Tesis sobre el tema "Shareholder value creation"
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Elali, Wajeeh. "EVA and shareholder value creation : an empirical study". Thesis, University of Westminster, 2007. https://westminsterresearch.westminster.ac.uk/item/91xv0/eva-and-shareholder-value-creation-an-empirical-study.
Texto completoHecking, Stephan Maria. "The relation between schareholder value orientation and shareholder value creation". Doctoral thesis, Universitat Autònoma de Barcelona, 2002. http://hdl.handle.net/10803/3950.
Texto completoGreyling, Christoffel Jacobus Coetzer. "Value-based management : shareholder value creation and management / Christoff Greyling". Thesis, North-West University, 2010. http://hdl.handle.net/10394/4780.
Texto completoThesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.
Hodgson, Victoria Louise y n/a. "Linking Marketing to Shareholder Value in Listed and Non-Listed Markets". Griffith University. School of Marketing, 2004. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20040116.094444.
Texto completoHodgson, Victoria Louise. "Linking Marketing to Shareholder Value in Listed and Non-Listed Markets". Thesis, Griffith University, 2004. http://hdl.handle.net/10072/367168.
Texto completoThesis (PhD Doctorate)
Doctor of Philosophy (PhD)
School of Marketing
Full Text
Gerber, Anton. "The relationship between internal value drivers and shareholder value : JSE listed mining companies investigated / A. Gerber". Thesis, North-West University, 2008. http://hdl.handle.net/10394/2658.
Texto completoThesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.
Menke, Matthias. "Value creation of private equity funds in the banking industry /". Frankfurt, M. : PE-Verl. für Wirtschaftsinformationen, 2008. http://d-nb.info/992880432/04.
Texto completoNel, Lindi. "Value-based management : an application in North West regional pharmacies / L. Nel". Thesis, North-West University, 2012. http://hdl.handle.net/10394/9807.
Texto completoThesis (MBA)--North-West University, Potchefstroom Campus, 2013.
Scheutz, Godin Axel. "Shareholder Value Creation in M&As : A Comparison of Different Industries in the OECD Member Countries". Thesis, Stockholms universitet, Företagsekonomiska institutionen, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-106471.
Texto completoBernardes, Gustavo Alexandre Gomes. "The relation between working capital, companies’ profitability and shareholder value creation: evidence from Brazilian listed industrial companies". reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/24718.
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The main goal of this study was to evaluate to what extent working capital management - mesasured through the Cash Conversion Cycle - is related to a higher profitability and to a higher creation of value for the shareholders - measured through the Tobin’s Q. The central hypoteshis are that (1) firms' with lower Cash Conversion Cycle present higher profitability and (2) companies with lower Cash Conversion Cycle show higher value generation for shareholders. This study used a database extracted from Economática, with financial details from 46 different companies listed within the INDX (BM&FBOVESPA Industrials Index as of April 18th 2018), which represents the most representative traded stocks among industrial companies in Brazil. The regressions shown herein were built using the Panel Dataset Methodology, estimated on a quarterly basis from the period between 1986 to 2017, totaling 31 years. Regression analysis were made in order to assess the relation between variables, using both Multiple OLS (Ordinary Least Square) and Fixed Effects models. The results show strong evidences that industrial companies in Brazil that have a lower cash conversion cycle also present (1) higher profitability and (2) higher creation of value for its shareholders. Breaking down the Cash Conversion Cycle into its components (Days Sales Outstanding, Days Payables Outstanding, Days Inventory Outstanding), the study found negative and significant relation between profitability and generation of value with the Days Inventory Outstanding, suggesting that companies with lower average inventory days presents higher profitability and generates more value to shareholders. The results showed a positive and significant relation between the Days Payables Outstanding with both the Gross Operating Profit and Tobin’s Q, indicating that companies that have more extended payment terms present higher profitability and higher generation of value for the shareholders. The research also found a statistically significant negative relationship between the Days Sales Outstanding and the and the Tobin’s Q, suggesting that firms with lower average collection period shows higher creation of value. The study did not find a statistically significant relation between the DSO and the GPO.According to the research, from the three components of the cash conversion cycle, the Days Payables Oustanding was the one with the higher relation with both profitability and creation of value, followed by the Days Inventory Outstanding and Days Sales Outstanding.
