Made available in DSpace on 2016-04-25T16:44:15Z (GMT). No. of bitstreams: 1 Renato Manga Jacob.pdf: 716902 bytes, checksum: 1894fde0e498d232073cdce90c95616c (MD5) Previous issue date: 2010-11-10 / This study attempted to evaluate financial strategies for risk reduction used by 17 sugar mills located in the State of São Paulo, for the protection of price and exchange rate over the period 2003 to 2009. The methodology was based on field research, in addition to collecting information on the associations connected to this segment. The application of the questionnaire was an attempt to assess empirically how they act with derivatives. This questionnaire included questions about risk management, type of derivatives used and procedures of the plants as their engagement in the period 2003 to 2009. The sample surveyed, only two companies did not answer the questionnaire. However this did not compromise the objective of the research, which was to map out the strategies of these plants with regard to protection against exchange rate and price of sugar. The focus of this research in relation to price the product was sugar, because it is a commodity with great relevance in Brazilian economy, which the country is the largest producer and exporter of this commodity. The results obtained in this study suggest that the interviewed companies operate similarly with respect to price protection and exchange, but they could invest more resources to obtain better results, such as area specialists and technical support, given the importance of this management in the financial result / Este estudo tentou avaliar as estratégias financeiras para redução de riscos utilizados por 17 usinas açucareiras situadas no Estado de São Paulo, para proteção de preço e variação cambial, no período de 2003 a 2009. A metodologia utilizada foi a de pesquisa de campo, além de coleta de informações nas associações ligadas a este segmento. A aplicação do questionário foi uma tentativa de avaliar em termos empíricos como elas atuam com derivativos. Este questionário abordou questões sobre gestão de risco, tipo de derivativos utilizados e procedimentos das usinas quanto a sua contratação, no período de 2003 a 2009. Da amostra pesquisada, apenas 2 empresas não responderam o questionário. Entretanto tal fato não comprometeu o objetivo da pesquisa, que era mapear as estratégias destas usinas no tocante a proteção contra variação cambial e de preço do açúcar. O foco desta pesquisa em relação ao preço foi o produto açúcar, por tratar-se de uma commodity com grande relevância na economia brasileira, o qual o país é o maior produtor e exportador mundial desta commodity. Os resultados apurados nesta pesquisa sugerem que as empresas entrevistadas atuam de forma similar no que tange a proteção de preço e câmbio, mas que poderiam investir maiores recursos para obtenção de melhores resultados, como em profissionais especialistas na área e suporte tecnológico, visto a importância desta gestão no resultado financeiro

Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников и приложения. В первой главе рассмотрена сущность и принципы организации финансового планирования на предприятии, определены подходы, методы и этапы процесса бюджетирования, определено место бюджетирования в системе финансового планирования, описаны формы бюджетов и процесс бюджетирования, а также проведен сравнительный анализ моделей бюджетирования. Вторая глава работы посвящена анализу действующей системы планирования и бюджетирования на предприятии, а также определению влияния государственного оборонного заказа с точки зрения бюджетирования. В третьей главе представлены направления развития, оптимизации, совершенствования системы планирования и бюджетирования. В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, a conclusion, a list of sources used and applications. The first chapter discusses the essence and principles of organizing financial planning at an enterprise, defines approaches, methods and stages of the budgeting process, determines the place of budgeting in the financial planning system, describes the forms of budgets and the budgeting process, and also makes a comparative analysis of budgeting models. The second chapter of the work is devoted to the analysis of the current system of planning and budgeting at the enterprise, as well as the determination of the impact of the state defense order in terms of budgeting. The third chapter presents the directions of development, optimization, and improvement of the planning and budgeting system. In conclusion, the main conclusions are formed.

This thesis is at the beginning dealing with issues of formation and dissemination of the financial crisis and its impacts in 2007-2009. It briefly states the overall development of this crisis and its spread throughout the world. More specifically, it describes its impact on air transport industry in Europe and in Czech republic, analyzes the overall progress and developments in the time of crisis in air transport and its impact on European airports and airlines. Its main focus is specifically the Czech national carrier Czech Airlines. The main part of this thesis deals with brief description of the CSA company, its overall development and the state before the crisis. In detail then, it monitors the implications of this financial crisis in the strategic decisions of the company in 2008-2010, states and analyzes all the undertaken measures and specifies the financial strategy of the company itself, influenced by the consequences of the global financial crisis and deep recession in the aviation sector. At the end of this thesis it is an overall evaluation of these strategies and measures, it is analysed and predicted the future development of Czech Airlines company in subsequent years.

