Dissertations / Theses: 'Shareholder Value Theory'

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Jung, Jin Wook. "Shareholder Value and Workforce Downsizing, 1981-2006." Thesis, Harvard University, 2012. http://dissertations.umi.com/gsas.harvard:10511.

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Even before the current economic meltdown, waves of downsizing, starting in the late 1970s, had swept corporate America, eroding workers’ expectations of economic security. But not only did downsizing become more prevalent during this period; its basic nature changed. Previously, firms had cut jobs temporarily, to adjust the size of their workforce during a downturn. Since the late 70s, firms have increasingly cut jobs in both good and bad times, in order to boost stock price. My dissertation examines the inter-group power dynamics underlying the transformation of workforce downsizing as a shareholder-value strategy. Examining both downsizing announcements from more than 700 leading U.S. corporations between 1981 and 2006, and actual implementation of the announced downsizing plans, I find at work in the process a shift in ideology, from an emphasis on corporate growth and conglomeration to an emphasis on profitability and shareholder value, an ideology that both reflects and intensifies the growing influence of shareholders over firms and the declining role of labor. My first empirical chapter examines the role of institutional investors and shareholder-value-oriented managers in the transformation. The second empirical chapter examines the potential resistance from labor unions and shows how the anti-union stance of the public policy regime in the 1980s weakened unions’ power to resist. The last empirical chapter examines the role of investors, unions, and executives in the implementation of announced downsizing plans and demonstrates the contested nature of the implementation process. Together, these three chapters illustrate the class politics simmering under the surface of the acceptance of downsizing for shareholder-value maximization, and emphasize the role of agency and power, as constructed by particular institutional logics, not only in promoting but also resisting the process of institutional change.
Sociology

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Patel, Samir Rajnikant. "Stochastic analysis of capital structure shareholder value and corporate risk." Thesis, Imperial College London, 2000. http://hdl.handle.net/10044/1/8263.

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Dahlberg, Linnea, and Frida Wiklund. "ESG Investing In Nordic Countries : An analysis of the Shareholder view of creating value." Thesis, Umeå universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-149988.

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ESG ratings have become a recognised sustainability performance measurement throughout the world. The Nordic countries Sweden, Finland, Denmark, and Norway are ranked top four in the world when it comes to ESG ratings. However, do investors in these countries recognise the sustainability performance of the firms in their investment decisions? The purpose of this study was to see if Nordic investors value ESG factors, by testing for a relationship between high ESG ratings and corporate financial performance. To be able to fulfil this purpose, several multiple regression models were conducted on data for a time-span between 2007-2017 on 108 firm observations and 995 firm-year observations. Corporate financial performance was represented by the dependent variables Tobin’s Q and Return on Assets as measurements for market and accounting performance respectively. The results showed a significant positive relationship between several ESG ratings and market performance, while no significantly positive, nor negative, relationship could be found between accounting performance and ESG ratings. Based on the results from the tests, conclusions were drawn that Nordic investors do value ESG ratings when choosing their investments, indicating that companies can benefit from having good sustainability policies. This thesis challenges the classical view of profit maximisation being the ultimate interest of shareholders, as it shows a positive relationship between ESG and financial market performance. The results indicate that investors take more factors into consideration in their investment decisions than only financial accounting returns. Therefore, conclusions have been made that the Stakeholder theory better explains value creation than the Shareholder theory does. This because the Stakeholder theory emphasises that firms maximise value by taking all stakeholders affected by their business cycle into account, not only the shareholders. Furthermore, based on the results, this thesis concludes that Nordic investors’ interests are in line with the society’s interests as they do value ESG ratings when investing. No previous study on the topic has been conducted on the Nordic market, thus this study fills a research gap on the relationship between financial performance and corporate sustainability.

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Junker, Lukas. "Equity carveouts, agency costs, and firm value /." Wiesbaden : Dt. Univ.-Verl, 2005. http://www.gbv.de/dms/zbw/497325225.pdf.

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Law, Camilla, and Sanna Pettersson. "The Dark Side of CSR : Is a firm’s social responsibility caused by agency problems?" Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-414072.

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It is claimed that Swedish firms are at the forefront of integrating sustainability into their businesses. This study assesses whether a relationship between Corporate social responsibility (CSR) activities and managerial agency problems exists in Swedish listed firms. The rationale of the study lies on whose preferences are fulfilled and if these activities are caused by incentives to maximize shareholders’ value or by incentives to extract managers’ personal benefits. An ordinary least squares (OLS) fixed-effects panel regression is conducted to investigate this relationship where the results show an insignificant and mostly positive relationship between CSR activities and the managerial agency problems as measured by the Environmental, social and governance (ESG) score. Therefore, we are not able to reject nor confirm that CSR activities are driven by managerial agency problems. However, our findings are surprisingly also presenting a significant and negative estimate for Tobin’s Q and ROA. This implies that CSR activities are not caused by value-creating incentives for the shareholder. However, if CSR activities are caused by managerial agency problems or other reasons remains unconfirmed.

