This thesis investigates the factors that are associated with annual changes in the share price of Johannesburg Stock Exchange (JSE) listed companies. In this study, an increase in value of a share is when the share price of a company goes up by the end of the financial year as compared to the previous year. Secondary data that was sourced from McGregor BFA website was used. The data was from 2004 up to 2011. Deciding which share to buy is the biggest challenge faced by both investment companies and individuals when investing on the stock exchange. This thesis uses binary logistic regression to identify the variables that are associated with share price increase. The dependent variable was annual change in share price (ACSP) and the independent variables were assets per capital employed ratio, debt per assets ratio, debt per equity ratio, dividend yield, earnings per share, earnings yield, operating profit margin, price earnings ratio, return on assets, return on equity and return on capital employed. Different variable selection methods were used and it was established that the backward elimination method produced the best model. It was established that the probability of success of a share is higher if the shareholders are anticipating a higher return on capital employed, and high earnings/ share. It was however, noted that the share price is negatively impacted by dividend yield and earnings yield. Since the odds of an increase in share price is higher if there is a higher return on capital employed and high earning per share, investors and investment companies are encouraged to choose companies with high earnings per share and the best returns on capital employed. The final model had a classification rate of 68.3% and the validation sample produced a classification rate of 65.2% / Mathematical Sciences / M.Sc. (Statistics)

Made available in DSpace on 2014-07-29T14:49:10Z (GMT). No. of bitstreams: 1 Heloisio_Caetano.pdf: 4628443 bytes, checksum: b488772923cf9872b1b42391f8d89610 (MD5) Previous issue date: 2011-08-08 / The analyses of the dynamics of the crops composition in the State of Goiás was first started by Yokoyama (1988). Here, is made a continuity of this work and methodology enlargement elements like maps and graphics to better scrutinize the phenomenon throw the use of shift-share rates. Further socio economic inferences are based in agricultural frontier´s theory. The mathematical methods and uses, of the shift-share rates, are discussed. Using this model, the area effects are decomposed into scale and substitution effects, and it shows the geographic location effects for the selected microrregiões, and for this also the production effects. The agricultural frontier model is presented in basics ideas. The indices are presented for individual and the set of crops in the microrregiões and so are fluctuation of production of the set and location of crops in the State of Goiás. The results point changes in the crops composition in the State of Goiás. Staple food production in the new context, despite changes of territory of crops, it maintains important role in National context. It presents results about the important discussion that involves sugar-cane expansion, relations to soy-beans and cattle and conclusions about crop relations to ´cerrados´ area. The crop period goes is from 1990 to 2009. / A análise da composição das culturas no Estado de Goiás foi um trabalho iniciado por Yokoyama (1988). Neste realiza-se uma continuação aliada a uma atualização metodológica ao utilizar elementos como mapas e gráficos que permitiram uma visão mais ampla dos fenômenos evidenciados pelos índices Shift-Share. Neste trabalho também ocorre uma renovação da análise, onde o conceito de fronteiras agrícolas fundamenta o estudo da ação dos sujeitos. Pelo modelo decompõe-se o efeito área em efeito escala e substituição, e apresenta também o efeito localização geográfica, apresentando estes índices também em porcentagem, para as culturas selecionadas. Os efeitos são apresentados também para as microrregiões selecionadas, sendo que para estas foi possível discutir o efeito composição do produto. O modelo de fronteiras agrícolas é apresentado em suas idéias fundamentais. São apresentadas as análises a partir do cálculo dos índices, para as culturas e conjunto de lavouras, e a localização das culturas no Estado. Os resultados apontam para ocorrências na produção de alimentos frente a este novo panorama, onde apesar de o Estado sofrer consideráveis alterações na área plantada destas culturas a sua importância mantém-se no contexto nacional. Apresenta dados e resultados sobre a discussão que envolve expansão da cana-de-açúcar, relações com a soja e o gado e conclusão sobre as relação entre as culturas e as áreas de cerrado. O período analisado foi 1990 a 2009.

