知識型商品的價值來自於其內蘊的知識，而其價值決定於顧客的認知與使用能力，同時，許多知識型商品因重製成本很低，有利於廣泛擴散流通，但也容易誘使使用者出現無償使用的投機行為，面臨創新利益無法實質回收的困境。因此，廠商必須設計有效的價值獲取機制來排除無償使用的投機行為專占其經濟利益，避免創新價值流失。由使用者無償投機行為產生的價值無法獲取的問題，本質上是一種知識商品市場失靈的現象，當法律執行、技術保護二種機制的效力有限時，交易關係的安排與統治成為重要的策略管理工具。本研究以半導體產業中矽智財商品以及錄製音樂市場中的音樂商品的八個知識商品交易網路個案進行紮根研究，探索廠商如何克服知識型商品此種市場失靈現象，建構出陳指「在何種條件下，廠商如何安排其知識商品交易網路，能夠產生不同價值獲取目的的效力」之理論架構，以此理論架構呈現廠商克服知識商品市場失靈的交易創新背後的理論邏輯。研究結果指出知識商品的價值獲取目的除了受到交易網路關係特性以網路效益影響外，交易行動者所鑲嵌的網路結構也對網路效益產生干擾效果。本研究的貢獻除了針對廠商的交易創新行為現象提出解釋的理論外，本研究的結論也對網路統治觀點的研究，在理論層次上提出補充。

在九零年代由於韓默大力提倡流程再造以及資訊科技的突飛猛進，加上市場逐漸全球化的帶動下，國內外許多知名企業也因應這樣的風潮不斷推動企業變革與組織再造，希望透過變革的過程使企業本身脫胎換骨，但是後來發現大部分的企業改造成功的案例並不多見，尤其許多知名大型企業希望導入ERP系統來推動企業再造，同樣成功的案例也不多見，而失敗的案例卻屢見不鮮。 我發現在實務界也鮮少有一個較全面性的觀點、分析架構與模型來解釋變革前後的相關關係。是什麼樣的原因阻礙企業再造? 而什麼樣的變革過程可以產生如此大的績效改善? 我們應該用什麼樣的觀點來看企業改造這些相關的議題? 因此基本上，本論文就是希望透過以企業改造最適搭配架構為主體的角度，來看價值創造、組織轉型、企業再生工程、並利用組織轉型架構模式為基礎，來解析四個台灣本土型的企業改造，希望提供一個可供思考的理論模型，可以更清楚、更容易了解企業改造當中相關因素的關係與關連性。 本論文的目的就是從價值創造與組織轉型的觀點來探究企業改造的轉型內涵、轉型過程以及形成原因。企業以價值創造、組織理論、企業轉型、企業再生工程、最適搭配架構等理論或架構模型，來釐清這些複雜的現象，希望更能了解價值創造與組織轉型的相關的變化與影響，並透過組織轉型架構模型的分析與解釋，可以提供理論研究或是實務應用上思維的參考。 / The concept of business process reengineering, advocated by Michael Hammer in the 1990s, coupled with the innovation of information technology and the globalization, many of the well-known enterprises started to leverage organizational transformation to improve their performance. However, there have not been many successful examples but a lot of failure. I also found that there hasn’t been much analytical framework or model to explain the differences and the interrelations before and after the transformation. What are some of the major obstacles that keep businesses from engaging in the transformation? What kind of changing processes can result in such dramatic performance improvement? What perspective should we adopt to examine the issues related to business transformation? This thesis aims to examine value creation, organizational transformation, business process reengineering through the role of strategic fit. It also intends to adopt the organizational change framework as a basis to analyze four companies in Taiwan that have gone through such business transformation. I wish to build a clearer and understandable relation and connectivity among relevant factors for business transformation through this thesis. The purpose of this thesis is to explore why, what, and how business transformation occurs from the viewpoint of value creation and organizational change. I use value creation, organization theory, business transformation, business process reengineering, and strategic fit to elucidate the theory and framework, hoping to clarify relevant changes and impacts. Through the analysis and clarification, I further aim to be able to provide guiding principles on organizational transformation framework both in theory and in practice.