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Morris, John J. "Measuring the Impact of Enterprise Resource Planning (ERP) Systems Through the Prism of Accounting Theory." Kent State University / OhioLINK, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=kent1240275828.

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Lyon-Caen, Clément. "Consequences of the presence of politicians or employees in the board of directors on the efficiency of firms." Thesis, Toulouse 1, 2015. http://www.theses.fr/2015TOU10029/document.

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Cette thèse étudie l’impact de la composition du conseil d’administration sur la performance financière d’une entreprise. Elle est composée de trois chapitres. Dans le premier chapitre, nous effectuons une revue de la littérature sur les conseils d’administration. Nous pointons l’évolution de la gouvernance des entreprises au cours des dernières décennies, et montrons en quoi l’efficacité des conseils d’administration est devenue un sujet majeur de ce champ de recherche et une préoccupation importante des actionnaires et des régulateurs. En particulier, après avoir présenté le cadre théorique de la gouvernance, nous présentons les résultats des articles académiques étudiant l’impact de la composition du conseil d’administration sur la performance de l’entreprise. Dans les deuxième et troisième chapitres, nous étudions l’impact de la présence de différents types d’administrateurs au sein du conseil. Dans le deuxième chapitre, nous proposons un modèle théorique pour tenter de comprendre et de déterminer l’impact de la représentation salariale au conseil d’administration sur la valeur actionnariale de l’entreprise et sur l’horizon de ses investissements. Nos résultats suggèrent que la représentation salariale peut s’envisager comme un choix, pour les actionnaires, entre liquidité et information. Nous montrons que lorsque des représentants des salariés siègent au conseil d’administration d’une entreprise, celle-ci a une plus grande probabilité d’investir dans des projets à long-terme qu’une entreprise sans représentation salariale. Nous montrons également que les salariés ayant accès à une information interne précieuse, leur présence au conseil d’administration peut permettre d’augmenter la valeur actionnariale de l’entreprise. Ainsi, nous proposons un modèle de la représentation salariale cohérent avec certaines études empiriques. Dans le troisième chapitre, nous étudions empiriquement l’impact des connexions politiques sur le taux d’intérêt d’emprunts bancaires en utilisant un échantillon de prêts concernant des entreprises de plusieurs pays. Si ce sujet a déjà été largement traité, nous proposons une nouvelle définition de la connexion politique que nous subdivisons en deux catégories, selon l’exposition médiatique, forte ou faible, des politiciens. Les politiciens les plus en vue sont aussi ceux pour lesquels le risque d’être soupçonné de conflit d’intérêt ou de manquement à l’éthique est le plus important, et pour qui le coût d’un scandale est le plus élevé. Aussi discriminons-nous les connexions politiques selon qu’elles impliquent des politiciens très en vue ou des politiciens à un niveau inférieur. Cette division se fonde sur l’hypothèse que les politiciens les plus exposés sont, ayant le plus à perdre d’un scandale, disposent de la marge de manœuvre la plus réduite en tant que dirigeants d’entreprise et sont donc les moins à même d’impacter la performance de l’entreprise. Nos résultats confortent la pertinence d’une telle redéfinition de la connexion politique en fonction de la visibilité des politiciens concernés. Nous montrons en particulier que les entreprises politiquement connectées qui empruntent auprès de banques politiquement connectées le font à des taux significativement inférieurs à celles non connectées, et que cet effet est plus important lorsque la connexion de l’emprunteur passe par un politicien moins exposé. Nos résultats suggèrent que l’effet est encore plus fort si la banque est elle aussi connectée par l’intermédiaire d’un politicien moins exposé. Par ailleurs, nous montrons que les entreprises connectées politiquement empruntent significativement moins auprès de banques connectées par l’intermédiaire d’un politicien très exposé médiatiquement. Nos résultats suggèrent enfin que cet effet est plus fort à l’approche d’élections, un moment il est particulièrement coûteux pour un politicien d’être soupçonné de manquement à la déontologie
This thesis studies the impact of the composition of the board of directors on the firm financial performance. It consists of three chapters. In the first chapter, we review the literature on boards of directors. We show the evolution of corporate governance over the past decades, and how the efficiency of boards of directors has became a key issue for shareholders and regulators. After describing the theoretical and historical framework, we present and discuss the academic papers studying the impact of board composition on the firm performance. In the second and third chapters, we examine the impact of the presence of different directors on the board. In the second chapter, we provide a theoretical model that aims at understanding and determining the impact of employee representation on the board of directors on the shareholder value of the firm and on its investment horizon. Our results suggest that with employee representation, shareholders face a tradeoff between liquidity and information. We show that a firm with employee representation is more likely to invest in long-term rather than in short-term projects and that, because employees have access to valuable inside information, their presence on the board may increase the shareholder value. Consistent with some empirical studies, we offer some theoretical support for employee representation on the board. In the third chapter, we study the impact of political connections on the rate of interest of bank loans. We conduct a cross-country study of the impact of political connections on bank loans interest rates. While this topic has already been widely investigated, we offer a new definition of political connection. We subcategorize political connections into two categories: politicians with a high media exposure, and lower level politicians. Politicians with business ties bear the risk of being suspected of ethics breaching or of having conflicting interests, which can be costly for their reputation. We discriminate the political connections of firms based on the idea that with greater exposure comes greater risk of suspicion, and thus smaller ability to impact the firm performance. We study the impact of political connection of the borrower as well as of the lender on interest rates. Our results give support to our definition, as we find significant differences depending on the level of visibility of the political connections of the borrower and of the lender. Our results show that politically connected firms which borrow from politically connected banks enjoy a significantly lower rate if they are connected with lower level politicians. Our results suggest that the rate is even lower if the bank also is connected with lower level politicians. Furthermore, our results suggest that politically connected firms tend to avoid borrowing money from banks that are connected with top politicians. Our results also suggest that this effect is stronger in pre-election periods, when the potential cost for politicians of being suspected of collusion is higher