One factor of the leadership stratagem is to account for the core values, operations, and growth of the organization. The purpose of this case study was to ascertain the financial strategies small business leaders incorporate to help ensure growth of small businesses. The conceptual framework of Schumpeter's innovation and entrepreneurship theory and the Grameen model were included to drive the scope and analysis of this study. A purposive sample of 8 leaders from successful small businesses in Islamabad contributed to a focus group session; 4 out of these participants originated from the finance and management department and 4 represented sales and product development departments working in 3 outlets of the firm. Transcript review and member checking were used to support the reliability of the interpretation of participants regarding what they said and meant from their responses. Moreover, company documents were reviewed to triangulate the data. Yin's 5-step data analysis plan was used for the final data analysis. Four major themes surfaced from data analysis: Microfinance, product quality, customer care, and strategic vision. These endorse business leader stratagem and association to their mission, financial strategy, overall business operations, and survival and growth. Product quality is vital to maintain and retain valuable customer for revenue generation. Customer care is emphasized for its importance as an ethical practice and gaining customers confidence. Strategic vision is recognized as the foremost leadership skillset to plan and organize future business strategies effectively, which impacts business growth and longevity. The outcome of this study may contribute to positive social change by enhancing understanding of the leadership strategies that impact the longevity of the business to secure jobs and benefit employees, their families, and the surrounding community.

La crise financière des subprimes confirme l'importance, pour les banques, de disposer de capitaux propres suffisants afin de répondre aux aléas économiques et aux risques opérationnels, et d'assurer leur solvabilité. Se pose, désormais, la question de la flexibilité et de son utilisation dans le secteur bancaire. Il se trouve qu'une meilleure capitalisation permet de capturer des opportunités et d'exercer des options de croissance. D'ailleurs, les évolutions récentes (crises, consolidation, croissance, etc.) démontrent l'importance de la valeur financière de la flexibilité. Ces deux aspects classiques en finance d'entreprise prennent une tournure spécifique en fonction de l'environnement réglementaire et opérationnel de l'activité bancaire.Les résultats dégagés de nos études nous permettent de nous prononcer sur le rôle primordial des flexibilités et performance financières dans le processus de création de valeur dans la banque. En outre, ces résultats ont montré qu’un niveau des fonds propres supérieur au minimum exigé est bénéfique et contribuait, dans certaines conditions, à améliorer la valeur boursière des banques systémiques. Celles-ci sont amenées à investir plus dans la flexibilité financière versus coussins de sécurité. Des telles banques n’auront pas besoin de faire appel aux marchés en cas de détresse financière. Toutefois, tout changement de la structure financière par augmentation de capital est accueilli négativement par les marchés. En revanche, les investisseurs réagissent différemment à l'annonce des augmentations de capital, selon les motivations annoncées. / The subprime financial crisis confirms the importance for banks to have sufficient equity to meet the economic uncertainties and operational risks and to ensure their solvency. In this context arises the question of flexibility and its use in banking. It appears that a better capitalization allows capturing opportunities and open options for growth. Moreover, recent developments (crises, consolidation, growth, etc.) demonstrate the importance of the financial value of flexibility. These two classical aspects in corporate finance take a specific twist according to the regulatory and operating environment of the banking sector.The results that emerged from our studies allow us to comment on the essential role of the flexibility and financial performance in the value creation process in banks. In addition, these results showed that a higher level of shareholders’ equity, than the minimum required, is beneficial and contributed, under certain conditions, to improve the market value of systemic banks. The systemic banks are forced to invest more in financial flexibility according to capital buffers. Such banks will not need to seek for help from markets when in financial distress. However, any change in the financial structure through the capital increase is regarded negatively by the markets. But, investors react differently to the announcement of the capital increase, according to the announced motivations.

p. 1 - 102 / Submitted by Santiago Fabio (fabio.ssantiago@hotmail.com) on 2013-01-23T18:57:49Z No. of bitstreams: 1 8888888.pdf: 1368618 bytes, checksum: d5c90869908b5e034e94a1c634e207c5 (MD5) / Made available in DSpace on 2013-01-23T18:57:49Z (GMT). No. of bitstreams: 1 8888888.pdf: 1368618 bytes, checksum: d5c90869908b5e034e94a1c634e207c5 (MD5) Previous issue date: 2008 / O presente trabalho versa sobre a análise e verificação das estratégias jurídicas como recurso de vantagem competitiva, segundo o modelo “Resource –Based View (RBV)”. Para tanto, partimos de uma pesquisa bibliográfica calcada na percepção do direito e das estratégias jurídicas segundo a óptica transversal da escola “Law and Economics”, abordando conceitos de eficiência econômica como ferramenta de aplicação e interpretação do direito. Com suporte em conceitos arraigados de estratégia e vantagem competitiva segundo autores como Porter e Mintzberg especificamos os elementos da estratégia jurídica, bem como a situamos dentro da cadeia de valores da organização e a relacionamos com as cinco forças do mercado. Utilizando o modelo “RBV” para responder à questão problema – se, de fato, as estratégias jurídicas são fonte de vantagem competitiva sustentável ao preencherem os 04 requisitos (valor, raridade, impossibilidade de imitação e substituição) - encontramos na bibliografia pesquisada resposta afirmativa à questão. Resolvemos, então, confrontar a pesquisa teórica com o caso da privatização do Banespa – Banco do Estado de São Paulo, no qual as estratégias jurídico-fiscais e societárias foram decisivas para a aquisição desta instituição financeira por parte do banco espanhol Santander Central Hispânico, concluindo pela real importância das estratégias jurídicas na obtenção e manutenção de vantagem competitiva. / Salvador