Submitted by Renata Lopes (renatasil82@gmail.com) on 2016-09-27T13:40:49Z No. of bitstreams: 1 carolinamoraessarmentodeassis.pdf: 1036311 bytes, checksum: 483fffca9ef9bc9e0b5c555f68e7b621 (MD5) / Approved for entry into archive by Diamantino Mayra (mayra.diamantino@ufjf.edu.br) on 2016-09-27T15:15:20Z (GMT) No. of bitstreams: 1 carolinamoraessarmentodeassis.pdf: 1036311 bytes, checksum: 483fffca9ef9bc9e0b5c555f68e7b621 (MD5) / Made available in DSpace on 2016-09-27T15:15:20Z (GMT). No. of bitstreams: 1 carolinamoraessarmentodeassis.pdf: 1036311 bytes, checksum: 483fffca9ef9bc9e0b5c555f68e7b621 (MD5) Previous issue date: 2016-06-30 / FAPEMIG - Fundação de Amparo à Pesquisa do Estado de Minas Gerais / Esta dissertação teve por objetivo investigar os efeitos da participação de mercado das firmas sobre os salários que pagam por ocupação, para os setores extrativista e de transformação da economia brasileira, no período de 2007 a 2013. A base de dados utilizada foi um painel de microdados conectáveis ocupação-firma, construída a partir de dados do Relatório Anual de Informações Sociais Identificada (RAIS) e da Pesquisa Industrial Anual (PIA-Empresa). O controle das heterogeneidades não-observadas da firma e dos choques ocupacionais foi realizado em duas etapas: a primeira etapa consistiu em eliminar os efeitos não observados das firmas; com as variáveis em diferença, a segunda etapa consistiu em estimar um modelo de efeitos-fixos, por meio do qual eliminou-se os choques ocupacionais. Os resultados apontam haver relação positiva e significativa entre a participação de mercado das firmas e os salários que pagam por ocupação. Os coeficientes encontrados, contudo, são inferiores àqueles reportados para os países desenvolvidos, indicando este fator como menos relevante para os diferenciais salariais no país. Ademais, o Lester range foi de 9% após o controle para os efeitos não observados, valor aquém daqueles reportados na literatura internacional. A agregação dos dados por ocupação-firma, considerando a maior desagregação disponível para a ocupação, bem como a especificação de um modelo de efeitos-fixos capaz de controlar dois tipos de heterogeneidade não observada, contribuiu para a literatura ao apresentar uma nova possibilidade de estimação dos modelos que tratam esse tema, posto que estimam um modelo sem incorrer em prejuízos amostrais. Ademais, a existência de uma escassa literatura acerca desse tema para o Brasil, como também para os países em desenvolvimento, reforça a relevância deste estudo. / This work aimed to investigate the effects of firm’s product market market-power on occupational wages on Brazilian manufacturing firms, between 2007 and 2013. This study used detailed occupation and firm-level matched data, based on our merging of two different data sets: the Annual Report of Social Information (RAIS) and the Annual Industrial Survey (PIA-Enterprise). The control of unobserved heterogeneity of the firms and the occupations was performed in two stages: the first stage eliminates unobserved effects of firms; with the variables in difference, in a second stage, one could estimate a model of fixed effects, by which the occupational shock is eliminated. The results shows a positive and significant relationship between the firm’s market-share and occupational wages. The coefficients found, however, are lower than those reported for developed countries. Moreover, after controlling for both fixed effects, Lester Range was 9%, value below those reported in the literature. The aggregation of data by cell of occupation-firm, considering the further breakdown available for occupation, as well as the specification of a fixed effects model able to control two types of unobserved heterogeneity, contributed to the literature by presenting a new possibility for the estimation of models that address this issue, since they estimate a model without incurring sample losses. Moreover, the existence of a limited literature on this subject for Brazil, and also for developing countries, reinforces the relevance of this study.