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Anger, Michael [Verfasser], Andrea [Akademischer Betreuer] Maurer, Andrea [Gutachter] Maurer, and Carsten [Gutachter] Herrmann-Pillath. "Self-Fulfilling Theory. Eine mechanismenbasierte Perspektive auf die Performativität ökonomischer Theorien am Beispiel des Shareholder-Value-Ansatzes / Michael Anger ; Gutachter: Andrea Maurer, Carsten Herrmann-Pillath ; Betreuer: Andrea Maurer." Trier : Universität Trier, 2020. http://d-nb.info/1216702527/34.

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Nachemson-Ekwall, Sophie. "An institutional analysis of cross-border hostile takeovers : shareholder value, short-termism and regulatory arbitrage on the Swedish stock market during the sixth takeover wave." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Företagande och Ledning, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-1907.

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Taking a sociological perspective on the market for corporate control this thesis calls into question financial capitalism with its preference for clear shareholder-value governance of the corporation. The institutional setting chosen to show this is Sweden, with its particularly shareholder friendly governance regime and its very active takeover market. To this is added three longitudinal case studies of cross-border hostile takeover processes during the sixth takeover wave in Europe. These reveal that the success of cross-border hostile bids has little to do with the theory of the market for corporate control, as a market where contests enable “good managers” to win over “bad managers”, with the overarching goal of enhancing wealth creation for society at large. Instead the most successful actors on a market for corporate control are those who best understand that market’s power dynamics – including the use of regulatory and moral arbitrage between different national frameworks and the leveraging of short-termism of institutional investors. The case studies are then analyzed in relation to the revised Swedish takeover rules of 2009. This shows that the revision did not address the problems detected, focusing instead on enhancing deal making and further limiting the board’s ability to work for long term value creation. As a whole this thesis calls for a development of a theory of a market for corporate control that in a more sustainable way will enable board of directors to focus on the corporation as value accretive entity. Sophie Nachemson-Ekwall has conducted her PhD work at the Stockholm School of Economics and is today a researcher at the Center for Management and Organization at the Stockholm School of Economics Institute for Research (SIR). She has a background as a prize winning financial journalist for over 20 years and has co-authored three books about delicate issues in large Swedish corporations.

Diss. Stockholm : Handelshögskolan, 2012

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Bosman, Pieter Willem. "Stakeholder value in South Africa : an empirical study / P.W. Bosman." Thesis, North-West University, 2007. http://hdl.handle.net/10394/1817.

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Moris, Karen. "Les médias en tant que mécanisme de gouvernance d'entreprise." Thesis, Dijon, 2010. http://www.theses.fr/2010DIJOE007.

