The diploma thesis focuses on the assessment of synergistic effect in a consolidated entity. The thesis is necessary to select appropriate indicators for the analysiss of the achievement of synergy. It is evaluated whether the consolidated group achieved a synergistic effect of the acquisition based on the evaluation indicators and other available informations.

Content of this thesis is to evaluate the financial situation of the company during the period from 2010 to 2014, using available methods, strategic and financial analysis. Subsequently on the basis of these results are suggested measures to improve the deficiencies in the assets, liabilities, liquidity, profitability and overall financial situation of the company.

Master’s thesis evaluates financial situation of the company ZEDNÍČEK a.s within the period of years 2003 and 2007, by selected indicators of financial analysis. Mostly it deals with usage of elemental method’s indicators of financial analysis. It analyzes problems and proposes possible solutions, which will lead to the improvement of the company financial situation in the future.

Master's thesis deals with the assessment of selected financial indicators of the production company X in order to evaluate its performance and financial situation. Based on the results of the analyzes for the period 2008 to 2015 and the application of statistical methods of time series analysis and regression analysis, prognosis of future development of monitored indicators are obtained. Subsequently, the prognosis are used for the final formulating of proposals to improve future business efficiency of the company.

Este trabajo de investigación está orientado a organizar de manera sistemática las diferentes investigaciones que analizan la relación entre la diversidad de género en las juntas de directorio y el impacto que tiene en el desempeño financiero empresarial. El alcance de los argumentos que se exponen se basa en experiencias y datos de las diferentes industrias a nivel global sustentadas en el estudio de conceptos claves sobre diversidad de género, en los estereotipos que lo etiquetan y en las medidas internacionales que cada país adopta para incentivar la cuota femenina en las organizaciones. El estudio de indicadores financieros ayudó a la investigación a medir el impacto de la gestión de las directoras en el desempeño empresarial. En torno a ello, se encontraron posturas controversiales entre autores expertos en el tema, quienes destacan que los atributos, estilos y perfiles de las mujeres son fundamentales para determinar los beneficios o atajos que implica tener líderes mujeres en el directorio más aún en el mundo globalizado actual, pues este fenómeno obliga a las empresas a ser cada vez más competitivas para adaptarse con facilidad a un mercado constantemente cambiante. / This research paper explains the analysis of gender diversity in board of directors and its impact on corporate financial performance. The scope of the arguments presented is based on experiences and data from different industries at a global level based on the study of key concepts on gender diversity, on the stereotypes that label it and on the international measures that each country adopts to encourage the female quota in organizations. The financial indicators study helped the research measure the impact of women directors ' management on business performance. Around it, were found postures controversial among authors experts in the subject, who stand-out attributes, styles, and profiles of women are fundamental to determine the benefits or shortcuts that can bring the having women leaders in the directory even more in the globalized world in which we find ourselves, therefore, this phenomenon requires companies to be increasingly competitive to be easily adapted to a constantly changing market. / Trabajo de Suficiencia Profesional

This diploma thesis provides insight into the world of financial analysis from both theoretical and practical point of view. The basic theoretical apparatus used in the financial analysis is defined in the first part of the thesis and it is applied in the second part on the practical example of the company Baťa, akciová společnost. Emphasis is placed primarily on the issue of accounting procedures, analysis of profitability, liquidity, activity, debt analysis and non-financial indicators. The analysis of intercompany comparisons as a part of finacial analysis is aimed to be one of the basic characteristics of the thesis. Analyzed company is compared both to the industry and its main competitors. In the context of a comprehensive assessment of the financial health of the company, the Altman's model, the IN05 model and test for value added is applied.

