La littérature en marketing souligne l’importance du personnel en contact avec la clientèle dans le secteur des services. Nous développons une recherche ancrée en contrôle de gestion qui intègre ce résultat en analysant le lien entre (1) le contrôle de la performance opérationnelle et (2) la performance organisationnelle dans l’hôtellerie. Nous considérons plus précisément les relations entre l’assignation des droits décisionnels, le système de mesure de la performance, et le système d’incitation dédiés au personnel en contact avec la clientèle ; et leur influence sur la performance de l’organisation. Ces relations sont étudiées à la lumière du critère stratégique d’orientation marché, traduit à partir d’une étude qualitative par le concept de proposition de valeur hôtelière. Afin de tester notre modèle fondé sur la théorie de l’agence et sur la base d’une étude menée auprès des hôteliers en PACA, nous utilisons une méthodologie quantitative, l’approche PLS. Les résultats conduisent, d’une part, à valider les liens de complémentarité entre les trois composantes du design organisationnel ; et d’autre part, à rejeter les hypothèses liées à l’existence de relations entre (1) le design organisationnel et la performance organisationnelle, et (2) la proposition de valeur et le design organisationnel. D’un point de vue global, ces résultats sont cohérents avec littérature, et montrent la nécessité de considérer l’assignation des droits de décision lors de l’étude des systèmes de contrôle de gestion. Ils offrent un éclairage sur le secteur des services en montrant l’importance de la mesure non financière dans les pratiques d’incitation aux niveaux inférieurs de la hiérarchie. / The marketing literature indicates that employees in contact with the customers in the service sector are prominent. This research in management accounting considers this result and investigates the relations between the control of operational performance and the organizational performance in the hotel industry. Specifically, we are interested in the relations between assignment of decision rights, performance measurement system and incentive system dedicated to employees in contact with customers, and we consider the effects of this organizational design on organizational performance. These relations are studied in light of the strategic concept of market orientation, this one being operationalized through a qualitative study of the concept of hotel value proposition. In order to test our agency model, we use a PLS approach on the basis of an empirical study of hotels in PACA. Our results indicate support to the hypothesized positive relations between assignment of decision rights and use of incentive systems, and between use of incentive systems and non-Financial measurement. We find no support to the hypotheses that organizational design is positively related to organizational performance, and that hotel value proposition influences organizational design. Overall, these results are consistent with prior literature indicating that assignment of decision rights and management control systems are complementary choices. Furthermore, they provide insights on the specificities of service activities, as they indicate the importance of non-Financial performance measurement in incentive systems at the worker level.

Diplomová práce se zabývá aplikací Balanced Scorecard (BSC)ve společnosti Řetězárna a.s. Balanced Scorecard je klíčový manažerský systém, který převádí firemní poslání a strategie do uceleného souboru měřítek výkonnosti. Nejprve byla provedena analýza finanční výkonnosti podniku, banchmarkingové srovnání a dále také strategická analýza podniku. Stěžejní část diplomové práce tvoří již samotná implementace BSC. Ta spočívá v přiřazení podnikových strategických cílů a jejich ukazatelů úspěšnosti k jednotlivým perspektivám BSC. Provázanost a kauzalitu podnikových strategických cílů přehledně zobrazuje strategická mapa. Dalším výstupem diplomové práce je podpůrný nástroj v programu MS Excel, který obsahuje data pro hodnocení úspěšnosti jednotlivých firemních strategických výpovědí a procesů.

The aim of the Master's Thesis is the ranking of the selected sector of the Czech economy, specifically group of vehicle manufacturers in terms of their financial performance. In particular the evaluation of the financial performance of selected objects of ranking, creating charts according to specific criteria and their interpretation. The Thesis also provides examples of significant Czech and world rankings, which are described and compared. The theoretical part is given in particular the selection criteria and ranking methodology focusing on value-based criteria (EVA, spread, NPV) and theoretical background of business in the sector. That is then developed in the practical part of the work in the analysis of the automotive industry. The following is a selection and segmentation of objects ranking and the main part of the work focused on ranking of companies based on their financial performance.

The aim of the Master´s Thesis is the ranking of the selected sector of the Czech economy, specifically the group CZ NACE 1051: Milk processing, production of dairy products and cheese. In particular the evaluation of the financial performance of selected objects of ranking, creating charts according to specific criteria and their interpretation. The Thesis also provides examples of significant Czech and world rankings, which are more closely described and compared. The theoretical part describes the selection criteria and ranking methodology, followed by the selection and segmentation of objects included in the ranking. The practical part of the work is focused on ranking of companies based on their financial performance.

The subject-matter of this diploma thesis is a comparison of financial performance of issuers of selected stock titles listed on the official market of the RM-SYSTÉM, česká burza cenných papírů a.s. stock exchange from a potential investor's perspective. The comprehensive comparison of financial performance presented both in the numerical and the graphic form is achieved through the application of the ranking method based on evaluation criteria analysing financial performance in the years 2009 to 2015 with a view of economic power, profitability, stability and investor perspective. The ranking is compiled with the use of each of the evaluation criteria on the basis of weighted average, taking account of the up-to-datedness of the input data of pre-defined materiality coefficients, and on the basis of arithmetic average representing the median value for the calculation of absolute volatility expressed by the standard deviation.

