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Andrade, Pinelo Antonio Miguel. "Economic Value Added (EVA)." Gaceta Jurídica, 2012. http://hdl.handle.net/10757/604386.
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El presente artículo tiene por finalidad explicar al lector una de las metodologías más usadas para poder medir la creación de valor, dentro de las empresas, mostrando la importancia de medición de valor y explicando cómo realizar el cálculo respectivo.
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Phillips, David M. "The value of economic reality applying Economic Value Added /." Lynchburg, Va. : Liberty University, 2007. http://digitalcommons.liberty.edu.
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Phillips, David. "The value of economic reality : applying Economic Value Added /." Lynchburg, VA : Liberty University, 2007. http://digitalcommons.liberty.edu.
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Chu, Teresa. "Economic value added : Hong Kong study." Thesis, University of Macau, 2000. http://umaclib3.umac.mo/record=b1636221.
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Schabel, Matthias M. "Investitionssteuerung, Periodenerfolgsrechnung und Economic Value Added /." Wiesbaden : Dt. Univ.-Verl, 2004. http://www.gbv.de/dms/zbw/392903857.pdf.
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El-Ganainy, Asmaa Adel. "Essays on Value-Added Taxation." Digital Archive @ GSU, 2006. http://digitalarchive.gsu.edu/econ_diss/12.
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This dissertation evaluates the empirical relation between the value-added tax (VAT) and the level of aggregate consumption. Furthermore, it develops a theoretical framework and an empirical analysis to study the impact of the VAT, as a form of taxing consumption, on capital accumulation, productivity growth, and overall economic growth. While recent theoretical work shows that the VAT may boost capital accumulation and growth by encouraging more savings, we find that the net impact of consumption taxes on growth and its sources is theoretically ambiguous, and depends on the interaction between utility parameters, the interest rate, and the tax structure. Moreover, we develop a theoretical model to study the tax design problem in order to rationalize the observed variation in effective VAT rates over time in our sample. This framework considers both equity and efficiency as important factors determining optimal tax structure, and we identify conditions under which taxes could be evolving or constant over time. Empirically, we use a panel of 15 European Union countries and employ the recently developed GMM dynamic panel techniques. After controlling for the potential biases associated with persistence, endogeneity, simultaneity, measurement error, omitted variables, and unobserved country-specific effects, we find that (i) the VAT exerts a negative impact on the level of aggregate consumption, (ii) the VAT affects physical capital accumulation positively, which feeds through to overall GDP growth, and (iii) productivity growth seems to be a less relevant channel for the VAT to influence economic growth.
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Soares, Ana Catarina Pereira. "EVA-(Economic Value Added) vs indicadores financeiros tradicionais." Master's thesis, FEUC, 2014. http://hdl.handle.net/10316/27357.
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Relatório de estágio do mestrado em Gestão, apresentada à Faculdade de Economia da Universidade de Coimbra, sob a orientação de Paulo Gama e Jorge Vilela.A situação económico-financeira a que se assiste, atualmente, exige cada vez mais das empresas. A utilização crescente de recursos torna a gestão complexa e exige um esforço constante na busca de práticas mais eficientes. Nesse sentido, a área de análise financeira das empresas tem sido alvo de vários estudos, sempre com o intuito de perceber quais as metodologias mais indicadas para obter, com rigor, a situação financeira das mesmas. A contabilidade, por si só, não permite aos stakeholders obter informação completa e fiel sobre as contas, por isso, ao dispor dos analistas estão diversos indicadores que, conjugados, permitem ter outra leitura da performance da empresa. No entanto, vários críticos apontam para uma limitação desses indicadores, que se esgotam na consideração apenas do custo do capital alheio que as empresas utilizam para se financiar, esquecendo que o capital próprio também tem um custo: as expetativas de retorno dos investidores. Talvez pela dificuldade de quantificação desse elemento, frequentemente, este custo passa despercebido, contudo, não se deve desconsidera-lo, de todo. Este relatório vai incidir sobre um indicador em concreto, o EVA (Economic Value Added). Segundo vários autores, é um indicador que, por ter em conta, precisamente, o custo de todos os capitais investidos, permite ao analista saber se a rendibilidade obtida foi suficiente para cobrir os custos da utilização dos investimentos realizados. Ao aplicar o indicador a um caso concreto, concluí que, de facto, o EVA pode ser uma mais-valia para as empresas. Todavia, devem ser analisadas as características das empresas, nomeadamente, a sua dimensão, para perceber se será razoável a adoção deste método de análise.
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Norström, Johan, Erik Wange, and Morten Lundin. "Economic Value Added : Som investeringsstrategi under en ekonomisk recession." Thesis, Uppsala University, Department of Business Studies, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-123044.
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Perez, Alexandre José da Costa. "EVA: economic value added: resumo e aplicação da metodologia." reponame:Repositório Institucional do FGV, 2000. http://hdl.handle.net/10438/5620.
