The objective of this study is to investigate the approaches utilised by external decision-makers in their evaluation of the different facets of performance of manufacturing organisations, operating as open systems. In process, important linkages which exist among relevant performance parameters are explored. The types and frequencies of performance measures used by the sampled Portuguese financial analysts are compared using factor analysis and multiple regression analysis. Results tend to underscore the significance of the collective performance of all subsystems of the manufacturing system. Based on the findings of this research, implications focusing on the management of organisational performance systems are identified.

No description available.

Cette thèse s'intéresse au rôle des analystes financiers lors de la couverture des introductions en bourse dans un contexte international. Nous traitons de la valeur informationnelle des couvertures des analystes et de leur conséquence sur la performance à long terme des entreprises nouvellement introduites en bourse. Nous examinons si les recommandations des analystes financiers permettent de réduire le comportement irrationnel des investisseurs en situation de forte incertitude. Nous espérons qu'en réduisant les asymétries d'informations, les analystes financiers aident les investisseurs à mieux cibler la valeur de l'IPO. Cette thèse s'articule autour de deux parties : la première est consacrée au positionnement théorique et à nos hypothèses de recherche ; la seconde se focalise sur la vérification empirique d'un échantillon d'IPOs internationales (Etats-Unis, Angleterre, Allemagne et France) sur la période 1991 à 2005. Les résultats révèlent une sous performance des IPOs plus sévères pour les orphelines (sans couverture des analystes) que pour les non orphelines. Il apparaît que la couverture des analystes est importante pour les IPOs mais que le marché n'en perçoit pas toute la valeur. D'autres analyses soulignent que cette meilleure performance des non orphelines provient du nombre élevé de couvertures. Nous établissons que les recommandations des analystes sont significativement reliées à la performance à long terme des IPOs. Ainsi, nous vérifions le rôle crucial des analystes financiers dans la production et l'interprétation des informations. / This thesis explores the role of financial analysts' coverage on IPOs in an international context. We deal with the informational value of research coverage and the consequence on long run performance of newly public firms. We examine whether financial analyst recommendations allow alleviating the irrational investors' behaviour in the context of strong uncertainty. We expect that by reducing the information asymmetry, financial analyst recommendations help investors to define progressively the true value of the IPO. The thesis is organized in two main parts: the first part presents a survey of literature and define research hypothesis. The second part consists in an empirical validation of an international sample of IPOs (US, United Kingdom, Germany and France) over the 1991-2005 period. The results reveal that long run underperformance is much severe for orphans' IPOs (without financial recommendation) than non orphans' IPOs. The evidence suggests that analyst coverage is indeed important to issuing firm but the market do not fully incorporate the perceived value of this coverage. Further analysis reveals that this outperformance by non orphan stems from high coverage. We establish that analyst recommendations are significantly related to long run performance of IPOs. Hence, we corroborate the crucial role of financial analysts in producing and interpreting IPOs' financial releases.

Este estudo buscou investigar duas relações de interesse: a relação entre poder e cobertura de analistas financeiros no mercado acionário brasileiro, e a relação entre poder e assimetria informacional neste mercado, nos períodos de 2000 a 2010. O objetivo desta pesquisa envolveu verificar se o poder empresarial aumenta a assimetria informacional decorrentes dos custos de agência envolvidos e possibilidade de expropriação de valor (Jensen & Meckling, 1976), ou diminui a assimetria, uma vez que administração da empresa não se sente vulnerável a demissões ou possíveis embaraços a sua atuação, e opta por não omitir informações aos stakeholders (Bertrand & Mullainathan, 2003). Ainda relacionado ao ambiente informacional impactado pelo poder empresarial, buscou-se verificar se os analistas financeiros acompanham empresas que apresentam uma maior assimetria informacional, e assim cumprindo sua função de monitoramento da gestão empresarial (Healy & Palepu, 2001), ou menor assimetria, em decorrência dos custos envolvidos em se obter informações privadas (Frankel, Kothari & Weber, 2006). Com o uso de proxies criadas pela análise fatorial para capturar as especificidades relacionadas a poder empresarial e assimetria informacional no ambiente empresarial brasileiro, foram observadas uma relação negativa entre cobertura de analistas financeiros e poder empresarial e uma relação positiva entre assimetria e poder empresarial. Pelas hipóteses esquematizadas por Jiraporn, Liu e Kim (2012), que abarcam todas as relações possíveis entre assimetria, poder empresarial e cobertura de analistas financeiros, os resultados se enquadram na Hipótese da Opacidade. / This research aims to investigate two relationships: the relationship between corporate power and financial analysts coverage in Brazilian stock market, and the relationship between corporate power and asymmetric information during 2000 to 2010. This research\'s purpose involve to verify if corporate power increases the asymmetric information resulting from agency costs and potential expropriation value (Jensen & Meckling, 1976), or decreases this asymmetry since the firm\'s management does not feel vulnerable to layoffs or possible embarrassment to managerial performance, and chooses do not omit information to stakeholders (Bertrand & Mullainathan, 2003). Also related to the information environment impacted by corporate power, this research seek to investigate if financial analysts follow firms that have higher asymmetric information, and thus fulfill this monitoring role of business management (Healy & Palepu, 2001), or less asymmetry in due to the costs involved in obtaining private information (Frankel et al., 2006). With the use of proxies created by factor analysis to capture the specifics characteristics related to corporate power and information asymmetry in Brazilian business environment, it was observed a negative relationship between financial analysts coverage and corporate power and a positive relationship between asymmetry and corporate power. The assumptions outlined by Jiraporn et al. (2012) that cover all possible relationships between asymmetry, corporate power and financial analysts coverage, fit the Opacity Hypothesis.

