Bakgrund: Elektrifieringen har resulterat i en ökad efterfrågan av litiumjonbatterier vilket har skapat ett ökat konkurrenstryck på marknaden. För att upprätthålla konkurrenskraften och möta intressenternas förväntningar krävs betydande investeringar från företagets sida. Micropower Group som tillverkar laddare- och litiumjonbatteri är en ledande aktör på marknaden och genomför en superinvestering i en ny produktionsanläggning. Med tanke på att hållbarhet är ett aktuellt ämne har företaget valt att konstruera anläggningen utifrån en grön profil.  Syfte: Syftet med uppsatsen är att analysera och beskriva investeringsprocessens tidiga skeden, samt när och på vilket sätt hållbarhet spelar roll i processen, mer specifikt från initiering till beslut. Genom att utgå från detta syfte belyses även andra icke-finansiella dimensioner som är av betydelse.  Metod: Studien är en kvalitativ fallstudie som har genomfört semistrukturerade intervjuer för att samla in empiriskt material. Respondenterna valdes genom både ett strategiskt urval och ett snöbollsurval. Den teoretiska referensramen består framförallt av böcker, vetenskapliga artiklar från Linnéuniversitets databaser, såsom Google Scholar och OneSearch.  Slutsats: Det ursprungliga motivet bakom superinvesteringen var strävan efter att bibehålla en ledande position på marknaden och leda den gröna omställningen, vilket kräver ökad kapacitet. Emotioner var centrala under investeringsbedömningen och beslutet grundades på strategiska överväganden och dess överensstämmelse med företagets långsiktiga tillväxtstrategi, struktur, kultur och värderingar. Micropower Group integrerade hållbarhet i investeringsprocessens tidiga skeden, framförallt under framdrivning och delvis i beslut, genom att prioritera sociala och miljömässiga fördelar samt arbetsmiljöförbättringar för att stärka företagsimage, långsiktig tillväxt och lönsamhet samt konkurrensfördelar. / Background: Electrification has resulted in an increased demand for lithium-ion batteries, which has created increased competitive pressure on the market. To maintain competitiveness and meet stakeholders' expectations, significant investments are required on the part of the company. Micropower Group, which is a leading manufacturer of chargers and lithium-ion batteries, is making a large-scale super capital investment in a new production facility. Considering that sustainability is a current topic, the company has chosen to construct the facility based on a green profile. Purpose: The purpose of the study is to analyze and describe the early stages of the investment process, as well as when and in what way sustainability becomes decisive in the process, more specifically from initiation to decision. By proceeding from this purpose, other non-financial dimensions that play a role are also highlighted. Method: The study is a qualitative case study that has conducted semi-structured interviews to collect empirical material. Respondents were selected through both strategic and snowball sampling. The theoretical frame of reference mainly consists of books, and scientific articles from Linnaeus University's databases, such as Google Scholar and OneSearch. Conclusion: The original motive behind the super capital investment was the aspiration to have a leading position in the market, which required increased capacity. Emotions were central during the investment assessment and the decision was based on strategic considerations and its consistency with the company's long-term growth strategy, structure, culture, and values. Micropower Group integrated sustainability in the early stages of the investment process, mainly during propulsion and partly in decisions, by prioritizing social and environmental benefits and improvements in the work environment for strengthened corporate image, long-term growth, and profitability as well as a competitive advantage.

This study investigates the association between traditional and alternative working capital measures and the returns of industrial firms listed on the Johannesburg Stock E"change. Twenty five variables for all industrial firms listed for the most recent 10 years were derived from standardised annual balance sheet data of the University of Pretoria's Bureau of Financial Analysis. Traditional liquidity ratios measuring working capital position, activity and leverage, and alternative liquidity measures, were calculated for each of the 135 participating firms for the 1 0 years. These working capital measures were tested for association with five return measures for every firm over the same period. This was done by means of a chi-square test for association, followed by stepwise multiple regression undertaken to quantify the underlying structural relationships between the return measures and the working capital measures. The results of the tests indicated that the traditional working capital leverage measures, in particular, total current liabilities divided by funds flow, and to a lesser e"tent, long-term loan capital divided by net working capital, displayed the greatest associations, and e"plained the majority of the variance in the return measures. At-test, undertaken to analyse the size effect on the working capital measures employed by the participating firms, compared firms according to total assets. The results revealed significant differences between the means of the top quartile of firms and the bottom quartile, for eight of the 13 working capital measures included in the study. A nonparametric test was applied to evaluate the sector effect on the working capital measures employed by the participating firms. The rank scores indicated significant differences in the means across the sectors for si" of the 13 working capital measures. A decrease in the working capital leverage measures of current liabilities divided by funds flow, and long-term loan capital divided by net working capital, should signal an increase in returns, and vice versa. It is recommended that financial managers consider these findings when forecasting firm returns. / Business Management / D. Com. (Business Management)