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Previous issue date: 2000-04-07T00:00:00ZFaz uma exposição da metodologia EVA®, demonstrando sua aplicação no gerenciamento da empresa e na avaliação de seu desempenho. Particularmente, mostra sua utilidade como no ferramenta de aferição e incentivo de seus dirigentes, bem como de seu uso em decisões de investimento e desinvestimento
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Steinhauer, Leif. "Die Objektivierung des kapitalmarktorientierten Value Reporting : Möglichkeiten und Grenzen des Economic Value Added /." Lohmar ; Köln : Eul, 2007. http://deposit.d-nb.de/cgi-bin/dokserv?id=2993198&prov=M&dok_var=1&dok_ext=htm.
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Hostettler, Stephan Hostettler Stephan. "Economic Value Added (EVA) : Darstellung und Anwendung auf Schweizer Aktiengesellschaften /." Bern ; Stuttgart ; Wien : P. Haupt, 1997. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=007535918&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Zugleich: Diss. Nr. 1926 Wirtschaftswiss. St. Gallen, 1996 u.d.T.: Das Konzept des Economic Value Added (EVA) : Massstab für finanzielle Performance und Bewertungsinstrument im Zeichen des Shareholder value : Darstellung und Anwendung auf Schweizer Aktiengesellschaften.Literaturverz.
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Hostettler, Stephan. "Economic Value Added (EVA) : Darstellung und Anwendung auf Schweizer Aktiengesellschaften /." Bern [u.a.] : Haupt, 2002. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=012044009&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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McGorman, Jason. "EVA : an effective tool for measuring performance /." Lynchburg, VA : Liberty University, 2007. http://digitalcommons.liberty.edu.
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Al-Omush, Ahmed Mushref. "The association between accruals, economic value added, and cash value added and the market performance of UK and US firms." Thesis, University of the West of England, Bristol, 2014. http://eprints.uwe.ac.uk/22566/.
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The main purpose of this thesis is to provide statistical evidence on the value relevance of a set of selected performance measures, to measure the performance of companies according to the traditional accrual measures and value added measures, and finally, to assess their information content and incremental information content. The study covers a sample of 986 UK companies listed in the London Stock Exchange (LSE) with an active share during the period 1990 to 2012. J This thesis also provides evidence on the long-tern impact of adopting economic value added (EVA) by 89 US companies on a set of important firm decisions, namely, the investing, financing and operating decisions. The time horizon of this analysis spans the period 1960 -2012. The empirical evidence indicates that all the performance measures used in this thesis have a significant association with stock prices and returns. In addition, the results also reveal that when applying the price model, cash flows from operation (CFO) has the highest explanatory power among the variables considered. The remaining performance measures regarding their value relevance are in the following order: earnings before interest, tax, depreciation and amortization (EBITDA), earnings before interest and tax (EBIT) , net income (NI), earnings before extra ordinary items (EBEI), cash value added (CVA) and EVA. Furthermore, the results show that EBITDA dominates other variables when the return model is used. I
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Liebenberg, Isabel Elsje. "Determining economic value added for agricultural co-operatives in South Africa." Diss., Pretoria : [s.n.], 2004. http://upetd.up.ac.za/thesis/available/etd-01182005-101059.
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Kinigoma, Dagogo Dixon. "Contextual influences on HRM homogeneity and heterogeneity in SMEs : a case study of high value-added and low value-added sectors." Thesis, Liverpool John Moores University, 2013. http://researchonline.ljmu.ac.uk/6185/.
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This research draws attention to the problematic premises underpinning the UK government's policy goal of a competitive national economy predicated on the notion of a high skills. high value-added economic trajectory. In particular, the research highlights the limitations of the policy assumptions (inherent in the Investors in People standard) that formalised HRM practices in SMEs in high value-added sectors make them more competitive than those in low value-added sectors, which are frequently associated with informal HRM practices. The research compared the selection and recruitment, training and development, and appraisal and rewards practices of SMEs. The methodological approach adopted was constructivist, with the assumption that SME owner-managers are involved in constructing their own individual reality based on how they perceive the world around them. A case study strategy was adopted to examine the H R.M" practices of a purposive sample of six SMEs in high value-added (3) and low value-added (3) sectors. Data collection combined semi-structured in-depth interviews with document searches. It was found that HRM in the sample of SMEs in both sectors combined formality and informality; characterised by institutional contextual (i.e. homogeneous) and situational contextual (i.e. heterogeneous) practices. It is suggested that a situational contextual perspective is simplistic in that although it acknowledges the interplay between HRM formality and informality, it fails to take account of the homogenising influence of the institutional contexts of SMEs. Consequently, just as normative models of HRM seek to isolate SMEs from their operating contexts, the situational contextual perspective dislocates SMEs from their institutional contexts. Therefore, the research contributes by proposing an open systems model, which reflects the complexity of HRM in SMEs by integrating the institutional and situational contextual perspectives of HRM. In view of the complexity of the HRM practices of SMEs, the research suggests a shift away from a market-led approach to skills based on the HRM practices of individual SMEs, towards direct intervention through government regulation as the most likely path to an economy in a high skill, high value-added equilibrium in the UK.