新藥開發是需要大量的資金投入，同時需要專業的技術實驗人才、以及具產業經驗的管理團隊，但是其所獲取的價值和領域也是相對較大的。生技製藥產業包括新藥、學名藥、中草藥、基因及蛋白質製劑、遠距醫療、預防醫學、醫療器材等。台灣在生技製藥已經投入許多資源，但是所獲得的成果並不如預期，主要原因除了缺乏像國際大廠的充足資金之外、且沒有完整的生技製藥產業鏈，更重要的是缺少了對生技製藥智慧財產管理的經驗、沒有國際行銷能力去取得市場。起因點則為台灣生技製藥公司仿照國際成功的生技製藥大廠模式，卻沒有自己的價值創造和創新模式，為了替台灣生技製藥廠商尋找新的利基和成功模式，本文分析了國內與國外的生技製藥公司，以尋找適合台灣的價值創造模式。 台灣生技製藥廠商主要缺乏的並非是技術，而是結合智慧財產的法律議題、並且發展出市場導向的生物技術研發模式。智慧財產相關議題在生技製藥產業更是最關鍵的因素，因為新藥研發動輒10年，而一般資金來源的銀行和創投都無法忍受所投資的公司必須要十年才可以獲利退出，因此透過不同臨床時期開發的新藥，其價值也會有顯著的不同，再透過技術移轉、授權和相關合約的簽訂，才能促使台灣中小型的生技製藥公司可以生存。本文要提出價值創造模型之前，必須要針對生技製藥產業的技術研發特性進行分析，接著必須透過智慧資本與財務會計的方式計算生技製藥產業無形資產的價值，最後透過個案中不同公司的營運策略，找出最適合現今生物製藥產業發展的模式。 生技產業需要相當多的資金去做新藥研發與市場行銷，這也是生技產業特殊的供應鏈上最重要的一環。因為，創投公司不只會投資金錢，它還會幫忙被投資公司尋找人才、市場、和策略發展。因此，本文第三個個案公司Burrill&Company為美國生技創投公司，最近幾年也可以看到它在大中華地區尋求投資機會。Apex International公司選對人才創造出優良品質的委託臨床試驗、和NexMed透過技術授權所產生平台技術，三家公司所創造的價值，去印證本文所提出的生技製藥產業價值創新模式的適用性。 論文研究結果顯示生技製藥產業最成功的關鍵因素至少有兩點，第一點就是核心能耐(Core Competence)的建立、第二點就是選擇對的人才。由本論文的價值創造模式中心出發，便是透過紮實的研究發展技能；建立優良的管理技巧以降低研發風險；透過創造新的技術和產品價值的核心能力建立，再選擇正確的人才組合，創造出外部的價值，最後達到整體價值創造的綜效。希望台灣不光只是擁有科技基本法與生技新藥產業發展條例等政策，而是可以透過本論文提出之價值創造模式，有效提升整體生技製藥產業的環境，以期產生更多成功的故事。 關鍵字：生技製藥、智慧財產、實體審查、無形資產鑑價、價值創造、技術移轉。 / Biopharmaceutical is driving force of the global healthcare economy transformation. In order for a biopharmaceutical company to gain value from a new drug during its clinical development, capital investment, professional talents, and management team with industrial experience are needed. Biopharmaceutical industry are included of new drugs, generic drugs, Chinese herbal medicine or traditional Chinese medicine, genetic and protein preparations, tele-medicine, preventive medicine, medical devices and so on. Taiwan has invested a lot of resources at biopharmaceutical fields but the results are not as expectation. The main reason is the lack of adequate funding from international big pharma, and the operation is no integrity of the value chain at biopharmaceutical industry. More importantly is the lack of management experience on Intellectual Property, and no marketing ability to access to the global technology supply and demand market. The key point is that they copy of the format of big pharma but lack the spirit of the creativity and innovation. I analyzed the three cases in the thesis and tried to find a niche and successful model for the value-adding on the Taiwan’s Biopharmaceutical industry. Taiwan does have the technology know-how, but most of the companies’ problems are the lack of market-oriented R&D model and the Intellectual Property issues. IP issues including management know-how related to biopharmaceutical industry are the most crucial factors. Most companies tends to spend ten years on developing a new drug. Most of the investment banking and venture capitals are hard to endure by the long-term exit mechanism. The value will be totally different if the investors can exit at various clinical stage of new drugs at various stages with the strategy of technology transfer and licensing agreement. Such business model can make Taiwan’s small and medium-sized biopharmaceutical companies easier to survive. To verify this value creation model, I analyzed the characteristics of the industrial research and development and calculate the value of intangible assets on the technology by the methodology of intellectual capital and financial accounting. Finally, I will identify the most suitable model by compared with the different