隨著知識經濟時代來臨，知識在組織經營中扮演日益重要的角色，知識擁有者對於組織而言即為人力資本。組織應瞭解知識擁有者能為組織創造多少效益，從而進行人力資源管理，以求長期競爭優勢。因此人力資本在組織中益顯重要，故本研究擬探討人力資本對組織市場價值與財務績效之影響情況。 本研究以我國上市及上櫃公司為研究對象，包含資訊電子（光電、半導體、資訊通訊服務、資訊家電）、生物科技、食品、化學材料、紡織等產業進行探討。研究期間為2001年至2003年，以複迴歸方式從事實證模型分析。 本研究主要探討議題共分為兩部分： 一、人力資本對組織市場價值之影響：本研究以市場價值及M/B Ratio當為應變數，研發人數、員工向心力為自變數。 二、人力資本對組織財務績效之影響：以每人營業收入、每人營業毛利、每人稅前營業利益為應變數，自變數為：研發人數、員工向心力等。 本研究之實證結果發現：研發人數對組織市場價值與組織財務績效有正向影響，而員工向心力對組織M/B Ratio也有正向影響。另外，智慧資本的投資通常會為企業帶來數年的效益，人力資本也不例外，因此本研究另外針對遞延一期之組織市值及財務績效進行分析，實證結果研究也發現：研發人數對組織財務績效具有部分遞延效益。 根據實證結果，本研究建議組織應加強對人力資本之重視，俾提升其市場價值及財務績效。另外，對於後續研究者而言，由於人力資本之指標因各文獻採用不一，故未來學者應再針對不同指標進行探討，並加以彙整，或許對組織市場價值與財務績效影響因子可能會有更深入及明確之瞭解。 / With the coming of the age of knowledge economy, knowledge plays a very important role in organizations. Knowledge-owners are regarded as “Human Capital” in organizations. Managers should understand how many benefits the knowledge-owners will bring to the organizations, and use their Human Resource Management (HRM) policies effectively to retain the long-term competition advantages. Human capital becomes more and more important, so this study is intent to examine the effect of human capital upon the market value and financial performance of the organizations. The two main themes of this study are: 1. The effect of human capital on market value of the organizations. The dependent variable are: market value and M/B Ratio; and the independent variable are: number of R&D workers and employee loyalty. 2. The effect of human capital on financial performance of the organizations. The dependent variable are: revenue per employee, gross profit per employee, and operating income per employee; and the independent variable are: number of R&D workers and employee loyalty. The results show that “R&D workers” has both positive effect on market value and financial performance of the organizations; “employee loyalty” has positive effect on M/B Ratio, too. In addition, human capital has partial lagged effects. According to the results, this study suggests that the organizations should pay more attention to their human capital to promote their market value and financial performance. Moreover, for future researchers, they could examine different human capital indexes. It may allow us to have a thorough understanding about the influence of human capital on market value and financial performance of the organizations.

本研究主要探討，企業社會責任這個議題，是否能跳脫傳統從企業道德﹝business ethics﹞的角度，以更實用性的思考，結合企業所最為關心的經濟利益考量，成功地說服企業用更主動積極的方式從事與企業社會責任相關的決策與投資活動。為了達成該研究目的，本研究採用由道瓊永續性北美指數2005-2007連續三年評選入榜的企業為研究標的，觀測其財務績效相關指標是否明顯優於其餘未入榜的企業。而在現今許多所有權與經營權分離的企業當中，如何成功地降低待理問題，使高階經理人能將組織長遠永續發展的目標結合自身利益，為股東與其他利害關係人帶來最大的利益是本研究第二個探討的議題。藉由分析S&P execucomp資料庫2005-2007年的資料，本研究從高階經理人的年度薪酬資料，去了解企業社會責任執行佳的企業是否在薪酬結構的設計上有不同的設計。資料分析結果顯示，連續三年評選進入道瓊永續性北美指數的企業，其公司成長性顯著優於未入榜的企業；而主要與企業短期績效表現連動的薪酬制度──紅利，其所佔比例越高，將誘使高階經理人挪用於其他能創造短期財務績效的投資活動，長遠來看，將不利於公司企業社會責任活動的執行與發展。 / The goal of this study is to examine whether business performance is affected by the adoption of practice included under the term of “Corporate Social Responsibility (CSR).”To achieve this goal, the relation between CSR and some accounting or market indicators are analyzed and the existence of significant difference in performance indicators between North American firms that have adopt CSR and others that have not is also examined. Besides, this study takes a further step to explore the extent to which Boards use executive compensation to incite firms to act in accordance with social and environmental objectives. The Dow Jones Sustainability Index- North America is used for distinguishing firms that constantly comply with CSR practice for 3 years (2005-2007) from the rest. Empirical analysis supports the conclusion that differences in performance exist between firms that belong to the DJSI-North America (doing CSR good) and the rest (not doing CSR good). Moreover, the bonus of executive compensation has significant negative relationship with CSR. This finding implies that the compensation linking to short-term performance provides no incentives to executives for doing CSR which has long-term benefit for firms. This in turn suggests that executive compensation can be an effective tool in aligning executives’ welfare with that of the “common good”, which results in more socially responsible firms.

