Master of Science / Department of Agricultural Economics / Michael R. Langemeier / The overall objective of this study was to examine the relative efficiency of farmers in various age groups. Nine Hundred sixty-four sole proprietors, who were members of the Kansas Farm Management Association (KFMA) with continuous data from 2002-2006, were split up into four groups based on age. Comparing the fourth age group (over 65 years of age) to the first age group (under or equal to 45 years of age) was of primary importance in this study. Comparisons were made utilizing variables pertaining to farm size and tenure, specialization, efficiency, liquidity, and solvency. In this study, there are four age groups; under or equal to 45 years, 46 to 55 years, 56 to 65 years, and greater than 65 years old. T-tests were used to compare variables among age groups. Nineteen variables were statistically different between age groups one and four. The fourth age group performed poorly in terms of cost efficiency. Based on the results, the fourth age group had a difficult time covering unpaid labor and capital expenses. Discriminant analysis was used to determine which variables discriminate the most between age groups. The top three variables in this discriminant analysis were the asset turnover ratio, the economic total expense ratio, and percent acres owned. The top three variables in the discriminant analysis involving groups one and four were the debt to asset ratio, asset turnover ratio, and net farm income.

Background: Swedish companies were negatively affected by the financial crisis between 2007 to 2009. Even if companies with a high level of financial leverage were hit harder due to the financial crisis than companies with financial leverage, the level of financial leverage about the same now as it was right before the financial crisis. Even if an increase of cash flows associated to financial leverage increase a company’s business opportunities, there are a lot of research done in the field that claim that the relation between financial leverage and financial performance is negative. Purpose: Since there is evidence that the relation between financial leverage and financial performance differ from different countries across the world, it is important to determine the relation in different countries. There is a research gap when it comes to the relation in Sweden, since the prior research have focused on specific industries or company sizes. By extending prior research in Sweden, companies, investors and creditors could get better understanding for Swedish companies’ relation between financial leverage and financial performance. Method: In the thesis, data from 750 companies listed on Stockholm stock exchange has been examined to determine the relation between financial leverage and financial performance. Totally, 3750 observation from the years 2012 to 2016, have been tested by a multivariate regression. Results: The evidence from the thesis showed that the relation between financial leverage and financial performance depends on which type of measurement for financial leverage and financial performance that is used. There is partly significant evidence that company size affect the relation

The South African Government’s service delivery initiatives do not guarantee quality of life for all citizens of South Africa. An active challenge faced by researchers and practitioners, who do not have adequate solutions available, is based on the fact that government departments are not able to say what they have achieved; only what they have done. The aim of this study was to develop a conceptual approach or framework for public financial performance management, which will pave the way for operational and line managers in public financial management towards world-class performance with specific reference to effectiveness and service delivery outcomes. The contextualisation of public administration highlights the scientific foundations of public administration and the continuous development of administrative theories and growing administrative thought within the discipline of Public Administration. The development of public administration proves to be dynamic with the emphasis on future trends and emerging concepts of public management and good governance and the need for more efficient and effective service delivery. The state's role has changed from hands-on management and direct delivery of goods and services to the facilitation of an enabling environment, which provides a framework for private sector participation. Successful development programmes hinge on the effective economic policies, good governance and financial performance management of the facilitator. Due to the fragmentation of policy responsibility in society, the traditional mechanisms of governmental control are no longer workable, or even appropriate. Control is giving way to interaction and involvement with critical implications for the operational manager’s ability to manage, but still to be accountable. The future role of government will be based on governance and stewardship, which can create an enabling environment for all its citizens to enjoy a good life. Derived from an analysis of the public administration environment, the magnitude of the challenges and the tasks facing African countries, African governments and other stakeholders, especially the international community, must establish capacity to deal with a dynamic and changing environment. A systematic and holistic approach will be needed for the implementation of policy in order to become more effective and responsive to the needs of society. The role of governance as the ideal platform allows for an interactive relationship between the public financial management system and the budget process to be facilitated by various role players in different relationships. Interaction is based on the concept of getting the basics right and is also aligned with the public financial management system as a series of realistic platforms to accommodate the multiple role players. The result is a financial system that provides the opportunity for financial performance management and effective and optimal budget outcomes. A high-performing public-sector organisation is results-driven with a sound public financial management system, which allows the government to make the best use of all available resources. This type of organisation will meet the quest to efficiently and effectively utilise public resources to meet the needs of the community in an equitable manner. Public financial performance management must be viewed as the next logical evolution of the field of public management. Public financial performance management must be viewed as an essential component of successful management. This is cultural, operational and human resource management change. The transition will require recognition that rationality is the underlying force of performance management. The development of public financial performance management capacity is a means and not an end in itself; it is an integral part of the overall development agenda. Consequently, a capacity development strategy must be based on a broader vision of improved financial performance management and increasing organisational effectiveness leading to good governance. While country ownership is critical, the capacity development efforts have to be tailored to match the existing human resources, institutions, legal system, as well as the administrative and political culture. The drive for capacity development should transcend the mode by which it is to be delivered. / Thesis (PhD)--University of Pretoria, 2013. / School of Public Management and Administration (SPMA) / unrestricted

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

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

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

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

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

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

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