Tesi: "Wealth creation"

1

Stiti, Karim. "Factors Determining Wealth Creation from Divestitures in Sweden." Thesis, KTH, Matematisk statistik, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-229816.

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Divestitures have grown in importance and popularity over the years, rivaling other strategic transactions in mergers and acquisitions. The dominating opinion in academic research is that divestitures overall generate an abnormal return for the parent company stock. This thesis will focus on how Swedish companies perform in the short-term around the announcement of a divestiture. A multiple linear regression analysis finds significance for divestiture gains being attributed to companies focusing on core competencies and to companies with low returns on assets and high returns on equity. However, no significance is found for the size of the companies or financial distress. Avknoppningar är idag en populär företagstransaktion. Den dominerade åsikten i den globala forskningen kring avknoppningar gör gällande att de generar en överavkastning för företaget i förhållande till marknaden. Denna kandidatuppsats ämnar undersöka vilka faktorer som kan påverka denna överavkastning genom att studera svenska företag på Nasdaq Stockholm. En multipel regressionsanalys visar att företag som säger sig utföra avknoppningar för att fokusera på kärnverksamheten generar en överavkastning. Vidare blir det en överavkastning på företag som har låg avkastning på totalt kapital och hög avkastning på eget kapital. Ingen verkan hittas dock för att storleken på företaget eller skuldstrukturen har en inverkan på överavkastningen.

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2

Worth, Thomas F. II. "Housing assistance and the creation of household wealth." Thesis, Massachusetts Institute of Technology, 2019. https://hdl.handle.net/1721.1/123592.

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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019 Cataloged from PDF version of thesis. Includes bibliographical references (pages 52-55). This thesis aims to develop the framework of a housing program designed to help current recipients of rental subsidies begin to build household wealth through homeownership. Its core beneficiaries are households in Boston and Cambridge earning between 60% and 80% of the area median income. It also proposes an extended program to help households earning between 80% and 135% AMI purchase a home, since they also face significant burdens from housing costs in the current market and are underserved by existing housing programs. The proposal does not aim to solve the overall housing crisis, nor to replace existing programs, but rather to act as a supplement to current programs. The first chapter examines the history of housing policy, and from that review draws six principles of effective housing programs which are used to guide the new proposal. The second chapter examines the needs of renters, home buyers, and property developers in order to identify basic criteria which a new program must meet. The third chapter evaluates individual potential elements of a new program with respect to the principles and criteria identified within the earlier chapters. Finally, the framework of the proposal for a new housing program is laid out. by Thomas F. Worth, II. S.M. in Real Estate Development S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate

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Campbell, Alistair John, and n/a. "Engineers, entrepreneurs & wealth-creation from idea to product." Swinburne University of Technology, 2003. http://adt.lib.swin.edu.au./public/adt-VSWT20061205.164435.

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The paradigms that examine and describe the nature of the entrepreneurship process have generally been linear, following the lead of the more mature management and physical sciences. This emulation of linear methodologies has occurred despite indications from authors such as Bygrave, Shaver and Mitton of their being less appropriate at this relatively early stage of the social science of entrepreneurship. When examining the nature of a phenomenon such as entrepreneurship, statistical correlations and linear descriptions are limited to confirmation of existing hypotheses. The underlying assumption is that the correct questions are known. However this assumption becomes moot when seeking to include the many unpredictable, non-linear aspects that add the key human vitality of entrepreneurship. This research seeks to move toward a more complete description than linearity alone is able to capture. The research presents a non-linear paradigm, being a holistic combination of the rational evidence of entrepreneurship and what might be termed the spiritual or intangible aspects that together constitute the observed craft of entrepreneurship. The research highlights the dynamic skill-set used by entrepreneurs to balance key elements in the entrepreneurial process, in a way that achieves a relational coherence. The focus is on the high-tech industry which is especially prone to the use of linear descriptions of the entrepreneurship process which takes a new idea and leads it to become a successful product. Interviews with entrepreneurship practitioners involved in the creation of new ventures in the high-tech industry form the database against which this non-linear paradigm is investigated. The results confirm that the success of the entrepreneurial process depends on far more than the linear descriptions that are commonly used to describe the process. Once the basics are in place, entrepreneurs appear to shift their focus to achieving a multi-dimensional integration among what they identify as the key elements in the entrepreneurial process. This is achieved despite apparent disorder and chaos being evident in the process of new venture creation. Entrepreneurs appear to make sense of the confusing non-linearity by focussing on the relational attributes among elements in the new venture. The use of the non-linear relational paradigm (NLRP) developed from the results of this research, enables a more holistic understanding of the empirically observed process of entrepreneurship. This has some significant implications for the management and evaluation of nascent technology enterprises. The NLRP's additional fix on the entrepreneurship process, can be used to inform the venture capital industry when trying to predict the likelihood of success of prospective ventures vying for funds. The NLRP's alternative view could also translate into more appropriate new venture management once funded, and thus better success rates for nascent ventures. The NLRP's insights on the way in which entrepreneurs create and grow new ventures, can improve best-practice techniques for entrepreneurs and influence the way in which entrepreneurship education is approached. Describing innovation and entrepreneurship more holistically also has important implications for all facets of industry that include a process of design, or seek to create wealth.

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4

Wasiluk, Kendra Lyn. "Sustainable wealth creation in practice : a framework to manage firm's intangibles." Thesis, University of Leeds, 2012. http://etheses.whiterose.ac.uk/3136/.

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This study investigates how firms in the Australian property and construction sector manage their intangibles in order to operationalise sustainable development. Previous research linking intangibles and corporate sustainability has tended to focus on intangibles as a phenomenon endeavouring to establish links between intangibles and corporate financial performance. This thesis makes a unique contribution to knowledge by drawing a conceptual bridge between the intangibles and corporate sustainability literature using both the phenomenon and practice based approach to intangibles. The practice based approach aims to understand how firms manage and mobilise their intangibles towards a purpose â which for this research is sustainable development. A key outcome of this study is a framework to manage firmsâ intangibles which outlines how firms identify, measure/value, control, and report their intangibles at various stages of corporate sustainability. The research design is a case study methodology, implemented across two phases, using mixed methods. The first phase focused on the phenomenon of intangibles in the wider Australian property and construction sector. Data was collected using a questionnaire, semi-structured interviews and content analysis. In the second phase, four case studies of individual firms were conducted to study the practice of intangibles. There were two key findings of this research. The first is that the practice based approach to intangibles more accurately reflected how firms in the Australian property and construction sector manage their intangibles. However, tensions still exist between the more traditional accounting-based phenomenon approach to intangibles and the practice based approach. This is particularly relevant in the business case for sustainability. The second main finding is that firms in the case study sector are actively managing their intangibles to implement organisational change for sustainability. This finding led to the development of the âinside- outâ approach to operationalising sustainable development which focuses on managing a firmâs intangibles rather than just its environmental and social performance.

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5

Hu, Peng. "Wealth creation in mergers and acquisitions : a study of Chinese corporate restructurings." Thesis, University of Edinburgh, 2008. http://hdl.handle.net/1842/29164.

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Research into the wealth effects of M&A activity generally concludes that substantial value is created for target shareholders. Whereas the evidence from the developed markets is overwhelming, fewer studies have been conducted using data from emerging markets. In this thesis, we will study the wealth consequences for Chinese listed companies in domestic takeovers. Using a sample of 160 “legal-person” share transactions involving the companies listed on the Shanghai Stock Exchange (SHSE) and Shenzhen Stock Exchange (SZSE) between 1996 and 2000, empirical tests are carried out to examine whether the targets’ “A share” shareholders gain in corporate restructurings. The tests reveal that the Chinese stock markets are efficient in terms of correctly anticipating new information relating to the M&As before they are announced to the public and on average targets’ shareholders benefit from such takeovers. Further analysis, however, reveals certain characteristics of acquisitions that result in more value being created than others, and in some cases targets’ shareholders lose wealth as a result of the acquisition.

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Sridaran, Lakshmi. "Coastal restoration and management as a strategy for wealth creation in Louisiana." Thesis, Massachusetts Institute of Technology, 2009. http://hdl.handle.net/1721.1/50121.

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Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2009. Includes bibliographical references (p. 131-133). With more people in the world living along coasts than any other environment, planning for the coastal zone requires negotiating the socially constructed human relationships that have traditionally produced severe inequality between coastal residents and users. In Louisiana, this inequality is apparent in the great deal of wealth external users have extracted from the coast at the direct environmental and economic expense of local residents. An examination of the economic history of Louisiana's coast reveals how this disparity between coastal residents and users has produced deleterious environmental consequences, which have grown exponentially precisely because this inequality between human residents and users persists today. The current coastal restoration and management strategy in Louisiana does not focus on the socially constructed origins of this continuing environmental destruction, but it must do so in order to restore any hope of saving, restoring, and improving the coast. This thesis offers a socially reconstructed strategy for coastal restoration and management in Louisiana that narrows the environmental and economic disparity between coastal users and residents to address the environmental harm. This new wealth creation strategy enables local firms and residents to offer their existing knowledge of the coast and participate in the implementation of restoring and improving the natural assets of their coast through a variety of economic incentives. (cont.) In this way coastal residents are empowered to gain both the economic and environmental benefits of managing their coast, which I define as wealth. A case study of the Pulicat coastal community in Tamil Nadu, India provides valuable insights on how such a strategy can be implemented utilizing the existing civic and institutional infrastructure in Louisiana. The three significant recommendations this thesis offers can be implemented immediately to begin socially reconstructing Louisiana's coastal restoration and management strategy. The urgency and magnitude of environmental destruction to Louisiana's coast mandates such a bold shift. by Lakshmi Sridaran. M.C.P.

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7

Van, der Westhuizen Winnie. "The creation of wealth through family businesses within the agricultural sector of the Western Cape." Thesis, Stellenbosch : Stellenbosch University, 2007. http://hdl.handle.net/10019.1/21188.