O principal objetivo deste estudo foi avaliar em que medida a gestão do capital de giro - representada pelo índice Ciclo de Conversão de Caixa - está relacionada a uma maior lucratividade e uma melhor percepção de valor pelos acionistas e pelo mercado - medido pelo Q de Tobin. As hipóteses centrais são: (1) as empresas com menor Ciclo de Conversão de Caixa apresentam maior lucratividade e (2) as empresas com menor Ciclo de Conversão de Caixa apresentam maior geração e percepção de valor para os acionistas. Este estudo utilizou um banco de dados extraído do sistema Economática, com dados financeiros de 46 empresas listadas no Índice INDX (Índice do Setor Industrial da BM&FBOVESPA com data base de 18 de abril de 2018), que representam as ações mais representativas entre as empresas industriais no Brasil. As regressões aqui apresentadas foram construídas utilizando o método de dados em painel, cujos dados foram extraídos em uma base entre o período de 1986 a 2017, totalizando 31 anos. Análises de regressão foram feitas para estimar a relação entre as variáveis, usando os modelos de Mínimos Quadrados Ordinários (MQO) e Efeitos Fixos. Os resultados mostram fortes evidências de que as empresas industriais no Brasil que possuem um ciclo de conversão de caixa mais curto também apresentam (1) maior lucratividade e (2) maior criação e percepção de valor para seus acionistas. Através da quebra do Ciclo de Conversão de Caixa em seus componentes (Prazo Médio de Estocagem, Prazo Médio de Pagamento e Prazo Médio de Recebimento), o estudo encontrou relação negativa e significante entre lucratividade e geração de valor com o Prazo Médio de Estocagem, sugerindo que empresas com menor média de dias de estoque apresentam maior rentabilidade e geram maior percepção de valor para os acionistas. Os resultados também mostram uma relação positiva e significante entre o Prazo Médio de Pagamento tanto com o Lucro Operacional Bruto quanto com o Q de Tobin, indicando que as empresas que possuem prazos de pagamento mais alongados apresentam maior rentabilidade e maior geração e percepção de valor para os acionistas. A pesquisa também encontrou uma relação negativa estatisticamente significante entre o Prazo Médio de Recebimento e o Q de Tobin, sugerindo que as empresas com menor período médio de recebimento apresentam maior percepção de valor. O estudo não encontrou uma relação estatisticamente significante entre o Prazo Médio de Recebimento e o Lucro Bruto Operacional. De acordo com a pesquisa, dos três componentes do ciclo de conversão de caixa, o Prazo Médio de Pagamento apresentou a maior relação com rentabilidade e com a percepção e criação de valor, seguido pelo Prazo Médio de Estocagem e Prazo Médio de Recebimento.
Sahlin, Robert y Mia Sakström. "Bonusprogram för VD : Nyckeln till framgång?" Thesis, Linköping University, Department of Management and Engineering, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-53142.
Texto completoBakgrund: Konflikterna mellan ägarnas och företagsledningens intressen har varit ett aktuellt ämne länge och vi befinner oss nu i en ny fas som kännetecknas av en tydlig betoning på att företaget i första hand måste drivas i ägarnas intresse. En effekt av detta är att utformningen av bonusprogram till högsta ledningen i företagen har fått stort utrymme i media och ifrågasatts under en längre tid men dock blivit mer påtaglig i början av 2009. Kritiska röster har höjts om utformningen av bonusprogrammen och vilka prestationer det egentligen är som belönas.