business models in three representative cases. The biotech industry needs a lot of funding to do R&D and marketing of new drugs which is the most important on this special supply chain. Not only to invest money, venture capitalist should help the company to recruit the talent, target the market, plan and execute the strategy. Therefore, the third case is the U.S. venture capital firm called Burrill & Company. In recent years, it moved to the Great China region to seek the investment opportunities. Apex International recruit the right talents to the right position and create a great world class quality project on the clinical trial, and NexMed bring their value through the platform technology and technology licensing. All the cases are selected to examine the availability and suitability of the value creation model. At least two key successful factors for biopharmaceutical industry has been revealed by the research of the thesis study. The first one is the establishment of the core competence on the technology in their respective business, and the second one is the management know how in putting the right person on the correct position. Overall, the value creation model is build on a solid research and development skills, a great management know-how to reduce the risk, and the spirit of entrepreneurship to create the true innovative products or services. With all the core competences, we can integrate the team with multidisciplinary talents to expand the value with the outside resources, and give the synergy of the whole value-added model. Hope that with the recent enactment of the Basic Science and Technology law and New Pharmaceutical Development Act in Taiwan, more successful stories can be created by this value-added model discussed in this thesis.

Denna fallstudie undersöker utvärderingens praktik inom ett offentligt finansierat scenkonstprojekt. Med en hermeneutisk ingång och abduktiv ansats studeras olika betydelser av begreppet utvärdering inom ramen för det system, som på initiativ av Dramaten&, möjliggjorde scenkonstprojektet Nationalismens Apostlar 2014. Analysen grundar sig på intervjuer och textmaterial. Den teoretiska utgångspunkten är tvärvetenskaplig med betoning på utvärderingsmetodik, kulturpolitisk forskning och Arts Management. Uppsatsens huvudargument är att ett scenkonstverk som Nationalismens Apostlar bäst förstås som ett organisatoriskt resultat av flera aktörer i samverkan. Kommunikationen mellan dessa aktörer blir avgörande för att senare kunna bedöma betydelsen och värdet av det enskilda scenkonstverket. / This case study is an exploration of different understandings of the evaluation process in a publicly funded performing arts project. With a hermeneutics entrance and abductive approach different meanings of evaluation is studied within the system that enabled the project Nationalismens Apostlar at the Swedish National Theatre 2014. The analysis is based on interviews and text material. The theoretical starting point is interdisciplinary with emphasis on Evaluation Methodology, Cultural Politics and Arts Management. The main argument presented in the thesis is that a peforming arts project as Nationalismens Apostlar must be understood as a result of different actors in an organisational context. The communication between these different actors is subsequently vital to define the meaning and value of the final artwork.