No contexto atual dos mercados globalizados, as empresas enfrentam uma competicao cada vez mais complexa na obtencao de capital. Para atrai-lo, elas precisam oferecer um retorno que remunere o risco assumido pelos investidores, ou seja, gerar valor. A Gestao Baseada no Valor defende a maximizacao de riqueza dos acionistas como a meta principal da organizacao. No Brasil, essa abordagem tem sido adotada de forma mais intensa na ultima decada, tornando evidente a necessidade de monitorar o valor da firma nessa economia. Nesse contexto, o objetivo deste estudo foi identificar os principais direcionadores de valor das empresas de capital aberto nao financeiras brasileiras, representadas pelas companhias com acoes negociadas na Bolsa de Valores de Sao Paulo (BM&FBOVESPA), no periodo de 2000 a 2009. Para isso, foram avaliados quais indicadores financeiros estavam mais relacionados a geracao de valor, representada pelo Valor Economico Agregado (VEA), de forma a serem considerados direcionadores desse em cada setor economico. As tecnicas estatísticas utilizadas para esse proposito foram: correlacao, teste t para diferenca de medias entre as empresas com VEA positivo e negativo, regressao multipla, regressao em painel e regressão logistica. Um dos principais resultados encontrados foi que pelo menos dois tercos dos indicadores financeiros utilizados para analise de empresas nao explicam a geracao de valor. Considerando o universo pesquisado, os indicadores financeiros significativamente relacionados a geracao de valor foram: retorno sobre o patrimonio liquido (ROE), retorno sobre o ativo (ROA), spread do acionista, margem bruta, margem liquida e giro do ativo, todos com coeficiente positivo, ou seja, com relacao direta com o VEA. Alem disso, na analise dos setores economicos, por suas caracteristicas especificas, foram encontradas divergencias entre os indicadores financeiros considerados direcionadores de valor. Em relacao ao desempenho das empresas no periodo de analise, observou-se que a maioria delas destruiu valor, ja que apenas 30% obtiveram valor economico agregado anual positivo. Porem, nao ha uniformidade entre os setores, pois as porcentagens medias variaram de 6,7% (setor textil) a 66,7% (setor de petroleo e gas). Outra contribuicao deste trabalho foi a avaliacao das diferencas na geracao de valor das empresas brasileiras antes e apos a crise do subprime. Como resultado tem-se que, embora o ano de 2009 tenha sido o segundo pior nesse quesito, nao foi encontrada diferenca significativa, no conjunto, entre os periodos antes e depois da crise, apesar das divergencias identificadas entre os setores. Esta pesquisa inova pela sua amplitude, ao utilizar um significativo numero de indicadores financeiros (33), que refletem o resultado de estrategias da empresa ligadas a estrutura de capital, rentabilidade, liquidez, operacao e investimento e, tambem, uma ampla base de dados (345 empresas, totalizando 2.205 relatorios anuais), abrangendo dez anos de analise em quinze setores economicos. Assim, espera-se que os resultados contribuam para subsidiar a tomada de decisao nas organizacoes, utilizando a abordagem da Gestao Baseada no Valor, bem como para auxiliar na selecao e monitoramento das empresas pelos investidores. / In the current context of globalized markets, the enterprises face a competition more and more complex in the capital obtainment. To attract it, they need to offer a return that rewards the risk taken by the investors, in other words, create value. The Value Based Management (VBM) defends the shareholders wealth maximization as the main goal of the firm. In Brazil, this approach has been adopted more intensively in the last decade, becoming evident the need of monitoring the business value in this economy. In this context, the objective of this study was to identify the main value drivers of non-financial publicly traded Brazilian companies, represented by the ones with shares traded in the Sao Paulo Stock Exchange (BM&FBOVESPA), in the period from 2000 to 2009. For this purpose, it was evaluated which financial indicators were more associated to the value creation, represented by the Economic Value Added (EVAR), in a way that they could be considered value drivers in each economic sector. The statistical techniques used to obtain the results were: correlation, test t for mean differences between the firms with EVAR positive and negative, multiple regression, panel regression and logit model. One of the main results obtained was that at least two thirds of the financial indicators used for company analysis don\'t explain the value creation. Considering the universe studied, the financial indicators significantly related to the value creation were: return on equity (ROE), return on assets (ROA), shareholder spread, gross margin, net margin and asset turnover, all of them with positive coefficient, what means that they have direct relation with EVAR. Furthermore, in the analysis of the economic sectors, because of their specific features, it was found differences between the financial indicators considered value drivers. In relation to the companies\' performance in the period analyzed, it was observed that most of them destroyed value, since only 30% obtained positive annual economic value added. However, there is no uniformity between the sectors, because the average percentages varied from 6.7% (textile sector) to 66.7% (oil and gas sector). Another contribution of this assignment was the analysis of the differences in the Brazilian companies\' value creation before and after the subprime crisis. As a result, despite the fact that the year of 2009 had been the second worst in this criterion, it was found no significant difference, considering the whole sample, between the periods before and after the crisis. However, divergences were identified between the sectors. This research innovates for its extent, using a significant number of financial indicators (33), which reflect the result of the firm strategies connected to capital structure, profitability, liquidity, operation and investment, besides a wide database (345 companies, totalizing 2,205 annual reports), covering ten years of analysis in fifteen economic sectors. Therefore, it is expected that the results contribute to subsidize the decision making in the organizations, using the approach of Value Based Management, as well as to help the selection and monitoring of the firms by the investors.