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Syfte: Då tidigare forskning har visat varierande och motsägelsefulla resultat vad gäller relationen mellan CSP och finansiell prestation, skapar det en förståelse för att andra variabler påverkar relationen. Syftet med följande studie är att undersöka om och hur graden av internt ägande påverkar relationen mellan socialt ansvar och finansiell prestation.   Metod: Denna studie har utifrån en positivistisk forskningsfilosofi, med en deduktiv ansats, antagit en kvantitativ forskningsstrategi. En tvärsnittsdesign har utförts där enbart sekundärdata har tillämpats som hämtats från Thomson Reuters Datastream. Analysering av sekundärdata har utförts genom deskriptiv statistik och multipla regressionsanalyser i statistikprogrammet SPSS.   Resultat &amp; slutsats: Resultatet indikerar att det inte är möjligt att visa hur graden av internt ägande påverkar relationen mellan socialt ansvar och finansiell prestation. Studien visar däremot att det föreligger en negativ relation mellan företags arbete med socialt ansvar och finansiell prestation (ROA och Tobin’s Q), samt mellan socialt ansvar och internt ägande.   Förslag till fortsatt forskning: Förslag till framtida forskning är framförallt att fortsätta på den nya unika forskningsinriktningen som följande studie belyst, genom att studera hur graden av internt ägande påverkar relationen mellan CSR och finansiell prestation (läs fler förslag under avsnitt 6.5 Förslag till vidare forskning).   Uppsatsens bidrag: Studien bidrar med mer empiriskt material till variationerna som tidigare forskning framställt gällande relationen mellan CSP och finansiell prestation, samt relationen mellan internt ägande och CSP. Studien har även bidragit till en ny forskningsinriktning gällande de interna ägarnas påverkan på relationen mellan socialt ansvar och finansiell prestation. / Purpose: Since previous research has shown diverse and contradictory results regarding the relationship between CSP and financial performance, it creates an understanding that other variables may affect the relationship. The purpose of the study is to examine whether and how the level of insider ownership affects the relationship between social responsibility and financial performance.   Method: This study was based on a positivistic research philosophy, with a deductive approach and adopted a quantitative research strategy. A cross-sectional design has been carried out using only secondary data that was collected from Thomson Reuters Datastream. The secondary data was analyzed by descriptive statistics and multiple regression analysis in SPSS.   Results &amp; Conclusions: The result wasn’t able to show how the level of insider ownership affects the relationship between social responsibility and financial performance. However, the study showed that there is a negative relationship between the social responsibility and financial performance (ROA and Tobin’s Q), as well as between social responsibility and insider ownership.   Suggestions for further research: Suggestions submitted to future research is to continue on the new unique research approach that this study has shed light on, by studying how the level of insider ownership affects the relationship between CSR and financial performance (read more suggestions under section 6.5 Suggestions for further research).   Contributions of the thesis: The study provides more empirical data to the varying results that previous researchers has shown in attempt to examine the relationship between CSP and financial performance, and the relationship between insider ownership and CSP. The study has also contributed to a new research area regarding the insider ownership and how they influence the relationship between social responsibility and financial performance.