De posture épistémologique constructiviste pragmatique, et s’appuyant sur une méthodologie qualitative, cette recherche de type abductif porte sur le contrôle dans la gestion des interfaces inter-organisationnelles au sein du secteur aéronautique civil. A partir d’une observation participante et d’études de cas, il s’agit de soutenir que la réussite des relations inter-organisationnelles dans ce secteur passe par une stratégie et des outils de contrôle reposant sur la prise en compte de leviers critiques établis à partir de la littérature et du terrain, l’orchestration d’une architecture organisationnelle dynamique du contrôle et des mécanismes qui facilitent l’interpénétration des acteurs et le traitement efficace des dimensions informelles et subjectives propres aux relations inter-organisationnelles. En ce sens, l’étude présente les grandes lignes théoriques d’un mode de gouvernance inter-organisationnelle qui favorise cette interpénétration ainsi que des outils de contrôle à considérer, en particulier à l’égard des directions générales. / Parting from a pragmatic constructivist epistemological paradigm, and based on a qualitative methodology, this abductive research explores the strategic management control of inter-organisational relationships (IORs) in civil aerospace. Based on both participating observation and specific case studies, this research aims at demonstrating that the success of inter-organisational relationships in civil aerospace lies in control tools and strategies based on key levers, which we identified thanks to an extensive analysis of existing literature and on-field observations; the orchestration of a dynamic organisational architecture for the control devices and mechanisms, which fosters a sound interpenetration of all actors involved; and the efficient treatment of the informal and subjective dimensions, inherent to inter-organisational relationships. In that sense then, the proposed research offers the theoretical foundations of an inter-organisational mode of governance which fosters said interpenetration and defines the control tools and mechanisms which should be considered for such agreements, by general management in particular.

This thesis answers how a circular economy-based offering can be designed for increased value creation and decreased environmental impact, compared to a current offering. The study concerns a case company and their current offering of a fire safety solution, namely a 6 kg powder fire extinguisher. The concept Product-Service Systems is used as a base for the research and a foundation of the result.Throughout the study, the method Life Cycle Assessment (LCA) is used as a tool to evaluate and compare the current and the suggested solution in the sense of environmental sustainability amongst different impact categories. It provides a holistic perspective within the study which has been proven by theory to be an important factor when providing a circular economy-based offering. Another important factor is customising the offering to the specific case. This is attended to through an investigation of the company characteristics, the current offering and provider and customer values to find opportunities for the suggested solution. Opportunities found was e.g. a demand for an environmentally sustainable solution and existing infrastructure which can create valuein the future.The process includes, apart from the LCAs, interviews, a workshop at the case company and a survey addressed to end users. The use of visualisation tools such as actors map and Product-Service Blueprint benefits the understanding of both current and suggested solution and provides insights, evaluation and possible improvements. A cost calculation is made to evaluate if the solution is financially making business sense to the provider. Through this thesis, a circular economy-based solution which designs out waste is found. It is proven through the study and LCAs that this solution decreases the investigated environmental impact categories compared to the current existing solution. The suggested solution is based on a refilling process for circulating material which is established through the thesis to be theoretically feasible, hence needs consideration in order to be implementable in reality and make business sense to the provider. / Den här studien svarar på hur ett erbjudande baserat på cirkulär ekonomi kan designas för att öka värdeskapande och sänka miljöpåverkan i förhållande till ett existerande erbjudande. Studien baseras på ett företagsfall och deras nuvarande brandsäkerhetslösning, nämligen en 6 kg pulversläckare. I studien involveras teori om Product-Service Systems som en bas för forskningen och en grund för resultatet. Genom studien har metoden Livscykelanalys (LCA) använts som ett verktyg för att utvärdera och jämföra den nuvarande lösningen med den föreslagna i ett miljömässigt sammanhang och med flera olika påverkanskategorier. Detta skapar ett holistiskt perspektiv, vilket teorin visar är en viktig faktor under utvecklingen av ett erbjudande baserat på cirkulär ekonomi. En annan viktig faktor är att anpassa designen av erbjudandet till ett specifikt fall. Detta uppmärksammas genom en undersökning av företagets egenskaper, det nuvarande erbjudandet och leverantörs- och kundvärde för att finna möjligheter till en föreslagen lösning. Sådana möjligheter var till exempel en efterfrågan på miljömässigt hållbara lösningar och en existerande infrastruktur som kan gagna företagets värdeskapande i framtiden. Processen inkluderar, förutom LCA, intervjuer, en workshop, och en kundundersökning adresserad till slutanvändare. Användandet av visualiseringsverktyg, sådana som aktörskarta och Product-Service Blueprint, gynnar förståelsen för både den nuvarande och den föreslagna lösningen och skapar insikter kring utvärdering och möjliga förbättringar. En kostnadskalkyl görs för att utvärdera om lösningen är finansiellt bra för företaget. Genom denna avhandling upptäcks en cirkulär ekonomi-baserad lösning. Studien visar att denna lösning minskar miljöpåverkan för de valda påverkanskategorierna jämfört med den nuvarande lösningen. Den föreslagna lösningen är baserad på att återfylla brandsläckare och därigenom cirkulera material vilket är teoretiskt genomförbart. Dock behövs ytterligare övervägande för att lösningen ska vara implementerbar och för förföretaget realiserbart.

