da amostra que reduziu o grupo estudado a três setores econômicos, o da Indústria de Transformação, o de Informação e Comunicação e por fim o de Serviços Financeiros. Os resultados sugerem que os investidores tem informações sobre a operação de Fusão e Aquisição antes da divulgação do Fato Relevante pelas empresas, fazendo com que as ações experimentem altas em seus preços dias antes do anúncio, assim como foram encontradas evidências que o Setor Financeiro tem um comportamento que rejeita a hipótese de eficiência de mercado em sua forma semiforte. / In the past few years, with the growth of the Brazilian economy, operations of Mergers and Acquisitions had experienced significant growth. According to recent papers, this type of operation has a strategic component far superior to the simple gain of immediate value, a thesis justified with empirical work showing strong evidence that the acquiring company often loses market value, noticed by the falling prices of its shares in the days following the merger announcement. However, most studies on the subject deal with operations of Mergers and Acquisitions in the U.S. market and Europe, where regulatory structures and culture of protection of minority shareholders are much different from the situations we find in Brazil. On the other hand, the stability of the Brazilian economy, after the Real Plan, is relatively recent, being permeated by national and international crises in the 1990s. Through a case study with 121 companies listed on the BOVESPA, we analyzed the creation or value for shareholders of the acquiring company through a time window of 20 days before and 20 days after the announcement of the merger. Two methods were used to observe the creation or destruction of shareholder value, the method of the market return and the method of adjusted market model, which proved to be identical to the proposed analysis. Analyzing business combination transactions from 2001 to 2011, the acquiring companies were grouped by the National Classification of Economic Activities (CNAE) and subjected to a selection criteria that reduced the sample group to three economic sectors, the Manufacturing Industry, the Information and Communication and finally the Financial Services. The results suggest that investors have information about the operation of Merger and Acquisition before the announcement, causing stocks to experience increases in their prices days before the announcement, and evidence was found that the financial sector has a behavior that rejects the hypothesis of market efficiency in its semi-strong form.

This doctoral research aims to investigate the reputation building process of companies and to examine the applicability of western-developed theories about the uses of corporate reputation in a non-western context. It is the first study that synthesises three theories (value creation, strategic resources and corporate communication) to examine the strategic consequences of the uses of corporate reputation. Corporate reputation is an attribute or a set of attributes ascribed to a firm and inferred from the firm’s past actions. It is the belief of market participants about a firm’s strategic character (Weigelt and Camerer, 1988). Also, corporate reputation is the public’s cumulative judgement of a firm over time (Roberts and Dowling, 2002). The review of theoretical literature indicates the uses of corporate reputation by business organizations can be theorized along six dominant paradigmatic perspectives: 1-public relations; 2-marketing; 3-management, 4-economic; 5-sociological; 6-finance and accounting. The uses of corporate reputation in these six paradigms are comprehensively discussed. The objective of this study is to establish the use of corporate reputation in the development of brand image strategy. A review of the uses of the concept of corporate reputation is discussed in detail in chapter 2. The review of the literature also identified a research gap by showing that scarce research has been conducted on how these three main functions (value creation, strategic resources and corporate communication) affect a company’s brand positioning strategy. The following research question thus is proposed: How do (Taiwanese pharmaceutical) companies use their corporate reputation to develop a brand image strategy? The research hypotheses based on three theories (value-based theory, resource-based theory and integrated marketing communication theory) appear in Chapter 3. The research question is constructed theoretically, and then a conceptual model, which begins with three antecedents of corporate reputation and simultaneously illustrates the outcomes of their use, are discussed. The construct of the uses of corporate reputation has three dimensions: value creation, strategic resources and corporate communication. Each of these three dimensions includes several items. The items were proposed based on the previous researchers’ summaries and the qualitative interview. The researcher will then depict the proposed research conceptual framework and a number of hypotheses that will be further investigated and tested. Then the quantative study was completed by providing the data analysis and the results were explained. A multi-stage procedure was involved in this research. First, data examination and screening to prepare for subsequent quantitative analyses and then the descriptive statistics were