<p>The awareness of environmental issues has increased among the public the last decades. An environmental movement is occurring and companies are beginning to adapt themselves and their business activities to the changing view of environmental issues. Greater attention are turning to companies around the world due to the view that they have a responsibility concerning environmental and sustainability matters in their business operations. The development of environmental guidelines such as the Global Reporting Initiative and the presenting of separate Corporate Social Responsibility (CSR) reports illustrate the emerged demand of an environmental awareness from various stakeholders. Government regulations and inter-continental agreements of carbon taxes, emission trade rights and various environmental targets are influencing the operations and the environmental approach for the companies.</p><p>An important link in the information chain is the financial analysts and their role as information intermediaries. The characteristics of their profession combined with their expertise knowledge of evaluating companies are reasons behind their function in the investment value chain. Traditionally, the valuation of companies has been based on financial figures and the models derive from typical tangible assets such growth numbers, estimated future earnings and cash flow. Environmental issues have throughout the years been considered of secondary importance due to the specific kind of information it represents.</p><p>This study examines factors influencing the amount of environmental information presented in financial analyst reports. The amount of environmental information presented in annual reports, CSR reports and an environmental risk profile developed by GES Investment Services have been selected as predictor variables to determine the amount of environmental information in the financial analysts’ reports.</p><p>40 companies from the industrial sector have been included in the study and the results reveal that no or very little environmental information can be found in the financial analyst reports. The financial analysts’ seem to prioritize other kinds of information when evaluating companies and creating analyst reports. The study also reveals that companies with separate CSR reports seem to have a higher amount of environmental information presented in annual reports as well as a better environmental risk profile.</p>

The awareness of environmental issues has increased among the public the last decades. An environmental movement is occurring and companies are beginning to adapt themselves and their business activities to the changing view of environmental issues. Greater attention are turning to companies around the world due to the view that they have a responsibility concerning environmental and sustainability matters in their business operations. The development of environmental guidelines such as the Global Reporting Initiative and the presenting of separate Corporate Social Responsibility (CSR) reports illustrate the emerged demand of an environmental awareness from various stakeholders. Government regulations and inter-continental agreements of carbon taxes, emission trade rights and various environmental targets are influencing the operations and the environmental approach for the companies. An important link in the information chain is the financial analysts and their role as information intermediaries. The characteristics of their profession combined with their expertise knowledge of evaluating companies are reasons behind their function in the investment value chain. Traditionally, the valuation of companies has been based on financial figures and the models derive from typical tangible assets such growth numbers, estimated future earnings and cash flow. Environmental issues have throughout the years been considered of secondary importance due to the specific kind of information it represents. This study examines factors influencing the amount of environmental information presented in financial analyst reports. The amount of environmental information presented in annual reports, CSR reports and an environmental risk profile developed by GES Investment Services have been selected as predictor variables to determine the amount of environmental information in the financial analysts’ reports. 40 companies from the industrial sector have been included in the study and the results reveal that no or very little environmental information can be found in the financial analyst reports. The financial analysts’ seem to prioritize other kinds of information when evaluating companies and creating analyst reports. The study also reveals that companies with separate CSR reports seem to have a higher amount of environmental information presented in annual reports as well as a better environmental risk profile.