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Thesis (MBA)--Stellenbosch University, 2007. ENGLISH ABSTRACT: Why can some family businesses survive over several generations when others cannot even be successfully carried over to the second generation? Can it be connected to the creation and definition of wealth? To create wealth for future generations implies much more than just establishing a financially healthy family business. This report examines all the other elements that are crucial to creating wealth and prosperity. In his research Mr Jaffe found that the creation of wealth and prosperity consists out of six dimensions. These dimensions are spiritual capital, financial capital, human capital, family capital, structural capital and societal capital. All of these dimensions are examined and tested in this report and members of family businesses in the Western Cape were asked for personal contributions by completing a questionnaire. From the research it is clear that some of these farmers do not have the correct and necessary structures in place to make it possible for their family businesses to survive to the next generations. Some of these dimensions are being addressed while the farmers have no idea of how important they are to the survival of their family business. Communication is one of the most compelling requirements for success and members of family businesses will have to realise how important effective and healthy communication is. Family members have to be able to communicate their expectations of each other and have to know each other's positive and negative characteristics. This will help ensure that family members are applied in areas they are strong in. To reach its full potential a family business must utilise its members to the fullest. By following these guidelines lasting wealth and prosperity can be created. AFRIKAANSE OPSOMMING: Hoekom kan sommige familiebesighede vir gesla9te lank corleet en ander nie eers suksesvol oorgedra word na die tweede ge51a9 nie? Het dit moontlik iets te doen met die skepping en definisie van rykdom? Om rykdom te skep vir toekomstige geslagte behels baie meer as net die daarstelling van 'n finansieel gesonde familiebesigheid. Hierdie tesis ondersoek die ander elemente wat oak van kardinale belang is in die skepping van welvaart. Mnr Jaffe het uit sy navorsing bevind dat die skepping van welvaart ses dimensies behels. Die dimensies is geestelike-kapitaal, finansiele-kapitaal, menslike-kapitaal, familie-kapitaal, strukturele-kapitaal en gemeenskapskapitaal. In hierdie tesis word hierdie dimensies getoet5 en ontleed. Daar is aan lede van landbou-familiebesighede in die Wes-Kaap gevra om hul persoonlike ervaringe te deel deur middel van 'n vraelys. Uit die navorsing is dit duidelik dat sommige van die boere nie al die regte strukture in plek het wat dit moontlik sal maak vir hul familiebesighede om die volgende paar geslagte te aorleet nie. Party van die dimensies word weer aangespreek sonder dat die boere besef hoe belangrik dit regtig vir die toekoms van hul familiebesigheid is. Lede van familiebesighede sal moet besef dat goeie, gesonde kommunikasie baie belangrik vir sukses is. Die familielede moet vir mekaar kan se wat hul verwagtinge van mekaar is en moet ook weet wat die goeie en slegte punte van die ander lede van die familie is. Oit sal daartoe bydra dat familielede aangewend kan word in die areas waarin hulle sterk is. Om die volle potensiaal van 'n familiebesigheid te bereik moet al die familielede optimaal benut word. So kan blywende rykdom geskep word vir toekomstige geslagte.

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8

Pelykh, Halyna. "Wealth creation of mergers and acquisitions : the crisis period of 2008-2009 among U.S. firms." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20860.

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Mestrado em Finanças As fusões e aquisições são estratégias populares usadas por diversas empresas com variados objectivos. Desta forma, traduzem-se, todos os anos, em transações de biliões de dollars. Ainda assim, estudos mostram que as fusões e aquisições tendem a não criar valor para os acionistas. Recentemente, o Mundo encarou uma crise financeira global que mudou a realidade e as regras em muitas empresas. Através de um estudo de evento, a seguinte dissertação analisa e compara fusões e aquisições americanas considerando três períodos distintos: antes da crise, durante a crise e o pós-crise. Para cada período foi calculado o CAAR e os resultados mostram que há criação de valor para as fusões e aquisições públicas antes da crise. Para além disso, conclui-se que há criação de valor no dia de anúncio da transação para os 3 períodos estudados. Mergers and acquisitions were always a popular strategy used by numerous companies for diverse reasons. They account for transactions of billions of dollars every year. Nevertheless, researchers proved that M&As often end up not creating value for its shareholders. Recently, the world faced a Global Financial Crisis that changed reality and rules for many businesses. By using an event study, this dissertation studies and compares U.S. M&A deals from three different periods: pre-crisis, crisis, and post-crisis. CAAR values were computed for each period, and the findings state that there is value creation for the public M&A deals that took place before the crisis period. Another result claim there is a creation of wealth on the announcement day for the three periods. info:eu-repo/semantics/publishedVersion

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9

Smith, Erin. "Structuring for serendipity: family wealth creation, farmer autonomy and the pursuit of security in an uncertain Australian countryside." Thesis, The University of Sydney, 2014. http://hdl.handle.net/2123/13363.

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The social and economic particularities of family farms have captured researchers’ attention for many years; but rural scholarship still lacks a clear, analytical sense of how and why family farms are organised in the ways that they are. This thesis critically examines the internal logics underpinning the socio-economic organisation of Australian farms. It adopts Johnsen’s (2003) conceptualisation of farm enterprises as three-way coalitions between farm businesses, farm households and the respective property holdings. Changes to the Australian agricultural property regime are used as the lens through which to observe how the organisational logics of farm enterprises are recalibrated in response to environmental policy reforms; specifically, the separation of land and water titles. Despite the obvious economic significance of separating land and water titles, the impacts on farm organisation remain under-researched. Hence, this thesis uniquely brings together scholarship on family farming with that of water reforms. A qualitative research method – farm life history – is used to generate narratives of the development of 40 farms in Victoria, Australia. Twenty-one of these are from an irrigation district where land and water titles have been separated, and nineteen from a dry land region unaffected by the reforms. The interpretive chapters comprise an analysis of the ways in which the ownership configurations of farm businesses, land and water assets embody farmers’ aspirations for building wealth and maintaining autonomy. These aspirations are jointly articulated in the concept of ‘structuring for serendipity’, which elevates the notions of risk, uncertainty and security as critical drivers shaping farm-level responses to contemporary conditions. The thesis concludes that the organisational forms observed within the Australian agricultural sector ultimately represent farmers’ pursuit of a sense of security in a constantly changing and uncertain countryside.

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Wako, Adi Liban, University of Western Sydney, College of Social and Health Sciences, and School of Applied Social and Human Sciences. "Ideology as commodity : industry of a theocracy and production of famines in Ethiopia." THESIS_CSHS_ASH_WakoAdi-L.xml, 2003. http://handle.uws.edu.au:8081/1959.7/452.

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This work introduces an alternative paradigm that claims that the primary industry of imperial Ethiopia has been (and still is) one that has evolved around the Abyssinian national mission vis-a-vis the populations it rules from a point of conquest. Abyssinia, like Catholic Spain in the Americas, carried out a series of 'civilising' missions (Christianising), that has spanned centuries to modern times. Around a theocratic mission evolved a service type industry, the author calls theo-industry. On that basis, the work demonstrates how well-known categories of 'land-tenure', namely, the gult/goolt, the gultenya/gooltenya, the rist, the ristenya, the gabbar and related others are categories of a fiscal system of theo-industry, not of an agrarian system or agrarian industry. It is argued how these rather complex categories belong in the realm of wages and pensions of a service-type industry, not in those of agriculture. By failing to establish the functional link between agriculture and the national mission of the rulers, the scholars of Ethiopian studies have so far been unable to identify this 'elusive' but all-pervasive primary industry of Ethiopia. That in turn, the author argues, has had a rub-off effect in hindering a clear and comprehensive understanding of issues such as poverty and famine. The central topic of this work is the 'identification' of this 'elusive' industry. The study of its evolution, set in historical grounds, of its dynamics and the intricate maze of multi-natured relations is attempted. On this basis, the option of creating an independent (from theo-industry), and more importantly, renewable agricultural industry is proposed as the key to tackling chronic levels of poverty and famine in Ethiopia Doctor of Philosophy (PhD)

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Garfatta, Riadh. "Actionnariat salarié et création de valeur dans le cadre d'une gouvernance actionnariale et partenariale : application au contexte français." Phd thesis, Université de Bourgogne, 2010. http://tel.archives-ouvertes.fr/tel-00596528.

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Cette thèse a pour objectif de démêler la nature de la relation entre " actionnariat salarié " et " création de valeur ", dans le cadre de la gouvernance actionnariale et partenariale. Les principaux résultats dégagés montrent que la relation entre " actionnariat salarié " et " création de valeur actionnariale " est curvilinéaire prenant la forme de U-inversé : elle est positive pour des niveaux faibles d'actionnariat salarié et négative si le pourcentage de droits de vote revenant aux salariés dépasse 3%. Aussi, un effet positif de l' " actionnariat salarié " sur la " part de la valeur créée allouée aux salariés " est constaté, et ce uniquement pour un actionnariat salarié significatif. Au dessous du taux de 3%, le pourcentage du capital et le pourcentage des droits de vote détenus par les salariés ne montrent aucune influence significative. Quant à l'étude de l'influence de certains mécanismes de contrôle sur la relation étudiée, les principaux résultats dégagés se résument comme suit : Au-delà du seuil stratégique légal de 33%, la concentration du capital semble avoir un effet de modération positif sur la relation actionnariat salarié - création de valeur actionnariale et la relation actionnariat salarié - part de la valeur créée allouée aux salariés. La propriété managériale, si elle dépasse le seuil stratégique légal de 33%, semble modérer négativement la relation actionnariat salarié - création de valeur actionnariale et positivement la relation actionnariat salarié - part de la valeur créée allouée aux salariés. La participation de salariés actionnaires au conseil modère négativement la relation entre " actionnariat salarié " et " création de valeur actionnariale " ; alors qu'elle modère positivement la relation entre " actionnariat salarié " et " part de la valeur créée allouée aux salariés ".

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Willemse, Beverly Jean. "Electricity price hikes : managing for sustainable value creation in a mining company / Beverly Jean Willemse." Thesis, North-West University, 2012. http://hdl.handle.net/10394/8449.

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Companies are faced with challenges constraining the achievement of set budgets, goals, profit and cost of product, to name a few, on a daily basis. These challenges influence value creation and sustainable value creation. Value-based management is an integrated management tool which may assist in achieving sustainable value creation within a company. Achieving sustainable value creation will result in benefits for both the shareholders and the various stakeholders. In 2008 and 2009 Eskom, South Africa’s sole electricity provider announced a major shortage of electricity and consequently major price increases. Since electricity consumption is a crucial part of the production process, this announcement had a devastating effect on mining companies. The primary objective of the current study is to investigate whether a local mining company is focusing on applicable endeavours to overcome the electricity constraint and price hikes in order to sustain value creation. This was done by studying the company’s financial & management reports, public announcements and media coverage, in conjunction with a quantitative study, collecting primary data by using standardised questionnaires distributed among the mining company’s employees. The results from this study indicate that the selected company is focusing on relevant projects to overcome the electricity constraints. Further, the conclusion made from the results of the questionnaires shows that the higher staff levels are more informed and aware of value-based management. It also points out that the lower levels and employees from the production and mining departments are less informed and aware of value-based management. Thesis (MBA)--North-West University, Potchefstroom Campus, 2012

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Gao, Lin. "Managerial wealth, behavioural biases and corporate monitoring : impact on managerial risk taking and value creation in UK high-tech and low-tech acquisitions." Thesis, Cranfield University, 2005. http://hdl.handle.net/1826/3968.