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Koch, Joachim. "Rechnungswesenbasierte Verfahren der Aktienbewertung : theoretische und empirische Untersuchung des Residualgewinnmodells /." Wiesbaden : Deutscher Universitäts-Verlag, 2005. http://www.gbv.de/dms/zbw/490249337.pdf.
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Wood, Nancy A. "The Mechanics of Value Added Tax| The Impact on EU Trade." Thesis, The American University of Paris (France), 2019. http://pqdtopen.proquest.com/#viewpdf?dispub=13871643.
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Sekyere, Godwin Ohene. "Empirical Forecasting of Returns during the Great Recession through Economic Value Added." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/2458.
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US economic recession from 2007- 2009, also known as the Great Recession, negatively impacted the financial sector as well as other aspects of society. Researchers have found value-based measures and accounting measures as effective performance measures, but they have found inconclusive results when comparing the strengths of economic value added (EVA) and accounting measures in predicting stock performance. This study used data from the Great Recession to further compare EVA and accounting measures. The purpose of this cross-sectional or correlational study was to determine the relative predictive strength of EVA during the Great Recession to determine whether a model with EVA added to accounting measures did a better job predicting stock returns. Secondary were data collected from a sample of 93 Fortune 500 Companies from 2007-2009 and then analyzed via multivariate regression analysis. The null hypothesis was not rejected. The result showed that EVA was not a useful addition to accounting variables in predicting stock returns during the Great Recession. Although the findings did not support EVA as a better predictor of stock returns during the Great Recession, the study revealed useful information about value-based measures and value-creation, especially how they are impacted by the period of a severe economic downturn. Researchers have indicated that creating value for shareholders enables the funding of positive-net-present-value projects that would result in positive social change. This study revealed that firms are unlikely to create shareholder value through returns on investment for a positive social change in unfavorable economic conditions.
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Dennis, Karen D. "Value drivers within SMEs : growth and value creation within the context of the Economic Value Added® framework." Thesis, Oxford Brookes University, 2013. https://radar.brookes.ac.uk/radar/items/6d2e39e6-1a29-4240-86f6-2c8cee64bf14/1/.
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Value based performance measurement has become popular in modern day financial practices. Of the many value based measurements, the EVA® framework has gained much notoriety. It became the focus of much research because it has been widely implemented in many large organisations with professed benefits in maximizing shareholder wealth. Much of the previous work on the EVA® framework focused on the performance metric; conclusions differed as to whether the EVA® performance metric resulted in better information or whether it was better at indicating performance, and ultimately shareholder wealth. Conclusions were similar when compared to other value based measures and with traditional measures. EVA®’s management and compensation framework was also investigated, again resulting in conflicting results. Other studies focused on the theory behind EVA® and concluded that it is financially sound and was agreed to be based on established theory on residual income. This study investigates growth and value creation in SMEs within the context of the EVA® framework. The investigation was conducted using and integrating a mixed method approach. Using purposive sampling, a range of SMEs was selected; senior management interviewed and financial reports for a 5 years period were collected. Practitioners are included for their expert views which were utilised when comparing and contrasting evidence obtained during the investigation. The study reveals some correlation between the characteristics of SMEs and the theory for the implementation of EVA®. However, it was found that SMEs lack vital information on value and value creating elements within their businesses for successful implementation of EVA®. The study fills a major gap in identifying and resolving the issue of the value drivers employed in the EVA® performance metric. The study concludes that it may be practical to implement EVA® in SMEs as it can provide information on progress and value creation.
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Queiroz, Susã Sequinel de. "Uma aplicação do EVA (Economic Value Added) para a agroindústria canavieira do Paraná." Universidade Estadual do Oeste do Parana, 2007. http://tede.unioeste.br:8080/tede/handle/tede/2206.
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Previous issue date: 2007-11-30The methodology of Economic Value Added (EVA) verifies if the capital invested by the company is being paid properly, taking into account the opportunity cost of other alternative applications. This work identifies the occurrence or not of economic value creation in the plant and the results arising from the application of this methodology show the companies true profit, informing if they, through their activities, are or not creating value and adding wealthy to their owners. As corollary, it was found that according to figures calculated for the EVA, Alpha plant destroyed economic value over the six years examined. The profits generated by the assets were not sufficient to cover the increase in the cost of capital.
A metodologia do Valor Econômico Adicionado (EVA) verifica se o capital investido pela empresa estão sendo remunerado de forma adequada, levando em conta o custo de oportunidade de outras aplicações alternativas. Este trabalho identifica a ocorrência ou não de criação de valor econômico na usina e os resultados decorrentes da aplicação dessa metodologia evidenciam o verdadeiro lucro das empresas, informando se as mesmas, através de suas atividades, estão ou não criando valor e agregando riqueza aos seus proprietários. Como corolário, verificou-se que, de acordo com os valores calculados para o EVA, a Usina Alpha destruiu valor econômico nos seis anos analisados. Os lucros produzidos pelos ativos não foram suficientes para cobrir o aumento do custo de capital.
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Wirth, Jörn. "Auslösung der Ad-hoc-Publizität auf der Basis des Economic Value Added /." Lohmar [u.a.] : Eul, 2004. http://www.gbv.de/dms/zbw/388539763.pdf.