Σκοπός της εν λόγω διπλωματικής εργασίας είναι η μελέτη και η αξιολόγηση των οικονομικών καταστάσεων των αγροτικών επιχειρήσεων που δραστηριοποιούνται στο νομό Αιτωλοακαρνανίας με την χρήση χρηματοοικονομικών δεικτών. Σημαντικό στοιχείο της εργασίας αποτελεί το γεγονός ότι η χρονική περίοδος αξιολόγησης των επιχειρήσεων διαχωρίζεται με ορόσημο το διαχειριστικό έτος 2008 ώστε να έχουμε μία πλήρη εικόνα των επιχειρήσεων προ οικονομικής κρίσης και μετά. / --

No contexto atual dos mercados globalizados, as empresas enfrentam uma competicao cada vez mais complexa na obtencao de capital. Para atrai-lo, elas precisam oferecer um retorno que remunere o risco assumido pelos investidores, ou seja, gerar valor. A Gestao Baseada no Valor defende a maximizacao de riqueza dos acionistas como a meta principal da organizacao. No Brasil, essa abordagem tem sido adotada de forma mais intensa na ultima decada, tornando evidente a necessidade de monitorar o valor da firma nessa economia. Nesse contexto, o objetivo deste estudo foi identificar os principais direcionadores de valor das empresas de capital aberto nao financeiras brasileiras, representadas pelas companhias com acoes negociadas na Bolsa de Valores de Sao Paulo (BM&FBOVESPA), no periodo de 2000 a 2009. Para isso, foram avaliados quais indicadores financeiros estavam mais relacionados a geracao de valor, representada pelo Valor Economico Agregado (VEA), de forma a serem considerados direcionadores desse em cada setor economico. As tecnicas estatísticas utilizadas para esse proposito foram: correlacao, teste t para diferenca de medias entre as empresas com VEA positivo e negativo, regressao multipla, regressao em painel e regressão logistica. Um dos principais resultados encontrados foi que pelo menos dois tercos dos indicadores financeiros utilizados para analise de empresas nao explicam a geracao de valor. Considerando o universo pesquisado, os indicadores financeiros significativamente relacionados a geracao de valor foram: retorno sobre o patrimonio liquido (ROE), retorno sobre o ativo (ROA), spread do acionista, margem bruta, margem liquida e giro do ativo, todos com coeficiente positivo, ou seja, com relacao direta com o VEA. Alem disso, na analise dos setores economicos, por suas caracteristicas especificas, foram encontradas divergencias entre os indicadores financeiros considerados direcionadores de valor. Em relacao ao desempenho das empresas no periodo de analise, observou-se que a maioria delas destruiu valor, ja que apenas 30% obtiveram valor economico agregado anual positivo. Porem, nao ha uniformidade entre os setores, pois as porcentagens medias variaram de 6,7% (setor textil) a 66,7% (setor de petroleo e gas). Outra contribuicao deste trabalho foi a avaliacao das diferencas na geracao de valor das empresas brasileiras antes e apos a crise do subprime. Como resultado tem-se que, embora o ano de 2009 tenha sido o segundo pior nesse quesito, nao foi encontrada diferenca significativa, no conjunto, entre os periodos antes e depois da crise, apesar das divergencias identificadas entre os setores. Esta pesquisa inova pela sua amplitude, ao utilizar um significativo numero de indicadores financeiros (33), que refletem o resultado de estrategias da empresa ligadas a estrutura de capital, rentabilidade, liquidez, operacao e investimento e, tambem, uma ampla base de dados (345 empresas, totalizando 2.205 relatorios anuais), abrangendo dez anos de analise em