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While the traditional agency model assumes managerial risk aversion and underinvestment in high-risk opportunities, the behavioural agency model allows for risk seeking by managers leading possibly to over-risky investments. Corporate governance mechanisms through their disciplining roles can steer managers towards optimal risk and avoid value destruction from either risk-deficit or risk-excess on the part of their managers. None of the existing studies offer a complete picture of managerial risk taking by allowing for both managerial risk aversion and risk seeking. The painting of just such a picture is the primary focus of this thesis. This thesis aims to answer the following two research questions in the context of corporate acquisitions: 1. What are the factors that drive managers to undertake risky projects? 2. To what extent is firm performance related to the optimal or suboptimal risk level of an investment project? This thesis investigates 289 UK domestic high-tech acquisitions and 289 matching low-tech acquisitions over the period 1993-2000. High-tech acquisitions are argued to be riskier than low-tech acquisitions. This thesis documents that fixed compensation, annual bonus, and LTIP cash provide few incentives for managers to conduct risky acquisitions. It finds significant evidence that equity-based wealth (such as LTIP shares, stock options and managerial shareholdings) which links managers' wealth to firm stock performance, has a nonlinear incentive effect on managers' selection of acquisition risk. At a low level, it encourages managers to pursue risky acquisitions. However, at high levels it discourages managerial risk taking. This nonlinear effect is mainly contributed to by managerial shareholdings. No evidence is found that stock options make managers select riskier acquisitions. Strong evidence is found that a high level of managerial wealth, which induces managerial risk aversion, can weaken the incentive alignment effect of equitybased wealth. This thesis finds significant evidence that managerial behavioural biases (such as overconfidence, over-optimism, and hubris) boosted by good past performance, firm glamour ratings by the stock market and a flattering media profile induce managers to engage in risky high-tech acquisitions. Corporate monitors are generally ineffective in disciplining managers' selection of acquisition risk. Overall, this thesis concludes that what makes managers take risky acquisitions appears to be the internal factors, i. e., factors that work within managers' inner selves and give them more confidence that they can control risks. External factors such as corporate monitoring devices that try to control managerial behaviour, do not necessarily boost managers' confidence in their risk managing capabilities. Regarding post-acquisition performance, this thesis documents that UK hightech acquisitions in the 1990s do not bring any value to acquirer shareholders up to three years after acquisition completion. However, high-risk high-tech acquisitions do not necessarily destroy more shareholder value than low-risk low-tech acquisitions. Acquisitions that are identified as at 'optimal' risk level perform better than under-risk acquisitions. Indeed, more shareholder value is created in acquisitions that are over-risk than acquisitions that are either optimal-risk or under-risk. Therefore, this thesis suggests that many UK acquirer managers during the period over 1993-2000 have foregone valuable but high risk growth opportunities and destroyed shareholder value more by being excessively risk-averse rather than being adventurous in their risk choices.

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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.

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The primary goal of a publicly traded company is to maximise the wealth of its shareholders. This implies that the management of the firm, as agents of the owners, has to manage the firm in such a manner as to create value from every decision taken. Value-based management (VBM) is a management strategy aimed at achieving shareholder wealth creation and is based on the effective management of a set of internal value drivers to maximise wealth creation. The primary objective of the current study is to investigate the quantification of the relationship between internal value drivers and shareholder wealth creation in the Mining sector of JSE listed companies in South Africa. In order to achieve this, the internal value drivers were identified from literature, the necessary financial data was collected and the value drivers as well as actual shareholder wealth were quantified. Revenue growth, operating profitability, capital requirements and weighted average cost of capital (WACC) were identified as the value drivers while total shareholder return (TSR) was identified as the actual shareholder wealth creator. For the purpose of the current study, WACC was excluded from the analysis. By application of linear regression, it was found that revenue growth and operating profitability have a positive, statistically significant effect of TSR. After analysing the effect size, it is however concluded that the effect is not practically significant. These findings concur with similar research in the field of VBM. Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.

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Mahlomaholo, S. "Grade 12 examination results' top 20 positions : the need for the creation of sustainable learning environments for social justice in all schools." Journal for New Generation Sciences, Vol 10, Issue 2: Central University of Technology, Free State, Bloemfontein, 2012. http://hdl.handle.net/11462/608.

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Published Article Why do African learners continue to be underrepresented in the top 20 positions of the Grade 12 examination results, and what can be done to remedy the situation? Yosso's notion of community cultural wealth shows that it is because our education continues to exclude the African learners' ways of knowing and being that the situation remains as it is. Analysing discourses of top performing white former Grade 12 learners, their teachers, their parents and their former African classmates, indicate that including modes of knowing of all learners in the curriculum irrespective of their race, class, disability or gender may help to create more socially just schooling, which is reflective of sustainable learning environments.

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Johansson, Oskar, and Johan Ljungberg. "How auditors and family firms co-create value." Thesis, Internationella Handelshögskolan, Jönköping University, IHH, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-48636.

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Background: The relationship between family firms and auditors is not a topic that is very well examined. This is also a relationship that is extraordinary because they have different aims with the relationship. Since the family firms seek for long and close relationships while the auditor needs to maintain their independence. There have also been several scandals in the past between family firms and their auditor where the relationship has become to close. Purpose: The purpose of this paper is to examine the auditor’s role in family firms, how value is co-created and what value that is co-created when they interact with each other. Method: To answer the research question the data in this study is collected through semi- structured interviews. The interviews were performed and inspired by previous studies which we developed a framework on to have as a guideline during the interviews. The participants in the study were three family firms and their respective auditor and the participants were located in the same geographical area. Findings: In this study, we have focused on how and what value family firms and auditors co- create when they interact with each other. The study suggests important aspects of the family firm and auditor relation to facilitating the value co-creation process. The aspects that were revealed as important were the relationship, communication, collaborative, trust, and experience from the auditor. The study also investigated which values family firms and auditors co-create, these were smarter planning, increase of effectiveness, exchange of knowledge, expanded networks, and value for society.

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Changarath, Vinod S. "Essays in Banking: (1) Do Capital Standards Promote Bank Safety? Evidence from Involuntary Recapitalizations(2) Does Bank Liquidity Creation Translate into a Wealth Effect for Borrowers?" University of Cincinnati / OhioLINK, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1378197012.

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18

Gregory, Julie Caroline. "Worshipping with the wealth creationists : co-constructing meaning and purpose through entrepreneurship education." Thesis, University of Hertfordshire, 2016. http://hdl.handle.net/2299/17210.

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A dynamic movement known as wealth creation education attracts many thousands of people seeking education for the vocation of an entrepreneur in the UK. Entrepreneurship education in these collectives includes venturing know-how but also co-constructs existential meaning and purpose for adherents, a role traditionally fulfilled by religion. This emergent sectarian movement is identified as wealth creationism. Led by charismatic entrepreneurs this newly identified research domain represents rich opportunities to study entrepreneurs in naturally arising settings, but has been neglected and understudied. While publicly subsidised educational support for small-business owners has suffered from low uptake, this study provides new knowledge about the kind of education that is engaged with in large numbers, despite being more expensive. This inquiry critically examines the attraction of these educational collectives and evaluates the social processes of eight wealth creation education providers in England. Teaching content and methods were also investigated. This qualitative study takes an interpreted approach through a social constructionism perspective. Using grounded theory methodology the providers were initially researched through participative observation in the educational settings followed by theoretically sampling data with various collection methods. Interdisciplinary theories, including the sociology of religion, accounted for findings, which were analysed at the meso-group level. The movement teaches entrepreneurship know-how and 'mindset' - ways of thinking and being. Insulating directives of behaviour and the construction of stigmatised out-groups maintain social boundaries. Employing similar narrative features and resources as religious sects, the socially constructed co-extensive nomos and cosmos privileges esoteric knowledge and is closely identified with modern Gnosticism. Participants do not acknowledge religious interpretations of their activities, yet three North American authors provide plausible canonical works that legitimise the movement. Wealth Creationists display entrepreneurial chauvinism, which equates employment with bondage, viewing the employed as slaves. Adherents choose educators with perceived entrepreneurial credibility to lead them on a purposeful mission for the type of knowledge that promises emancipation. This study is significant for both researchers of entrepreneurs and the sociology of religion. It offers participating entrepreneurs critical insights into the charismatic settings, which can be both enabling and disabling for venturing. This study has implications for academics engaged in outreach to small-business owners who may learn from the marketing tactics of these groups, although academics may still lack perceived credibility. Insights into business group formation will be of interest to business group researchers. A map of educational provision may interest researchers and educators of small and microbusiness owners, and those from the fields of entrepreneurial learning.

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Bispo, Jorge de Souza. "Criação e distribuição de riqueza pela Zona Franca de Manaus." Universidade de São Paulo, 2009. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-04122009-161933/.