presented. Second, a reliability test was performed on measurement scales to ensure that they achieve an acceptable level of reliability for further analysis. The resulting solutions were then re-assessed using confirmatory factor analysis. Finally, PLS (Partial Least Squares) was used to test the hypothesized relationships between the research constructs as postulated in the conceptual model, and to assess the overall goodness-of-fit between the proposed model and the collected data set. The researcher then discusses the validation of the measurement model and the research findings. The findings are then further discussed in terms of the contribution to marketing theory and relevance to marketing managers. Then the items of adapted scales were subjected to several rounds of adjustments and were finally found to possess acceptable measurement properties. Reliability and construct validity tests indicated that all scales satisfied widely accepted criteria such as the minimum reliability of 0.7. The results of scale purification will be discussed. And an evaluation of the research hypotheses and their significance are summarized, the findings of all hypotheses testing will be reviewed and compared with previous research. According to the research findings, the hypotheses that value creation, as one dimension of corporate reputation, has a positive impact on brand segmentation, brand differentiation and brand positioning are all accepted. The hypotheses that strategic resource, as one dimension of corporate reputation, has a positive impact on brand segmentation and brand differentiation are rejected. However, the hypothesis that strategic resource, as one dimension of corporate reputation, has a positive impact on brand positioning is accepted. The hypotheses that corporate communication, as one dimension of corporate reputation, has a positive impact on brand segmentation and brand differentiation are both accepted. The hypothesis that corporate communication, as one dimension of corporate reputation, has a positive impact on brand positioning is partially supported. Finally, the hypothesis that the (see in Table 5.18) moderating effect of price policy on corporate reputation has a positive impact on brand image strategy is partially but negatively supported. This thesis makes a significant contribution to the study of corporate reputation of firms in the Taiwanese pharmaceutical industry from the robustness of the qualitative and quantitative data collection.

Abstract : Manufacturing companies in developed countries face a digital transformation that is meant to improve their productivity, but also produces a large volume of data. This data will go to waste if it is not valorized by using it to gain actionable insights, for example with business intelligence and analytics. This master’s thesis presents a systematic literature review and a multiple case-study on the subject of Business Intelligence in manufacturing companies. The first article, “Business Intelligence in Industry 4.0: Research opportunities”, present a literature review. Results show a lack of studies on the impacts of business intelligence activities on manufacturing small and medium enterprises. The strategic impacts should be studied, since they are often neglected in favor of the operational impacts such as quality improvement and operating costs reductions. The second article, “Business intelligence value creation: A multiple case study in manufacturing SMEs”, presents an exploration of the factors influencing strategic and operational business values of business intelligence. Results show the limit of the traditional models based on the Resource-Based View of the firm, which overlooks organizational factors that might be more important in smaller organizations. Contingency factors, such as organisational learning, leadership style, and the role of the owner, should be included when studying small and medium enterprises, as in these smaller organizations the lack of resources and the simpler structure affect business value of business intelligence and analytics systems differently than in larger firms. There is an interesting potential for the model suggested in this master’s thesis to understand the factors linked to business value creation in smaller organization, which should be empirically tested with a larger and more diverse sample in a future study. / Ce mémoire présente les travaux réalisés dans le cadre de ma maîtrise en Stratégie de l’intelligence d’affaires, de l’École de Gestion de l’Université de Sherbrooke. Il consiste en deux articles. Le premier est une revue de littérature systématique ayant été soumise et acceptées à la 51e édition de Hawaii International Conference on System Sciences, qui a eu lieu du 3 au 6 janvier 2018. Il est présenté intégralement au chapitre deux. Le second article, présenté dans sa version longue au chapitre trois, a été soumis à la 7e édition de International Conference on Information Systems, Logistics and Supply Chain qui aura lieu du 8 au 10 juillet 2018. Les notices d’acceptation seront envoyées après la date de dépôt de ce mémoire. Toutes les preuves de soumissions sont présentées dans les annexes de ce mémoire. Les articles ont tous été rédigé par moi, Fanny-Ève Bordeleau, qui a également réalisé toutes les prises de données et les analyses, assistée de mes co-directeurs, les professeurs Elaine Mosconi et Luis Antonio De Santa-Eulalia.