Submitted by Vicente Ferreira (vicentemferreira@yahoo.com.br) on 2014-12-10T17:16:54Z No. of bitstreams: 1 Vicente Ferreira - CORPORATE GOVERNANCE AND ITS INFLUENCE ON THE INVESTMENT DECISION PROCESS.pdf: 3167398 bytes, checksum: 7af870f5333f6b04ec9bfbadad2fd104 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2015-01-19T15:19:01Z (GMT) No. of bitstreams: 1 Vicente Ferreira - CORPORATE GOVERNANCE AND ITS INFLUENCE ON THE INVESTMENT DECISION PROCESS.pdf: 3167398 bytes, checksum: 7af870f5333f6b04ec9bfbadad2fd104 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-01-30T13:39:04Z (GMT) No. of bitstreams: 1 Vicente Ferreira - CORPORATE GOVERNANCE AND ITS INFLUENCE ON THE INVESTMENT DECISION PROCESS.pdf: 3167398 bytes, checksum: 7af870f5333f6b04ec9bfbadad2fd104 (MD5) / Made available in DSpace on 2015-01-30T13:39:26Z (GMT). No. of bitstreams: 1 Vicente Ferreira - CORPORATE GOVERNANCE AND ITS INFLUENCE ON THE INVESTMENT DECISION PROCESS.pdf: 3167398 bytes, checksum: 7af870f5333f6b04ec9bfbadad2fd104 (MD5) Previous issue date: 2014-10-31 / Corporate governance has been in the spotlight for the past two decades, being subject of numerous researches all over the world. Governance is pictured as a broad and diverse theme, evolving through different routes to form distinct systems. This scenario together with 2 types of agency problems (investor vs. management and minorities vs. controlling shareholders) produce different definitions for governance. Usually, studies investigate whether corporate governance structures influence firm performance, and company valuation. This approach implies investors can identify those impacts and later take them into consideration when making investment decisions. However, behavioral finance theory shows that not always investors take rational decisions, and therefore the modus operandi of those professionals needs to be understood. So, this research aimed to investigate to what extent Brazilian corporate governance standards and practices influence the investment decision-making process of equity markets' professionals from the sell-side and buy-side. This exploratory study was carried out through qualitative and quantitative approaches. In the qualitative phase, 8 practitioners were interviewed and 3 dimensions emerged: understanding, pertinence and practice. Based on the interviews’ findings, a questionnaire was formulated and distributed to buy-siders and sell-siders that cover Brazilian stocks. 117 respondents from all over the world contributed to the study. The data obtained were analyzed through structural equation modeling and descriptive statistics. The 3 dimensions became 5 constructs: definition (institutionalized governance, informal governance), pertinence (relevance), practice (valuation process, structured governance assessment) The results of this thesis suggest there is no definitive answer, as the extent to which governance will influence an investment decision process will depend on a number of circumstances which compose the context. The only certainty is the need to present a 'corporate governance behavior', rather than simply establishing rules and regulations at firm and country level.

Este estudo buscou investigar duas relações de interesse: a relação entre poder e cobertura de analistas financeiros no mercado acionário brasileiro, e a relação entre poder e assimetria informacional neste mercado, nos períodos de 2000 a 2010. O objetivo desta pesquisa envolveu verificar se o poder empresarial aumenta a assimetria informacional decorrentes dos custos de agência envolvidos e possibilidade de expropriação de valor (Jensen & Meckling, 1976), ou diminui a assimetria, uma vez que administração da empresa não se sente vulnerável a demissões ou possíveis embaraços a sua atuação, e opta por não omitir informações aos stakeholders (Bertrand & Mullainathan, 2003). Ainda relacionado ao ambiente informacional impactado pelo poder empresarial, buscou-se verificar se os analistas financeiros acompanham empresas que apresentam uma maior assimetria informacional, e assim cumprindo sua função de monitoramento da gestão empresarial (Healy & Palepu, 2001), ou menor assimetria, em decorrência dos custos envolvidos em se obter informações privadas (Frankel, Kothari & Weber, 2006). Com o uso de proxies criadas pela análise fatorial para capturar as especificidades relacionadas a poder empresarial e assimetria informacional no ambiente empresarial brasileiro, foram observadas uma relação negativa entre cobertura de analistas financeiros e poder empresarial e uma relação positiva entre assimetria e poder empresarial. Pelas hipóteses esquematizadas por Jiraporn, Liu e Kim (2012), que abarcam todas as relações possíveis entre assimetria, poder empresarial e cobertura de analistas financeiros, os resultados se enquadram na Hipótese da Opacidade. / This research aims to investigate two relationships: the relationship between corporate power and financial analysts coverage in Brazilian stock market, and the relationship between corporate power and asymmetric information during 2000 to 2010. This research\'s purpose involve to verify if corporate power increases the asymmetric information resulting from agency costs and potential expropriation value (Jensen & Meckling, 1976), or decreases this asymmetry since the firm\'s management does not feel vulnerable to layoffs or possible embarrassment to managerial performance, and chooses do not omit information to stakeholders (Bertrand & Mullainathan, 2003). Also related to the information environment impacted by corporate power, this research seek to investigate if financial analysts follow firms that have higher asymmetric information, and thus fulfill this monitoring role of business management (Healy & Palepu, 2001), or less asymmetry in due to the costs involved in obtaining private information (Frankel et al., 2006). With the use of proxies created by factor analysis to capture the specifics characteristics related to corporate power and information asymmetry in Brazilian business environment, it was observed a negative relationship between financial analysts coverage and corporate power and a positive relationship between asymmetry and corporate power. The assumptions outlined by Jiraporn et al. (2012) that cover all possible relationships between asymmetry, corporate power and financial analysts coverage, fit the Opacity Hypothesis.

