Made available in DSpace on 2016-04-25T16:44:50Z (GMT). No. of bitstreams: 1 ADM - Fernando Piveta.pdf: 1178347 bytes, checksum: 6764b90853817bb68a46439db196ce15 (MD5) Previous issue date: 2006-10-09 / Camargo Correa Cimentos S.A / With the managerial models evolution, the companies have been found, incessantly, ways to minimize the risk inherent for taking decision. New evaluation methodologies are persistently live inside of the organizations, for example, the EVA®, providing an updated evaluation between investments and its costs, promoting a value generation overview. The aim of this dissertation is to promote a theoretical and practical evaluation among EVA®, performance indicators and stock price in a study of case contemplating Embraer and the worldwide aerospace market. However, this dissertation begins with a theoretical observation of the main themes in analysis, as capital structure, costs involved and EVA®, and forward, applying these concepts in the EVA® observation as value methodology and its correlation with other performance indicators, as well as Embraer and world aerospace market. The results achieved in this research, at first moment by Embraer followed by aerospace sector, were similar didn t have significant correlation between EVA® and stock price. Similarly, the more significant correlations occurred between EVA® and the operational performance indicators, reflecting the current positions of the companies in analysis / Com a evolução dos modelos de gestão ao longo do tempo, as organizações têm buscado, incessantemente, formas de minimizarem o risco à tomada de decisão. Novos métodos de avaliação de performance estão presentes nas organizações como, por exemplo, o EVA®, proporcionando uma avaliação madura entre os investimentos e os seus respectivos custos, promovendo uma visão de geração de valor. O objetivo desta dissertação é promover uma avaliação teórico-prática entre a relação do EVA®, os indicadores de desempenho e o preço da ação em um estudo de caso, envolvendo a Embraer e o setor aeroespacial mundial. Para tanto, esta dissertação inicia-se com a observação teórica dos principais temas em análise, como a estrutura de capital, custos envolvidos e o EVA® e em seguida passa-se a aplicar tais conceitos na observação do EVA® como metodologia de explicitação de valor e suas correlações com os demais indicadores de desempenho, tanto para a Embraer, bem como para o setor aeroespacial mundial. Os resultados obtidos nesta pesquisa, em primeiro momento com a Embraer e em seguida para o setor aeroespacial, foram semelhantes ao não mostrarem correlação significante entre o EVA® e o preço da ação. Semelhantemente, as maiores e mais significantes correlações se deram entre o EVA® e os indicadores de desempenho operacionais, que refletiam a posição corrente das empresas em análises

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

Background: Today, It’s not uncommon that international companies and organizations have a higher turnover than the GDP of developing countries. Consequently, this may suggest that the choices companies make in the context of their business has a great potential to influence the world from an economic, but also from a social and environmental standpoint. From this the notion emerged that companies have a responsibility, referred to as Corporate Social Responsibility (CSR). A clear definition of the CSR concept is difficult to find, more than 37 different definitions has been identified. Common to all these is that they address a number of underlying themes such as: Balance, Responsibility, and Value. Few studies examine companies’ underlying assumptions about the adaptation and communication of CSR, and the perception of how one type of value in relation to another is created and defined. It is clear, however, that companies must make a choice regarding which areas of CSR they should prioritize. Purpose: The purpose of this thesis is to study how Swedish companies strategically adapt their CSR initiatives and CSR communication to create value. Method: In order to answer the purpose of the thesis a qualitative method has been used. Interviews were conducted with CSR representatives from three major Swedish companies. Theories: The Pyramid of CSR, Green marketing activities on three levels, Generic environmental strategies and Ten rules for successful CSR communication. Conclusion: The results of the study suggest that the link between the adaption of CSR and CSR communication is based on the business value perspective. Furthermore, it would seem that the competitive strategy of a company is in close symbiosis with their value perspective. The result of the study indicate that there is not a value perspective which should be preferred over others in the adaption of CSR and CSR communication, the value perspective should instead be relative to the company’s current competitive strategy and industry conditions. / Bakgrund: I dagsläget finns flera internationella företag och organisationer som har en högre omsättning än många utvecklingsländers BNP. Följaktligen kan detta innebära att de val företag gör inom ramen för sin verksamhet har stor möjlighet att påverka omvärlden ur ett ekonomiskt, men även ur ett socialt och miljömässigt perspektiv. Givet denna möjlighet till påverkan har även uppfattningen att företag besitter ett ansvar utvecklats, benämnt Corporate Social Responsibilty (CSR). En enhetlig definition för CSR är svår att finna, mer än 37 skilda definitioner finns identifierade. Gemensamt för alla dessa är att de länkar samman ett antal underliggande teman såsom; balans, ansvar och värde. En begränsad mängd forskning har behandlat företags underliggande antaganden om anpassning och kommunikation av CSR, samt synen på hur något typ av värde i relation till detta skapas och definieras. Tydligt är dock att företag måste göra ett val gällande vilka områden inom CSR de skall fokusera på för att på det mest förmånliga sättet gynna företaget och vara i enlighet med deras strategiska mål.. Syfte: Syftet med denna uppsats är att studera hur svenska företag strategiskt resonerar kring anpassningen av sitt arbete med Corporate Social Responsibility, samt kommunikationen av detta arbete för att kunna erbjuda ett värde. Metod: För att besvara syftet har en kvalitativ ansats nyttjats genom flertalet genomförda intervjuer med CSR-representanter på tre svenska företag. Teori: Den teoretiska referensramen utgörs av CSR-pyramiden, Gröna marknadsföringsaktiviteter på tre nivåer, Generiska miljöstrategier samt Tio regler för framgångsrik CSR-kommunikation. Slutsats: Studiens utfall har föreslagit att sambandet mellan anpassning av CSR och kommunikationen av detta, först och främst utvecklas utifrån företagets värdeperspektiv. Företagets valda konkurrensstrategi verkar även vara i symbios med detta värdeperspektiv. Studiens resultat indikerar inte att det finns en värdesyn som bör föredras framför andra i samband med anpassning av CSR och CSR-kommunikation, utan detta bör istället vara i relation till företagets rådande konkurrensstrategi och förutsättningar inom branschen.

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

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

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

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

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

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

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