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Beneke, John Diederik. "An analysis : economic value added and share price movement / John Diederik Beneke." Thesis, North-West University, 2007. http://hdl.handle.net/10394/1063.
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Value-based management was developed to determine whether companies, through management actions, can create value for their shareholders. Value is created when capital is invested at returns higher than the cost for that capital. The concept of creating value for shareholders has its origins in 1776, when Adam Smith wrote in his An inquiry into the Nature and Causes of the Wealth of Nations, that investors require a return on capital.
Since value-based management has appeared in the 1980s, various consulting firms have developed and popularised metrics that can assist management in measuring economic profit. One of the most popular metrics developed was Economic Value Added (EVA) by Stern and Stewart. While value-based management is used to increase shareholder value, one of its serious drawbacks is its short-term focus on immediate results to the detriment of long-term sustainable competitive advantage.
The main goal of this study is to investigate and determine whether investors can use economic profit as an indicator for share price movement of non-mining and non-financial South African companies listed on the Johannesburg Securities Exchange. This was done through multiple regression models, in order to determine whether investors can use value-based management measurement to predict share price movement. Value-based measurements selected were Economic Value Added (EVA), Return On Capital Employed, and Return On Equity. Income statement, balance sheet, cash flow statement items, as well as Earnings Per Share were also selected as independent variables in the multiple regression models. The results from this study indicate that the only real measure that can be used for predicting share price movement is Earnings Per Share (EPS). EVA is good for determining shareholder value, but not adequate for determining stock performance.
Even though it was found that investors should only use EPS for predicting share prices, companies should still focus on creating value for their shareholders. It is beneficial to investors to understand what value-based management is, and to understand management actions in terms of value creation. South Africa has seen over 30 consecutive quarters of economic growth, which was found in this study to have a good correlation with company performance - not only in terms of EPS, but also in terms of EVA.Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2008.
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Pataky, Tamas. "Is economic value added (eva) the best way to assemble a portfolio?" Honors in the Major Thesis, University of Central Florida, 2012. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/599.
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In search of a better investment metric, researchers began to study Economic Value Added, or EVA, which was introduced in 1991 by Stern Stewart & Co in their book, "The Quest for Value" (Turvey, 2000). Stern Stewart & Co devised EVA as a better alternative to evaluate investment projects within the corporate finance field, later to be considered for use as a performance metric for investor use. A wide array of multinational corporations, such as Coca-Cola, Briggs and Stratton, and AT&T adopted the EVA method, which led to EVA's worldwide acclaim. Several points in the study reveal that EVA does not offer less risk, higher returns, and more adaptability for an investor. In fact, EVA underperformed the traditional portfolio performance metrics in key measurements including mean returns, and confidence intervals. EVA is a difficult performance metric to calculate, with several complex components that can be calculated in several different ways such as NOPAT, cost of equity, and cost of debt. Any information that is inaccurate or lacking can significantly impact the outcomes. Traditional performance metrics, on the other hand, such as ROA, ROE, and E/P are simple to calculate with few components, and only one way to calculate them.B.S.B.A.
Bachelors
Business Administration
Finance
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Rompho, Nopadol. "An economic value added and balanced scorecard for a university in Thailand." Thesis, University of Glasgow, 2006. http://theses.gla.ac.uk/6879/.
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This thesis attempts to integrate the concepts of EVA and the Balanced Scorecard into a new performance measurement model for a public university in Thailand: Thammasat University. Interviews were conducted of university stakeholders and questionnaires were distributed to academic staff. Results from the case study research suggest that there are currently problems in the existing performance measurement system of the university. As a result, EVA and the Balanced Scorecard are promoted as frameworks to be implemented by the university. A new model is then built qualitatively, based on the results from the case study research. After the new model is built, it is compared to the other models currently applied in the other universities. The model is generally accepted and can be implemented into Thai public universities successfully and results from the survey of staff in all public universities in Thailand suggest that the bottom-up approach is preferable for the implementation of the model. The model created in this thesis is original in its design and its application. After extensive literature reviews, no evidence of the integration of the Balanced Scorecard and EVA to be used in universities was found. It is also unique in the way that this model is originally created to fit the reflection of Thai culture in the university context. Its creation is also based on input from stakeholders, a practice rarely reported in the literature.
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Van, Blerck Timothy George. "The relationship between executive remuneration at financial institutions and economic value added." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/23060.