This paper examines the relationship between ownership concentration and corporate performance amongst listed South African industrial firms. The study‘s theory base is rooted in the principal-agent problem and seeks to investigate the theory‘s applicability to the South African context. Descriptive statistical analysis is performed in line with existing studies (Demsetz&Lehn, 1985; Demsetz&Villalonga, 2001; Morck et al., 1988). The percentage sums of the five and ten largest shareholders as well as firm market capitalisation are treated as independent variables. The financial measures of Tobin‘s Q and return on capital employed (ROCE) form the dependent variables as a basis for measuring firm financial performance. The results suggest that there is no statistically significant relationship between ownership concentration and firms‘ financial performance in the case of Tobin‘s Q or ROCE during the survey period. However, a statistically significant positive relationship between firms‘ market capitalisation and financial performance is found. The study tentatively suggests that the separation of ownership from control does not appear to have any negative behavioural implications for the theory of the firm in the South African context. Future research is encouraged to confirm these results. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

Mergers and acquisitions continue to enjoy importance as strategies for achieving growth, although their success in creating shareholder value remains contested. The aim of this research was to evaluate whether, in the long-run, acquiring companies created or destroyed value by evaluating the differences between pre- and post-acquisition firm performance, using, abnormal share price performance, operating financial performance and intrinsic value performance metrics. This research used a non-representative, judgemental sample of 29 JSE listed firms to conclude that, on average, mergers and acquisitions destroy value within two years post-acquisition, although some evidence was found in support of acquiring firm value creation in the third year after the acquisition. Results indicated a significant -6.62% decline in acquiring firm average cumulative average abnormal return (ACAAR) between 504 trading days before and after acquisition announcement dates. This finding reversed in year three, resulting in a positive ACAAR of 8.76%. Similarly, average intrinsic value (AIV) performance indicated that between one year before and one year after the acquisition, AIV deteriorated with a significant -0.131. However, between year one and two after the acquisition, AIV recovered by 0.112. Overall evidence indicated positive and significant AIV growth of 0.370 between one year before and three years after the acquisition. The research found insignificant results for the pre and post-acquisition evaluation of industry-adjusted cash-flow return on all assets (IACRAA). / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

<p>Osnovni cilj istraživanja ove doktorske disertacije je da se utvrde smerovi i intenziteti dve grupe efekata: menadžmenta znanja (KM) na zadovoljstvo poslom (JS) zaposlenih i finansijske performanse (FP) preduzeća, uz prikaz uticaja pojedinih kontrolnih varijabli (nacionalno poreklo preduzeća, vlasnička struktura preduzeća, veličina preduzeća, visina finansijskih performansi preduzeća) na dimenzije menadžmenta znanja, kao i utvrđivanje moderatornih odnosa (pol, godine starosti, vrsta radnog mesta i stepen stručne spreme ispitanika) na relacije KM na JS. Istraživanje je izvr&scaron;eno anketiranjem, na uzorku N=520 ispitanika (menadžeri svih nivoa) iz proizvodnih preduzeća u Srbiji. Statistička obrada podataka vr&scaron;ena je pomoću namenskog softvera IBM SPSS Statistics 21. Pri tome, kori&scaron;ćene su sledeće statističke metode: deskriptivna statistika, t-test, korelaciona analiza, regresiona analiza, analiza varijanse (ANOVA) i hijerarhijska regresiona analiza za analizu moderatornih dejstava. U radu su posmatrane dve grupe uticaja, menadžment znanja na zadovoljstvo poslom zaposlenih i menadžment znanja na finansijske performanse preduzeća. Prilikom analize relacija obe grupe, uočene su značajne razlike. Uticaj menadžmenta znanja na finansijske performanse preduzeća je jasan i nedvosmislen: statistički značajan i pozitivan. Međutim, uticaj menadžmenta znanja na zadovoljstvo poslom zaposlenih je znatno kompleksniji: uglavnom je statistički značajan i negativan, ali ima i statistički značajnih i pozitivnih uticaja.<span style="font-size: 12px;">Osnovno ograničenje istraživanja je činjenica da se rezultati istraživanja odnose na zemlje sa specifičnim tranzicionim uslovima privrede, tako i na prisutnost psiholo&scaron;kog stava ljudi koji je specifičan u ovakvim uslovima. S druge strane, mora se napomenuti da je značajan istraživački uzorak obuhvatio i strane kompanije koje posluju u Srbiji, &scaron;to može implicirati univerzalnost rezultata. S obzirom da se tranzicioni uslovi menjaju, značajno bi bilo pratiti te promene i u odnosu na njih postaviti nova istraživanja i komparirati rezultate i u skladu sa tim davati preporuke za dalji rad i unapređenje poslovanja.</span></p> / <p>The main goal of this doctoral dissertation is to determine the directions and intensities of two groups of effects: knowledge management (KM) on employee job satisfaction (JS) and enterprise financial performance (FP). In addition, the impact of individual control variables (national origin of the enterprise, ownership structure, the size of the enterprise, and the financial performance of the enterprise) on the dimensions of knowledge management (KM) is presented. Also the effects of the defined moderating relations (gender, age, type of job and level of education of respondents) on the relations of KM to JS are analyzed. The research was conducted via survey, on a sample of N = 520 respondents (managers of all levels) from manufacturing enterprises in Serbia. Statistical data analysis was conducted with the IBM SPSS Statistics 21 software. The following statistical methods were used: descriptive statistics, t-test, correlation analysis, regression analysis, analysis of variance (ANOVA) and hierarchical regression analysis for analysis of moderator actions. Two groups of influences were observed: knowledge management on employee job satisfaction and knowledge management on enterprise financial performance. During the analysis of these relations, significant differences were noticed. The impact of knowledge management on financial performance is clear and unambiguous: statistically significant and positive. However, the impact of knowledge management on employee job satisfaction is much more complex: it is mostly statistically&nbsp;significant and negative, but it also has statistically significant and positive impacts. The main limitation of the research is the fact that the research results refer to countries with specific transition conditions of the economy, and to the presence of the psychological attitude of people, which is specific in such conditions. On the other hand, it must be noted that a significant research sample included foreign companies operating in Serbia, which may imply the universality of the results. Given that the transition conditions are changing, it would be important to monitor these changes and in accordance with them set new studies and compare the results and accordingly make recommendations for further research and business improvement.</p>