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L’objectif de ce travail de recherche a été de contribuer à répondre à la question suivante : dans quelle mesure les médias constituent-ils un mécanisme de gouvernance d’entreprise ? Après avoir réalisé une revue de littérature, trois questions de recherche ont été formulées. Tout d’abord, la question du rôle de la presse en tant que mécanisme de gouvernance d’entreprise disciplinaire a été posée, puis, plus précisément, celle de son rôle en tant que mécanisme de gouvernance disciplinaire partenariale, et enfin celle de mécanisme de gouvernance normative au sens néo-institutionnel. Chaque question a fait l’objet d’un essai. Tout d’abord, l’efficacité de la presse dans la révélation des fraudes commises par les entreprises, avant qu’une autorité officielle ne la sanctionne, a été examinée au moyen de régressions logistiques et d’analyse d’articles de presse. Ensuite, l’influence de la presse sur les dirigeants du groupe Danone a été analysée, par une étude de cas, de 1996 à 2008. Enfin, une étude de cas portant sur les liens entre divers types de presse a permis d’étudier leur rôle et leur influence dans la normalisation et la diffusion d’idées et de pratiques en matière de gouvernance d’entreprise. Premièrement, l’efficacité de la presse en tant que mécanisme de gouvernance disciplinaire doit être relativisée. Sous l’hypothèse de maximisation de ses profits, la presse française choisit les entreprises qu’elle couvre et les fraudes qu’elle révèle. Elle est plutôt une presse informative qu’une presse investigatrice. La complémentarité des mécanismes de gouvernance est confortée comme facteur d’efficacité du système de gouvernance. Deuxièmement, la presse est un mécanisme efficient de gouvernance partenariale : elle parvient à inciter les dirigeants d’entreprise à chercher à créer de la valeur partenariale plutôt qu’actionnariale. Troisièmement, l’homogénéisation actuelle de formes organisationnelles concernant la gouvernance d’entreprise semble s’expliquer par le rôle de la presse en tant que mécanisme de gouvernance d’entreprise normative au sens néo-institutionnel
The objective of this research had to contribute to the question: are media a corporate governance mechanism ? After doing a literature review, three research questions were asked. First, the question about the role of press as a corporate governance disciplinary mechanism was asked, then as a corporate governance mechanism with a view to creating stakeholder value, lastly, as a corporate normative governance mechanism in a neo-institutional view. Each question was the subject of one essay. First, the efficiency of press to reveal frauds of firms before an official authority was analyzed. In this purpose, logistic regression and an examination of articles of press was done. Second, the influence of press on the Danone Group’s direction was studied with a case study between 1996 and 2008. Third, to understand the influence between several kinds of press and their role in the normalization and the circulation of ideas and practical experiences about corporate governance, a case study was done also. First, the efficiency of press as a corporate disciplinary mechanism is not always perfect. By assuming that press maximizes its profits, the French press chooses the firms to cover and the frauds to disclose. It’s more a press which informs as a press which investigates. The complementarity of corporate governance mechanisms is confirmed in the efficiency of the governance system. Second, press is an efficient mechanism in a stakeholder value creation perspective. It manages to influence CEOs to search to create stakeholder value rather than shareholder value. Third, currently we notice an homogenization of organizational forms about corporate governance. It could be explained by the role of press as a corporate governance normative mechanism in a neo-institutional perspective

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Kunz, Alexis H. "Wertorientierte Unternehmenssteuerung. Organizational Slack und Strategische Interaktion : eine spieltheoretische Untersuchung der Cyert/March'schen Vermutung /." Stuttgart : Schäffer-Poeschel, 2002. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=010492625&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

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Zeidan, Mellqvist Oskar, and Elin Sjödin. "ESG och finansiell prestation under covid-19-pandemin : En kvantitativ studie om svenska företags finansiella prestation under pandemin kopplat till ESG-betyg." Thesis, Linköpings universitet, Institutionen för ekonomisk och industriell utveckling, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-177609.