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Este trabalho avalia os efeitos dos incentivos fiscais concedidos às indústrias instaladas na Zona Franca de Manaus na criação e distribuição de riqueza. A plataforma teórica tem como pilares as teorias sobre comércio exterior e a dos stakeholders, aliadas aos conceitos relativos às políticas de desenvolvimento econômico, às políticas de desenvolvimento industrial e aos incentivos fiscais. O modelo industrial Zona Franca de Manaus é caracterizado como Zona de Livre Comércio. Discute-se os conceitos, vantagens, desvantagens da Demonstração de Valor Adicionado (DVA) como instrumento contábil para medir a criação e distribuição de riqueza. A amostra deste estudo foi selecionada entre as indústrias instaladas na ZFM que publicam as demonstrações financeiras do banco de dados mantidos pela FIPECAFI, base para a edição Melhores e Maiores, da Revista Exame. Dentre essas empresas foram selecionadas 30 (trinta) para análise quanto à forma de contabilização dos incentivos fiscais, totalizando 150 (cento e cinquenta) demonstrações contábeis no período de 2003 a 2007. Para a análise de criação e distribuição de riqueza foram selecionadas todas as indústrias que elaboram e/ou divulgam a Demonstração de Valor Adicionado (DVA). Foram analisadas ao total 73 Demonstrações de Valor Adicionado para o período de 2003 a 2007 e comparadas a criação e a distribuição de riqueza com outros grupos de indústrias, localizados fora da Zona Franca de Manaus. Foram analisados os setores de autoindústria, bens de consumo e indústrias digital e de eletroeletrônicos e um grupo de controle de empresas pares, escolhidas em função da similaridade do setor de atuação e faturamentos. Para a comparação da forma de contabilização dos incentivos fiscais, especificamente o ICMS, foi utilizada a técnica de análise de conteúdo e estatística descritiva entre os grupos que contabilizam de forma correta e os que contabilizam de forma errada. Foram encontradas quatro formas de contabilização, nas quais se destacam 66,7% que contabilizam de forma errada e 20% de forma correta. Para a análise da criação de riqueza pelas empresas foram utilizadas as técnicas estatística análise de regressão e teste de média. Pela técnica de regressão linear as empresas industriais instaladas na Zona Franca de Manaus criam, em média, 30,96% de riqueza em função do faturamento, enquanto as empresas pares situadas fora dessa região criam, em média, 45,08%. Ao aplicar o teste de média, as empresas situadas na Zona Franca de Manaus, criam, em média 31,07% ao passo que as empresas pares situadas fora criam, em média, 54,36%. Destaque-se o fato de que as empresas industriais instaladas na Zona Franca de Manaus que contabilizam os incentivos fiscais, de maneira errada, especificamente o ICMS, evidenciam e publicam, de maneira equivocada, a criação de riqueza, em média, de 42,85% pela regressão linear e 32,41% pela média. Para a distribuição de riqueza foi pesquisada a distribuição para três grupos: pessoal, governos e proprietários. Foi utilizado o teste de média e os achados mostram que enquanto as empresas industriais instaladas na ZFM distribuem 27,28%, 54,42% e 1,82% aos empregados, governos e proprietários, respectivamente, as empresas pares situadas fora distribuem 36,31%, 41,54% e 6,44%, respectivamente. Os resultados finais da pesquisa chegam à conclusão que os incentivos fiscais concedidos pelo modelo industrial Zona Franca de Manaus às indústrias instaladas naquela região criam menos riqueza do que os mesmos setores ou similares instalados fora e sem os incentivos fiscais e distribuem menos riqueza aos empregados e aos proprietários, mas possuem efeitos positivos na parcela de riqueza distribuída aos governos, em função da riqueza criada. This thesis assesses the effects of tax incentives granted to industrial enterprises located at the Manaus Free Trade Zone as far as generation and distribution of wealth goes. The theories of foreign trade and of stakeholders are the foundation, alongside concepts concerning policies of industrial development and tax incentives. The Free Trade Zone industrial model is characterized as a zone of free trade in its own right. Topics of discussion include the concepts, advantages, and disadvantages of Value Added Statements (VAS) as an accounting tool to measure the creation and distribution of wealth. The research sample was selected among the enterprises operating within MFTZ that disclose financial statements at the database kept by Fipecafi, which in turn feeds the issues of Maiores e Melhores, published by Exame Magazine. Thirty enterprises were then selected for analysis as to the way of accounting tax incentives, totaling 150 (a hundred and fifty) accounting statements in the period comprised between 2003 and 2007. All the industrial enterprises which produce and/or publish Value Added Statements were used in the part dedicated to the analysis of creation and distribution of wealth. On the whole, seventy three Value Added Statements were studied for the 2003-2007 period, and these were compared with the creation and distribution of wealth by other enterprises selected and set up outside Manaus Free Trade Zone. The sectors selected were automobile, consumer goods, digital products, and electric-electronic goods, together with a counterpart control group, chosen due to similarities in type of product and income. In order to compare the way tax incentives, in special ICMS (Value Added Tax on Sale and Services) are accounted, the content technique and the descriptive analysis were used with both, the groups that account these incentives correctly and the ones that do so incorrectly. Four accounting possibilities were found, and among them the emphasis lies on a 66.7% of wrong accounting manner, and a 20% of correct accounting manner. In order to perform the analysis of wealth creation by enterprises, the study resorted to regression analysis and mean test. The linear regression technique showed that industrial enterprises within MFTZ generate around 30.96% of wealth due to income, while counterpart enterprises located elsewhere generate an average 45.08%. The mean test demonstrates that enterprises located within the MFTZ create an average 31.07%, whereas the control group generates an average 54.39% wealth. It must be emphasized that enterprises that are placed within MFTZ, account tax incentives, especially ICMS incorrectly, disclose and publish wealth creation in the wrong way are an average 42.85% by linear regression and an average 32.41% by mean test. As to wealth distribution, three groups of recipients of wealth produced were analyzed: employees, governments, and shareholders. The mean test was used and the findings show that whereas enterprises in MFTZ dispense 27.85, 54.42%, and 1.82% respectively to employees, governments and shareholders, the control group distributes 36.31%, 41.54%, and 6,44% respectively. The final results of the research point to the conclusion that tax incentives granted by the industrial model of Manaus Free Trade Zone to enterprises located in that region generate less wealth than counterpart enterprises located outside the zone and which do not benefit from those incentives; besides, they distribute less wealth to employees and shareholders, but perform positively as to share of wealth granted to governments due to the wealth created.

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Filbien, Jean-Yves. "Essais sur les fusions et acquisitions." Thesis, Lille 2, 2010. http://www.theses.fr/2010LIL20006.

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Après avoir proposé un cadre général des opérations de fusion‐acquisition, notamment en tant que processus créateur de valeur, nous examinons empiriquement les effets de leur annonce au travers de trois essais. Premièrement, nous étudions les réactions intra‐journalières des investisseurs lors d’annonces diffusées aux États‐Unis. Nous trouvons des gains pour la cible, alors que l’impact s'avère neutre pour l’acquéreur. Ces résultats se déroulent dans une activité de marché soutenue, conjointement à une amélioration de la liquidité. Deuxièmement, nous étendons l’analyse aux concurrents des acquéreurs et des cibles. Considérant le marché canadien, la diffusion de l’information affecte négativement leurs rivaux. Troisièmement, nous soulignons les conditions sous lesquelles les dirigeants écoutent les marchés financiers. Analysant un échantillon d’acquisitions françaises, nous montrons que les dirigeants connectés sont plus enclins à réaliser une acquisition en dépit d’une réaction négative des marchés financiers lors de l’annonce After providing a general framework of merger‐acquisition, in particular as value‐creating process, we examine empirically the effects of their announcement through three essays. First, we study the intraday market reactions to announcements in the United‐States. We find gains for target firms, while acquiring firms do not earn significant abnormal returns. These results occur in a high trading activity and animprovement of liquidity. Second, we extend the analysis to the competitors of merging firms. Considering the Canadian evidence, the release of information affects negatively their rivals. Third, we study the conditions under which managers are more willing to listen to investors. Analyzing a sample of French acquisitions, we find that the well‐connected managers are more likely to complete a deal in spite of a negative market reaction on acquisition announcement

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Bertoncelo, Valeria Regina. "Análise do impacto das fusões e aquisições na criação de valor e no retorno das ações ordinárias dos principais bancos brasileiros de grande porte entre 2003 e 2013." Pontifícia Universidade Católica de São Paulo, 2015. https://tede2.pucsp.br/handle/handle/1138.

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Made available in DSpace on 2016-04-25T16:44:44Z (GMT). No. of bitstreams: 1 Valeria Regina Bertoncelo.pdf: 1249074 bytes, checksum: 939a1d6a85060577b070230643de0c21 (MD5) Previous issue date: 2015-08-10 Mergers and acquisitions (M&As) represent the possibility of creating shareholder value. The decisions for such investment size have different motivations, many justified on economic theories: the maximization of firm´s profits and management utility. The measurement of results of transactions with M&As, in short and long terms, was by the event study method and the Economic Value Added - EVA®, respectively. The industry segment analysis was financial institutions, especially banks with shares traded on the BOVESPA and total assets in excess of R$500 million. The specificity and the preponderance of financial institutions in the Brazilian economy reveal that 22 transactions of Mergers and Acqusitions (M&As) from the year 2003 to 2013 did not achieve, in the short term, cumulative abnormal returns that is statistically significant; on the other hand, the long-term performance, measured by EVA® in most of the studied cases, created shareholder value®. As fusões e aquisições (F&As) representam a possibilidade de criação de valor para o acionista. As decisões, por tal porte de investimento, têm diferentes motivações, muitas, justificadas em duas teorias econômicas concorrentes: a maximização dos lucros da firma e da utilidade gerencial. A mensuração dos resultados das transações com F&As, em curto e longo prazos, foi pelo método de estudo de caso e pelo valor econômico agregado (Economic Value Added - EVA®), respectivamente. A análise do segmento da indústria foi instituições financeiras, especialmente os bancos com ações negociadas na BOVESPA e ativos totais de mais de R$500 milhões. A especificidade e a preponderância das instituições financeiras na economia brasileira revelam que 22 operações de fusões e aquisições (F&As) do período de 2003 a 2013 não obtiveram retornos anormais acumulados no curto prazo estatisticamente significativos; por outro lado, em longo prazo, o desempenho, medido pelo EVA®, na maioria dos casos estudados, gerou valor para o acionista

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Wako, Adi Liban. "Ideology as commodity : industry of a theocracy and production of famines in Ethiopia." Thesis, View thesis, 2003. http://handle.uws.edu.au:8081/1959.7/452.

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This work introduces an alternative paradigm that claims that the primary industry of imperial Ethiopia has been (and still is) one that has evolved around the Abyssinian national mission vis-a-vis the populations it rules from a point of conquest. Abyssinia, like Catholic Spain in the Americas, carried out a series of 'civilising' missions (Christianising), that has spanned centuries to modern times. Around a theocratic mission evolved a service type industry, the author calls theo-industry. On that basis, the work demonstrates how well-known categories of 'land-tenure', namely, the gult/goolt, the gultenya/gooltenya, the rist, the ristenya, the gabbar and related others are categories of a fiscal system of theo-industry, not of an agrarian system or agrarian industry. It is argued how these rather complex categories belong in the realm of wages and pensions of a service-type industry, not in those of agriculture. By failing to establish the functional link between agriculture and the national mission of the rulers, the scholars of Ethiopian studies have so far been unable to identify this 'elusive' but all-pervasive primary industry of Ethiopia. That in turn, the author argues, has had a rub-off effect in hindering a clear and comprehensive understanding of issues such as poverty and famine. The central topic of this work is the 'identification' of this 'elusive' industry. The study of its evolution, set in historical grounds, of its dynamics and the intricate maze of multi-natured relations is attempted. On this basis, the option of creating an independent (from theo-industry), and more importantly, renewable agricultural industry is proposed as the key to tackling chronic levels of poverty and famine in Ethiopia

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Silva, Edilson Muniz da. "A relevância da Demonstração do Valor Adicionado na evidenciação da distribuição da riqueza: um estudo da DVA na crise de 2008-2009." Pontifícia Universidade Católica de São Paulo, 2010. https://tede2.pucsp.br/handle/handle/1438.