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The research will compare the alignment of the remuneration between United States and South African banks with respect to the Economic Value Added, a measure of a firm's economic profit that adjusts profit by subtracting the cost of capital.South African banks have been widely recognised for their high standard of corporate governance and stability during the financial crisis. Executive remuneration based on short-term equity has been recognised by both academic literature as well as bank regulators as one of the causes of the financial crisis. The research seeks to understand the differences in remuneration alignment between the failed and surviving banks.Misaligned incentives within the United States banks are accepted by both academics and regulators as one of the causes of the 2008 financial crisis and subsequent economic downturn. This research puts this theory to the test by comparing the alignment of executive remuneration between South African banks that were internationally recognised for successfully navigating the financial crisis, and the largest United States banks, of which three failed catastrophically over the same time period.The remuneration for the largest United States and South African banks is tested for correlation against Economic Value Added (EVA®), share price and return on equity. Correlation between executive remuneration and the constructs is tested between the two countries before as well as after the financial crisis.South African bank executive remuneration correlated strongly with EVA® and this correlation strengthened after the financial crisis. In comparison, the United States sample banks exhibited strong correlation between share price and remuneration before the financial crisis. The failed United States banks had no correlations between executive remuneration any of the constructs, a pattern that has been repeated in the United States Banks that have survived the financial crisis.Practically, the research demonstrated the vast differences in executive remuneration alignment between the United States and South Africa. In South African banks, executive remuneration is far more closely aligned to EVA®, whereas the United States banks only correlated with share price before the financial crisis, raising the question of whether managers are able to exert excessive power. The research demonstrates the magnitude of the gap between the recommendations of regulators and remuneration policies, with South African banks far more closely aligned than their United States counterparts.The research findings concur with theory presented in literature that misaligned incentives based on equity contributed towards the financial crisis. Of particular concern is the change in remuneration correlation after the financial crisis, where South African banks increased correlation with EVA® while United States banks no longer correlated with EVA®, ROE or share price.Dissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted
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Ruthven, George A. "An investigation into and application of the 'economic value added' (EVA) measurement concept." Thesis, Stellenbosch : Stellenbosch University, 2000. http://hdl.handle.net/10019.1/51604.
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Thesis (MEng)--University of Stellenbosch, 2000.ENGLISH ABSTRACT: The age old principle of earnings exceeding the cost of capital as a sound basis of wealth creation has been re-packaged and to a large extent, prominently revived, by the Stern Stewart Consultancy of New York in the form of EVA (economic value added). The most well know application of EVA for the past 10 years and subsequent success has been with the global company, Coca Cola. However, the widely debated capital asset pricing model - with no conclusion in site - is used as the basic principle in calculating EVA and therein lies one of its many weaknesses. All aspects of measurement is the foundation on which Industrial Engineering is based. This dissertation set out to evaluate this financial measurement and / or measure in terms of; a) an ability to replace any existing financial ratios b) an ability to measure wealth creation c) an ability to influence or improve on manufacturing systems such as JIT (Just-In- Time) or TOC (Theory of Constraints). d) an ability to focus on the productive use of capital and lastly e) an ability to point towards failure of a business when realising a low or negative EVA On a comparison with the traditional financial measurement techniques and ratios the EVA concept shows too strong a correlation to render it "unique" or able to replace EPS (earnings per share) as the single most important indicator in the financial markets. There is also the interesting phenomenon that industrial sectors vary significantly from country to country in their ability to earn over and above their cost of capital and that being the case in EVA terms, the question is raised whether those countries with negative EVA industrial sectors, should consider moving out of those businesses. The EVA calculations consist of reducing a company's annual earnings with its total weighted average cost of capital and a positive result is stated as a sign of "wealth creation" whereas a negative result points to the destruction of wealth. As will be seen in this dissertation, the EVA measure is healthy as to focussing on the "hurdle" effect of the cost of capital but that the world consists of many organisations with low or negative EVA that have been successfully doing business and producing profits for many years.
AFRIKAANSE OPSOMMING: Die eeu oue beginsel dat inkomste die koste van kapitaal moet oorskry vir 'n grondige basis om rykdom te skep, is herverpak en tot In groot mate, uitstekend vernuwe deur Stern Steward Consultancy van New York in die vorm van ETW (ekonomiese toegevoedgde waarde [EVA)). Die mees bekende toepassing van ETW die afgelope 10 jaar asook die gevolglike sukses daarvan is op die internasionale maatskappy, Coca Cola. As gevolg van die feit dat die onvoltooide debat rondom die kapitale bates prysmodel as beginsel gebruik word in die berekening van ETW, is die waarde van die ETW maatstaf dienooreenkomstig verswak. Die aspek van maatstawwe of meting is een van die hoekstene van Bedryfsingenieurswese. Hierdie tesis het dan dit ten doel gestelom hierdie ETW maatstaf te evalueer in terme van; a) 'n vermoë om enige bestaande finansiële verhouding te vervang b) veral die vermoë om die skep van rykdom aan te dui c) 'n vermoë om 'n invloed te hê, of selfs verbeterings aan te bring aan moderne vervaardiging stelsels soos .HT (Knapbetyds) of TOC (sinkrone vervaardiging) d) 'n vermoë om die produktiewe gebruik van kapitaal te meet en e) 'n vermoë om aan te dui of 'n onderneming gaan faal as gevolg van 'n lae of negatiewe ETW waarde. In vergelyking met die tradisionele finansiële maatstawwe en verhoudings, wys die ETW konsep 'n te sterk ooreenkoms met bogenoemde om dit as uniek te beskryf of om VPA (verdienste per aandeel [EPS)) as die belangrikste aanwyser van die finansiële markte te vervang. Daar is ook die interessante verskynsel dat industriële sektore beduidend verskil, van land tot land, in hulle vermoë om hoër as die koste van kapitaal te verdien en indien dit die geval is met ETW, moet die vraag gevra word of hierdie lande wat negatiewe ETW industriële sektors het, nie daaraan moet dink om daardie besighede te sluit nie. Die ETW berekenings bestaan uit die verlaging van 'n maatskapy se jaarlikse inkomste. Die totale gewig is die koste van kapitaal wat indien positief 'n teken is dat "rykdom" geskep word en indien negatief dat rykdom vernietig word. In hierdie tesis sal die volgende aan die ligkom: die ETW maatstaf is goed in die sin dat dit fokus op die "drumpel"-effek van koste van kapitaal; die wêreld bestaan egter uit baie organisasies wat In lae of negatiewe ETW het, maar wat baie jare suksesvol besigheid doen en wins lewer.