The subject of my theses is a special category of heirs so-called forced heirs. This theme describes their substantive position and guaranteed increased protection determined by law which is especially defined by right to share on inheritance to an extent determined by law. Will of testator is hereby limited by right of forced heir in forced share. Irrespective of most European regulations only offspring of testator are counted to the circle of forced heirs in the Czech Republic whereby the difference is between minors who are entitled to at least three quarters of share and majors who are entitled to minimum of one quarter determined by legal inheritance share. This thesis is systematically divided into seven chapters. After general historical background and general terms of inheritance law explained in the second chapter, next chapter is continued by the definition of several institutes which are mutually interlinked and also closely related to the person of forced heir. Fourth chapter is dedicated to right of forced share in which I am focusing on its calculation, offsetting and final payment. I completely describe, by means of legal jurisdiction, disinheritance and incapacity to inherit in the two following chapters. Last chapter includes two institutes which, under influence of NCC (New civil...

The content of this thesis is the fundamental analysis of stocks whose bases are practically focused on the company New World Resources Plc. In the theoretical part of the thesis are presented approaches to the capital markets generally used to search for undervalued stocks and when appropriate to their business. The detail is given to the specifics of fundamental analysis. These data are used in the practical part of the work at different levels of fundamental analysis. The main part consists of the actual determination of the intrinsic value of the shares of New World Resources Plc on whose basis the work mentioned specific investment recommendation.

Notre thèse explore les facteurs de risque et les modèles des facteurs sur le marché boursier chinois A-share. Notre étude est basée sur le contexte du modèle facteur de Fama-French (FF). Tout d'abord, au chapitre 1, nous réexaminons l'applicabilité du Modèle Fama-French à Trois Facteurs (FF3F) et du dernier Modèle Fama-French à Cinq Facteurs (FF5F), compte tenu de plusieurs caractéristiques spéciales du marché boursier chinois. Les résultats empiriques montrent que le Modèle FF3F peut expliquer la majorité des variations de séries chronologiques des rentabilités des actions chinoises A-share. Au cours de la période d'échantillonnage, le marché bêta et le facteur SMB sont des déterminants importants pour expliquer la variation transversale des rentabilités des actions, cependant nous ne trouvons aucune prime de valeur. D’après la comparaison des performances des modèles FF3F et FF5F en présence de facteurs de rentabilité et d'investissement, le Modèle FF5F ne semble pas capturer plus de variations de rentabilités espérées que le modèle à trois facteurs, à l'exception des six portefeuilles pondérées en valeurs qui formés à partir de la taille et de la rentabilité opérationnelle.Dans le chapitre 2, nous examinons si les facteurs FF, SMB et HML, sont des proxys d'innovations de variables d'état sélectionnées (rendement de dividende agrégée, taux de T-bonds en un mois, l’écart de terme et l’écart de défaut) qui décrivent, sur la période recherche, les opportunités futures d'investissement sur le marché boursier chinois A-share. Les régressions chronologiques et les régressions des séries transversales sont réalisées sur cinq modèles comparatifs en utilisant l'approche à deux étapes Fama-MacBeth. Les facteurs FF ne perdent pas leur pouvoir explicatif, avec ou sans la présence des innovations des quatre variables d’états sélectionnées, à la fois dans les examens de séries chronologiques et les examens transversaux. Nous trouvons que l'information contenue dans l'innovation de rendements de dividende agrégés semble totalement capturée par la combinaison du marché bêta et du facteur de taille. Les facteurs FF ont pu jouer un rôle limité de capturer d'opportunités d'investissement alternatives représentées par les innovations des quatre variables d'état sélectionnées.Dans le chapitre 3, nous étudions si les facteurs FF sont des proxys de facteurs de risque de détresse et si différentes méthodes de construction des facteurs entraînent des résultats différents. Les résultats empiriques suggèrent qu'il n'y a pas de preuve significative