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Made available in DSpace on 2016-04-25T18:39:36Z (GMT). No. of bitstreams: 1 Edilson Muniz da Silva.pdf: 4391376 bytes, checksum: b120136ac9cc0503a75ba1e06ee20b11 (MD5) Previous issue date: 2010-11-12 The Value Added Statement (VAS) is a statement created with the objective of making known the social responsibility of organizations. In Brazil, it was enacted through Law number 11.638 of December 28, 2007. Thus, VAS started to be part of mandatory financial statements published by publically traded companies, occasion which CVM (the Brazilian equivalent of the American SEC) through CVM act 557 of November 12, 2008, approved the draft of CPC 09 of October 15, 2008, edited into its final form on November 30, 2008, with a model to be utilized by publically traded companies. This study aims to analyze, by use of data gathering of 264 (two hundred and sixty four) publically traded companies VAS s, the final behavior of wealth distribution generated by firms, taking into account the period between 2007 and 2009, that is, prior to the global financial and economic crisis, with the goal of verifying the impact of unstable scenarios and crisis on wealth distribution and generation to such interest groups as employees, government, third-party capital remuneration, and pay equity. The paper tries to analyze and answer if there was an increase or reduction of wealth distribution to the Government during the crisis period and, consequently, if this reduction is gaugeable by use of VAS analysis. To conclude, it tries to verify, among the benefited groups from the wealth distribution of one of the firms, who has lost the most during the crisis period. The methodology used was that of descriptive research. For statistical analyses, the analysis of variance (ONEWAY ANOVA) with significance level less than or equal to 5% (p <0.05), multiple comparison tests in the SPSS system, as well as analysis and percentage of nominal rate for each publically traded companies VAS´s, accumulated according to the Bovespa economic sectors, have been used to test the data. The results show the existence of differences in the value added distribution to public interest, according to various economic sectors. In addition, it was found that the Government's participation in value added - in absolute growth - was constant, and it kept the largest added value share generated in the accumulated DVAS analyzed A Demonstração de Valor Adicionado (DVA) é uma demonstração que foi criada com a finalidade de tornar pública a responsabilidade social das organizações. No Brasil, sua elaboração tornou-se obrigatória a partir da edição da Lei n° 11.638, de 28 de dezembro de 2007. Assim, a DVA passou a integrar as demonstrações contábeis obrigatórias a serem publicadas pelas empresas de capital aberto, ocasião em que a CVM, por meio da Deliberação CVM n° 557, de 12 de novembro de 2008, aprovou a minuta do CPC 09, de 15 de outubro de 2008, editado em forma final em 30 de novembro de 2008, com o modelo a ser utilizado por essas empresas. O presente estudo tem por objetivo, a partir da coleta de dados das DVA s de 264 (duzentas e sessenta e quatro) Companhias Abertas, de acordo com as 10 (dez) classificações econômicas setoriais da BOVESPA, analisar o comportamento da distribuição da riqueza gerada pelas empresas, levando-se em consideração o período compreendido entre 2007 e 2009, ou seja, antes e depois da crise financeira e econômica global, com o propósito de verificar o impacto que os cenários de estabilidade e crise produziram na geração e na distribuição da riqueza aos públicos de interesse, assim definidos: Trabalhadores, Governo, Remuneração de Capitais de Terceiros e Remuneração de Capitais Próprios. O trabalho tenta analisar e responder se no período de crise houve redução da distribuição da riqueza para o Governo e, consequentemente, se essa redução é aferível pela análise da DVA. Por fim, procura verificar, entre os públicos beneficiados com a distribuição da riqueza das empresas, quem mais ganhou ou perdeu no período da crise. A metodologia utilizada é a pesquisa descritiva, e para a análise dos dados estatísticos recorre-se aos testes da análise de variância (ANOVA ONEWAY) com nível de significância menor ou igual a 5% (p £ 0,05) e testes de comparações múltiplas no sistema SPSS, além de análises percentuais e nominais das DVA s acumuladas para cada setor da classificação Bovespa. Os resultados mostram a existência de diferenças nas distribuições de valor adicionado aos públicos de interesse de acordo com os vários setores econômicos. Além disso, verifica-se que a participação do Governo no valor adicionado em valores absolutos teve crescimento constante, ficando este com a maior parcela do valor adicionado gerado nas DVA s acumuladas analisadas

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Curtis, Wayne R. "Social Entrepreneurship and Wealth-Building Plans: Creative Strategies for Working Class Americans." Antioch University / OhioLINK, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=antioch1368636173.

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25

Wong, Ann Chai 1967. "Creating wealth in post currency crisis Asia : opportunities for financial services in Singapore." Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/9190.

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Thesis (M.B.A.)--Massachusetts Institute of Technology, Sloan School of Management, 2000. Also available online on DSpace at MIT. Includes bibliographical references (leaves 139-141). The Asian currency crisis revealed the structural weaknesses of the banking systems in Asia, following the devaluation of Thai Baht on 2 July 1997. With freedom of movement of capital, economies in Thailand, Indonesia and Korea were affected adversely by the liquidity squeeze when capital flowed out. Banks had to raise interest rates and nonperforming loans (NPLs) mounted, leading to severe stresses on banking systems. Post crisis, there were signs of limited recovery of the region in sight, but the region-wide reforms would take some time to complete. In the interim, Singapore could use the crisis to position the entire financial sector has to better respond to future challenges. The thesis would analyse the causes of the crisis as starting point to derive the directions the financial sector should take. Preserving the stability of the banking sector whilst engendering a more efficient use of capital remains a central issue in this thesis. The crisis has shown that an over-reliance on the debt capital model could lead to a systemic weakness in the economy, and this motivated the need to develop the financial market to ensure diversification. The thesis then evaluates the liberalisation measures adopted by the regulatory body (Monetary Authority of Singapore) in its bid to enhance the financial sector, and identifies some of the main opportunities and challenges ahead. Beyond leveraging on Singapore's time-tested regulatory, accounting and legal systems, financial institutions will need to take into account the impact of technology and financial innovation. Globalisation, electronic and online trading are potentially going to disrupt the traditional models of banking and exchanges. Consequently, both the banking and financial market industries need to respond to this new challenge, and the traditional advantages of geography were being eroded. To remain as a vibrant international financial market, banks and exchanges have to upgrade, creating new and more sophisticated value-added products and services through specialisation. by Ann Chai Wong. M.B.A.

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Mellander, Charlotta. "The Wealth of Urban Regions : On the Location of Creative Individuals and Firms." Doctoral thesis, Jönköping : Jönköping International Business School, Jönköping University, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-6690.

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27

Holme, Justin. "'Creating wealth out of the world's waste spots': The United Fruit company and the story of frontiers, environment, and American legacy, 1899-1930." Thesis, McGill University, 2014. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=121417.

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Between 1899 and 1930 the United Fruit Company emerged as the world's largest exporter of bananas. Initially dependent on the purchase of bananas through contracts with small-scale Native growers, the Company sought greater control over the quality and supply of its product. Transitioning itself into the production process and focusing on the establishment of its own sources of fruit, the Company began the construction of large-scale, export-driven, and industrialized plantations by 1910. In this process it embarked upon a new relationship with the tropical environments of the Caribbean Basin, which in turn presented environmental obstacles resistant to ecological change. Dedicated to creating wealth out of what it deemed as 'waste spots,' the United Fruit Company approached the task of plantation construction utilizing a cultural and conceptual framework that was a product of both historical influences, and eventually, by its own encounters with the environment. Drawing on under-utilized Company publications, this study explores the ways in which United Fruit developed a distinctly American cultural understanding of frontier environments. Perceiving Caribbean landscapes as 'uncivilized' and supposedly in need of improvement, the Company transposed American historical understandings of the environment in order to justify the creation of a productive and essentially Americanized version of Nature. Entre 1899 et 1930 Le United Fruit Company a émergé comme le plus grand exportateur mondials de bananes. Initialement dépendante de l'achat de bananes par des contrats avec les cultivateurs indigènes à petite échelle, le Company a voulu plus de contrôle sur la qualité et le réserve de son produit. S'immergeant dans le processus de fabrication et en se concentrant sur la création de ses propres sources de fruits, le Company a commencé la construction de plantations industrielles à grande échelle dans lequel le point de focalisation était l'exportation par 1910. Pendant ce processus il s'est engagé dans une nouvelle relation avec les milieux tropicaux du bassin des Caraïbes, qui a ensuite présenté d'obstacles environnementaux résistants aux changements écologiques. Dévoué à créer la richesse sur ce qui était jugé comme «les tâches de déchets», Le United Fruit Company a adressé la tâche de construction de plantation par utilisant un cadre culturel et conceptuel qui était un produit des influences historiques et à la longue, par ses rencontres avec l'environnement. En s'appuyant sur les publications sous-utilisées du Company, cette étude explore les façons dont United Fruit a développé une compréhension culturelle typiquement américain des environnements frontalières. Percevant des paysages Caraïbes comme «non civilisés» et soi-disant besoin d'amélioration, le Company a modifiés l'interprétation historiques américaine de l'environnement pour justifier la création d'une version de la nature productive et essentiellement américanisée.

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Chi, Mengyang. "Essays on Financial Economics." Diss., Virginia Tech, 2021. http://hdl.handle.net/10919/103032.

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This dissertation consists of three papers. In the first paper, I study firms' capital raising decisions in a two-stage signaling game. In the model, firms can issue debt or equity to finance sequentially arriving investment projects. Management is assumed to have an initial information advantage over investors. However, when a firm's decision in the first stage can change investors' beliefs and, consequently, impact the security issuance in the second stage, its optimal choice differs significantly from the strict debt-equity preference in a comparable one-stage model. In equilibrium, a dynamic pecking order arises, suggesting that the information friction can solely explain various aspects of observed corporate financing behavior. The second paper is coauthored with Hans Haller. In this paper, we model how different wealth constraints among investors affect an entrepreneur's way of raising capital, his share of project NPV, and his ownership of the new firm. Combining cooperative and noncooperative approaches, we develop and analyze a bargaining framework and demonstrate cases in which a fair division cannot be achieved when sharing of cost and sharing of return are jointly considered. Our results cover conditions on how the entrepreneur can strategically achieve larger net wealth accumulation, and when he can obtain control of the firm. We further discuss the entrepreneur's preferences on the firm's ownership dispersion level under public financing. The third paper argues that although innovation is costlier than imitation, the incumbent firm is endowed with an advantage of enhancing its product ahead of potential competitors. In a model that connects consumers' utility with firms' production, I show that the incumbent's product enhancement decision can foster the creation of a better product, improve consumers' utility, and deter entrance from competitors. The pace of creative activities is determined by the incumbent's potential of improving its product quality and the nature of product differentiation in the industry. Thus, creative destruction may not manifest itself as new firms replacing the incumbent, but as the incumbent constantly renovating its product. Doctor of Philosophy This dissertation consists of three papers. In the first paper I study the adverse selection problem faced by firms in a dynamic information environment, the difference between incentives provided by debt and equity securities, and how different contracts and model settings affect the equilibrium outcome, investment efficiency, and social welfare. The premise of the first paper is that dynamic elements of information asymmetry are key to better understanding how firms raise capital. This study aims to provide a more complete description and improve our understanding of the role of information in capital markets and how asymmetric information might interact with other market frictions. In the second paper I study the origin of the firm and the bargaining problem between entrepreneurs and investors. This second paper intends to provide one possible answer for the question why firms do exist. The main point in the paper is that even when we abstract away from standard frictions like adverse selection or moral hazard, an entrepreneur still has to bargain with investors to raise the required amount of capital. The firm has to be established to enforce the bargaining outcome, which takes the form of an ownership contract, because there is a time gap between conducting the investment and when the proceed can be realized. Another purpose of this second study is to investigate fairness instead of efficiency. Finally, in the third paper, I address the question how and when an incumbent monopolist can deter entry by means of investment in product quality enhancement. In some industries, creative destruction can be frequently observed: Incumbent firms are replaced by new firms that offer slightly different but better products. On the other hand, in a number of industries incumbent firms are at the forefront of innovation and stay ahead of potential entrants. I consider a model that allows for the latter fact combined with another frequent fact: that potential entrants more or less copy the incumbent's prior product, regardless of existence and enforcement of intellectual property rights. This third paper offers predictions on product innovation and market failure across firms and industries.

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29

Conradie, Pieter Jacobus. "Knowledge management as a sustainable competitive advantage in the steel industry / Pieter Conradie." Thesis, North-West University, 2010. http://hdl.handle.net/10394/4806.