As pesquisas identificam os modelos e práticas ligados a cadeias de suprimentos de ciclo fechado, como uma das estratégias para o desenvolvimento sustentável através da recuperação do produto pós-consumo, maximizando a criação de valor ao longo de todo seu ciclo de vida, transformando o que é resíduo em produto para novo uso. O objetivo desta pesquisa é identificar como a gestão da cadeia de suprimentos de ciclo fechado pode criar e capturar o valor deste produto pós-consumo. O método adotado foi de múltiplos estudos de caso explorando duas cadeias de suprimentos de ciclo fechado a de baterias automotivas chumbo ácido e de produtos eletrônicos tais como telefones celulares, notebooks, tablets, impressoras, desktops e monitores no Brasil. Primeiro conduzimos uma análise do relacionamento entre as empresas de cada cadeia e então expandimos nossa análise comparando as duas cadeias. Os resultados sugerem que para criar e capturar valor na cadeia de suprimentos direta ou tradicional é necessário a gestão das dimensões prioridades competitivas, estrutura da cadeia de suprimentos, relacionamento comprador-fornecedor, compras estratégicas e inovação. Entretanto, para a cadeia de suprimentos de ciclo fechado criar e capturar valor será necessário além da gestão destas dimensões adicionarmos maior interdependência entre as empresas, vantagem colaborativa, gestão tétrade multinível e uma estrutura da cadeia de suprimentos com novas ramificações em outros setores e indústrias que aumenta a quantidade de produtos pós-consumo retornados, resultando em um importante ganho de economia de escala, com foco no processo de reciclagem. / The researches identify closed loop supply chain models and practices as one of the sustainable development strategies through post consumption product recovery, maximizing value creation over the entire life cycle of a product transforming waste in a product for new use. The aim of this research is to understand and identify how the closed loop supply chain management can create and capture the value of this post consumption product. By adopting a multiple case study method, studying two Brazilian\'s closed loop supply chain the lead acid battery industry supply chain and electronic products industry supply chain for mobile phones, notebooks, tablets, printers, desktops and monitors. We first conduct a relationship analysis between the firms of each supply chain then we expand our analysis comparing the two chains. The results show that for value creation and capture in supply chain is required management in dimensions competitive priorities, supply chain structure, buyer supplier relationship, strategic purchasing and innovation. However for closed loop supply chain besides management in these dimensions we must add firms\' bigger interdependency, collaborative advantage, multi-level tetrad management and a supply chain structure with new connections in others industries, that increases the post consumption product\'s return resulting in an important gain from economies of scale focusing in recycling process.