Syfte: Syftet med uppsatsen är att beskriva hur bonusprogrammen för verkställande direktörer i företag noterade på Stockholmsbörsen är utformade. Vi kommer även analysera om dessa program har skapat värde för aktieägarna i form av utdelning och aktievärde. Utifrån detta kommer vi lyfta fram de kriterier vi anser är viktigast för att skapa värde vid utformandet av bonusprogram för VD.
Genomförande: För att uppfylla studiens syfte genomfördes undersökningen som en kvantitativ studie med hjälp av sekundärdata. Det empiriska materialet har sedan analyserat med hjälp av befintliga teorier inom styrning.
Resultat: Största delen av företagen använder kombination av kortsiktiga och långsiktiga bonusprogram för att motivera, behålla och rekrytera en kompetent ledning. För att mäta prestationer används huvudsakligen redovisningsbaserade mått men även marknadsbaserade mått förekommer. Vår studie pekar på att det föreligger ett positivt samband mellan tilldelning av aktier, som belöning, och värdeskapande.
Background: The conflicts between shareholders and managers interests have been a current topic for a long time and we are now in a new phase that are recognized by a clear emphasis that an organization have to be run in the shareholders interests. An effect of this is that the design of incentive programs for top management have gotten large space in media and has been questioned during a long time but has become more tangible in the beginning of 2009. Critical voices have been raised about the design of incentive programs and what types of performance actually are rewarded.
Aim: The aim of this thesis is to describe how incentive programs for CEO in companies listed on Stockholm Stock Exchange are designed. We will also analyze if these programs has created value for shareholders in form of dividends and stock value. Based on this we will highlight what we consider are the most important criteria’s to create value when designing an incentive program for CEO.
Implementation: To fulfill the thesis aim the survey was performed as a quantitative study based on secondary data. The empirical material has then been analyzed whit the help of existing theory’s within management.
Result: Majority of the companies uses a combination between short-term and long-term incentive programs to motivate, preserve and recruit a competent management. To measure performance accounting based measures are mainly used but market based measures are also used. Our study indicates that there are a positive connection between handing out stocks, as a reward, and value creation.
Smogner, Peter y Niklas Johnson. "How to enhance Shareholder Value through a Customer support in the Insurance industry : A BUSINESS DRIVEN APPROACH TOWARDS MOBILE- AND SELF-SERVICE- BUSINESS INTELLIGENCE". Thesis, KTH, Industriell Management, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-133359.
Texto completoNyberg, Malin y Linn Ragneby. "Hållbar avkastning : En studie av hur finansiella institutioner engagerar sig i företags arbete med CSR". Thesis, Linnéuniversitetet, Ekonomihögskolan, ELNU, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-20104.
Texto completoBraune, Erica Sumoyama. "A influência dos ativos intangíveis na criação de valor das empresas de serviços". Universidade Presbiteriana Mackenzie, 2012. http://tede.mackenzie.br/jspui/handle/tede/570.
Texto completoFundo Mackenzie de Pesquisa
Companies are focusing on intangible assets with the intention of gaining competitive advantage. However, there is not a systematic way to calculate them. Gu and Lev (2003; 2011) propose a model of measurement of intangible assets, where the company's economic performance is generated by physical, financial and intangible assets. Based on this proposal, we calculate the Intangible Capital (IC) and Intangibles-Driven-Earnings (IDE) for companies in the consumer services sector of the United States according to data availability in the period from 2001 to 2010. We also investigate intangibility indexes proposed by Lev (1999); Gu e Lev (2003) and their relationship with value creation to shareholders. So we intend to provide a response to the following survey problem: Which is the influence of intangible assets on the value creation of consumer services companies? Based on a panel data, results show that the Comprehensive Value (CV) has a positive and significant relationship with the market value of firms and that there Intangible Capital (IC) and Intangibles-Driven-Earnings (IDE) are positively related to Research and Development (RD) and Capital Expenditure (CAPEX), financial variables that are commonly used to measure intangibles. In addition, we found most of the indices of intangibility have positive and significant relationship with the total shareholder return, showing they can be good indicators of intangibility.