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The aim of this study is to conduct a thorough theoretical study on the relevant aspects involved in knowledge management and organisational learning, and to assess the maturity level of knowledge management within the South African steel industry. Various aspects of knowledge, knowledge management and organisational learning with specific relation to sustainable competitive advantage are discussed in the literature study. During the literature research several factors which either promote or hinder the effective management of knowledge were identified and a list of lessons learned by other successful knowledge focused companies, are discussed. The critical success factors for a successful knowledge management program are also discussed. Knowledge can create a sustainable competitive advantage within an organisation, if successfully applied to make value adding decisions and to enable learning, and if it is applied to make decisions which are superior to that of its rivals across the supply chain. An integrated approach needs to be followed when KM is pursued and the knowledge must be applied to make value added decisions and facilitate learning across all processes in the value chain. The focus must be to retain an organisation’s tacit knowledge as this is a key success factor to ensure a sustainable competitive advantage. The study includes research on whether knowledge management is effectively used as a sustainable competitive advantage in the South African steel industry. The maturity level of the application of knowledge and learning principles implemented within the South African steel industry is assessed and compared to the maturity level of ArcelorMittal, Monlevade, located in Brazil. A survey was designed and distributed to determine the knowledge management and organisational learning maturity levels at two steel facilities of ArcelorMittal in South Africa and one facility in Brazil. The key problem areas as identified through the empirical research are discussed and it is concluded that South African facilities do not effectively use knowledge management as a sustainable competitive advantage. The maturity level of knowledge management in ArcelorMittal, South Africa is low compared to the maturity at Monlevade and rival companies such as Tata and Posco steel. A significant effort needs to be made in order to allow the effective creation, acquisition, sharing and leveraging of knowledge within the South African steel facilities. The key factors which constrain effective knowledge management is related to ineffective Human Resource policies, organisation structure, lack of knowledge exchange forums, collaboration and communication, coaching, and a lack of incentives to share tacit knowledge. It is also evident that knowledge is not seen as a sustainable competitive advantage by many respondents and that they perceive they do not have the time or capacity to transfer knowledge. Ten practical design principles were constructed and a knowledge management framework was developed to guide South African steel companies during the design and execution of a knowledge management programme which will ensure that knowledge management will result into a sustainable competitive advantage. Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2011.

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Fraser, Henry. "Copyright and culture : a qualitative theory." Thesis, University of Oxford, 2018. https://ora.ox.ac.uk/objects/uuid:cd4e645a-7e45-4309-bc68-e115e1fa306d.

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Copyright is conventionally justified as an incentive to produce and disseminate works of authorship. We can justify and theorise copyright more richly, not least because empirical evidence does not support the incentive narrative. Rather than focussing on quantitative matters such as the number of works incentivised and produced, we should consider copyright's qualitative influence on culture. A threshold objection to such an approach is the risk of cultural paternalism. This objection can be overcome. Rather than specifying paternalistic standards of merit for works, we can target the conditions under which their creation and consumption takes place. I argue, firstly, that we should adopt the following high-level principles: (i) that the conditions of creation and consumption of works should be conducive to democratic deliberation (democracy) and (ii) that they should facilitate the development of human capabilities (autonomy). Secondly, I propose that we pursue three mid-level objectives, which are helpful indicia of democracy and autonomy: - a fair and wide distribution of communicative and cultural power (inclusiveness); - diversity in the content and perspectives available to the public (diversity); and - conditions that permit authors and users of works to engage rigorously with the conventions of the media in which they operate (rigour). It is often said that copyright obstructs important qualitative objectives, like freedom of expression, and that we could better pursue these goals by weakening copyright and relying on non-proprietary alternatives. My approach produces a more optimistic, but also more complicated, view of copyright. While copyright's qualitative influence is not optimal, reductions in the strength and scope of copyright sometimes produces conditions and incentive structures that are worse for inclusiveness, diversity and rigour than stronger copyright. For example, both attention and wealth are highly concentrated in networked information economies driven by free sharing of content, and this is bad for diversity or inclusiveness. Online business models, based on surveillance of users' consumption of free works, are corrosive of autonomy and democracy. Merely removing copyright-based restrictions on the sharing of works is not a panacea for copyright's ills. A qualitative theory such as mine equips us to better understand and calibrate more richly the trade-offs involved in copyright policy decisions, and encourages us to treat copyright as part of a broader, qualitatively-oriented information and cultural policy.

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Yeh, Hsueh-ping, and 葉雪萍. "A Case Study of Wealth Management Value Creation." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/79800441582311820767.

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碩士 國立臺灣科技大學 財務金融研究所 99 Had been seen as the high threshold of wealth management assets, standards, after the huge impact the financial crisis, the State Bank, foreign banks have lowered the threshold are to attract high net worth customers withdrawn from circulation; foreign banks to expand wealth management customers, will also be Branch set up a base for locking the essence of the metropolitan area locations. Taiwan's government cut the inheritance tax, coupled with progress in cross-strait relations, so that large number of assets, nearly a year increase in repatriation of funds. Based on high demand financial management and wealth management business as the banks compete for business development, creating the concept of fee income, suddenly became Premier Banking Bank of innovation model to replace the traditional key players spread income from foreign private banking customers respect top Rong civilian financial management services to the embodiment of noble service, low-threshold high-service users meet cultivating small large, the first upgrade program for existing customers, the small change big families, and to provide diverse and large a more top-up hard to provide services. Bank of cases in 2009 / 6 opened to the 2010/12 total of 19 months, profit and loss, which amounts to two levels, and continued to profit, profit factor of the extract the following conclusions: Positioning from the trading center of a branch into financial advisory services, renovated premises for an extension of the existing wealth management brand image, provide customer service and the popular warm threshold, so that customers really feel the financial management is one of the ways to enhance life. Second, product strategy, focused primarily on various types of asset allocation, and product features to distinguish the risk of property, depending on customer risk tolerance system customized financial planning. Strengthening wealth management, diversification of product lines and improve the quality of financial services. Three of professional education and training to strengthen financial officer, deepen financial officer professional level and the establishment of the proper norms of professional ethics and discipline Four groups according to differences in classification of customer property, implementation of the Focus business, cultivating the ground customers, strengthening consumer brand impressions. Five customer relationship management with clients to establish long-term relationship of trust. Increase customer loyalty and viscosity, and create a relaxing stress-free space, create a strong link with the customer. Increase the frequency of contacts in order to strengthen customer relationships.

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LIAO, YEN-SHU, and 廖炎樹. "Apply Wealth Creation to Explore the Importance of Well-Diversified Portfolios." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/5qm8k4.

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碩士 東海大學 高階經營管理碩士在職專班 107 Using 1,803 listed and delisted companies in the Taiwan stock market during the period of January 2009 to December 2018 as a sample, this study calculates wealth creation dollars and the percentage of wealth creation from investors’ perspective of each sample company, and explores the importance of constructing a long-term well-diversified portfolio. The empirical results show that, based on the rank of wealth creation dollars, top 132 companies account for 90% of the total amount of wealth creation dollars from all sample companies. In other words, 7.32% of sample companies create 90% of the total wealth creation. Moreover, top quintile companies account for 60% of the total amount of wealth creation dollars. That is, 1.11% of sample companies represent 90% of the total wealth creation. The above findings indicate that wealth creations of sample companies are highly positively skewed. This right-skewed distribution supports the importance of constructing a long-term well-diversified portfolio. A non-diversified portfolio may not contain a small number of star companies with highest dollars of wealth creation such that it underperforms the stock market. Accordingly, it is better for individual investors to invest in the stock-market index funds or ETFs. Key words: Wealth Creation Dollar，Diversified Portfolio

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Adewuyi, Adebukola Mutiat. "Retention of employees in a professional services firm through wealth creation initiatives." Thesis, 2012. http://hdl.handle.net/10500/6383.

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In the professional services industry, it is no secret that people are the greatest assets. The investment in human capital is the core of the business, the dividends of which can never be under-estimated. The continued success of the professional services firm therefore lies in being able to retain that investment within the organisation. The current high rate of turnover within the firm, and in the professional services industry, is indeed a big challenge for management. One that necessitates a review into a variety of ways of keeping the talent within the firm. This research study was commissioned to look into one of the proposed initiatives for retaining employees; that of wealth creation. The aim was to source the views of employees on wealth creation as a way of increasing the rate of retention or otherwise as well as identify the preferred structure of such a scheme. The results of the research showed that employees deem financial remuneration to be highly important and would stay with the firm longer if provided with a wealth initiative. There was preference for a short to medium term scheme rather than a long term one, with some particular suggested schemes coming out as preferred favourites than others. Respondents also went further to highlight other factors that were contributing to loss of talent within the firm. The responses from the survey have been comprehensively analysed and recommendations made on the implementation of the wealth creation scheme. Graduate School for Business Leadership (M.B.A.)

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Chiu, Che-hung, and 邱哲宏. "The Sociological Meanings of "Wealth" - The Posibilities and Limits of Wealth Creation and Preservation in the Case of "The Rothschilds"." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/87888409173370255282.

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35

Vosloo, Arnoldus Francois. "Wealth creation in historically disadvantaged communities through share participation in small business ventures." Thesis, 2014. http://hdl.handle.net/10210/11700.

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36

Makhunga, Andile. "Black Economic Empowerment and its impact on wealth creation in the new South Africa." Diss., 2010. http://hdl.handle.net/2263/23145.

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Black Economic Empowerment (BEE) is a transformative government policy of South Africa. It was developed to achieve several key outcomes which include; transferral of wealth and factors of production (capital, land, labour and entrepreneurship) to the previously disadvantaged black population; ensure the development of skills and employment equity; and to facilitate the development of a black middle class. This would manifest through both the transfer through ownership as well as creation of new enterprises by this new black middle class. A qualitative research method was adopted for this study to gain insights from relevant experts/participants or players in the BEE arena. These participants were beneficiaries, political commentators or financiers of BEE transactions. The research instruments included face-to-face in-depth recorded interviews with questionnaires to obtain the expert’s views on the issue of BEE and its impact on Wealth Creation in South Africa. The results obtained revealed that BEE has had no impact on Wealth Creation for the South African economy. However, individuals often those with political connections have made personal wealth through patronage. The view is that government implement complementary strategies for growth like an Industrial Policy supported by DFIs and other incentives. The ownership element of BEE must be done away with in favour of a focus on enterprise development, Affirmative Action and Skills Development. Copyright Dissertation (MBA)--University of Pretoria, 2010. Gordon Institute of Business Science (GIBS) unrestricted

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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.

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This study examines whether acquiring firms from emerging economies are able to create value for their shareholders in cross-border acquisitions, and what drives value creation. From a sample of 91 cross-border mergers and acquisitions performed by 67 Chinese multinationals during the period 2005-Sept. 2019. On average, these initiatives created value for the bidders’ shareholders, but the employment of financial advisors had a negative impact on said value creation. There is statistical evidence to support that being listed on the Hong Kong Stock Exchange, payments in stock or mix of cash and stock helped produce better results, but not for corporate governance measures.