Syfte: Hur CSR-prestation påverkar ett företags finansiella prestation har länge varit ett omtalat ämnesområde, vilket har bidragit till motstridiga resultat. Denna studie har tillämpat kostnad för eget kapital för att mäta finansiell prestation. Genom att betrakta CSR som en transparenseffekt, vilket ökar bolagens transparens, vill studien undersöka om CSR-aktiviteter kan sänka företagets uppfattade risk för att minska kostnad för eget kapital. Metod: Studien har tillämpat en positivistisk forskningsfilosofi och en deduktiv forskningsansats med uppställning av hypoteser. Vi har använt en kvantitativ forskningsmetod från vilket insamling av sekundärdata skett från den finansiella databasen Thomson Reuters. Studiens urval består av 548 företag från åtta europeiska länder. All data som inhämtats har bearbetats och analyserats i statistikprogrammet SPSS och JASP. Resultat &amp; slutsats: Våra resultat bevisar att det förekommer ett positivt respektive negativt samband mellan CSR-prestation och kostnad för eget kapital beroende på nation. Förslag till fortsatt forskning: Ett förslag till vidare forskning är att undersöka varför sambandet mellan CSR-prestation och kostnad för eget kapital uppträder olika inom nationer. Uppsatsens bidrag: Denna studie bidrar till en ökad förståelse för hur CSR-prestation påverkar företagets kostnad för eget kapital i en europeisk kontext. Studien har bidragit till en ny forskningsinriktning beträffande hur CSR-aktiviteter kan fungera som en transparenseffekt för att minska bolagets kostnad för eget kapital. Vidare bidrar uppsatsen med ytterligare kunskap om relationen mellan CSR-prestation och finansiell prestation, vilket visar i tidigare forskning motstridiga resultat. / Title: CSR-performance and cost of equity capital – a quantitative study of 548 European companies Aim: The subject of how corporate social responsibility affects the company’s financial performance has been discussed for a long time, which has contributed to conflicting results. This study has applied cost of equity capital in order to measure financial performance. By considering corporate social responsibility as a transparency effect, which increases firms’ transparency, this study wants to examine if corporate social responsibility can minimize the company’s perceived risk to decrease cost of equity capital. Method: The study has applied a positivist research philosophy and a deductive research approach with setting of hypotheses. We used a quantitative research method where the secondary data was collected from Thomson Reuters DataStream. The sample of the study includes 548 companies from eight European countries. The collected data has been processed and analyzed in the statistical program called SPSS and JASP. Result &amp; Conclusions: Our results prove that a positive respective negative relationship between corporate social responsibility and cost of equity exists depending on nation. Suggestions for future research: One suggestion for further research is to investigate why the relationship between corporate social responsibility and cost of equity appears different in nations. Contribution of the thesis: This study contributes to an increased understanding for how corporate social responsibility can affect the company’s cost of equity capital in a European context. The study have contributed to a new research turn concerning how corporate social responsibility can work as a transparency effect too reduce the firms cost of equity capital. It provides further acknowledge on the relationship between corporate social responsibility and financial performance which in previous research shows conflicting results.

The gradually changing behavior of the population, towards urbanization, ledto an increased shortage of available housing. This development has resultedin a serious issue in Sweden, where too few firms are providing solutions formulti-family houses in wood. Potential firms that could fill this increasingdemand are those in the single-family house industry. Yet, these firms mightface considerable problems with productivity, predominately derived fromincreasing production costs and inadequate production development.Developing these firms are associated with long-term investments, whichis investigated by evaluating the industry structure for sellers, highlightingthe financial and market situation within their industry. These factors aregrowing in importance due to the current market concentration, where morefirms are required to focus on product development driven by the demand toprefabricate wooden elements, volumes or modules in an industrialized way.This thesis studies Swedish firms producing wooden single-familyhouses, with the aim to investigate their possibilities to enter the woodenmulti-family house industry in Sweden.Investigations will be conducted by applying Altman’s Z’ value, riskposition model, the Herfindahl-Hirschman index, the Herfindahl-Hirschmannumber equivalent, productivity ratio model for profitability and finally amodel measuring market Concentration Ratio.Results show that the industry tends towards perfect competition with toomany firms involved, i.e. firms mainly have to compete by prices. Further,firms are grouped into three zones; risk, grey or safe zone. The levels withinthese zone show a reduction of firms in the red zone over time. Related to thecurrent risks, many firms have promising positions to invest in productdevelopment towards wooden multi-family houses, in addition to theircurrent products, even though firm productivity has declined during thestudied time frame. The results that the investigated firms have goodpossibilities gaining a competitive advantage by diversifying into thegrowing wooden multi-family house industry.