Thesis (MScAgric (Agricultural Economics))--University of Stellenbosch, 2009. / AFRIKAANSE OPSOMMING: Die Wes-Kaapprovinsie van Suid-Afrika beskik oor ’n diverse kapasiteit wat landbouproduksie betref en dit dra tot die sektor se algemene stabiliteit by; vandaar die bevordering van die Wes-Kaap as ’n aantreklike beleggingsektor. Die wynbedryf, wat ’n belangrike integrerende deel van die landbousektor in die Wes-Kaap uitmaak, speel ’n baie belangrike rol in die ekonomie van die Provinsie en bied ontsaglike geleenthede met betrekking tot landboukundige beleggings in die Provinsie. Die Suid-Afrikaanse wynbedryf is bekend vir sy produkte van hoë gehalte. Tans word indirekte aanwysers soos die inkomste van produsente, die aantal nuwe wynkelders, asook die ouderdomsamestelling van wingerdstokke in Suid-Afrika, gebruik om die beleggings- netto toevloeiing in die wynbedryf te bereken. Die hoofdoel van hierdie studie is om die mees algemene bronne van kapitaal van wynplase en die mees algemene doelwitte wat wynboere in die Wes-Kaap probeer om te bereik, te identifiseer. Nog ’n doelwit is om daardie wynplaas- en eienaarskenmerke te identifiseer wat die prestasie van wynplase in die Wes-Kaapprovinsie van Suid-Afrika beïnvloed. Om die ontleding te vergemaklik is die hoofprobleem in drie spesifieke doelwitte of subprobleme verdeel. Die studie het van verskeie metodes en tegnieke gebruik gemaak in ’n poging om relevante en akkurate data te verkry. Die verskillende bronne wat geraadpleeg is het persoonlike beraadslaging met deskundiges in die bedryf, artikels wat in verskeie akademiese vaktydskrifte en boeke gepubliseer is, referate wat by konferensies gelewer is, verhandelings van nagraadse studente, en ander artikels op die Internet ingesluit. Data-ontledings wat met die eerste en tweede subprobleme verband gehou het is met die gebruik van statistiese pakkette soos Excel en Stata in die vorm van veelvoudige kruistabulerings uitgevoer. In die derde probleem, naamlik om wynplaas- en eienaarskenmerke te identifiseer wat die prestasie van wynplase in die Wes-Kaap beïnvloed, is ’n intervalregressiegelykstelling bereken deur van die Stata- statistiese sagtewarepakket gebruik te maak. / ENGLISH ABSTRACT: The Western Cape Province of South Africa has a diverse agricultural production capacity and this contributes to the sector’s general stability, hence its promotion as an attractive investment sector. The wine industry, a significant component of the agricultural sector in the Western Cape, plays a very important role in the economy of the Province and presents enormous opportunities in terms of agricultural investments in the Province. The South Africa’s wine industry is renowned for its high quality products. Currently, indirect indicators such as producer income, the number of new wine cellars, as well as the age composition of vines in South Africa, are used to estimate investment net flows into the wine industry. The main objectives of this study are to identify the most common sources of capital in wine farms and the most common objectives that wine farm owners are trying to achieve in the Western Cape Province. Another objective is to identify those wine farm and owner characteristics that affect the performance of wine farms in the Western Cape Province of South Africa. For ease of analysis, the main problem was divided into three specific objectives or sub-problems. The study employed a number of methods and techniques in an effort to obtain relevant and accurate data. The different sources consulted include personal communications with industry experts, articles published in different academic journals and books, conference papers, postgraduate students’ theses, and other articles from the internet. Data analyses relating to the first and second sub-problems were carried out using Excel and Stata statistical packages and took the form of multiple cross-tabulations. In the third subproblem i.e., to identify wine farm and owner characteristics that affect the performance of wine farms in the Western Cape, an interval regression equation was estimated using Stata statistical software package.