The current health trend in Sweden has created a gym industry where the competition hardens for each day. Dominant actors fight for customers and the customers are many. The basic need of being psychically active is with each individual and therefore everyone, in theory becomes potential customers for the gyms. The gyms targets the widest of target groups and invite with slogans like workout for everyone. However, there are problem with maintaining customers who refrain from training or completely leaving the membership. The purpose of this study is to investigate how gyms present segmentation strategy creates disloyal customers who abandon the gym despite their individual needs and how gym can through segmentation measures create more profitable relationships with more loyal customers.The method used for this was based on interviews with two groups, the non-loyal customers and the gyms as well as an content analysis of the gyms own communication. The result from the study shows a number of gaps when it comes to the communicated target groups versus which resources are put on the operational work from gym. The study's conclusion is that the current segmentation strategy does not justify the stated target group, but instead shows obvious deficiencies which lead to non loyal customers to an excessive extent. Instead a number of measures with a focus on inclusion and focus are presented

Made available in DSpace on 2016-03-15T19:26:18Z (GMT). No. of bitstreams: 1 Fabio Luiz Zandoval Bonazzi 1.pdf: 24418656 bytes, checksum: 849113d4892b542d0db44d6ce32061c8 (MD5) Previous issue date: 2014-11-26 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This study aimed to understand the intellectual capital role, in the value creation process, throughout the different phases of the business model, in a mobile value added service (VAS) company. The theoretical constructs of value, intellectual capital, business model and process perspective, have been reviewed. From these constructs, a conceptual model has been developed. This model is able to integrate human, structural and relational dimensions of intellectual capital, and guide them to process of creating, delivering and capturing value for the company, through a business model evolutionary perspective. The conceptual model was empirically applied to the Movile company, a VAS technology developer, through a single case study, carried out at an interval of 18 months, in a period comprised between april 2013 and september 2014. Data were collected from six interviews, and complemented by primary and secondary artifacts, as well as by direct observations. As a result, it has been observed that human, structural and relational dimensions of intellectual capital, are closely related to value creation process, and were gradually built and hinged along an organizational evolutionary process, of more than 15 years. During this period, six different business models were identified, involving the past, present and future of the company. In the initial phase, human and relational dimensions were essential to value creation. In subsequent steps, there was an importance alternation of dimensions in value creation process, and an enhancement of each dimension features, showing the relational dimension as a determining factor for value creation in the company long-term future. As an empirical contribution, the business model evolutionary analysis, through the articulation of the intellectual capital dimensions, provides analytical elements for new companies that emerge in Mobile VAS industry. In relation to the telecommunications companies, these tend to turn into a pipe performance, substantially focused on providing technology infrastructure to mobile VAS companies. / Teve-se como objetivo, neste estudo, compreender o papel do capital intelectual no processo de criação de valor ao longo das diferentes fases evolutivas do modelo de negócio de uma empresa de Serviço de Valor Agregado (SVA) móvel. Foram revisados os constructos teóricos de valor, capital intelectual, modelo de negócio e perspectiva processual. A partir deles, foi desenvolvido um modelo conceitual capaz de integrar as dimensões humana, estrutural e relacional do capital intelectual, e orientá-las ao processo de criação, entrega e captura de valor para a empresa, numa perspectiva evolutiva de modelo de negócio. Esse modelo conceitual, foi aplicado empiricamente na empresa Movile, desenvolvedora de tecnologia SVA móvel, por meio de um estudo de caso único, realizado em um intervalo de 18 meses, entre abril de 2013 e setembro de 2014. Os dados foram coletados mediante a realização de seis entrevistas e complementados por artefatos primários, secundários e observações diretas. Como resultado, pôde-se observar que as dimensões humana, estrutural e relacional do capital intelectual, encontram-se intimamente relacionadas ao processo de criação de valor, e foram gradativamente construídas e articuladas ao longo de um processo evolutivo organizacional de mais de 15 anos. Nesse período, foram identificados seis diferentes modelos de negócio, envolvendo o passado, presente e futuro da empresa. Na fase inicial, observou-se que as dimensões humana e relacional foram essenciais para a criação de valor. Nas etapas subsequentes, observou-se uma alternância da importância das dimensões no processo de criação de valor, e um aprimoramento e modificação das características de cada dimensão, evidenciando ser a dimensão relacional o fator determinante para a criação de valor em um futuro de longo prazo da empresa. Como contribuição empírica, a análise evolutiva do modelo de negócio, por meio da articulação das dimensões do capital intelectual, fornece elementos analíticos para as novas empresas que venham a surgir e se estabelecer no setor de SVA Móvel. No tocante às operadoras de telecomunicações, observou-se que essas tendem a evoluir para uma atuação de pipe, substancialmente voltada para o fornecimento de infraestrutura tecnológica às empresas de SVA móvel.