As empresas estão focando nos ativos intangíveis com a intenção de obter vantagem competitiva. Contudo, não há uma forma sistemática de calculá-los. Gu e Lev (2003; 2011) propõem um modelo de mensuração dos ativos intangíveis, onde o desempenho econômico da empresa é gerado por ativos físicos, financeiros e intangíveis. Baseado nessa proposta nós calculamos o Intangible Capital (IC) e o Intangibles-Driven-Earnings (IDE) para empresas do setor de serviços ao consumidor dos Estados Unidos de acordo com a disponibilidade de dados no período de 2001 a 2010. Também investigamos os índices de intangibilidade propostos por Lev (1999); Gu e Lev (2003) e sua relação com a criação de valor aos acionistas. Assim pretendemos responder ao seguinte problema de pesquisa: Qual a influência dos ativos intangíveis na criação de valor de empresas do setor de serviços ao consumidor? Baseado no modelo de dados em painel, os resultados mostram que o Comprehensive Value tem uma relação positiva e significante com o valor de mercado das empresas e que o Intangible Capital (IC) e o Intangibles-Driven-Earnings (IDE) são positivamente relacionados com as variáveis de pesquisa e desenvolvimento (RD) e dispêndio de capital (CAPEX), variáveis financeiras que são comumente utilizadas para medir os intangíveis. Além disso, verificamos a maioria dos índices de intangibilidade, possuem relação positiva e significante com o retorno total ao acionista, mostrando que podem ser bons indicadores de intangibilidade.
Moris, Karen. "Les médias en tant que mécanisme de gouvernance d'entreprise". Thesis, Dijon, 2010. http://www.theses.fr/2010DIJOE007.
Texto completoThe 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
Zalesky, Alexander 1959. "Creating shareholder value through total customer solutions". Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/9213.
Texto completoAlso available online at the DSpace at MIT website.
Vita.
Includes bibliographical references.
This thesis examines how various chemical companies create shareholder value. Against the backdrop of the latest strategic thinking of Arnoldo C. Hax and Dean Wilde Il as discussed in the Deha Model, the author reviews the strategic position of each company and compares them to the shareholder value they create. This thesis concludes that adopting the Total Customer Solutions strategic posture creates enhanced shareholder value. The Chemical Industry, despite its rich and profound history, when compared to the Standard and Poor's 500 over the last five years, has been consuming value. In order to reverse these trends, companies have been focusing their energy on Rapid Globalization, Increased Mergers and Acquisitions, Business Transformation and Innovation. The advent of the Internet and how companies position themselves within this new space will also play a critical role in most companies' future success. The thesis suggests that all of these activities should be viewed from the Total Customer Solutions perspective, creating stronger alignment between strategy, adaptive processes, and execution. The thesis concludes by suggesting how Eastman Chemical Company may utilize the principles embedded in the Deha Model to strategically reposition itself as a Total Customer Solutions Company.
by Alexander Zalesky.
M.B.A.
Silva, Luiz Fernando da. "Criação de valor para os acionistas pós-abertura de capital no segmento brasileiro de locação de veículos". Pontifícia Universidade Católica de São Paulo, 2007. https://tede2.pucsp.br/handle/handle/1246.