Thesis (MComm (Business Management))--University of Stellenbosch, 2006. / For the last 40 years, academics advocated the use of the traditional Discounted Cash Flow (DCF) techniques but these suggestions were ignored by practitioners for a long time. The Net Present Value (NPV), Internal Rate of Return (IRR) and Present Value Payback Period (PVPP) are now some of the more widely used traditional DCF-based techniques, especially among large firms. However, academics are now criticising these techniques as they are based on rigid assumptions that ignore the management of flexibility in projects. The Real Option Valuation (ROV) is suggested as an alternative technique because it implicitly incorporates this flexibility in project valuation. With ROV, opportunities in projects are treated as real options and are therefore valued using financial option principles. Real options give the firm the opportunity to act on an investment project (invest, abandon, rescale) at a later date, when more information is available. As with the traditional DCF-based techniques in the past, few firms seem to have adopted ROV despite academics’ recommendations. This study is thus aimed at determining through a survey, whether the largest firms in South Africa, specifically those included in the JSE/FTSE Top 40 index, are using ROV. Based on the results of the survey, it is concluded that firms generally do not use ROV as only nine percent of the respondents were found to be using it. This is largely attributed to managers being unaware of the technique, and to some extent, to the technique’s complexity. On the other hand, managers were generally found to recognise the flexibility despite not using ROV, although it was not confirmed whether they quantify this flexibility.

This study investigates the association between traditional and alternative working capital measures and the returns of industrial firms listed on the Johannesburg Stock E"change. Twenty five variables for all industrial firms listed for the most recent 10 years were derived from standardised annual balance sheet data of the University of Pretoria's Bureau of Financial Analysis. Traditional liquidity ratios measuring working capital position, activity and leverage, and alternative liquidity measures, were calculated for each of the 135 participating firms for the 1 0 years. These working capital measures were tested for association with five return measures for every firm over the same period. This was done by means of a chi-square test for association, followed by stepwise multiple regression undertaken to quantify the underlying structural relationships between the return measures and the working capital measures. The results of the tests indicated that the traditional working capital leverage measures, in particular, total current liabilities divided by funds flow, and to a lesser e"tent, long-term loan capital divided by net working capital, displayed the greatest associations, and e"plained the majority of the variance in the return measures. At-test, undertaken to analyse the size effect on the working capital measures employed by the participating firms, compared firms according to total assets. The results revealed significant differences between the means of the top quartile of firms and the bottom quartile, for eight of the 13 working capital measures included in the study. A nonparametric test was applied to evaluate the sector effect on the working capital measures employed by the participating firms. The rank scores indicated significant differences in the means across the sectors for si" of the 13 working capital measures. A decrease in the working capital leverage measures of current liabilities divided by funds flow, and long-term loan capital divided by net working capital, should signal an increase in returns, and vice versa. It is recommended that financial managers consider these findings when forecasting firm returns. / Business Management / D. Com. (Business Management)

The diploma work presents financing from a structural funds of the EU and analysis of problems of this type of financing. Main focus is on elaboration feasibility study (economical project rating), that is an inseparable part of the application for grant from these funds. It also speaks about alternative methods of financial resourcing essentials to realize the desired business plan.

In South Africa, less than 10% of individuals are financially independent after retirement, with an increasing number becoming dependent on social grants from government – hence the importance of analysing the asset composition of high net worth individuals who have achieved financial independence. To achieve the aim of this study, it was first necessary to define net worth and to develop a theoretical framework of the assets and liabilities included in the measurement of an individual’s net worth and how these assets and liabilities should be valued. A definition of high net worth individuals was then formulated. Secondly, the factors influencing the asset composition of high net worth individuals, as well as selected demographic factors that influence net worth, were investigated. Finally, following a quantitative approach, data collected from the liquidation and distribution accounts of deceased individuals were analysed according to the developed framework. The results of this study suggest that are indeed differences in the contribution of the different asset types when measured using the mean, relative contribution and importance of the asset class in comparison with total assets. Further analysis revealed that the richest individuals included in the survey invested more in shares than the other groups for whom immovable property was the primary asset. Based on the analysis of selected demographic factors, the findings indicated that for many of the dependent variables, the asset used most by respondents in that group was not the same asset that made the highest contribution to the net worth of the individuals in the group. / Business Management / M. Com. (Accounting)