Syfte: Syftet med denna studie är att undersöka om det finns ett samband mellan intellektuellt kapital och finansiell prestation. Ett delsyfte är att undersöka om det finns någon skillnad i andelen intellektuellt kapital hos företag i kunskapsbaserade branscher jämfört med företag i icke kunskapsbaserade branscher. Metod: Detta är en kvantitativ studie på företag som är börsnoterade på Nasdaq OMX Stockholm. Studien genomförs på totalt 307 företag, efter bortfall. Datan samlas in från företagens årsredovisningar från 2017 med hjälp av Thomson Reuters Datastream. I studien utförs en korrelationsanalys, multipel regressionsanalys och ett oberoende t-test. Resultat och slutsats: Studiens resultat visar att det finns ett svagt positivt samband mellan intellektuellt kapital och finansiell prestation som är icke signifikant och därför kan bero på slumpen. Resultatet visar också att företag i icke kunskapsbaserade branscher besitter en större andel intellektuellt kapital än företag i kunskapsbaserade branscher. Uppsatsens bidrag: Studiens bidrag är att det finns ett svagt positivt samband mellan intellektuellt kapital och finansiell prestation som dock inte är signifikant. Vidare är bidraget att företag i icke kunskapsbaserade branscher besitter mer intellektuellt kapital än företag i kunskapsbaserade branscher. Förslag till vidare forskning: Vårt förslag till vidare forskning är att använda en annan indelning av kunskapsbaserade och icke kunskapsbaserade branscher. Med tanke på svårigheterna att mäta intellektuellt kapital kan också ett annat mått på intellektuellt kapital användas i vidare forskning. / Aim: The aim of the study is to investigate whether there is a relation between intellectual capital and corporate performance or not. Another aim of the study is to investigate if there is any difference in the portion of intellectual capital between companies belonging to knowledge based industries and companies belonging to non knowledge based industries. Method: This is a quantitative study on companies listed on Nasdaq OMX Stockholm. Data from 307 companies were used in this study, and the data were collected from the companies annual reports from 2017 using Thomson Reuters Datastream. This study applies a correlation analysis, multiple regression analysis and an independent t-test. Result and conclusion: The study shows a weak positive relationship between intellectual capital and corporate performance which is not significant which means it could depend on coincidences. The result also shows that companies in non knowledge based industries possess more intellectual capital than companies in knowledge based industries. Suggestions for further research: Our suggestion for further research is to use a different classification of knowledge based and non knowledge based industries. Due to the difficulties of measuring intellectual capital a different measure of intellectual capital can be used in further research. Contribution of the thesis: The contribution of the study is that there is a weak positive relation between intellectual capital and corporate performance which is not significant. Furthermore, companies in non knowledge based industries possess more intellectual capital than companies in knowledge based industries.

Grandes transformações sociais, concomitantemente ao crescimento da atividade industrial e seu consequente impacto no meio ambiente, fizeram com que a preservação ecológica se tornasse parte importante das estratégias organizacionais. Conceitualmente, o desenvolvimento sustentável das organizações busca o equilíbrio entre as variáveis econômica, social e ecológica. Deste modo, com o intuito de verificar se as práticas de proteção ambiental das empresas são recompensadas pelo mercado, este estudo teve o objetivo de analisar, por meio da utilização de técnicas de análise fatorial e de ferramentas computacionais, a existência de correlação entre o desempenho financeiro e o desempenho ambiental de uma amostra de empresas posicionadas entre as maiores organizações, em valor de mercado, listadas na Bolsa de Valores de São Paulo - Bovespa. Por meio da filtragem de informações, a amostra e o número de variáveis foram reduzidos, a fim de se obter um banco de dados sem informações faltantes, permitindo a aplicação das técnicas estatísticas com maior grau de confiabilidade. Considerando os indicadores analisados nos cruzamentos de fatores rotacionados realizados na presente pesquisa, os resultados obtidos revelam a independência entre os dois grupos de variáveis, concluindo que o desempenho ambiental das empresas não impacta sobre o desempenho financeiro das mesmas. / Great social changes, along with the growth of industrial activity and its consequent impact on the environment, caused the ecological preservation became an important part of organizational strategies. Conceptually, sustainable development of organizations seeks a balance between economic, social and ecological variables related to business operations. Thus, in order to verify if the environmental protection practices of companies are rewarded by the market, this study aims to analyze, through the use of means of factorial analysis and computational tools, the existence of a correlation between the financial performance and environmental performance of a sample of companies placed among the largest organizations in market value, listed on the São Paulo Stock Exchange - Bovespa. Through filtering of information, the sample and the number of variables were reduced in order to obtain a database without missing information, allowing the application of statistical techniques with higher degree of reliability. Whereas the indicators analyzed in the crosses of rotated factors performed in this study, the results show the independence between the two groups of variables, concluding that the environmental performance of companies has no impact on the financial performance of the same.