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Oke, Oji Okpusa. "An Analysis: wealth creation by the industrial companies listed on the Johannesburg stock exchange of South Africa, 2005 - 2014." Thesis, 2018. http://hdl.handle.net/10352/449.

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M. Tech (Department of Accountancy, Faculty of Management Sciences) Vaal University of Technology. Numerous studies have been conducted to ascertain factors that impact on wealth creation of companies. It has been suggested by various researchers that economic value added (EVA) could be used to measure company wealth creation and a number of factors have been suggested that contribute to wealth creation for company shareholders. The purpose of this study is to determine the company characteristics that influence wealth creation. The study uses EVA, the dependent variable, as a measure of a company’s wealth creation. The company characteristics, independent variables, are operating capital size, capital gearing, export and domestic distribution market segments, sub-sectors and the type of product companies release into the market. Identifying company characteristics that influence wealth creation could enlighten investors on where capital should be directed in order to maximise wealth creation for the companies’ shareholders and the entire economy. Logistic regression analysis models were used to analyse 61 industrial companies listed on the Johannesburg Stock exchange (JSE) for the 10-year period of 2005 to 2014. The use of logistic regression for this analysis was necessitated by the binary nature of the data (EVA positive or negative) and logistic regression analysis is suitable for such binary data. A series of tests were conducted to assess the suitability of logistic regression analysis in evaluating the impact of company characteristics on EVA. The classification accuracy test, which shows the predictive accuracy or the forecast strength of the logistic regression model for this study yielded a forecast strength of the highest of 97.2 percent for 2006 and lowest of 63.2 percent for 2014. The results indicated the appropriateness of the logistic regression model for the study. The data on the EVA of companies were collected from INET-BFA. Other sets of data also obtained from INET-BFA include companies’ volume of operating capital, capital gearing, company product types, distribution channels and sub-sectors to which each company belongs. The historical inflation and exchange rates were also obtained and applied in comparing with EVA. The comparison was to determine if there was any relationship between EVA, exchange rates and inflation. Results of the logistic regression analysis model reveal that the sub-sector factor, capital size factor and capital gearing factor impact on EVA, while market segment and company product type do not impact on EVA. The results show that the sub-sector categories of manufacturing, retail and extraction have significant positive impact on EVA while property management does not impact on EVA. The large capital category of the capital size factor shows significant positive impact on EVA while the medium capital category shows a negative impact on EVA, leaving small capital size having no impact on EVA. The high as well as moderate capital gearing categories of the capital gearing factor show negative impact on EVA, while low gearing shows no impact on EVA. However, some years covered in the study did not have any significant factors. Results of wealth creation evaluation of the industrial companies using EVA as a metric reveals that the industrial companies created more value than was destroyed in terms of EVA. The results show that manufacturing, extraction and retail sub-sectors achieved net positive EVA, while the property management sub-sector achieved net EVA negative in the 10-year period. Furthermore, results of EVA comparison with foreign exchange and inflation rates indicated a relationship between EVA, exchange rate and rate of inflation. The results show that as inflation rises, foreign exchange depreciates, while EVA performance of companies drops during the same period. Findings and recommendations of this study are important to company managers as they offer crucial information regarding the types of activities organisations could engage in and for investors to consider the types of businesses in which to invest. The findings are also important in suggesting how companies could organise their capital structure as well as the size of the capital in order to optimise wealth creation. Such considerations by company managers and investors alike would help to increase wealth creation within the economic system. This study made use of five company characteristics, which were stated into various categories. Additional company characteristics should be used in a further study to identify other company attributes that may impact on EVA. There is also the need to carry out further studies using other methods to find out if different results could be achieved. In addition, a study is recommended to establish why no significant factor was identified in some of the years.

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Müller, Luisa. "Mergers and Acquisitions in the International Financial Services Industry - Impacts on Shareholder Wealth Creation and Operating Performance from Three Different Perspectives." Phd thesis, 2011. https://tuprints.ulb.tu-darmstadt.de/2407/3/Luisa_Mueller.pdf.

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This thesis analyzes three different perspectives of mergers and acquisitions (M&A) in the international financial services industry and examines the respective impacts on shareholder wealth creation and operating performance caused by these transactions. As a result, three independent studies are performed adducting financial services industry companies as objects of investigation. The first perspective analyzes the geographical impact on cross-border M&A deals comparing ownership stakes acquisitions initiated by international banks from industrialized countries targeting (non-) listed banks in emerging market economies (EME) with those international acquisitions exclusively between industrialized countries. The second perspective accounts for the impact of M&A deals to the financial services industry companies in conjunction with particular kinds of institutional investors, sovereign wealth funds (SWF) and private equity funds. The third perspective evaluates the role of timing at M&A transactions in the financial services industry in the context of a boom phase and the most recent financial crisis.

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Jaques, Tim. "The type of urban property investment that offers the greatest potential of wealth creation for the private investor in South Africa." Diss., 2008. http://hdl.handle.net/2263/23413.

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There are several different investment opportunities for the private investor in South Africa in the asset class of immovable property. The purpose of this study is to identify the category of investment within this asset class that produces the most wealth creation. Four broad property investment categories exist. There are speculative investments involving short-term high profit returns. There are also long term income producing investment options. Property development is another category although there are often limitations in terms of financial accessibility for private investors. Finally there is the category of investing in listed property through property shares or unit trusts. Each category can be further segmented into property types such as residential, commercial, industrial, or undeveloped land. Each property type produces different returns and levels of profitability but is also affected by specific risks and externalities. Recent growth in the South African property market has caused a flood of private investors to enter the property market. Many of these investors lack knowledge of their asset purchase. This may be in terms of the potential financial return of their particular asset choice, or the variables and risks involved. Many potential investors feel that property investment is inaccessible to them and that it is reserved exclusively for the wealthy. This study undertakes to evaluate the category and type of property investment that offers the greatest potential for wealth creation for the private investor through research and calculation. It also serves to establish the profile and perceptions of potential private investors with respect to the different property investment options available to them. Dissertation (MBA)--University of Pretoria, 2010. Gordon Institute of Business Science (GIBS) unrestricted

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Liou, Jeng Ping, and 劉鎮評. "Social Implications of the Role of Banks in the process of Wealth Creation and Preservation of Taiwan's Small and Medium Entrepreneurs." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/06365818144856600137.

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博士 東海大學 社會學系 100 From 1945 ( the year of Taiwan's retrocession ) to 1970, Taiwan belonged to agricultural society, which gradually transformed into industrial society in 1980s; moreover, after 1990s, Taiwan has developed toward information industry and service industry; financial industry has changed with the influences of external environment, politics, economics, education, and culture; therefore, finance and the society have close relationship. A bank gives guidance and assistance to enterprises and offers an advice for investment with its financial specialty, and utilizes small and medium enterprise credit guarantee fund or uses the tools such as trust to assist the clients to acquire financial capital smoothly. Whether it is big enterprise or small/medium enterprise, they all need effective allocation of resources after obtaining financial capital from the bank, and transform the deposits acquired from the society into the enterprise's financial capital to help the enterprise to expand and have reproduction and benefit the people in the society, and thus create the multiple-win state among bank, enterprise, and the society to reach prosperity . After the business owners of small and medium enterprises work hard to earn money, they must cooperate with financial specialty and financial capital, make use of the thought of investment reacting to new normal conditions and critical situation, and heighten the non-work income's proportion in the income. If there is no financial planning，and just depositing the money in the bank, it's possible that the inflation would consume the purchasing power produced from interest income whether it is NTD deposit or foreign currency deposit. If making an investment in gold, because it has no interest, it would not have the function of maintaining the value except investing at a low point or during the period of inflation. If making an investment in stocks, common fund, or futures options, maybe because of the dramatic variation/ change of the big environment and market fluctuation, it may cause serious loss if hedge is not doing well. At the part of investment in real estate: it is restricted by the laws and regulations of a nation, can not cross the national boundaries, and is often influenced by reformation of laws and decrees or change of dynasty or regime, and thus an irresistible risk is produced. If not taking political risk into account, to invest in real estate, one must invest in a core section of metropolitan area so as to have room for price appreciation; if a person invests in the section at the border area, it may cause loss. The researcher suggested that a business owner should shift partial capital reaped from his or her own industry to the international platform, utilize private bank platform, integrate excellent international bonds and life insurance, cooperate with international financial capital, and plan the framework of inheritance of trust. to scatter the risk of field in this way , and make use of the effect of compound interest to accumulate the wealth with the aid of trust planning, the accumulated wealth can be passed on for more than three generations, and be inherited generation after generation . The conclusion of the analysis of the dissertation was that via financial specialty and financial capital, the bank can assist the small and medium enterprises to create the wealth and do the inheritance of wealth .

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Lee, Yueh-En, and 李岳恩. "Research on credit risk management of wealth creation policy in public-private partnership -A case study of Youth Entrepreneurship Loan policy." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/322phm.

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碩士 環球科技大學 公共事務管理研究所 106 The purpose of this research is digging into the allocation and the management of financing credit risk responsibility in the public-private collaborative wealth creation policy. The study analyzes the following three aspects. First, a variety of the public-private collaborative loan policies of entrepreneur projects. Second, sharing and management mechanism of financing credit risk responsibility and whether they can reduce the credit loan risk in banking to promote their cooperation in the loan policy. Last, measures of the loan policy and whether they meet the needs of entrepreneurs and support startups’ operation and development to increase the success rate of launching a business. The paper adopts qualitative research. Literature analysis and interviews are used to in the study, analyzing the main entrepreneur loan policies and credit regulations in banking to understand the mechanism of credit risk management and the allocation of credit risk responsibility. The number of interview subjects is 10 in total. Four are out of youth entrepreneur loan applicants after 2000 from Taiwan Cooperative Bank Yunlin branch, where the author works. Six are 10-year senior bankers with more than 5-year work experience in loan projects. The results reflect the entrepreneurs’ feedback on the loan policy and the bank loan service. Through the study, here comes to five conclusions and followed by four suggestions.

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Coutinho, 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.

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In the last two decades, emerging markets have gained ground in the global market of mergers and acquisitions and are expected to continue doing so. Although it is fairly common for developed-market firms to acquire developing-market targets, the other way around is still a relatively new phenomenon. As such, the stock markets behaviour towards announcements of such acquisitions is still an underdeveloped research area with ambiguous answers. The event study methodology was used to examine whether developing-market acquiring firms are able to create value for their shareholders when targeting developed-market firms and what are the drivers of value creation. The sample used consisted of 300 deals from acquirers of ten different developing countries from 2005 until the beginning of 2020. The results reveal that, on average, these transactions create value for the acquirer’s shareholders, and that hiring financial advisors contributes positively to value creation. The growth rate of the home country and being state-owned also contribute to value creation, but the firm size, belonging to the high-tech industry and paying all-cash, on the other hand, were found to have a statistically significant negative impact on the value created. Lastly, managerial implications were drawn as well as openings for future research. Nas 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.

