The thesis describes a stochastic procedure developed for assessing risk and reducing uncertainty inherent in the investment decision making process. It is proposed that the two most important profitability financial ratios in relation to investment decisions are the return on equity and the return on assets respectively. In order to exploit their use as criteria for risk measurement and uncertainty reduction, a stochastic formulation is adopted in which these ratios are expressed in probabilistic terms. A density function to describe their behaviour is derived; it is found that density distribution analysis for both ratios indicate that the Weibull distribution apart from being the most flexible and adaptable model of all those considered, provides the best overall fit to the data. It is accordingly used in the latter part of the research for evaluating industrial sector and company investment risk.

The thesis describes a stochastic procedure developed for assessing risk and reducing uncertainty inherent in the investment decision making process. It is proposed that the two most important profitability financial ratios in relation to investment decisions are the return on equity and the return on assets respectively. In order to exploit their use as criteria for risk measurement and uncertainty reduction, a stochastic formulation is adopted in which these ratios are expressed in probabilistic terms. A density function to describe their behaviour is derived; it is found that density distribution analysis for both ratios indicate that the Weibull distribution apart from being the most flexible and adaptable model of all those considered, provides the best overall fit to the data. It is accordingly used in the latter part of the research for evaluating industrial sector and company investment risk.

A partir das demonstrações contábeis publicadas, com a utilização de modelagem econométrica, esta tese teve como objetivo principal estimar a composição da estrutura de custos e despesas que tiveram rentabilidade e lucratividade operacional acima da média dos setores selecionados. Extraíram-se inferências sobre a composição da estrutura de custos e despesas das empresas e efetuou-se uma análise relacionando essa estrutura com a rentabilidade e a lucratividade operacional acima da média de cada setor selecionado dentro do período de 2005 a 2009. As variáveis de análise foram extraídas da base de dados Economática. Foram selecionados os setores Têxtil e Siderurgia/Metalurgia, porque apresentaram maior quantidade de dados completos no período estudado. A técnica de modelagem quantitativa empregada foi a análise de regressão com dados em painel, com utilização do modelo de efeito fixo, com coeficiente angular constante e intercepto variando entre as entidades. A partir dos dados dos modelos, foi calculada a composição média de custos e despesas fixas (CDF) e custos e despesas variáveis (CDV) sobre o total de custos e despesas totais (CDT). Paralelamente, também foi calculada a margem operacional média (MO) e a rentabilidade operacional média (RO) dessas empresas para o mesmo período estudado. Além disso, uma breve discussão das características individuais de cada setor e uma análise do contexto econômico do período de 2005 à 2009 foi realizada para compreender possíveis influências no desempenho das empresas nos setores pesquisados. Desta análise constatou-se que o período com menor participação de CDF foi o ano de 2008, coincidindo com o período de intensificação da crise financeira nos mercados maduros. Com base na pesquisa realizada, constatou-se uma correlação forte e negativa entre CDF e os indicadores de desempenho (MO e RO). Constatou-se ainda que a estrutura de custos e despesas do setor Siderúrgico/Metalúrgico permite maior participação de CDF do que a do setor Têxtil. No setor Siderúrgico/Metalúrgico o intervalo da proporção de CDF nas empresas com desempenho acima da média no período foi de 30,34% a 30,60%, enquanto que no setor Têxtil foi de 20,15% a 20,76%. / The main objective of this dissertation is to estimate the composition of the cost and expense structure of companies using their published financial statements, with the use of econometric modeling. Inferences was drawn up for the composition of cost and expense structure of the companies and an analysis was made linking this structure with return on assets and operating profitability above average of each selected industry within the period 2005 to 2009. The variables of analysis have been extracted from Economática database. The Textile and Steel/Metallurgy industries were selected because they presented more complete data in the period investigated. The quantitative modeling technique employed was regression analysis with Panel data, using the fixed effect model with constant angular coefficient and intercept ranging between entities. Data from the models was calculated as the average composition of fixed costs and expenses (CDF) and variable costs and expenses (CDV) on the total costs and expenses (CDT). In parallel, was also calculated the average operating margin (MO) and the average operating return on assets (RO) of these companies for the same period. In addition, economic scenario data of the period was reviewed in order to identify if there was any possible significant influence on the variation of costs and expenses structure. The study results show that the period with lower participation of CDF was in 2008, coinciding with the period of intensification of the financial crisis in mature markets. Also the cost and expense structure with less participation of CDF is related to greater MO and RO. It was also found that the cost and expense structure of Steel/Metallurgical industry allows greater participation of CDF than the textile sector. In the Steel/Metallurgical industry, the percentage range of CDF in companies with above-average performance in the period was of 30.34% to 30.60%, while in the Textile sector was of 20.15% to 20.76%.