Thesis (MA)--University of Stellenbosch, 2011. / ENGLISH ABSTRACT: This thesis explores the relationship between the state and mining capital in South Africa since the beginning of gold mining. It provides a historical analysis centered around the notion that neither state nor capital have been able to dominate each other wholly but retained their respective relative strength and independence. By applying a qualitative approach, this thesis seeks to determine whether this notion still holds true today, how the relationship between the state and mining capital has evolved over time and by what factors was it determined. I suggest that structurally the nature of the state-capital relationship continues to endure fifteen years after apartheid. Accordingly the thesis is organized in terms of two critical junctures, one in the 1920s and one in the long 1970s when the balance of power between the state and mining capital experienced a number of shifts. Recent developments in post-apartheid South Africa seem, as of now at least, to represent more of a continuation of the shift that materialized in the long 1970s rather than a new conjuncture of its own or one in the making. Contrasting these findings with the adamant calls of the ANCYL for a nationalization of mines indicates that nationalization as the ANCYL foresees it does not seem to be informed by a historical understanding of the mining capital-state relations and that it is ceteris paribus unlikely to materialize. / AFRIKAANSE OPSOMMING: Die tesis ondersoek die verhouding tussen die staat en mynbou kapitaal in Suid-Afrika sedert die begin van die goudwedloop. Op grond van ’n historiese oorsig word daar aan die hand gedoen dat nòg die staat nóg mynbou kapitaal mekaar oorheers het en dat hierdie tendens vyftien jaar na apartheid steeds voortduur. Die magsbalans tussen die staat en kapitaal word egter gekenmerk deur twee uiteenlopende periodes, naamlik die Twintiger jare en die langdurige Sewentigs. Verwikkelinge in post-apartheid Suid-Afrika suggereer ’n voortsetting van die dinamika van die Sewentigs. Volgens onlangse uitlatings deur die ANC Jeugliga blyk dit asof die beweging nie bewus is van die kompleksiteit van hierdie historiese verhouding nie en dat dit dus hoogs onwaarskynlik is dat nasionalisering in terme van ANC Jeugliga beleid die lig sal sien.

In South Africa, less than 10% of individuals are financially independent after retirement, with an increasing number becoming dependent on social grants from government – hence the importance of analysing the asset composition of high net worth individuals who have achieved financial independence. To achieve the aim of this study, it was first necessary to define net worth and to develop a theoretical framework of the assets and liabilities included in the measurement of an individual’s net worth and how these assets and liabilities should be valued. A definition of high net worth individuals was then formulated. Secondly, the factors influencing the asset composition of high net worth individuals, as well as selected demographic factors that influence net worth, were investigated. Finally, following a quantitative approach, data collected from the liquidation and distribution accounts of deceased individuals were analysed according to the developed framework. The results of this study suggest that are indeed differences in the contribution of the different asset types when measured using the mean, relative contribution and importance of the asset class in comparison with total assets. Further analysis revealed that the richest individuals included in the survey invested more in shares than the other groups for whom immovable property was the primary asset. Based on the analysis of selected demographic factors, the findings indicated that for many of the dependent variables, the asset used most by respondents in that group was not the same asset that made the highest contribution to the net worth of the individuals in the group. / Taxation / M. Com. (Accounting)

Esta dissertação analisa os determinantes do investimento na economia brasileira no período compreendido entre 2003 e 2008, com enfoque teórico na teoria das restrições financeiras. Para efetuar tal análise, esse trabalho apresenta as principais teorias do investimento presentes na literatura, assim como os principais trabalhos que abordam a questão da relevância ou não da estrutura de capital no financiamento do investimento, com destaque àqueles que inserem a assimetria informacional no escopo teórico. Em seguida, são apresentados os trabalhos que defendem a importância da restrição financeira na determinação do investimento da firma. Para enriquecer a argumentação, é feita uma análise histórica da trajetória da taxa de investimento brasileira e da estrutura de capital das empresas nacionais, e um resumo dos principais trabalhos que estudaram os determinantes do investimento na economia brasileira, com destaque para os que incorporam as restrições financeiras. Por fim, a partir de dados de balanços patrimoniais e segregando a amostra por porte da empresa, um modelo de dados de painel é desenvolvido para testar a hipótese de restrição financeira nas firmas brasileiras de mercado aberto no período. / This dissertation analyzes the determining factors for investment in the Brazilian economy over the 2003-2008 period, with a theoretical focus on financial constraints. To conduct such analysis, this paper presents the main investment theories in the available literature, as well as the main papers that address the issue concerning the relevance, or not, of capital structure in financing investment, highlighting those that insert informational asymmetry into the theoretical scope. Following this are the works that defend the importance of financial constraints when deciding on a company’s investment. For a more in-depth examination, an historical analysis is carried out on the course not only of the Brazilian investment rate, but also of the capital structure of Brazilian companies. In addition, a summary of the main papers containing studies on the determining factors for investment in the Brazilian economy is presented, highlighting those [papers] that incorporate financial constraints. Finally, based on data from balance sheets and taking samples per company-size, a panel-data model is developed to test the hypothesis of financial constraints in publicly-listed Brazilian firms in the period in question. / Dissertação (mestrado) - Universidade Federal do Rio de Janeiro. Instituto de Economia, Rio de Janeiro, 2010 / Bibliografia: p. 88-94