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Glamstedt, Jennie, and Marie Sigbo. "EVA - Ett helhetskoncept eller komplement?" Thesis, Halmstad University, School of Business and Engineering (SET), 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-1681.
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Alla företag strävar efter att göra en vinst, men frågan är när ett företag faktiskt uppnått detta.
Stern Stewart & Co är ett amerikanskt konsultbolag som har arbetat fram ett koncept som de kallar Economic Value Added (EVA). Den stora skillnaden mellan detta och övriga vinstmått är att EVA visar att ingen vinst har uppnåtts förrän även kostnaderna för det egna kapitalet, d.v.s. den avkastning som aktieägarna förväntar sig, är täckta. Stern Stewart & Co har marknadsfört EVA som ett helhetskoncept som ska användas för styrning i hela företaget. Den fråga som vi har ställt oss är hur EVA-konceptet ser ut i svenska företag. Syftet med studien är att beskriva EVA-konceptets användningsområden och förklara hur svenska företag arbetar med måttet. För att besvara frågan och uppfylla syftet krävdes en helhetsförståelse över företagens situation, därför har en kvalitativ ansats använts. Undersökningen består av intervjuer som genomförts med fyra företag som använder sig av EVA-konceptet. De resultat vi har fått fram visar att företag anpassar modellen efter sina behov och förutsättningar samt att den används som ett komplement eller kompletteras av andra mått. Vidare har införandet av EVA-konceptet inte någon förankring i att företag vill arbeta mer mot aktieägarnas intressen, utan att syftet med att använda EVA-konceptet har andra skäl.
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Wild, Henry Victor. "EVA and MVA : a model to predict share performance." Thesis, Henley Business School, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.326888.
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Oswald, Dustin J. "Economic analysis of the U.S. Department of Agriculture’s value-added producer grants program." Thesis, Kansas State University, 2008. http://hdl.handle.net/2097/7252.
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Master of ScienceDepartment of Agricultural Economics
Michael A. Boland
The 2002 Farm Bill Rural Development Title created new programs to encourage the development of businesses designed to convert commodities to value-added products. This thesis identifies determinants of business development success for Value-Added Producer Grant (VAPG) recipients. Success is categorized in nine different stages of development:(1) creation of an idea, (2) formation of the idea into a written plan as a feasibility study, business plan, or marketing plan, (3) formation of an organizational structure for the idea, (4) the hiring of a manager or employees for the idea, (5) raise capital for the idea through equity drives, (7) creation of the idea into a product in a facility, (8) distribute and sell the product, (9) and whether the product was being sold in March of 2006. The data involves information on 621 grant recipients. Two econometric models are used to evaluate the data. The number of USDA Rural Business and Cooperative Employees, the value-added producer grant amount divided by the number of producers in the organization, the 2006 organizational sales divided by the number of producers in the respective organization, and the total production of the organization divided by the national production of the respective crop were significant variables. These four size variables had a negative impact on an organization being in steps one though eight, but a positive impact on being in step nine, which was the successful stage of business development. (such as dairy, flowers, fruit, nuts, specialty meats, wheat, and wine were positively associated with successful VAPG grant recipients. Illinois, Kansas, Minnesota, Missouri, and Wisconsin had significantly greater odds of success in business development also.
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Neue, Julia. "Identifikace hodnoty ve fůzích a akvizicích." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-72214.
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The thesis is aiming to analyze the method of value creation in mergers and acquisitions. The introductory chapter includes a general classification and framework for terms like value; synergies; and basic valuation models. The following chapter introduces valuation models which are more oriented towards shareholder value, generally speaking, frameworks introduced by Value Based Management: Economic Value Added, Economic Profit or Cash Value Added. Economic Value Added is described through three adjusted EVA models in the next chapter: (1) The impact of MVA on the negotiation position of parties in M&A, (2) EVA Style of Investing model, which is applied as a screening tool for value creators, (3) EVA Momentum model. In the closing chapter all three models are applied and conclusions and recommendations are drawn. The three models enable us for example to identify industries worth investing in or to understand how specific companies create value and how to set up an optimal price negotiation strategy.