Alterações nos regulamentos, mudanças no comportamento do consumidor e potenciais ganhos de competitividade são alguns dos motivos citados por gestores como motivadores para a adoção de várias práticas de gestão ambiental. Estas práticas afetam, de acordo com outros estudos, os desempenhos ambiental e financeiro das empresas. No entanto, práticas diferentes afetam de forma diferente os desempenhos mencionados, ou ainda algumas práticas podem ser usadas de forma propagandísticas, podendo afetar o desempenho financeiro, mas não necessariamente o desempenho ambiental.. Assim, este trabalho tem como objetivo verificar se há relação entre as práticas de gestão ambiental (aqui divididas em \'práticas de planejamento e organização\', \'práticas operacionais\' e \'práticas comunicacionais\') utilizadas pelas empresas e os desempenhos ambiental e financeiro destas por meio da análise de empresas do setor químico brasileiro, utilizando modelagem de equações estruturais (Structural Equation Modeling - SEM) e uma survey para coleta dos dados subjetivoprimários (percepção dos gestores). Para tanto, foi desenvolvido um modelo teórico e construído um diagrama de caminhos de relações causais que foi convertido em um conjunto de modelos estruturais e de mensuração. Para testar o modelo proposto, um teste empírico foi aplicado em empresas do setor químico brasileiro. Os resultados deste teste foram os seguintes: (a) PGAs de planejamento e organização possuem uma relação positiva com o desempenho ambiental e o com desempenho financeiro; (b) PGAs operacionais possuem uma relação negativa com o desempenho financeiro; (c) PGAs comunicacionais possuem uma relação positiva com o desempenho financeiro; (d) Não há relação estatisticamente significativa entre as PGAs operacionais e o desempenho ambiental; (e) Não há relação estatisticamente significativa entre as PGAs comunicacionais e o desempenho ambiental; (f) Não há relação estatisticamente significativa entre o desempenho ambiental e o desempenho financeiro. Neste estudo, as práticas de gestão ambiental se relacionam mais significativamente com o desempenho financeiro, podendo indicar, na amostra estudada, um perfil menos proativo de gestão ambiental, com foco na adequação legar para a continuar com um bom desempenho financeiro. / Regulation modifications, changes in consumer behavior, and potential competitiveness gains have motivated managers to adopt a number of environmental management practices. These practices affect, according to other studies, environmental and financial performance of companies. However, different practices act differently upon the aforementioned performances. Some practices may even be used in a propagandistic way, which may affect the financial performance, but not necessarily the environmental one. Thus, this study aims to determine whether there is relationship between environmental management practices (here divided into \'planning and organizational practices\', \'operational practices\', and \'communication practices\') used by companies and their environmental and financial performance by analyzing companies in the Brazilian chemical industry, using Structural Equation Modeling (SEM) and a survey to collect data according to the perception of managers. As a result, a theoretical model was developed and a diagram of causal relationships paths was built and converted into a set of structural models and measurement. To test the model, an empirical test was applied to companies in the Brazilian chemical industry. The results of this test were: (a) There is a positive relationship between planning and organizational practices and both environmental and financial performances; (b) There is a negative relationship between operational practices and financial performance; (c) There is a positive relationship between communication practices and financial performance; (d) there is no statistically significant relationship between operational practices and environmental performance; (e) there is no statistically significant relationship between communication practices and environmental performance; (f) there is no statistically significant relationship between environmental performance and financial performance. In this study, environmental management practices relates more significantly to the financial performance and may indicate, in the sample, a less proactive profile environmental management, focusing on theadequacy bequeath to continue with a good financial performance.