This study investigates a method for identifying human capital and its effect on company valuation. We devise a measure for the efficiency of human capital based on the personnel cost. We include all companies listed in the financial and industry sector on Nasdaq OMX Stockholm in an attempt to examine human capital and its effect on firm valuation. Our results indicate that a higher efficiency of human capital has a positive effect on return on assets. However, we find that our measure can be interpreted in two ways; either as a firm’s level of human capital efficiency or its dependency on human capital, to achieve its net sales and revenue. We also find indications that the market is valuing firms that rely on human capital lower than firms that don’t. Although our findings are statistically significant, the regressions can only explain a small part of what return on assests is comprised of or the value the market assigns a firm.

This thesis investigates the performance of Swedish listed family-controlled firms using re-turn on assets (ROA) and Tobin’s Q as performance measures. Results show that found-ing-family firms perform 6.1 % better than other firms for ROA. Firm-specific knowledge of the founder-CEO is the main cause of the enhanced performance. The results are not robust to residual testing which suggests caution when drawing conclusions from these re-sults. The main contribution of this thesis is an empirical analysis of family insider repre-sentation and the relation to ROA and Tobin’s Q in a sample consisting entirely of Swedish firms.

This theses deals with productivity and economic performance of small and medium-sized enterprises of chosen sector of manufacturing industry in Czech Republic. The main goal of this thesis is to assess the relation between labour productivity and economic performance in the selected sector of furniture manufacture. Required data are gained from database Albertina. The theses is devided into two sectors. The first part of thesis describes scientific findings about productivity and economic performance.Practical part focuses on analysis of labour productivity and economic performance of chosen companies. The last section of pratical part is devoted to proving the relations between labour productivity and economic performance represented by indicator ROA and indexes of financial health: IN99 and Reliability index. Regression and correlation analysis evaluates described relations from the static and dynamic view.