Texto completoThe segment of vehicles rental is characterized as an industry that requires intensive, long-term capital for the financing of the renewal of its fleet and implementation of growth strategies. Going public is a good alternative of access to one s own capital, once the funding cost should be lower, in theory. The adoption of this financing strategy depends on principles and good corporate governance practices that are necessary for entering in the differentiated segments of corporate governance of Bovespa (São Paulo State Stock Exchange). The globalization of the markets is compelling companies to focus their attention on the management based on performance measures to check if the company and its administrators are creating value for the shareholders. In a world with fast changes, where the search for results is constant, the aggregated value aspect has been more and more questioned and debated at companies. This dissertation's purpose is to determine if a Brazilian company within the vehicles rental going public can generate value to its shareholders and increase its wealth. In order to do that, this work studied and presented results on the following aspects: the first one, a research on the vehicles rental sector in Brazil, checking, among other items, the scenery, its indicators and perspectives for 2007; the second, a determination of the history of the company Localiza Rent a Car, case study object, presenting its governance model, mapping the best corporate governance practices recommended by IBGC and by CVM in order to check the adhesion level; third, an analysis of the results disclosed by Localiza before and after OPA; and, finally, an analysis of the capital cost and the EVA® , checking if the cost of source of funds diminished and if value was generated to the shareholders after going public. Through the results obtained, we can affirm that, after OPA, Localiza generated value to its shareholders and increased its wealth, and the cost of source of founds also diminished; however, we cannot attribute this growth only to going public, because of the diversity of variables that impact the segment of vehicles rental
O segmento de locação de veículos caracteriza-se como uma indústria que requer capital intensivo de longo prazo para financiamento da renovação de sua frota e implementação de estratégias de crescimento. A abertura de capital em bolsa de valores apresenta-se como uma boa alternativa de acesso a capital próprio, uma vez que o custo de captação em tese deveria ser menor. A adoção dessa estratégia de financiamento depende de princípios e boas práticas de governança corporativa necessários para o ingresso nos segmentos diferenciados de governança corporativa da Bovespa. A globalização dos mercados está obrigando as empresas a focarem sua atenção para a gestão baseada em medidas de desempenho para verificar se a empresa e seus administradores estão criando valor para os acionistas. Num mundo de rápidas mudanças, onde a busca por resultados é uma constante, o aspecto valor agregado tem sido cada vez mais questionado e discutido nas empresas. A presente dissertação teve por objetivo verificar se a abertura de capital de uma empresa brasileira do segmento de locação de veículos pode gerar valor aos seus acionistas e aumentar suas riquezas. Para tanto este trabalho estudou e apresentou resultados sobre os seguintes aspectos: o primeiro, uma pesquisa sobre o setor de locação de veículos no Brasil, verificando, entre outros itens, o cenário, seus indicadores e perspectivas para 2007; o segundo, um levantamento da história da empresa Localiza Rent a Car, objeto do estudo de caso, apresentando seu modelo de governança, mapeando as melhores práticas de governança corporativa recomendadas pelo IBGC e pela CVM para verificar seu nível de adesão; em terceiro, uma análise dos resultados divulgados pela Localiza antes e após a OPA; e em quarto e último, uma análise do custo de capital e do EVA® , verificando se o custo de captação de recursos diminuiu e se foi gerado valor para seus acionistas após a abertura de capital. Através dos resultados obtidos podemos afirmar que após a OPA a Localiza gerou valor para os seus acionistas e aumentou suas riquezas, além do custo de captação de recursos ter diminuído, entretanto, não podemos atribuir este crescimento somente a sua abertura de capital, devido à diversidade de variáveis que atingem o setor de locação de veículos
Tomes, Richard. "Creating shareholder value : a case study of the PPC brand". Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/80645.
Texto completoThe objective of this study is to determine whether brands create value for shareholders and the extent to which such value can be quantified. The research methodology is based on a case study of Pretoria Portland Cement, South Africa’s leading cement producer, and seeks to demonstrate how a commodity like cement can be successfully differentiated and branded. Primary data was gathered by conducting unstructured interviews with business leaders and key personnel involved with the development and execution of the company’s brand vision. Secondary data is based on the results of a customer loyalty survey by IPSOS Markinor as well as on customer perceptions from Millward Brown’s BrandDynamics™ model. The results of both these surveys, together with historic market share data and the company’s financial performance over a 15-year period, is analysed and interpreted before conclusions are made about the brand’s contribution to value creation. The study concludes by attempting to make generally applicable findings about the value of brands and their overall contribution to shareholder value. One of the major limitations of the study is the inability to assign a definitive value to the PPC brand because of the vast number of credible brand valuation models available and the lack of consensus among academics and industry experts regarding the determination of brand value.