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Gunter, Ashley William. "Low cost housing in township real estate as a catalyst for wealth creation and local economic development : a spatial perspective of townships surrounding Johannesburg." Thesis, 2012. http://hdl.handle.net/10210/4772.

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D.Litt et Phil. The number of slums and squatter settlements is rising globally; this is recognised as a significant problem as many of the urban poor find housing in these settlements. With the expanding slum settlements comes a serious problem for many developing nations, that of finding a mechanism to improve these informal developments. These settlements are a symptom of poor urban governance and lack of financial resources causing the urban poor to be pushed into these dwellings and find themselves on the periphery of urban society, not only geographically but socially, economically and legally. Upgrading, integration and legalisation of these housing types is necessary if these peripheral suburbs are to be developed formally. Although many governments have tried top-down approaches of upgrade, these approachs have often failed to produce results as slum upgrades often lead to displacement of the original inhabitants who are ousted into areas even further to the periphery of urban centres. This thesis looks at alternatives to viewing settlements on the urban fringe as a quandary, by using a neoliberal theoretical framework (despite its many flaws), informal property markets in townships in Johannesburg, South Africa can be seen as a catalyst for wealth creation and local economic development. This is particularly important given the historical context of apartheid in South Africa and the segregation of the majority of the population into racially exclusive slums. The post-apartheid government has rallied to improve the lives of this group of poor and dispossessed people with the provision of decent housing a key aspect of this process. A neoliberal framework for economic development was embarked upon in South Africa, with the introduction of neoliberal economic policy (namely GEAR) in 1998, South Africa embarked on a process of reform to encourage market growth. This manifest itself in the ‘Breaking New Ground’ housing policy which adopted a neoliberal stance on Housing provision, and although not removing the role of government in providing low-cost housing, it strives for a market driven housing solution. With a shortage of over 1 million houses in the city, there should be every potential market orientated low-cost housing sector, yet capital within this property sector is often referred to as dead capital with no intrinsic value. This thesis challenges that view by determining the existence of Crisylida capital in township property assets. Crisylida capital is virgining capital in the low-cost property market that could lead to the accumulation of asset capital within this property group, estimated value of Crisylida capital in Johannesburg alone is R6.3 billion. Residents in low-cost housing in Township suburbs in Johannesburg recognise economic value in their dwelling, with only 21% of participants valuing their property at less than R10 000. Further, real estate agents working the township real estate market estimate that just over 50% of properties in these areas are valued at over R200 000. Within this property environment, security of tenure plays an important role in creating not only wealth creation but equally a sense of community ownership. Houses with tenure saw 37% of respondents interested or actively participating in community projects, this compared to 13% of respondents without tenure. This thesis points to a new understanding of low-cost property in Johannesburg, South Africa as a potential market worth billions of Rands that could inject wealth into the hands of marginalised communities. This in turn could assist in fostering sustainable socio-economic urban community within disenfranchised township suburbs.

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Müller, Luisa [Verfasser]. "Mergers and acquisitions in the international financial services industry : impacts on shareholder wealth creation and operating performance from three different perspectives / vorgelegt von Luisa Müller." 2011. http://d-nb.info/1010715607/34.

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Hlahla, Sithabile. "Wealth creation through green economy in urban areas : a case study of poor urban women's use of environmental services to generate income in Msunduzi Municipality, South Africa." Thesis, 2013. http://hdl.handle.net/10413/11044.

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Urbanisation is an inevitable process that creates opportunities for economic growth and development, however, it can come at the cost of urban poverty and environmental degradation - two of the greatest challenges facing policy-makers. The global failure to develop in a sustainable manner has led to the adoption of green economy in the context of poverty alleviation and sustainable development. Given South Africa’s high rates of urbanisation, the nation’s government, in partnership with civil society and the private sector, is taking steps to green its economy, with the transition ranging from large-scale solar installation projects to small-scale grassroots level projects where the green jobs are created for the poor, predominantly women, by paying them for environmental services. This research investigates how urban poor women in Pietermaritzburg, South Africa, under the management of a local environmental non-governmental organisation (ENGO), Wildlands Conservation Trust (WCT), are using the green economy concept to generate income and contribute to environmental sustainability. Using a case study approach, three areas were selected in which semi-structured questionnaires were administered to women who are involved in a ‘green-preneurship’ initiative, consisting of three project nodes, namely, waste-, tree-, and food-preneurship. The women registered under the project collect and segregate waste for sale to the ENGO (waste-preneurs), while others grow indigenous trees for sale to the ENGO (tree-preneurs), and some grow food crops for subsistence and sale of any excess to community members (food-preneurs). The project is reducing poverty levels and empowering the women both economically and socially. Furthermore, while the primary incentive for participating in the green economy initiative was found to be financial, the project has helped to raise environmental awareness and is a mechanism through which women can contribute to environmental sustainability. Their voluntary participation in the project indicates the importance of urban poor women to green economy. This role stems from understanding the importance of the environment to their livelihood, and in this regard, green economy can be said to be addressing the social and environmental externalities of urbanisation, with women at the forefront. Thesis (M.Sc.)-University of KwaZulu-Natal, Pietermaritzburg, 2013.

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Mageza, Petunia Zanele. "Intellectual capital as a creator of wealth and shareholder value for an organisation." Thesis, 2008. http://hdl.handle.net/10210/287.

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Companies devote most of their time on the analysis and accounting of tangible assets, but there are no processes to analyse and measure intellectual capital Intellectual capital has become a popular term that influences the total value of the organisation Intellectual capital is creating wealth and adding value to the organisations, The purpose of the research is to conduct literature study on intellectual capital as a creator of wealth and shareholder value for an organisation The research will show the three different components of intellectual capital, which are human capital, structural capital and relationship capital When these three components are combined they form intellectual capital In order for intellectual capital to be managed properly this components must be identified by the company and used effectively as these components rely on each other in order for the company to succeed in achieving their goals All relevant information with relation to intellectual capital was gathered from research on the Internet and from documents or sources. Mr. C. Scheepers

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Pan, Shu-Miao, and 潘叙妙. "Is it Value Creative to Follow Wealth Advisors' Advice? The Cases from A Bank." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/41876666117702750791.

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碩士 輔仁大學 金融與國際企業學系金融碩士班 99 Local financial institutions have been adapting new business models to cope with the environment of descending interest rate in recent decades. The wealth management sector has become one of the most important sectors in banking business. As investors and wealth advisors are getting matured, especially after the experience of global financial crisis taking place in 2008, it is imperative to investigate how they interact and whether taking wealth advisors’ advice is value creative or destructive to the client’s wealth. Using the selected sample from a renowned bank in Taiwan, I explore an issue of whether it is value creative to follow the wealth advisors’ advice, and whether the performance measures are different under different financial advisors. The findings of this study are summarized as follows. 1. The odds of investor obedience to the financial advisor’s advice are positively correlated with the size of investor’s portfolio. 2. The performance of obedient investors does not significantly differ from that of non-obedient ones. 3. The odds of investor obedience are positively correlated with the length of time that the financial advisor stays in the assets pool under his/her control. 4. Female clients are more likely to obey financial advisors than male clients. 5. The odds of obedience are positively correlated with the proportion of foreign assets comprising of a client’s portfolio.

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He, Lijun. "What drives change? Examining wealthy Chinese entrepreneurs' creation of foundations: an institutional entrepreneurship theory perspective." 2015. http://hdl.handle.net/1805/7384.

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Indiana University-Purdue University Indianapolis (IUPUI) A significant literature gap exists in our understanding of the motivating mechanisms for creation of foundations by philanthropists, a rapid paradigm shift that is occurring in many countries. This study aims to address the literature gap by discovering Chinese entrepreneurs' heterogeneous responses to the conditions that may lead to creation of their own foundations. Adopting the institutional entrepreneurship theory, which examines agency/change in breaking from an old institution, the researcher tested and operationalized four major factors derived from the institutional entrepreneurship theory--i.e. conflict, heterogeneity, institutional logic, and power--to account for the behavioral change. Through investigating 209 wealthy Chinese entrepreneurs from the 2003-2004 Top 100 Philanthropists List produced by the Hurun Research Institute, utilizing the event history analysis method, the study discovered that among the four factors only heterogeneity resulting from strategic industry intersection and the entrepreneurs' political power are the antecedents of their creation of foundations. Other factors--such as conflict, heterogeneity resulted from civil network, and institutional logic--were not relevant in this study. These results suggest that Chinese entrepreneurs who benefit from their improved political and social standing and increased capital are also making endeavors to take initiatives to contribute to the social and economic well-beings in the social areas that the entrepreneurs' industry intersect heavily. This study enriches our understanding of the creation of foundations from entrepreneurs' contextual background in an emerging market. The empirical validation of the antecedents of behavior change and civic leadership innovation also provides practical implications for policy-makers, philanthropy advisers, and nonprofit leaders.

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Gichohi, Paul Maku. "The role of public libraries in the development of small-scale business enterprises in Meru County, Kenya." Thesis, 2016. http://hdl.handle.net/10500/21588.

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Small-scale Business Enterprises (SBEs) lack proper mechanisms for supporting the provision and access to business information that can nurture their development in Kenya. This study investigated the role that public libraries could play in supporting the development of SBEs in Meru County with a view to developing a model that would enable public libraries to effectively support the development of SBEs. The study used the pragmatic paradigm to explore the identified phenomena. It applied the mixed methods approach and survey research design; collected data from 355 SBEs, 21 staff from three public libraries and two staff from the enterprise development unit of Meru County. Data was collected using questionnaires, interviews and document analysis. The response rate was 83.4% and 95% for SBEs and public library staff respectively. The descriptive and inferential statistics were used with the help of SPSS and Excel. Thematic analysis was applied on qualitative data. The study found that the factors that influence the development of SBEs are anchored in the environmental, cultural and personality factors of SBEs. SBEs have a myriad of business information needs which are sector-specific and cut across all the stages of business development. To fulfil these needs, most SBEs consult informal information sources and places. Technology-related tools were a popular means of accessing business information. Public libraries were poorly stocked with business information sources while business information services were in a desolate state. The study concludes that public libraries have facilitative and functional roles of providing business information solutions to SBEs by collaborating with like- minded stakeholders. The availability and accessibility of business information sources and services at public libraries is critical in addressing the information needs of SBEs. The study recommends repositioning of public libraries as business community development centres by providing value-based information sources and services. Public libraries need to revise their collection development policy, increase budget allocation, establish business information centres, seek partnerships, improve ICT facilities, ensure adequate staffing, engage business services librarians, open more libraries and widen their business outreach activities for effective support of SBEs. Policy framework and support systems for symmetrical access to business information, and entrepreneurial training for SBEs and for public library staff are needed. The proposed model of public library’s support for the development of SBEs is valuable and contribute to knowledge in business development. Information Science D. Litt. et Phil. (Information Science)

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Tesi sul tema "Wealth creation"

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