que les facteurs FF représentent un risque de détresse sur le marché boursier chinois A-share. En comparant les résultats des régressions des séries chronologiques à partir de deux méthodes différentes, la performance du facteur de risque de détresse basé sur le DLI semble légèrement meilleure que celui basé sur le O-score. Cependant, le facteur de risque de détresse n'est pas un déterminant important des rentabilités transversales moyennes, et les facteurs FF ne peuvent pas représenter le facteur de risque de détresse dans la section transversale du marché boursier chinois A-share. / This dissertation is to explore the risk factors and factor models on Chinese A-share stock market based on the context of Fama-French (FF) factor model. First of all, chapter 1 re-examines the applicability of Fama-French Three-Factor (FF3F) Model and the latest Fama-French Five-Factor (FF5F) Model considering several special features of Chinese stock market. FF3F Model can explain a majority of time-series variation of the Chinese A-share stock returns. The market beta and SMB are important determinants in explaining the cross-sectional variation in the average stock returns over the sample period; however, we find no value premium. Comparing the performance of both FF3F Model and FF5F Model on Chinese A-share stock market, in the presence of profitability and investment factors, FF5F Model seems not capture more variations of expected stock returns than the three-factor model except the six value-weighted portfolios formed on size and operating profitability.Chapter 2 examines whether FF factors SMB and HML proxy for the innovations of selected state variables (aggregate dividend yield, one-month T-bill rate, term spread and default spread) that describe future investment opportunities on Chinese A-share stock market during the research period. Both time-series and cross-sectional regressions are performed on five comparative models using Fama-MacBeth two-stage approach. FF factors don’t lose their explanatory power with or without the presence of the innovations of selected four state variables in both the time-series and cross-sectional examinations. We find that the information contained in innovation of aggregate dividend yields seems totally captured by the combination of market beta and size factor. FF factors might have played a limited role in capturing alternative investment opportunities proxied by innovations of the selected four state variables.Chapter 3 investigates whether FF factors proxy for distress risk factor and whether different methods of constructing factors result in the different outcomes. The empirical results suggest that there is no significant evidence that FF factors are proxying for distress risk on Chinese A-share stock market. Comparing the time-series regression results by using two different methods, the distress risk factor constructed based on DLI seems to perform slightly better than that constructed based on O-score in capturing time-series average returns. However, the distress risk factor is not an important determinant of cross-sectional average returns, and FF factors cannot proxy as distress risk factor in the cross-section on Chinese A-share stock market.

The thesis searches for driving forces behind structural changes of rural employment in the example of Czechia subject to changing rural paradigm and the related question of rural economic viability represented by the employment performance. The research elaborates on the territorial approaches which categorises regions according to their degree of rurality. In addition, the detailed classification is made according to the change of non-agricultural employment in the period 2001-2011 in order to identify dynamic regions which showed performance above national average (leading) and those which lacked behind (lagging). The observations prompt the question why is the performance differentiated. Therefore, the regionally differentiated impact of processes such as deagriculturisation, deindustrialisation and tertiarisation in the period 2001-2011 is analysed by the use of analysis of components (namely shift-share analysis) and multivariate analysis (namely factor and cluster analysis). The thesis aims to provide answers in particular by giving a thorough analysis of how the changing rural paradigm (and regional theories in wider context) conceptualise the driving forces behind employment development in rural areas. The added value is in the analysis of interrelations and correlations of chosen...