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Background: Sustainability is a commonly discussed topic that continues to grow and has become more important in investment decisions. The opinions regarding the relationship between sustainability and financial performance are divided, and research in the field indicates different results. ESG has gained greater focus because of the Covid-19 pandemic, and widespread claims that companies and funds with higher ESG score would have greater resilience have emerged. Purpose: The main purpose of this study is to investigate and analyse a possible relationship between ESG score and financial performance for Swedish listed companies during the Covid-19 pandemic. The sub-purpose of the study is to investigate whether sector divisions affect the ESG's significance for financial performance. Method: In this study, a quantitative method with a deductive approach was used. The data material was obtained from Refinitiv Eikon and comprised data from 306 companies. The examined period of the study refers to the year 2020. The statistical models applied were univariate analysis, bivariate analysis, and multiple regression analysis. Conclusion: The results indicate a negative relationship between ESG and financial performance during the Covid-19 pandemic. There is a spread regarding financial performance between the sectors, but it is not possible to draw concrete conclusions about the sectors' impact. This study contributes to the literature in the field of sustainability and financial performance by analyzing empirical data during the Covid-19 pandemic.
Bakgrund: Hållbarhet är ett aktuellt ämne som fortsätter att växa och får allt mer betydelse vid investeringsbeslut. Det råder delade meningar kring sambandet mellan hållbarhet och finansiell prestation och forskning inom ämnet visar på olika resultat. ESG har fått större fokus till följd av covid-19-pandemin, och utbredda påståenden om att bolag och fonder med högre ESG-betyg skulle ha större motståndskraft har växt fram. Syfte: Syftet med denna studie är att undersöka och analysera eventuella samband mellan ESG-betyg och finansiell prestation för svenska noterade bolag under covid-19-pandemin. Studiens delsyfte är att undersöka om sektorindelning påverkar ESG:s betydelse för finansiell prestation. Metod: I denna studie användes en kvantitativ metod med en deduktiv ansats. Datamaterialet inhämtades från Refinitiv Eikon och omfattade data från 306 bolag. Studiens undersökningsperiod avser år 2020. De statistiska modellerna som tillämpats är univariat analys, bivariat analys och multipel regressionsanalys. Slutsats: Studiens resultat tyder på ett negativt samband mellan ESG och finansiell prestation under covid-19-pandemin. Det förekommer spridning avseende finansiell prestation mellan sektorerna, men det går däremot inte att dra konkreta slutsatser kring sektorernas påverkan. Denna studie bidrar till litteraturen inom området för hållbarhet och finansiell prestation genom analys av empiriska data under covid-19-pandemin.

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Kempe, Christian. "Cash return on capital invested als Methode zur Unternehmensbewertung : Theorie und Empirie /." Aachen : Shaker, 2003. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=010526710&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

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Gerhardt, Jens Kahle Egbert. "Konstruktion von Unternehmenswerten : wertorientierte Unternehmensanalyse als Zielfunktion strategischer Planung /." Taunusstein : Driesen, 2004. http://www.gbv.de/dms/zbw/47471439X.pdf.

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Lafrenz, Karsten. "Shareholder Value-orientierte Sanierung : Ansatzpunkte und Wertsteigerungspotenzial beim Management von Unternehmenskrisen /." Wiesbaden : Dt. Univ.-Verl, 2004. http://www.gbv.de/dms/zbw/388111739.pdf.

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Main, Europa-Univ. Viadrina, Diss. u.d.T.: Shareholder Value-orientierte Sanierung - eine kapitalmarktorientierte Analyse des Einflusses von Krisensituationen und Handlungskonzeptionen auf den Sanierungserfolg--Frankfurt, 2003.

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Dotterweich, Alexander. "Wertorientierte Steuerung von Schadenversicherungsunternehmen /." Karlsruhe : VVW, 2004. http://www.gbv.de/dms/zbw/376060956.pdf.

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Aurin, Shaila Nusrat. "Shareholder Values and a Story of Corporate Social and Environmental Negative Events." Thesis, Université d'Ottawa / University of Ottawa, 2021. http://hdl.handle.net/10393/42598.

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This dissertation considers the entire process originated by corporate events that impact the environment and the society (ES events). Using a rich hand-collected dataset with 1139 chronological incidents originating from negative corporate social responsibility (CSR)-related events, it explores stock market reactions to each stage within a chain of successive events triggered by negative ES events, including the recurrent, follow-up (either favorable or unfavorable), as well as companies’ response events. We find that the investors respond strongly negatively to negative events (origin, negative subsequent, and negative responses) and strongly positively to positive events (positive subsequent and positive responses). We also find that investors react more negatively to the negative subsequent and recurrent events, as well as company negative responses when they occur sooner after the origin events, whereas promptness of positive subsequent events and positive responses heighten the favorable market reaction. The study also reveals the presence of expectancy violation as investors of high-CSR firm react more negatively to the negative events. In addition, it provides observations suggesting that: (1) investors do not regard positive responses as agency-motivated events, instead they are more concerned about the availability of financial resources when a firm makes remedial responses to a negative ES event; and (2) the market cares about CSR events not solely due to their financial implications, but also because it considers socially responsible operations as a value-enhancing corporate duty.

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Currle, Michael Horváth Péter. "Performance Management für IT-Services : Realisierung von Strategien und Steigerung des Unternehmenswertes /." Wiesbaden : Dt. Univ.-Verl, 2002. http://www.gbv.de/dms/zbw/354037846.pdf.