Submitted by Vanessa Nunes (vnunes@unisinos.br) on 2015-03-17T13:18:20Z No. of bitstreams: 1 000008D7.pdf: 814445 bytes, checksum: 325a2761ecd2f034441b641fb7f5f9b2 (MD5) / Made available in DSpace on 2015-03-17T13:18:20Z (GMT). No. of bitstreams: 1 000008D7.pdf: 814445 bytes, checksum: 325a2761ecd2f034441b641fb7f5f9b2 (MD5) Previous issue date: 2013-09-30 / Nenhuma / Este estudo teve como objetivo analisar se o desempenho econômico e financeiro de empresas de capital aberto é igual ao daquelas que continuam com capital fechado no setor em que atuam no Brasil. Para a realização da análise foi aplicado o teste de hipótese não paramétrico de U de Mann Whitney. Desenvolveu-se uma pesquisa aplicada, com abordagens quantitativas, descritiva e documental. A amostra contou com 1.246 empresas médias e grandes, de capital aberto e fechado, listadas na revista Exame Melhores e Maiores da Editora Abril, com a divulgação dos indicadores de desempenho econômico e financeiros realizados com base em 21 setores classificados. Dentre os indicadores divulgados foram selecionados os econômicos (crescimento das vendas, rentabilidade do patrimônio legal e rentabilidade das vendas) e financeiros (endividamento geral, endividamento a longo prazo, liquidez geral e liquidez corrente), expressos em valores índices e percentuais, que representam a relação ou proporção das informações econômicas e financeiras das demonstrações contábeis das empresas em estudo, utilizados no processo de análise dos dados. Destaca-se que, a maioria dos resultados do teste de hipótese aplicado aos setores perfaz um montante de 61,73% que aceitam a hipótese nula (H0), indicando que a distribuição do indicador de desempenho financeiro ou econômico em média é a mesma entre as empresas com capital fechado e as empresas com capital aberto. Assim, a expectativa de ocorrer diferença entre o desempenho das empresas em virtude da formação do capital próprio, pode ser desconsiderada mediante os resultados apontados. Entretanto, 31,12% desses resultados aponta rejeição à hipótese nula, tendo-se então a hipótese alternativa (H1) com a afirmação de que a distribuição do indicador de desempenho financeiro ou econômico em média é diferente entre as empresas com capital fechado em relação às de capital aberto, evidenciando resultados diferentes nos setores, e ainda a maioria dos resultados segue uma tendência de ser melhor em um dos grupos estudados. Tais resultados apontaram uma tendência de apresentar um melhor desempenho econômico e financeiro para as empresas de capital fechado. / This study had as objective to analyze if the economic and financial performance of public companies with opened capital is equal to those which remain with closed capital in the sector they act in Brazil. For achieving the analysis it was applied the non-parametric hypothesis test from U de Mann Whitney. It has developed an applied research, with described, documentary and amount of approaches. The sample counted with 1.246 (a thousand two hundred and forty-six) medium and large companies, from opened and closed capital, listed in Best and Biggest Exam magazine, by Abril Editor, with the announcement of the economic and financial performance indicators have been done on the basis of 21 classified sectors. Among the released indicators were selected the economic (the growth in sales, profitability of the legal property and sales profitableness) and financial (general indebtedness, a long-term indebtedness, general liquidity and current liquidity), expressed in values indexes and percentages, that represent the connection or ratio from the economical and financial information of the accounts demonstrations of the studied companies, utilized in the data analysis process. Stand out that, most of results of hypothesis test applied to the sectors attain an amount of 61,73% that accept the null hypothesis (H0) indicating that the distribution of the financ ial performance indicator or economic on average is the same among the companies with closed capital and the ones with opened capital. So the expectation in occurring dif ferences between the performance of the companies by virtue of own capital formation , can be considered by pointed results. But 31,12% about these results indicate rejection to the null hypothesis, so, there is the alternative hypothesis (H1) with the affirmation that the distribution of the performance financial indicator or economic on average is different between the companies with closed capital in connection to the ones with opened capital. Because of this there are indicators that point out significant differences between the performance of the two groups of companies, evidencing different results on the sectors, and they still follow the most of results a trend in being better in one of the studied groups. Such results point out a tendency to show a better economic and financial performance to the companies with closed capital.