The new millennium is the time for entrepreneurship both nationally and internationally because the new millennium has many opportunities, afforded by technology and global communications, as it is filled with challenges and uncertainty. The South African government has identified the important role small- and medium-sized enterprises have to play in employment creation. The first step towards economic development is creating new businesses; the second step is ensuring sustainability through value creation. Value-based management can be defined as a management approach that maximises long-term shareholder value, which is incorporated in the business’ strategy and goals, through the identification and management of key value drivers, whereby all employees think and act like shareholders. To ensure value creation takes place, some form of control mechanism is required. Managerial decisions and actions to create shareholder value, therefore, are measured through a metric, and employee performance is linked to the value created. Value-based management is not a staff-driven exercise but focusses on better decision making at all levels. Value-based management metrics are based on the idea of comparing cash flows generated by a company against the cost of capital in generating these flows, and thereby measuring shareholder value. Understanding what drives value in a company is essential for creating shareholder value, as well as how these drivers affect one another. This will enable all stakeholders, from senior management right down to the shop floor, to make the right informed decision that will result in creating and increasing shareholder value. Entrepreneurship can be defined as a dynamic goal-oriented process whereby an individual combines creative thinking to identify marketplace needs and new opportunities with the ability to manage secure resources, and adapt to the environment to achieve desired results, while assuming some portion of risk for the venture. Entrepreneurship is about the exploitation of perceived opportunities by individuals, based solely on personal judgement and visions. These are either not seen by other individuals, or they are unable to bear the risks of acting upon them. Without effective and efficient management by objectives, and management of projects, a small business cannot function. The decision to invest in an entrepreneurial business can be viewed as a hard evidence-oriented, substance-based process and investors discount the figures in a business plan, as these figures are wildly optimistic as well as padded by entrepreneurs. A venture capitalist sometimes chooses to invest in a new venture, even if the discounted cash flow (DCF) analysis results shows that the net present value is a negative reason, being that the DCF approach does not take into account the flexibility obtained by active management. The environment faced by the venture-backed firm is highly uncertain, making overlooking this flexibility a particularly serious problem. Private equity is potentially one of the most expensive forms of capital financing. New and emerging firms are usually the issuers of private equity, as these firms cannot raise money in the public markets, or they are public firms going private that require massive amounts of private financing. Smaller unlisted companies regard the Johannesburg Securities Exchange’s Alternative Exchange (AltX) as a stepping-stone to bigger things, including graduating to the main bourse of the JSE. Capital structure is arguably at the core of modern corporate finance, and a simple capital structure as a form of competitive strategy, as fewer physical assets contribute to organisational flexibility, and as a result, small firm owners often weigh the benefits of expansion against the benefits of remaining small. Performance evaluation is an important tool in continuously improving performance in order to stay competitive. Performance evaluation and benchmarking positively forces any business to constantly improve and evolve. Benchmarking a firm’s financial results against its own peers or industry averages enables management to identify the relative strength and weaknesses of the firms and as a result, ensure better future planning. Data envelopment analysis (DEA) is a non-parametric linear programming technique that computes a comparative ratio of outputs or inputs for each unit, which is reported as the relative efficiency score. DEA assists in identifying areas in which a firm has strengths and weaknesses (relative to competition) and when improvements are needed (relative to peers). DEA can indicate the level of improvement required, and provides a consistent and reliable measure of managerial or operational efficiency. A two-stage DEA model was developed to benchmark performance in terms of value creation in the first stage, and in the second stage, share price performance. The study was designed to evaluate companies at operating level (day-to-day activity) as well as company level. In addition to the two-stage model, a single stage model was developed as a separate analysis in terms of output maximisation regarding share prices. As far as could be determined, it was the first time this type of research was done on South African companies listed on the AltX. Furthermore, the study is the first to apply a benchmarking technique to determine the relative efficiency of companies to convert resources into value-based performance measures and to convert the same measures into share-value. The majority of companies listed on the AltX are not efficient in reflecting company performance in share prices by means of value-based management principles. A very limited number of companies were able to be efficient simultaneously in creating value and reflecting the value created in the share price. Based on the efficiency frontier in terms of value creation, a very limited number of companies listed on the AltX are deemed efficient. The majority of the companies are not able to create value at the