Gueguen, Simon. "Contribution à l'étude des conséquences économiques des divulgations d'information en matière de franchissements de seuils de contrôle". Thesis, Paris Sciences et Lettres (ComUE), 2016. http://www.theses.fr/2016PSLED044/document.
Texto completoThe debate on the optimum level of transparency in financial markets found a major point of controversy: the ownership of public companies. The design of new financial products and the development of shareholder activism called the blockholding disclosure rules into question. This thesis analyzes the economic impact of changes in regulation, measures the value relevance of the content of blockholding announcements, and introduces a new conceptual framework allowing strategic behavior of the involved economic agents. According to our empirical results, the information disclosed by blockholders are value relevant, even when the blockholder commits to remain passive. Our theoretical model suggests that blockholders make a strategic use of the reporting window, and predicts that a shortening of the legal time period would be favorable to minority shareholders
Dahlberg, Linnea y 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.
Texto completoHyun, Sunghyup. "Creating and Validating a Measure of Customer Equity in Hospitality Businesses: Linking Shareholder Value With Return on Marketing". Diss., Virginia Tech, 2009. http://hdl.handle.net/10919/28350.
Texto completoPh. D.
OLIVEIRA, LEANDRO EDILBERTO TORRES DE. "THE TAX PLANNING IN THE OPERATIONS OF COMPANIES S REORGANIZATION AND HIS IMPORTANCE IN THE CREATION OF VALUE FOR THE SHAREHOLDERS: A CASE OF STUDY". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2009. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=13910@1.
Texto completoThe number of operations of companies s reorganization accomplished in Brazil and the involved values constantly grow, but it is still very small if compared with the USA. To relieve the heavy Brazilian tax burden, as well as to maintain the competitiveness of the American companies, the managers of the great companies of those two countries constantly invest in the development of structures that join value for the shareholders, what is observed also in operations of companies s reorganization. This research has the objective to analyze the tax planning in operations of companies s reorganization in Brazilian and American companies that joins value for the shareholders, being used the methodology of study of case of two operations accomplished in Brazil and one in the USA. The data of the research were collected through documental research and perception questionnaires, elaborated being used the Escala Likert. The interpretation and analysis of the data based on the theoretical references, based in revision of pertinent literature to the study area. The results of the research evidenced the aggregation of value so much for the shareholders in the operations accomplished in the USA as in Brazil, but due to the harmonization of the Brazilian accounting with the international, insecurity appears as for the effectiveness of the current structures of tax planning used. As recommendation resulting from the research, suggests the accomplishment of works for the development of models that you/they measure the juridical insecurity and the possible changes of the fiscal legislation in the value of the proportionate tax economy to the shareholders.
Makola, Sandy. "The role of board of the directors in ensuring that the State-Owned Companies (SOCs) are sustainable in creating value to shareholders within the South African context". Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/64876.
Texto completoMini Dissertation (MBA)--University of Pretoria, 2017.
nk2018
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
Cunha, Marcio Augusto Miguel. "O efeito da governança corporativa no desempenho econômico e financeiro das empresas: uma análise empírica no mercado brasileiro". Universidade de São Paulo, 2016. http://www.teses.usp.br/teses/disponiveis/96/96132/tde-25102016-111929/.