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Classon, Martina, and Linda-Marie Emilsson. "CSR och lönsamhet i tre dimensioner : Praktiska exempel, Economic Value Added och tidigare forskning." Thesis, Linnéuniversitetet, Ekonomihögskolan, ELNU, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-12438.
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Title: CSR and profitability in three dimensions – practical examples, Economic Value Added and previous research Authors: Linda-Marie Emilsson & Martina Classon Subject: Business Administration Date: 2011-05-26 Mentor: Krister Bredmar Problem description: Scientists have for a very long time disagreed about whether or not companies should work with Corporate Social Responsibility (CSR) and if there is any correlation between CSR and profitability. There are mainly three different views according the correlation: CSR have a neutral impact on financial performance, CSR have a positive impact on profitability and CSR have a negative impact on profitability. One of the reasons behind the disagreement is the complexity measuring CSR. Scientist claims that EVA is a measure that can be used to measure the correlation between CSR and profitability. Purpose: The intention with our essay is to find out if there is any correlation between CSR and profitability. Another intention with our paper is to find out what kind of potential competitive advantages CSR is creating for a company. Method: To achieve the intention the study is based on an inductive approach and a combination of qualitative and quantitative strategies. The empirical data consists of interviews with our respondents and the calculation of the selected companies EVA-value from historical financial statements. Conclusions: The calculation of Economic Value Added shows a low positive correlation between profitability and CSR. But previous research and the practical examples from the selected companies shows a strong positive correlation between CSR and profitability. The three dimensions together shows that CSR creates value and positively affect the financial performance, due to that we claim a positive correlation between CSR and profitability. CSR is also creating competitive advantages for companies by improving reputation and image, attracting workers, keeping and attracting new customers and also by reducing costs due to eco-efficiency.Titel: CSR och lönsamhet i tre dimensioner – praktiska exempel, Economic Value Added och tidigare forskning Författare: Linda-Marie Emilsson & Martina Classon Ämne: Företagsekonomi Datum: 2011-05-26 Handledare: Krister Bredmar Problem: Forskare har länge varit oeniga huruvida företag ska ägna sig åt Corporate Social Responsibility (CSR) samt om det ger lönsamhet och konkurrensfördelar. Det finns framförallt tre motstridiga synsätt vad gäller kopplingen mellan CSR och lönsamhet: CSR står i motsättning till lönsamhet, CSR skapar lönsamhet eller att CSR inte har någon påverkan på lönsamheten. En av anledningarna till de olika synsätten är att mätningar av CSR är svåra och resultaten varierar därför brett. Många mätningar på CSR:s koppling till lönsamhet har gjorts med hjälp av traditionella lönsamhetsmått. Forskare anser dock att EVA är ett mer relevant prestationsmått i dagens kontext vid mätning av CSR. Syfte: Syftet mer vår uppsats är att finna svar på om det finns en koppling mellan CSR och lönsamhet utifrån EVA, praktiska exempel från intervjuer med studiens respondenter och tidigare forskning. Vi har också för avsikt att finna de potentiella konkurrensfördelar som ett CSR-arbete inom företaget kan bidra till. Metod: För att uppnå vårt syfte har vår studie utgått ifrån en induktiv ansats med en kombination av kvalitativt och kvantitativt angreppssätt. Den empiriska insamlingen har präglats av intervjuer med våra respondenter samt beräkning av EVA utifrån de utvalda företagens historiska årsredovisningar. Slutsatser: EVA-beräkningen visade en svag positiv korrelation mellan CSR och lönsamhet sett ur ett utvecklingsperspektiv. Tidigare forskning och empirisk insamling av praktiska exempel samt erfarenheter har dock åskådliggjort en starkare positiv koppling. Utifrån dessa tre dimensioner anser vi därför att vi har stöd att påstå att det föreligger en positiv koppling mellan CSR och lönsamhet. CSR kan vidare ge konkurrensfördelar genom att företaget attraherar kompetent personal, attraherar och behåller kunder, skapar en positiv relation till media, ökar ryktet och imagen samt genom eko-effektiva åtgärder som minskar företagets kostnader.
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Rodgers, Timothy. "An investigation into a potential higher education performance indicator based on economic value added." Thesis, Coventry University, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.400796.
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Wangui, Kinyanjui Joyce. "Financial literacy amongst women entrepreneurs in Kenya: a value-added product for economic empowerment." Thesis, University of Zululand, 2018. http://hdl.handle.net/10530/1722.