Made available in DSpace on 2016-03-15T19:25:27Z (GMT). No. of bitstreams: 1 Salim Augusto Amed Ali.pdf: 1908550 bytes, checksum: 7095064d1ba3cd28c835632bfe5ac730 (MD5) Previous issue date: 2010-08-16 / Fundo Mackenzie de Pesquisa / This study aimed to gather the perceptions of three audiences in specific, about their understanding on the generation of value through the activity of Investor Relations in Brazilian listed companies. The first group, consisting of 16 professionals and experts in Investor Relations and the second group, comprised of 11 investment analysts and portfolio managers, were personally interviewed using structured interview, survey-type. The third group of individual investors answered a questionnaire via Internet, totaling 457 valid responses. The findings show that in the perceptions of the three groups, IR adds value to the company. They also pointed out several activities and structures presents in Investor Relations that are considered more relevant in the sense of adding value to the company. Reflecting these activities and structures, it was possible to divide them into five groups: Communication, Activities, Meetings with the Market, Strategy and Metrics of Direct Measurement. The Communication was of higher importance, noting that IR and the company must be transparent, providing the information in a quick, clear, reasoned way, and the IR website and electronic media were identified as the main means. Activities undertaken by IR, shows relevance the contact with foreign investors; the explanation of profit distribution policy; relevant future events, as new investments; the diversification of the shareholder bases; comparative analysis of the sector in which the company operates; and actions to promote the liquidity of shares. Regarding Meetings With the Market, public meetings, individual (with sell side, buy side and institutional) and road shows, were revealed as relevant. About the Strategy in IR, it became clear that it must be drawn on the Executive Board, and the area should be subordinated to the CEO. Finally, Metrics of Direct Measurement point to three main items, namely the amount of "houses" covering the company's stock, the average market valuation compared to the valuation prepared by the company itself, and decrease in volatility of stock price compared with peer companies in the industry. The article seeks to contribute to, in future searches, build more objective and justified proxies for the quality of IR, in an attempt to quantify the value that the IR area adds to the public companies. / A presente dissertação objetivou coletar a percepção de três públicos em específico acerca do entendimento dos mesmos quanto à geração de valor por meio da atividade de Relações com Investidores em companhias abertas brasileiras. O primeiro grupo, formado por 16 profissionais e especialistas em Relações com Investidores, e o segundo grupo, formado por 11 analistas de investimento e gestores de carteiras, foram entrevistados pessoalmente por intermédio de entrevistas estruturadas do tipo survey. O terceiro grupo, dos investidores individuais, respondeu a questionário via internet, totalizando 457 respostas válidas. Os achados mostram que na percepção dos três grupos, RI agrega valor à companhia. Os mesmos ainda apontaram diversas atividades e estruturas presentes em Relações com Investidores que se demonstram mais relevantes no sentido de agregar valor à companhia, bem como aquelas que se demonstram menos relevantes. Espelhando essas atividades ou estruturas, foi possível dividi-las em cinco grupos: Comunicação, Atividades, Reuniões com o Mercado, Estratégia e Métricas Diretas de Mensuração. A Comunicação foi a de maior relevância, apontando que RI e a companhia devam ser transparentes, apresentando as informações de modo rápido, claro e fundamentado, sendo o website de RI e as mídias eletrônicas apontadas como os principais meios. Nas Atividades realizadas por RI tomam relevância o contato e atendimento aos investidores estrangeiros; a política de distribuição de resultados; eventos futuros relevantes, como novos investimentos; a diversificação da base acionária; as análises comparativas do setor em que a companhia atua e; as atividades que favoreçam a liquidez das ações da empresa. Nas Reuniões com o Mercado, as reuniões públicas, individuais (com sell side, buy side e institucionais) e road shows, se evidenciaram como relevantes. Quanto à Estratégia em RI, evidenciou-se que a mesma deve ser traçada na Diretoria Executiva, e a área subordinada ao Presidente Executivo. Por fim, as Métricas Diretas de Mensuração apontam três itens como principais, quais sejam a quantidade de casas cobrindo a ação da empresa, o valuation médio de mercado comparado ao valuation elaborado pela própria companhia e a diminuição na volatilidade no preço da ação comparado com as companhias pares do setor. O estudo busca contribuir para que em futuras pesquisas seja possível a construção de proxies objetivas e mais justificadas para a qualidade do RI, na tentativa de quantificar o valor que a atividade de Relações com Investidores agrega à companhia aberta.