A partir das demonstrações contábeis publicadas, com a utilização de modelagem econométrica, esta tese teve como objetivo principal estimar a composição da estrutura de custos e despesas que tiveram rentabilidade e lucratividade operacional acima da média dos setores selecionados. Extraíram-se inferências sobre a composição da estrutura de custos e despesas das empresas e efetuou-se uma análise relacionando essa estrutura com a rentabilidade e a lucratividade operacional acima da média de cada setor selecionado dentro do período de 2005 a 2009. As variáveis de análise foram extraídas da base de dados Economática. Foram selecionados os setores Têxtil e Siderurgia/Metalurgia, porque apresentaram maior quantidade de dados completos no período estudado. A técnica de modelagem quantitativa empregada foi a análise de regressão com dados em painel, com utilização do modelo de efeito fixo, com coeficiente angular constante e intercepto variando entre as entidades. A partir dos dados dos modelos, foi calculada a composição média de custos e despesas fixas (CDF) e custos e despesas variáveis (CDV) sobre o total de custos e despesas totais (CDT). Paralelamente, também foi calculada a margem operacional média (MO) e a rentabilidade operacional média (RO) dessas empresas para o mesmo período estudado. Além disso, uma breve discussão das características individuais de cada setor e uma análise do contexto econômico do período de 2005 à 2009 foi realizada para compreender possíveis influências no desempenho das empresas nos setores pesquisados. Desta análise constatou-se que o período com menor participação de CDF foi o ano de 2008, coincidindo com o período de intensificação da crise financeira nos mercados maduros. Com base na pesquisa realizada, constatou-se uma correlação forte e negativa entre CDF e os indicadores de desempenho (MO e RO). Constatou-se ainda que a estrutura de custos e despesas do setor Siderúrgico/Metalúrgico permite maior participação de CDF do que a do setor Têxtil. No setor Siderúrgico/Metalúrgico o intervalo da proporção de CDF nas empresas com desempenho acima da média no período foi de 30,34% a 30,60%, enquanto que no setor Têxtil foi de 20,15% a 20,76%. / The main objective of this dissertation is to estimate the composition of the cost and expense structure of companies using their published financial statements, with the use of econometric modeling. Inferences was drawn up for the composition of cost and expense structure of the companies and an analysis was made linking this structure with return on assets and operating profitability above average of each selected industry within the period 2005 to 2009. The variables of analysis have been extracted from Economática database. The Textile and Steel/Metallurgy industries were selected because they presented more complete data in the period investigated. The quantitative modeling technique employed was regression analysis with Panel data, using the fixed effect model with constant angular coefficient and intercept ranging between entities. Data from the models was calculated as the average composition of fixed costs and expenses (CDF) and variable costs and expenses (CDV) on the total costs and expenses (CDT). In parallel, was also calculated the average operating margin (MO) and the average operating return on assets (RO) of these companies for the same period. In addition, economic scenario data of the period was reviewed in order to identify if there was any possible significant influence on the variation of costs and expenses structure. The study results show that the period with lower participation of CDF was in 2008, coinciding with the period of intensification of the financial crisis in mature markets. Also the cost and expense structure with less participation of CDF is related to greater MO and RO. It was also found that the cost and expense structure of Steel/Metallurgical industry allows greater participation of CDF than the textile sector. In the Steel/Metallurgical industry, the percentage range of CDF in companies with above-average performance in the period was of 30.34% to 30.60%, while in the Textile sector was of 20.15% to 20.76%.

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 financial situation and financial economy are to be controlled by a whole complex of indicators and their values looked on in the time progress and context so that the evaluation outcome may reflect the whole economic state of the company and enable to point out causes of the actual situation. If the firm shall be economically flourishing, the financial analysis has to be a part of the complex of the company's financial management because it provides a feedback between the expected effect of managing decisions and experience. The elaborated analysis is focussed on detection of weak and strong points of the firm. The goal of my diploma thesis was to elaborate a financial analysis containing my theoretical experience. Despite of the fact that the financial analysis does not bring a complete answer to all questions the company have been asking themselves, it is a great constribution to the evaluation of the past development, detection of problematical areas and prediction of the future development.

ESG-score är ett hållbarhetsmått som blivit allt mer aktuellt och innefattar områdena miljö, socialt ansvar samt bolagsstyrning. Uppsatsen undersöker tidigare studier kring ESG och intresset för hur hållbarhet har ökat i samhället. Med det som grund är syftet att vidare undersöka hur olika företags ESG-score påverkar deras finansiella utfall, avgränsat till börsnoterade företag på den svenska marknaden samt utvalda finansiella mått. Regressioner av uppsatsens datainsamling har utförts för att undersöka om ESG-score har en signifikant påverkan på de olika finansiella utfallen. Tidigare studier har haft delade meningar huruvida ett samband existerar, samt kring tillförlitligheten av betyget. Flera studier uppmanar till mer forskning inom området vilket har motiverat uppsatsen forskningsområde. Studiens resultat finner slutligen ett negativt signifikant samband mellan ESG-score och Market to Book, de resterande finansiella utfallen visar inget statistiskt signifikant samband till företagens ESG-score.