[pt] A pesquisa avalia qual é o impacto das estratégias financeiras no desempenho das empresas dos setores de energia elétrica, siderurgia e metalurgia, têxtil e telecomunicações. Esses são os principais setores das empresas listadas na Bolsa de Valores de São Paulo. Os dados obtidos foram os demonstrativos de resultado de cada uma das empresas do ano de 2004. Após analisar as tipologias de Mintzberg (1988) e Miles and Snow (1978) e Porter (1980), utilizamos a tipologia de Porter (1980) para definir os grupos estratégicos de cada setor pesquisado. Os resultados obtidos foram a caracterização do grupo estratégico liderança em baixo custo como o de melhor desempenho em três setores pesquisados e encontrou-se relação relevante entre o posicionamento da empresa dentro do seu grupo estratégico e o seu desempenho. / [en] This research measures the impact of the financial strategies in the firm´s performance using a wide range of multivariate statistics techniques. The electric energy, metals, textile and telecommunications are the main industries in the São Paulo Stock Exchange (Bovespa). Those industries are the chief subject of the research and represent 37,8% of all the revenue of the companies in Bovespa. The data used in such research is obtained from the 2004 financial statement of those companies in the studied industries. My literature research was made using a wide range of typologies like Mintzberg (1988), Miles and Snow (1993) and Porter (1980). Porter´s typology (1980) was used for the classification of the strategic cluster of each of the industries, because it could offer a good explanatory power with small number of the variables. The empirical result discovered is that the strategic group low cost leadership has better performance than all other strategic groups. I have also found out a relationship between the position of the firm inside the strategic group and it´s performance. This linear relationship is negative therefore I conclude the strategic financial positioning of the firm results an improvement in it´s performance. In my research, I discuss about how we could use financial data to measure companies´ financial strategies and how we could apply such research in other countries.

The thesis is focused on determining the value of the company Steelmont - konstrukce s. r. o. The first part is dedicated to theoretical basis using available Czech and foreign literature that relate to this topic. The second part deals with the analysis of the current state of the company, which includes strategic and financial analysis. Another important part of the business valuation is financial plan. By using the suitable method is determined the enterprise value for a certain period, and finaly there are created proposals to increase this value.