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Rassau, Stefan. "Strategische Handlungsoptionen im Mobilfunk der 3. Generation aus Sicht eines Netzbetreibers : der Realoptionsansatz als Instrument wertorientierter Unternehmensführung im Kontext dynamischer Märkte /." Hamburg : Kovač, 2005. http://www.verlagdrkovac.de/3-8300-1947-5.htm.

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Koryciorz, Sven. "Sicherheitskapitalbestimmung und -allokation in der Schadenversicherung : eine risikotheoretische Analyse auf der Basis des Value-at-Risk und des Conditional Value-at-Risk /." Karlsruhe : VVW, 2004. http://www.gbv.de/dms/zbw/379624486.pdf.

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Damisch, Peter Nicolai. "Wertorientiertes Flexibilitätsmanagement durch den Realoptionsansatz /." Wiesbaden : Dt. Univ.-Verl, 2002. http://www.gbv.de/dms/zbw/354036262.pdf.

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Fischer, Jörg Götze Uwe. "Technologie und Wettbewerbsvorteile : Grundzüge einer Theorie des wertorientierten strategischen Technologiemanagements /." Wiesbaden : Dt. Univ.-Verl, 2002. http://www.gbv.de/dms/zbw/352652349.pdf.

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Meyer, Konrad. "Wertorientiertes Projektmanagement in der Pharmaforschung /." Aachen : Shaker, 2003. http://www.gbv.de/dms/zbw/376903376.pdf.

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Wille, Kai. "Customer Equity : Grundlagen der kundenwertorientierten Unternehmungsführung /." Wiesbaden : Dt. Univ.-Verl, 2005. http://www.gbv.de/dms/zbw/499539982.pdf.

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Beyer, Andreas Stephan. "Wertorientiertes Innovationsmanagement /." Lohmar : Eul, 2002. http://www.gbv.de/dms/zbw/358294932.pdf.

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Faust, Martin. "Bestimmung der Eigenkapitalkosten im Rahmen der wertorientierten Unternehmenssteuerung von Kreditinstituten /." Marburg : Tectum-Verl, 2002. http://www.gbv.de/dms/zbw/350134898.pdf.

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Fechtel, Achim. "Wertorientiertes, strategisches Management von Mehrgeschäfts-Unternehmungen /." Wiesbaden : Dt. Univ.-Verl, 2001. http://www.gbv.de/du/services/toc/bs/328985430.

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Kalbfell, Ulrich. "Ertragswertbasierte Abschreibungen zur Verhaltenssteuerung mit Residualgewinnen /." Hamburg : Kovač, 2003. http://www.gbv.de/dms/zbw/373351305.pdf.

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Stienemann, Marc. "Wertsteigerung durch Desinvestitionen /." Göttingen : Cuvillier, 2003. http://www.gbv.de/dms/zbw/366292889.pdf.

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Schroeder, Nina. "Kundenwert als zentrale Größe zur wertorientierten Unternehmenssteuerung /." Hamburg : Kovač, 2006. http://www.verlagdrkovac.de/3-8300-2212-3.htm.

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Krafczyk, Mandy. "Quality Added Value : wertorientiertes Qualitätscontrolling im Firmenkundengeschäft der Banken /." Wiesbaden : Dt. Univ.-Verl, 2002. http://www.gbv.de/dms/zbw/35561524X.pdf.

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Gust, Eva-Maria. "Customer-Value-Management in Franchisesystemen : konzeptionelle Grundlagen der Franchisenehmer-Bewertung /." Wiesbaden : Dt. Univ.-Verl, 2001. http://www.gbv.de/du/services/toc/bs/333325885.

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Schabel, Matthias M. "Investitionssteuerung, Periodenerfolgsrechnung und Economic Value Added /." Wiesbaden : Dt. Univ.-Verl, 2004. http://www.gbv.de/dms/zbw/392903857.pdf.

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Pfeiffer, Thomas. "Corporate-Governance-Strukturen interner Märkte /." Wiesbaden : Dt. Univ.-Verl, 2003. http://www.gbv.de/dms/zbw/374159483.pdf.

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Scholz, Richard. "Rahmenwerksbasierte Konstruktion wertorientierter Entscheidungsunterstützungssysteme." Marburg Tectum-Verl, 2005. http://deposit.ddb.de/cgi-bin/dokserv?id=2665569&prov=M&dok_var=1&dok_ext=htm.

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Russ, Andreas. "Kapitalmarktorientiertes Kreditrisikomanagement in der prozessbezogenen Kreditorganisation /." Sternenfels : Verl. Wiss. & Praxis, 2004. http://www.gbv.de/dms/zbw/376068175.pdf.