Texto completoCorporate governance is a set of mechanisms to align interests between the different individuals who compose the company. The interests a lot of times are conflicting because of the individual´s seek to maximize their personal utility, and from this discrepancy of individual pursuit comes the conflict, known as interest. Conflict can occur between any involved in the company, but this work study those between the agent and the principal. The agent may be employees of the companies or minority investors and the main one is represented by the controlling shareholder, which holds power over the company. Corporate governance mechanisms can be internal and external to the corporation, the internal are: Board of Directors, audit committee, ownership structure, executive compensation, financial reporting in accordance with international standards published periodically and dividend distribution policy . The external are: possibility of hostile takeover, competitive labor market, protection laws for investors, cross-listings and accounting advice of financial reports made by external companies with renowned consultancy market. The mechanisms aim to achieve the basic principles of corporate governance: transparency, fairness, accountability and corporate responsibility. This study investigated the relationship between corporate governance and the financial performance of Brazilian companies listed on the BM&FBOVESPA between 2010 and 2014, representing the period after the global economic crisis triggered by securities US subprime, in the second half of 2008 and previous economic and political crisis in Brazil, which began in 2015. It was used the IGC governance index developed by Silva and Leal (2005) to measure governance. And the financial performance of the companies was measured by the variables: Q-Tobin and economic profit rate. The model used tools that reduce the endogeneity and reverse causality, which are: insert control variables and use the system GMM (Generalized method of moments) estimator as regression method. The results confirmed the expected by the literature as the corporate governance index positively influenced the performance of the company. For the variable TLE the result was statistically significant at the 5% level, which makes it reliable. As for the Q-tobin variable, although also have positive relationship with governance, statistical analysis was not robust to be able to exercise some confirmation about the result. Finally, research has found improved corporate governance in companies over the years and improvement over other research from previous years.
Simas, Pedro Miguel Lourenço. "Cross-Border acquisitions: effect on shareholder wealth from developing markets acquiring firms". Master's thesis, 2020. http://hdl.handle.net/10362/105932.
Texto completoCoutinho, Madalena. "Impact on shareholder wealth from emerging-market acquirers taking over developed-market targets". Master's thesis, 2020. http://hdl.handle.net/10400.14/31256.
Texto completoNas últimas duas décadas, os mercados emergentes têm vindo a ganhar terreno no mercado global de fusões e aquisições e prevê-se que continuem a fazê-lo. Embora seja bastante comum empresas de países desenvolvidos adquirirem empresas de países em desenvolvimento, o inverso é ainda um fenómeno relativamente recente. Como tal, o comportamento dos mercados financeiros após o anúncio destas aquisições é ainda uma área de investigação subdesenvolvida e com respostas ambíguas. A event study methodology foi utilizada para examinar se as empresas de países em desenvolvimento são capazes de criar valor para os seus acionistas quando compram empresas de países desenvolvidos, e que fatores influenciam essa criação de valor. Foi usada uma amostra de 300 transações de empresas compradoras de dez países em desenvolvimento, no período entre 2005 e o início de 2020. Os resultados revelam que, em média, estas transações criam valor para os acionistas do comprador e que a contratação de consultores financeiros contribui positivamente para a criação de valor. A taxa de crescimento do país de origem e o facto de ser estatal também contribuem positivamente, mas a dimensão da empresa, fazer parte do sector da alta tecnologia e o pagamento total em dinheiro, por outro lado, impactam negativamente a capacidade de criação de valor da transação. Por último, foram desenhadas implicações para a gestão, bem como sugestões de futura investigação.
Mageza, Petunia Zanele. "Intellectual capital as a creator of wealth and shareholder value for an organisation". Thesis, 2008. http://hdl.handle.net/10210/287.
Texto completoMr. C. Scheepers
Naidoo, Priethieban. "Creating and measuring shareholders’ value through acquisition : A case study on Sage Plc". Thesis, 2006. http://hdl.handle.net/10413/6025.
Texto completoThesis (MBA)-University of KwaZulu-Natal, Westville, 2006.
Totowa, Jacques. "Exploring the correlation between selected performance measurement tools for individual investors in South Africa". Diss., 2015. http://hdl.handle.net/10500/19615.
Texto completoManagement Accounting
M. Phil. (Accounting Sciences)