levels of the efficient companies. A small fraction of the companies listed on the AltX is deemed efficient based on the efficiency frontier for reflecting value creation in share prices. AltX companies’ share prices have the potential to increase significantly in value, if all companies were efficient in reflecting created value in share prices. Small and medium enterprises should give more attention to value-based management principles in the process to create shareholders’ wealth. In light of the evidence that the value creation process must start with educating the management of small and medium enterprises on the concepts and principles of value-based management, it would also be highly recommended that small and medium enterprises should make value-based management part of the business’ strategies and goals. Small and medium enterprises must identify and manage key value drivers. This process is not a generic process, as each business is unique in its own way. It is important for management to understand the key value drivers in order to get employees to understand them. The management of small and medium enterprises are warned against a short-term value maximisation focus at the expense of long-term shareholder value creation. Any reward and recognition system should not reward short-term benefits, but rather should focus on long-term, sustainable initiatives, that will create value in the long run to the benefit of all stakeholders involved. / PhD (Business Administration), North-West University, Potchefstroom Campus, 2015

The new millennium is the time for entrepreneurship both nationally and internationally because the new millennium has many opportunities, afforded by technology and global communications, as it is filled with challenges and uncertainty. The South African government has identified the important role small- and medium-sized enterprises have to play in employment creation. The first step towards economic development is creating new businesses; the second step is ensuring sustainability through value creation. Value-based management can be defined as a management approach that maximises long-term shareholder value, which is incorporated in the business’ strategy and goals, through the identification and management of key value drivers, whereby all employees think and act like shareholders. To ensure value creation takes place, some form of control mechanism is required. Managerial decisions and actions to create shareholder value, therefore, are measured through a metric, and employee performance is linked to the value created. Value-based management is not a staff-driven exercise but focusses on better decision making at all levels. Value-based management metrics are based on the idea of comparing cash flows generated by a company against the cost of capital in generating these flows, and thereby measuring shareholder value. Understanding what drives value in a company is essential for creating shareholder value, as well as how these drivers affect one another. This will enable all stakeholders, from senior management right down to the shop floor, to make the right informed decision that will result in creating and increasing shareholder value. Entrepreneurship can be defined as a dynamic goal-oriented process whereby an individual combines creative thinking to identify marketplace needs and new opportunities with the ability to manage secure resources, and adapt to the environment to achieve desired results, while assuming some portion of risk for the venture. Entrepreneurship is about the exploitation of perceived opportunities by individuals, based solely on personal judgement and visions. These are either not seen by other individuals, or they are unable to bear the risks of acting upon them. Without effective and efficient management by objectives, and management of projects, a small business cannot function. The decision to invest in an entrepreneurial business can be viewed as a hard evidence-oriented, substance-based process and investors discount the figures in a business plan, as these figures are wildly optimistic as well as padded by entrepreneurs. A venture capitalist sometimes chooses to invest in a new venture, even if the discounted cash flow (DCF) analysis results shows that the net present value is a negative reason, being that the DCF approach does not take into account the flexibility obtained by active management. The environment faced by the venture-backed firm is highly uncertain, making overlooking this flexibility a particularly serious problem. Private equity is potentially one of the most expensive forms of capital financing. New and emerging firms are usually the issuers of private equity, as these firms cannot raise money in the public markets, or they are public firms going private that require massive amounts of private financing. Smaller unlisted companies regard the Johannesburg Securities Exchange’s Alternative Exchange (AltX) as a stepping-stone to bigger things, including graduating to the main bourse of the JSE. Capital structure is arguably at the core of modern corporate finance, and a simple capital structure as a form of competitive strategy, as fewer physical assets contribute to organisational flexibility, and as a result, small firm owners often weigh the benefits of expansion against the benefits of remaining small. Performance evaluation is an important tool in continuously improving performance in order to stay competitive. Performance evaluation and benchmarking positively forces any business to constantly improve and evolve. Benchmarking a firm’s financial results against its own peers or industry averages enables management to identify the relative strength and weaknesses of the firms and as a result, ensure better future planning. Data envelopment analysis (DEA) is a non-parametric linear programming technique that computes a comparative ratio of outputs or inputs for each unit, which is reported as the relative efficiency score. DEA assists in identifying areas in