The world's economies are in a turbulent phase where rising inflation has hit the global and Swedish economy hard. The Central Bank of Sweden has raised the policy rate expansively in recent months, with the intention of curbing inflation. Swedish real estate companies have experienced significant debt growth in recent years, making them very sensitive to interest rate increases. The increasing financing costs are challenging for real estate companies and it is of great importance that the companies continue to maintain earnings, that interest rates do not rise too much and that they continue to have sufficient access to financing. The credit rating of real estate companies is a crucial component of their financing, as it measures the long-term risk of default and can affect the company's cost of borrowing. The purpose of the paper is to investigate what different financing options Swedish real estate companies have during a recession and how the financial strategy and risk management differs depending on the company's credit rating. Furthermore, the study will investigate how the capital structure changes depending on the measures taken. The study is based on a qualitative study conducted with semi-structured interviews to gain a comprehensive understanding of the research area. The interviews were primarily conducted with real estate companies, both rated and unrated, and all rated companies in the study have an investment grade rating. This was followed by interviews with the major Swedish banks involved in lending to real estate companies and the credit rating agencies that carry out official ratings for real estate companies. The results show that the financing options differ depending on the credit rating of the real estate company. The biggest difference is identified between companies with a credit rating in the A segment and companies with a credit rating in the triple B segment. Financing costs have increased for all companies but significantly more for companies in the triple B segment. As a result, the capital market is to a greater extent inaccessible to the triple B companies and therefore these companies choose to focus on bank financing. The study has also shown that it is of great importance for real estate companies to make a long-term decision on their financing strategy and the extent to which their credit rating is important for their financing. The study found that there are two groups of attitudes towards the credit rating. Either companies use all means to defend their credit rating, or they put their efforts into strengthening the balance sheet and maintaining bank covenants. The market conditions have also affected the capital structures of real estate companies. High inflation and rising interest rates result in higher yield requirements, which leads to falling property values and rising LTV ratios for real estate companies. Real estate companies work actively to reduce their LTV ratios by selling properties, increasing share capital, reducing the pace of investment and suspending dividends. An excessively high LTV ratio can lead to a credit rating downgrade and, depending on how the company perceives this, the actions of real estate companies may differ. / Världens ekonomier befinner sig i en turbulent period där den stigande inflationen har slagit hårt mot den globala och svenska ekonomin. Den svenska centralbanken har under de senaste månaderna höjt styrräntan expansivt i syfte att dämpa inflationen. De svenska fastighetsbolagen har haft en betydande skuldtillväxt de senaste åren, vilket gör dem mycket känsliga för räntehöjningar. De ökande finansieringskostnaderna är utmanande för fastighetsbolagen och det är av stor vikt att bolagen fortsätter att upprätthålla intjäningen, att räntorna inte stiger för mycket och att de fortsätter att ha tillräcklig tillgång till finansiering. Fastighetsbolagens kreditbetyg är en avgörande komponent i deras finansiering, eftersom det mäter den långsiktiga risken för betalningsinställelse och kan påverka bolagets lånekostnader. Syftet med uppsatsen är att undersöka vilka olika finansieringsalternativ svenska fastighetsbolag har under en lågkonjunktur samt hur den finansiella strategin och riskhanteringen skiljer sig åt beroende på bolagets kreditvärdighet. Vidare kommer studien att undersöka hur kapitalstrukturen förändras beroende på vilka åtgärder som vidtas. Studien baseras på en kvalitativ studie som genomförts med semistrukturerade intervjuer för att få en djupare förståelse för forskningsområdet. Intervjuerna har främst genomförts med fastighetsbolag, både med och utan kreditbetyg, och samtliga företag som innehar ett kreditbetyg i studien har ett betyg inom investment grade segmentet. Därefter följde intervjuer med de svenska storbanker som är involverade i utlåning till fastighetsbolagen och de kreditvärderingsinstitut som utför officiella kreditvärderingar av fastighetsbolagen.  Resultatet visar att finansieringsalternativen skiljer sig åt beroende på fastighetsbolagets kreditvärdighet. Den största skillnaden identifieras mellan bolag med kreditbetyg i A segmentet och bolag med kreditbetyg i trippel B segmentet. Finansieringskostnaderna har ökat för samtliga bolag men betydligt mer för bolagen i trippel B segmentet. Som en följd av detta är kapitalmarknaden i större utsträckning otillgänglig för trippel B företagen och därför väljer dessa företag att öka sin finansiering från banker. Studien har också visat att det är av stor vikt för fastighetsbolagen att fatta ett långsiktigt beslut gällande sin finansieringsstrategi och i vilken utsträckning deras kreditbetyg är viktigt för deras finansiering. Undersökningen visade att det finns två grupper av attityder till kreditbetyget. Antingen använder bolagen alla medel för att försvara sitt kreditbetyg, eller så lägger de sina ansträngningar på att stärka balansräkningen och upprätthålla bankcovenanterna. Marknadsförhållandena har också påverkat fastighetsbolagens kapitalstruktur. Hög inflation och stigande räntor leder till högre avkastningskrav, vilket leder till fallande fastighetsvärden och stigande belåningsgrader för fastighetsbolagen. Fastighetsbolagen arbetar aktivt med att sänka sina belåningsgrader genom att sälja fastigheter, ta in mer aktiekapital, minska investeringstakten och dra in utdelningar. En alltför hög belåningsgrad kan leda till en nedgradering av kreditbetyg och beroende på bolagets syn på detta kan fastighetsbolagens åtgärder skilja sig åt.

Text in Afrikaans / Private schooling is a very controversial topic. Those in favour of it focus on the fundamental rights of the individual in freedom of choice, association, religion and culture. On the other hand private schools are often regarded by the media and the man on the street as an expensive option whereby èlite is promoted. Private education, being an expensive option, is also a problem for the managers of private schools, who have to deal with the dilemma of insuffisient funds. This forms the background against which this study was undertaken. Since no official data base regarding Christian Afrikaans Private schools in Namibia existed, data had to be gathered by means of a questionnaire. This data formed the base for a second questionnaire regarding financial management and the role of the school principal in this regard. The second questionnaire was used in personal interviews with two principals from two private schools. Although the financing of private schools was looked into, the emphasis was on the principal acting as executive and financial manager. An attmept was made to suggest a financial strategy which could be used by a principal in school management. / Educational Studies / M. Ed. (Onderwysbestuur)