No description available.

Au cours de la précédente décennie et avant la crise financière de l’automne 2008, les marchés financiers internationaux ont connu un développement considérable et l’émergence d’une véritable industrie de l’investissement institutionnel. Au sein de cette industrie, les analystes financiers sell side employés par les sociétés de courtage apparaissent comme des acteurs majeurs, autour desquels se forment l’évaluation des sociétés cotées et les recommandations d’investissement à destination de leurs clients gestionnaires de fonds amenés à passer leurs ordres de bourse auprès de ces sociétés de courtage. La recherche présentée vise à identifier les modes de gestion des analystes financiers dans le champ de l’industrie de l’investissement institutionnel et l’influence qu’ils exercent sur les représentations, pratiques et productions des analystes. La première partie de cette thèse, après avoir étudié la construction du métier d’analyste et son contexte, met en débat les cadres de références théoriques et les disciplines qui s’impliquent dans l’analyse de la gestion du travail de quelques-uns des principaux acteurs de la finance, en général, et des analystes financiers en particulier. La seconde partie mobilise une approche contextualiste, interdisciplinaire et multi-méthodes au service d’une investigation empirique. Celle-ci met en relief le rôle du droit dans des dimensions coercitives et normatives très prégnantes, encourageant aussi bien la concurrence entre structures que l’homogénéisation et la standardisation de l’organisation du travail. Elle montre comment, sous l’effet de la concurrence des banques d’investissement anglo-saxonnes et de l’introduction d’un nouveau mode de financement de l’analyse financière par les volumes de courtage, les sociétés de « brokerage » ont adopté des stratégies de niche et intégré dans leurs configurations organisationnelles plutôt professionnelles de fortes dimensions mécanistes. Enfin, elle constate une uniformisation des modes de gestion des quatre principales sociétés de courtage françaises filiales de banques d’investissement. Les analystes français sont soumis à des modes de gestion qui privilégient clairement les dimensions marketing du métier qu’il s’agisse des modalités d’organisation du travail, des pratiques de recrutement, de communication interne, d’évaluation et de rémunération. Un des rôles essentiels assigné aux analystes consiste alors à accroitre les volumes de courtage ce qui les conduit à privilégier les activités aval de leur fonction. Mais cette dimension marketing qui caractérise la production des analystes doit être relativisée. En fonction de leur histoire professionnelle et des ressources qu’ils peuvent mobiliser, les analystes développent en effet des stratégies et des identités au travail différenciées. / Over the last decade and before the October 2008 credit crunch, international financial markets have witnessed a considerable development with the emergence of an important industry of institutional investment. Within this industry, financial analysts hired by brokerage firms play a major role while contributing to the assessment of listed companies through investment recommendations to asset managers, thereby obtaining from these clients orders for execution. The objective of this research is to pinpoint the role played by research analysts in the financial industry, and their influence over the representations and practices. The first part of this study, once constructed the analyst’s activity as a category, challenges the referential and theoretical grounds, as well as the fields involved in the work of some financial functions, and draws the attention to research analysts. The second part focuses on a contextual, multidisciplinary and multi-methodological approach to support an empirical investigation, which highlights the role played by law in both its coercive and prescriptive aspects, whether stimulating competition between structures or promoting the homogenization and standardization of work arrangements. We demonstrate how competition from Anglo-Saxon investment banks, as well as the adoption of a new business model resting on commissions generated by trading volumes, has led to the development of niche strategies, and introduced an important mechanistic dimension to the organizational configurations of brokerage firms. Lastly, it sheds light on the standardization of the managerial modes of the four main French brokerage firms, which are all subsidiaries of investment banks. French analysts are subject to management modes which clearly favor the marketing dimensions of the activity, as can be seen through the way their work is organized, the recruitment practices, the internal communication flows, their assessments and salaries. One of the roles assigned to analysts is thus to generate higher brokerage volumes, which as a consequence drives them towards marketing activities. This marketing dimension however needs to must be into perspective. Depending on their professional backgrounds and the resources they access, research analysts develop specific strategies and differentiated identities.