which a firm has strengths and weaknesses (relative to competition) and when improvements are needed (relative to peers). DEA can indicate the level of improvement required, and provides a consistent and reliable measure of managerial or operational efficiency. A two-stage DEA model was developed to benchmark performance in terms of value creation in the first stage, and in the second stage, share price performance. The study was designed to evaluate companies at operating level (day-to-day activity) as well as company level. In addition to the two-stage model, a single stage model was developed as a separate analysis in terms of output maximisation regarding share prices. As far as could be determined, it was the first time this type of research was done on South African companies listed on the AltX. Furthermore, the study is the first to apply a benchmarking technique to determine the relative efficiency of companies to convert resources into value-based performance measures and to convert the same measures into share-value. The majority of companies listed on the AltX are not efficient in reflecting company performance in share prices by means of value-based management principles. A very limited number of companies were able to be efficient simultaneously in creating value and reflecting the value created in the share price. Based on the efficiency frontier in terms of value creation, a very limited number of companies listed on the AltX are deemed efficient. The majority of the companies are not able to create value at the levels of the efficient companies. A small fraction of the companies listed on the AltX is deemed efficient based on the efficiency frontier for reflecting value creation in share prices. AltX companies’ share prices have the potential to increase significantly in value, if all companies were efficient in reflecting created value in share prices. Small and medium enterprises should give more attention to value-based management principles in the process to create shareholders’ wealth. In light of the evidence that the value creation process must start with educating the management of small and medium enterprises on the concepts and principles of value-based management, it would also be highly recommended that small and medium enterprises should make value-based management part of the business’ strategies and goals. Small and medium enterprises must identify and manage key value drivers. This process is not a generic process, as each business is unique in its own way. It is important for management to understand the key value drivers in order to get employees to understand them. The management of small and medium enterprises are warned against a short-term value maximisation focus at the expense of long-term shareholder value creation. Any reward and recognition system should not reward short-term benefits, but rather should focus on long-term, sustainable initiatives, that will create value in the long run to the benefit of all stakeholders involved. / PhD (Business Administration), North-West University, Potchefstroom Campus, 2015

Doctor of Philosophy / Department of Hospitality Management and Dietetics / Chihyung Ok, Deborah D. Canter / This study sought to apply the concepts of ‘perceived value’ and ‘customer share’ (of visits) to full-service restaurant settings for the first time. Given the strong ‘experiential nature’ of foodservice, the perceived value concept adopted in this study involved an ‘experiential view’ of the dining experience. Further, the customer share concept was expected to have implications for the foodservice context, given the multi-loyalty nature of restaurant customers. With the first conceptual model, this study sought to verify the effect of perceived value on customer share of visits in a full-service restaurant context, using a dimension-level value approach and positing customer satisfaction and brand preference as mediators between them. The conceptual model was tested based on responses from 299 general U.S. full-service restaurant customers, using a confirmatory factor analysis and structural equation modeling. The test results revealed that among four value dimensions, excellence (in food and service) and customer return on investment had dominant effects on customer satisfaction and brand preference whereas playfulness had a significant moderate effect only on brand preference; aesthetic appeals did not have significant effects on either. Affected by perceived value, customer satisfaction significantly enhanced brand preference and in turn brand preference contributed to customer share of visits and fully mediated the effect of customer satisfaction on customer share of visits. In essence, the findings highlight the significant antecedent role of perceived value in customers’ satisfaction and brand preference formation, and the pivotal role of customer brand preference in customers’ purchase decision process. With the second conceptual model, this study sought to reveal the direct effect and/or moderating effects of contingency variables in relation to customer share of visits in a fullservice restaurant context. The hypotheses included in the conceptual model were tested based on responses from 291 general U.S. full-service restaurant customers, using a confirmatory factor analysis and a series of (moderated hierarchical) regression analyses. The test results indicated that the direct effects of social switching costs, lost benefits costs, procedural costs, and intrinsic inertia were positive whereas that of intrinsic variety-seeking was negative on customer share of visits. In addition, consumer involvement and perceived brand heterogeneity were found to enhance the effect of brand preference on customer share of visits. The effects of the contingency variables appear to work by influencing the number of brands in customers’ consideration sets and/or leading customers to allocate a greater share of visits to a particular brand in a given number of brands in consideration sets.