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Kunath, Oliver. "Systemdynamische Werttreiberplanung strategische Erfolgsfaktoren, finanzielle Werttreiber und System Dynamics." Hamburg Kovač, 2009. http://d-nb.info/996087621/04.

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Willershausen, Timo. "Marktwertorientierte Bewertung von Forschungs- und Entwicklungsaktivitäten : eine realoptionstheoretische Analyse /." Marburg : Tectum, 2008. http://deposit.d-nb.de/cgi-bin/dokserv?id=3186921&prov=M&dok%5Fvar=1&dok%5Fext=htm.

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Wilkinson, Michael. "Banking reform, and the importance of ownership : how the way banks are owned affects their behaviour." Thesis, University of Manchester, 2018. https://www.research.manchester.ac.uk/portal/en/theses/banking-reform-and-the-importance-of-ownership-how-the-way-banks-are-owned-affects-their-behaviour(5271f8f0-ee47-4e84-b691-fbd35bb10569).html.

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Despite claims made by the UK Government in 2015 that the process of banking reform had come to an end, the debate about how to reform banks very much continues. There is now an increasing willingness to question both whether banks should be owned by, and run for, their shareholders, and whether the role they play in creating and allocating credit can safely be left to be determined solely by private interests. Where banking reform goes from here is not entirely certain. It could even be said to have reached something of a fork in the road. The obvious way open to us is to continue down the path forged by the neoliberal agenda, trusting market forces to determine credit-creation and allocation, and continuing to champion the banking sector as a sort of national treasure to be preserved in its own right. An alternative course could be to more radically control what banks do, to have more of a say about what activities they should finance more or less generously and to treat the sector not as an end in itself, but more as a means, an essential engine for economic growth which needs to be more carefully controlled and driven. Whichever way we go from here, the question of 'ownership' and whether it needs to be reformed remains relevant. Indeed, it is doubtful whether banks can really be trusted to behave themselves and to serve our interests if the requirement to maximise shareholder returns provides conflicting incentives for them to be reckless, self-serving and exploitative. Ultimately, how important the issue of ownership is depends upon how far the way banks are owned drives them to misbehave. This thesis seeks to explore that relationship and its relevance to banking reform. It does so by looking at how pressures arising from the way banks are owned encourage bad strategic decisions and bad behaviours in a number of UK banks. It conducts case studies of two stakeholder-owned banks and two shareholder-owned banks, and analyses a body of evidence which tends very strongly to suggest that the way banks are owned is indeed liable to contribute towards the adoption of unsafe strategies, and bad behaviours. The thesis proceeds to argue that we still need to tackle this 'ownership' problem which continues to drive much of the dysfunctionality in banking. Fixing 'ownership' will not necessarily ensure that credit is created in sensible quantities and allocated in sensible ways where needed in the economy, and it will not be the only reform needed to discourage bad behaviour. It is however a necessary reform, and one which still needs to be made. The entire notion that banks are owned by and should be run for their shareholders needs radically to be reigned in, and we need to be far more experimental and creative in exploring ways of making banks act more like stewards or trustees administering other people's assets - and in safe and productive ways which are in fitting with the interests of the state, its citizens and tax-payers. This thesis explores ways of doing that by making banks more 'ownerless', including creating any National Investment Bank, such as that recently proposed by the Labour Party, as a truly 'ownerless' institution.

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Arnou, Corentin, and Marcus Hammarstedt. "DOES IT PAY TO BE ESG? : An empirical analysis of sustainability in the Nordic countries from a risk and valuation perspective." Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-185361.

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In the field of sustainable finance, Environmental-, Social- and Governance-ratings (ESG) have become an acknowledged measurement of a firm's sustainability performance. The increased awareness of sustainability issues in today's society is undeniable. However, based upon contradicting results from previous research, it was uncertain if investors were rewarding a firm’s sustainability efforts in the form of a lower cost of equity. The purpose of this thesis has therefore been to examine the relationship between sustainability, risk and valuation as well as stock-price behavior in times of crisis regarding large firms publicly listed in the Nordic countries. In order to fulfil the purpose, various multiple regression models have been conducted on quarterly data from the period between 2011 to 2020. The approach chosen to examine if ESG has a relation to the cost of equity has been to calculate the implied cost of equity inferred from consensus forecasts of future financial development and stock price at each point in time, also known as the ex-ante cost of equity. Since the independent variable ESG-score was not likely to be the sole variable to affect the independent variables in our multivariate regression models, we have followed previous studies in the choice of control variables. The empirical results of this study showed a significantly negative relationship between a firm’s ESG-score and the cost of equity. In addition, our results showed a significantly positive relationship between a firm’s ESG-score and both the price-to-earnings ratio as well as the price-to-book ratio while no significant relationship between a firm’s ESG-score and the enterprise value to earnings before interest and taxes ratio could be established. Finally, the results of this thesis showed that firms with a greater ESG-score generated excess returns during the latest market turmoil of 2020 caused by the Covid-19 outbreak. This thesis challenges the value-destruction view of ESG-efforts since our results indicate that investors are pricing sustainability risk with a negative risk premium in line with the value creation approach. No causality test has been performed during this study, however several possible mechanisms by which ESG impacts the valuation and crisis resistance have been discussed based upon previous research and the theoretical framework. We argue for the reduced cost of equity to reflect diminished information asymmetry, a larger investor base, improved growth and cash-flow opportunities as well as reduced risk for litigations as aconsequence of a more sustainable business conduct. To the best of our knowledge, no previous study on the topic has been conducted on the Nordic markets. This study fills thus a research gap on the relation between sustainability, risk andequity market valuation and we sincerely hope to have contributed to academia with new approaches.