Abstract This study examines value creation by value added resellers (VARs) in the context of the enterprise systems business, with particular respect to product lifecycle management (PLM) systems. The purpose of the study is to increase theoretical and empirical understanding of value creation in this specific context by integrating the enterprise systems theory, the software ecosystems theory, the software business model theory, and the value creation theory. The theoretical framework assumes the perspective of the VARs, and examines their interactions with customers and suppliers during the value creation process. The customers and suppliers are the parties that perceive the value created by the VAR. The primary objective is to determine how and why the VAR creates value in the perception of its customers and suppliers. The method includes a qualitative case study research strategy in which empirical data were collected primarily through interviews with highly knowledgeable informants within three VAR organizations, five customer organizations, and five supplier organizations. Each source viewed the scope of the research questions from a diverse perspective. As a result of the empirical analysis, value creation by the VAR value was connected to the VAR type, the value creation strategy, and the business model. The VAR's strategy results from synergy and synchronization with its PLM system. The customer-perceived value is, in part, the value created by the VAR-customer business relationship. It is also partially specific to the customer type. A VAR creates value for its customers because its product and service offerings fulfill customer needs, and because it offers abilities, knowledge, expertise, and experience of interest to its customers. The most advanced value creation occurs when the business relationship is a source of co-value creation that creates value for both parties. The supplier-perceived value is also partially specific to the supplier type. The VAR- supplier business relationship creates value for suppliers because the VAR extends the supplier’s market presence, offers market and customer knowledge, and creates new business opportunities. This study is context-dependent and geographically and culturally focused on Nordic countries. The results reflect the contexts of the three research cases and their geographical and cultural areas, and as such are not generalizable. / Tiivistelmä Tutkimus keskittyy lisäarvoa tuottavien jälleenmyyjien (VAR) arvontuotantoon yritysjärjestelmien liiketoimintakontekstissa ja siinä erityisesti tuotteen elinkaaren hallintajärjestelmien liiketoimintakontekstissa. Tutkimuksen tarkoitus on lisätä sekä teoreettista että empiiristä ymmärrystä arvontuotannosta integroimalla yritystietojärjestelmä-, ohjelmistoekosysteemi-, ohjelmistoliiketoimintamalli- ja arvontuotantoteorioita. Teoreettisen viitekehyksen näkökulma on VAR:t sekä niiden vuorovaikutus asiakkaiden ja toimittajien kanssa arvontuotantoprosessin aikana. Asiakkaat ja toimittajat ovat niitä osapuolia, jotka havaitsevat VAR:n arvontuotannon. Tutkimuksen päätarkoitus on ymmärtää miten ja miksi VAR luo lisäarvoa asiakkailleen ja toimittajilleen. Tutkimusstrategia on laadullinen tapaustutkimus. Empiirinen materiaali on kerätty pääasiassa tekemällä haastatteluja kolmessa VAR-yrityksessä, sekä viidessä asiakasyrityksessä ja viidessä toimittajayrityksessä. Haastateltavilla oli hyvä ymmärrys tutkimuksen kohteesta. He arvioivat siihen liittyen tutkimuskysymyksiä useista eri näkökulmista. Tutkimustulokset osoittavat, että VAR:n arvon tuottaminen on riippuvainen VAR:n tyyppistä, sen arvontuotantostrategiasta sekä sen liiketoimintamallista. VAR:n strategia on synkronoitu sen PLM järjestelmätoimittajan strategiaan. Asiakkaan havaitsema arvo muodostuu osittain asiakkaan ja VAR:n välisen liikesuhteen tuottamasta arvosta. Lisäksi se on riippuvainen asiakkaan tyypistä. VAR tuottaa arvoa asiakkailleen, jos sen tuote- ja palvelutarjonta vastaa niiden tarpeita. Lisäksi se tuottaa arvoa, jos sillä on kyvykkyyksiä, tietämystä, asiantuntemusta ja kokemusta, joita sen asiakkaat tarvitsevat. Edistyneintä arvontuotantoa edustaa liikesuhteen mahdollistama yhteinen arvontuotanto, josta hyötyvät molemmat osapuolet. Arvontuotanto on osittain riippuvainen toimittajan tyypistä. VAR tuottaa arvoa toimittajilleen, koska se laajentaa niiden läsnäoloa markkinoilla, tuntee markkinat ja niiden asiakkaat sekä luo uusia liiketoimintamahdollisuuksia. Tutkimus on kontekstiriippuvainen. Se on maantieteellisesti ja kulttuurillisesti keskittynyt Pohjoismaihin. Tutkimuksen tulokset heijastavat kolmea tutkimustapausta ja niiden maantieteellistä ja kulttuurillista taustaa eikä sen takia ole sellaisenaan yleistettävissä.