Background: The term Environmental, Social, and Governance (ESG) is a relatively new concept within the financial industry. However, there are a couple of issues connected to the ESG score and sustainable finance. Thus, there is an ongoing conflict between creating economic value, which is the main task for managers, as well as tackling ethical issues such as ESG. Purpose: The purpose of this report is to investigate if there is a correlation between ESG scores and financial performance measures. The measures analysed are, Return on Assets (ROA), Retention Ratio (RET), Operating Cash-Flow (CF) and Debt-Equity (DE), for listed companies in Sweden and the UK. Method: To see if there is a correlation between ESG and financial performance, a Pooled OLS Regression and Fixed Effect Regression Model (FE) was used. The data was collected from the Thomson Reuters datastream, where 75 companies listed on the OMXSLCGI in Sweden and 75 companies listed on the FTSE100 in the UK, was retrieved. Conclusion: The regression results indicated a positive correlation between CF and ESG for both the FE regression and the Pooled OLS for the Swedish middle-ranked companies, as well as a positive correlation between DE and ESG for the lower-ranked Swedish companies. For the UK, no significant variables were found. Because of the limited significant results, this thesis found that there is yet no apparent correlation between the ESG score and financial performance based on the four years analyzed.

El presente trabajo de investigación tiene como fin estudiar la relación entre el liderazgo y el desempeño financiero del área comercial, en específico en la fuerza de ventas en Lima de cada una de las empresas a evaluar, dentro del sector asegurador. Para ello, se analizarán los siguientes estilos de liderazgo: Transaccional, Transformacional y Situacional. Cabe indicar que no estamos tomando en cuenta el estilo de liderazgo laissez-faire, ya que, partiendo de las investigaciones analizadas, llegamos a la conclusión que no existe un único estilo de liderazgo sino más bien siempre se da una mezcla entre ellos, dependiendo de cada situación presentada. Con relación al desempeño financiero abordaremos los indicadores de rentabilidad como ROI y Rendimiento sobre las ventas. Dentro del sector en el cual se basará la siguiente investigación encontramos a las principales compañías aseguradoras, conformadas por Rímac Seguros, Pacífico y Mapfre, ya que entre las 3 albergan aproximadamente el 60% de la participación del mercado nacional en los últimos ocho años. Finalmente, optamos por investigar esta relación puesto que actualmente no existen diversas investigaciones que evalúen este tipo de variables de manera conjunta; empero existen investigaciones que si evalúan el liderazgo con diversas variables ya sea productividad, desempeño, motivación, mas no con desempeño financiero que es la finalidad de esta investigación. / The main purpose of this research work is to study the relationship between leadership and financial performance of the sales force in each of the companies to be evaluated in Lima, within the insurance sector. For this, the leadership styles that are analyzed are the following: Transactional, Transformational and Situational. It should be noted that we are not taking in account the laissez-faire leadership style, since, based on the analyzed investigations, we come to the conclusion that there is no single leadership style, but rather there is always a mixture between them, depending on the situation presented. In accordance to the financial performance, we are considering the profitability indicators, such as ROI and performance on sales. Within the sector on which the following research will be based, we are considering the main insurance companies in Peru, such as Rimac, Pacifico and Mapfre since among the three they house around 60% of the market share in Peru in the last eight years. Finally, we chose to investigate this relationship since there are currently not many researches that evaluate these types of variables jointly. However, there are researches that evaluate leadership with other similar variables, such as productivity, performance, motivation, among others, but not specifically related to financial performance, which is the main purpose of this investigation. / Tesis