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Fencíková, Lucie. ""Stakeholder Value" jako nový fenomén práva obchodních korporací." Master's thesis, 2016. http://www.nusl.cz/ntk/nusl-350637.

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Thesis: Stakeholder's value Goal of this thesis is to evaluate stakeholder's theory, as one of the ways of corporate governance. Shareholder model and stakeholder model dominate in corporate governance currently. At its core are two models considered competing. The method of corporate governance is largely influenced by the historical development of the legal and economic relationships in a particular nation. Therefore, before solving the very essence of stakeholder's theory, brief historical excursion into both model sis necessary. Work is divided into six chapters, first chapter is preceded by a short introduction and after sixth chapter follows the conclusion. The first chapter outlines the corporate governance as a field that is overarching stakeholder's theory. The second chapter presents the shareholder theory including its history. At the same time I try to focus on those aspects of the shareholder theory, which are in direct contrast to the stakeholder's theory. In the third chapter I describe the stakeholder's theory, including the historical context of the development of this model. In the fourth chapter I focus on a problem that accompanies stakeholder's theory: Is the purpose of the corporation to create value for its shareholders or for its stakeholders? First, though, I focus on what...

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Roper, Andrew Hardy. "Essays on capital structure /." 2002. http://www.gbv.de/dms/zbw/557987636.pdf.

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Schlosser, Andreas. "Unternehmenswertsteigerung durch strategische Allianzen : ein Ansatz zum wertorientierten Kooperationsmanagement /." 2001. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009589886&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

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Livdan, Dmitry. "Essays on corporate diversification /." 2003. http://www.gbv.de/dms/zbw/557907632.pdf.

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Durnev, Artyom Alex. "Essays on corporate transparency and governance practices /." 2003. http://www.gbv.de/dms/zbw/557808855.pdf.

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Vercueil, Megan. "A select bouquet of leadership theories advancing good governance and business ethics: a conceptual framework." Thesis, 2020. http://hdl.handle.net/10500/27355.

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How authors and scholars have approached leadership studies – in terms of their thinking, defining and studying – has changed remarkably over time. According to literature, this is predominantly due to greater optimism about the field and greater methodological diversity being employed to better understand complex, embedded phenomena. As a result, there has been a significant rise in the use of qualitative research approaches to the study of leadership. Numerous definitions, classifications, explanations and theories about leadership, exist in the contemporary literature. However, despite the vast array of literature, the challenge of failing leadership persists. Challenges, such as the speed of technological advancements, social, and economic change are ever-present, while the impact of COVID-19 is, as yet, uncertain. Despite these challenges, can companies compete successfully in the marketplaces they operate in while also remaining ethical and engaged with the challenges of the broader business and social environment? To answer this question, this study has undertaken qualitative research on the bouquet of trait, situational and value-based leadership theory, in order to re-assess both established and developing theories. The predominant aim is to describe, explain and analyse available literature in an attempt to ascertain academic guidance on how it might be possible to enable leaders and society to mitigate leadership challenges by proposing a conceptual framework that could support leadership theory and, in so doing, take an academic stance in providing better answers or guidance to the failures currently being experienced. Several authors have noted that leadership makes a difference with resulting impacts on many which implies that to make the world a better place, leadership has two contradictory elements; good and bad. These elements are reflected in today’s connected world where the media, either showers praise on leaders or writes articles deriding their incompetence and abuse of their roles at all levels The proposed conceptual framework of this study endeavours to enable society and leaders, practically and at an individual level, to evaluate leadership issues and link leadership frameworks to their everyday lives and, in so doing, aid in mitigating the challenges being faced.
Business Management
D.B.L.

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Dissertations / Theses on the topic 'Shareholder Value Theory'

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