quinze setores economicos. Assim, espera-se que os resultados contribuam para subsidiar a tomada de decisao nas organizacoes, utilizando a abordagem da Gestao Baseada no Valor, bem como para auxiliar na selecao e monitoramento das empresas pelos investidores. / In the current context of globalized markets, the enterprises face a competition more and more complex in the capital obtainment. To attract it, they need to offer a return that rewards the risk taken by the investors, in other words, create value. The Value Based Management (VBM) defends the shareholders wealth maximization as the main goal of the firm. In Brazil, this approach has been adopted more intensively in the last decade, becoming evident the need of monitoring the business value in this economy. In this context, the objective of this study was to identify the main value drivers of non-financial publicly traded Brazilian companies, represented by the ones with shares traded in the Sao Paulo Stock Exchange (BM&FBOVESPA), in the period from 2000 to 2009. For this purpose, it was evaluated which financial indicators were more associated to the value creation, represented by the Economic Value Added (EVAR), in a way that they could be considered value drivers in each economic sector. The statistical techniques used to obtain the results were: correlation, test t for mean differences between the firms with EVAR positive and negative, multiple regression, panel regression and logit model. One of the main results obtained was that at least two thirds of the financial indicators used for company analysis don\'t explain the value creation. Considering the universe studied, the financial indicators significantly related to the value creation were: return on equity (ROE), return on assets (ROA), shareholder spread, gross margin, net margin and asset turnover, all of them with positive coefficient, what means that they have direct relation with EVAR. Furthermore, in the analysis of the economic sectors, because of their specific features, it was found differences between the financial indicators considered value drivers. In relation to the companies\' performance in the period analyzed, it was observed that most of them destroyed value, since only 30% obtained positive annual economic value added. However, there is no uniformity between the sectors, because the average percentages varied from 6.7% (textile sector) to 66.7% (oil and gas sector). Another contribution of this assignment was the analysis of the differences in the Brazilian companies\' value creation before and after the subprime crisis. As a result, despite the fact that the year of 2009 had been the second worst in this criterion, it was found no significant difference, considering the whole sample, between the periods before and after the crisis. However, divergences were identified between the sectors. This research innovates for its extent, using a significant number of financial indicators (33), which reflect the result of the firm strategies connected to capital structure, profitability, liquidity, operation and investment, besides a wide database (345 companies, totalizing 2,205 annual reports), covering ten years of analysis in fifteen economic sectors. Therefore, it is expected that the results contribute to subsidize the decision making in the organizations, using the approach of Value Based Management, as well as to help the selection and monitoring of the firms by the investors.

A pesquisa conduzida nesta dissertação estudou a relação entre a flutuação de índices econômicos e o comportamento de indicadores econômico-financeiros das empresas de capital aberto do agronegócio brasileiro. Inserida num contexto de aumento da importância deste setor na economia do país, concomitante a um período de flutuações macro e microeconômicas negativas. Esta dissertação teve como objetivo geral analisar como aconteceram as relações entre a flutuação de variáveis relacionadas ao contexto econômico do país e do setor, com o comportamento dos indicadores econômico-financeiros de Liquidez, Administração do Capital de Giro e Estrutura Patrimonial das empresas do agronegócio listadas na Brasil, Bolsa, Balcão S.A. (B3 S.A.) no horizonte temporal entre 2010 e 2016. Compuseram as variáveis independentes deste estudo, índices macroeconômicos (Taxa de Juros (SELIC), inflação (IPCA), Taxa de Câmbio (dólar/real) e PIB), índices microeconômicos (Saldo da Balança Comercial e os PIB específicos do setor) e índices relativos à atividade do setor com o mercado externo. As variáveis dependentes (indicadores econômico-financeiros), foram derivadas dos demonstrativos extraídos de 33 empresas da Plataforma Economática. Para a comparação destes dois grupos de variáveis, operacionalizou-se a Análise de Regressão Múltipla pela técnica da Análise de Dados em Painel, levantando-se resultados de suporte, como a evidenciação de que o perfil de atuação das empresas do agronegócio abrange um raio maior do que o proposto nos segmentos agrícolas presentes na bolsa de valores. E constatando-se que mesmo com indicadores microeconômicos positivos (PIB do agronegócio, da agricultura e da pecuária), quando a economia do país está em declínio (2014, 2015 e 2016) o agronegócio tem demonstrado pelo comportamento de seus indicadores econômico-financeiros, ser um setor resistente as intempéries econômicas, em que a perenidade de um contexto macroeconômico desfavorável está associada a uma piora dos índices de atuação do setor no mercado externo. Identificado este perfil de atuação do setor, atuou-se investigando as relações propostas pela análise de 33 painéis balanceados. Como principais resultados, concluiu-se que a relação entre os indicadores de liquidez e os índices econômicos estão associados no curto prazo para as empresas que atuam em atividades de suporte à cadeia, e para o longo prazo a relação foi constatada para as empresas que atuam no agronegócio de modo direto. Para a Administração do Capital de Giro, foram constatados mais indicadores negativos em tempos onde a crise econômica se agravou, e isto piorou a estrutura de capital de giro quanto ao risco de mercado a que se expõe, principalmente para as empresas que atuam nas atividades de suporte. Para os Indicadores de Estrutura Patrimonial, identificou-se a falta de significância estatística entre as relações observadas, lastreada empiricamente pela boa saúde econômico-financeira do setor, evidenciado na gestão eficiente de captação e aplicação de recursos de longo prazo. As tendências gerais estabeleceram que mesmo altamente alavancado, o agronegócio brasileiro apresenta um endividamento de boa qualidade, evidenciando uma sobra de recursos de longo prazo que são aplicados em ativos de alta liquidez entre 2010 e 2016. / The research conducted in this dissertation studied the relationship between the fluctuation of economic indices and the behavior of economic and financial indicators of the Brazilian public agribusiness. Inserted in a context of increasing the importance of this sector in the economy of the country, concomitant with a period of macro and microeconomic fluctuations negative. The purpose of this dissertation was to analyze how the relationships between the fluctuation of variables related to the economic context of the country and the sector occurred, as well as the behavior of the economic and financial indicators of Liquidity, Working Capital Management and Equity Structure of listed agribusiness companies in Brazil, Bolsa, Balcão SA (B3 SA) in the time horizon between 2010 and 2016. The independent variables of this study were macroeconomic indices (SELIC), inflation (IPCA), exchange rate (dollar / real) and GDP), microeconomic indices (balance of trade balance and sector specific GDP) related to the activity of the sector with the foreign market. The dependent variables (economic and financial indicators) were derived from the statements extracted from 33 companies of the Economática Platform. For the comparison of these two groups of variables, the Multiple Regression Analysis was performed using the Panel Data Analysis technique, raising support results, such as the evidence that the agribusiness companies' performance profile encompasses a larger radius than that proposed in the agricultural segments present in the stock exchange. It is evident that even with positive microeconomic indicators (agribusiness, agriculture and livestock GDP), when the country's economy is declining (2014, 2015 and 2016), agribusiness has been shown by the behavior of its economic and financial indicators, be a sector resistant to economic inclement, where the continuity of an unfavorable macroeconomic context is associated with a worsening of the indices of the sector in the external market. Having identified this sector's performance profile, we investigated the relationships proposed by the analysis of 33 balanced panels. As main results, it was concluded that the relationship between liquidity indicators and economic indices are associated in the short term for companies that operate in chain support activities, and for the long term, the relation was verified for the companies that act in agribusiness directly. For the Working Capital Management, indicators that are more negative were observed in times when the economic crisis worsened, and this worsened the working capital structure in relation to the market risk to which it is exposed, especially for companies that operate in the activities of Support. For the Indicators of Asset Structure, the lack of statistical significance between the observed relationships was identified, empirically backed by the economic and financial health of the sector, evidenced in the efficient management of funding and application of long-term resources. The general trends established that even highly leveraged, Brazilian agribusiness presents good quality debt, evidencing a surplus of long-term resources that are applied in highly liquid assets between 2010 and 2016. / Dissertação (Mestrado)