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A dissertation submitted to the Faculty of Arts in fulfillment of the requirements for the Degree of Doctor Of Philosophy in the Department of Library and Information Studies at the University Of Zululand, 2018Human civilisation has been characterised by numerous revolutions, with the most recent one being the information revolution. Information is driving development in all spheres of life: social, political, economic, health and human services. For effective utilisation of information, a special kind of literacy beyond functional literacy or the ability to read and write is required. This kind of literacy is what is commonly referred to as Information literacy (IL). Researchers are increasingly designating several types of literacy. Financial literacy, which is the ability to understand the fundamentals of money management, namely budgeting, spending, saving, investment, the use of financial products and services like government financial assistance programmes, banking and insurance; basic numeric skills and debt levels, is at the core of this study. The overall aim of the study was to establish the financial literacy competences of women entrepreneurs and determine their impact on women’s economic empowerment. The overall aim of the research was to identify the financial literacy skills of women entrepreneurs and to study their role in women's economic empowerment. The study's objectives were: 1) To determine the financial literacy skills of women entrepreneurs in Kenya; 2) To determine the level of economic empowerment of women entrepreneurs. 3) To determine the relationship between financial literacy and women's economic empowerment and 4) To suggest a model for the enhancement of the financial literacy skills of women entrepreneurs in Kenya. The following research questions were addressed to realise the objectives of the study: 1) What are the financial literacy skills of women entrepreneurs in Kenya? 2) What is the level of economic empowerment of women entrepreneurs? 3) What is the relationship between women’s financial literacy and their economic empowerment? 4) Which is the best model for enhancing financial literacy skills of women entrepreneurs in Kenya? The study used the mixed method approach which is normally associated with Pragmatic paradigm. The study combined the Positivist/postpositivist approach, which is associated with quantitative data, and Constructivist approaches which emphasise the socially constructed nature of reality and are therefore associated with qualitative data. The study was carried out using the survey research design because of its ability to capture the complexities of the issues under study using only a small sample of the population. Purposive sampling was used to select 105 women’s groups who had obtained loans from the Uwezo Fund in Chuka Constituency in the financial year 2013/2014. Both random and stratified sampling technique was applied to select the women entrepreneurs who formed the sample. The number of respondents from each stratum was proportionate to the size of the different strata of enterprises funded. In order to reduce possible sampling error, a total of 400 respondents were selected. Detailed questionnaires with both structured and open-ended questions were used to collect data. Discrete data was analysed using the Statistics and Data (STATA) package to generate descriptive statistics such as frequencies (counts) and percentages to describe data on the various variables. Cross-tabulation analysis was conducted to simultaneously analyse the relationship between two or more variables in the study. Causal analysis that is concerned with the study of how one variable affects changes in another variable, was used to determine how financial literacy skills affect women's economic empowerment, which is one of the research questions. A chi-square test of independence was then carried out to assess the degree of association between these variables. Research findings confirm that financial literacy skills are a major factor in women's economic empowerment, but that some financial literacy skills have a greater impact than others. Women entrepreneurs acquire financial literacy skills through social constructionism. Lack of financial literacy skills is hindering women entrepreneurs from becoming economically empowered. A willingness to invest in a risky business venture 239 (62.57%), lack of basic numeric skills 237 (61.88%), and taking loans without considering the cost 88 (71.42%) is undermining women’s economic empowerment. This is demonstrated by the fact that 78 (20.47%) of the respondents feel that their financial status is out of control and 153 (40.26%) feel uncomfortable about their current debt status. This study proposes that regular assessment of women entrepreneurs’ financial literacy skills be carried out and tailor-made training courses to fulfil these needs be introduced. Priority should be given to topics such as computing, loans, reading and understanding bank statements, budgeting, spending, saving and investing in business ventures. In order to increase the number of women entrepreneurs included in formal financial services, financial institutions should offer women financial products that suit them.
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Brandt, Rynier. "Rynmar value adding process design diagnostic tool." Thesis, Stellenbosch : Stellenbosch University, 2001. http://hdl.handle.net/10019.1/52442.
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Thesis (MBA)--Stellenbosch University, 2001.ENGLISH ABSTRACT: "Value adding process design" entails two underlying concepts, namely "business process" and "value adding": Business process: According to Dr Michael Hammer (Hammer, 1999), the recognised father of process thinking, a business process is an "organised group of related activities that together create customer value". The focus in the process is not on individual units of work, which by themselves accomplish nothing for a customer, but rather on an entire group of activities that, when effectively brought together, create a result that customers value. Value adding: The concept of "value adding" can be defined in different ways depending on the receiver of the value (shareholders, customers or employees). From a shareholder perspective, value adding can be measured by using EVA (Economic Value Added). EVA is a measure of economic profit generally meaning that a positive EVA indicates that value has been created, whereas a negative EVA means value has been destroyed. The perspective from which process improvement is addressed is the value that is added for the customer, but always with the constraint of not negatively impacting the EVA of the organisation. Value adding process design: "Value adding process" design entails the design of a business process or interrelated business processes to ensure that employee and customer needs are satisfied, whilst creating value for shareholders. The objective of this study is to develop a methodology and supporting tools to enable a organisation to make the transition from being task focused to becoming a truly process organisation. The approach that is proposed is the Rynmar VAP Diagnostic Tool. The approach consists of 5 phases, best explained by the metaphor of building a house: • Setting the stage (phase 0) is identifying the need for a house, i.e. being unhappy with the current situation to an extent that one has the burning desire to change surrounding, even if it will cost a lot of time, effort and financial resources. • Visioning (phase 1) is drawing an artist impression of the house. It involves thinking what the new house should look like, for example do I want a Cape-Dutch house with thatched roof and white walls, or an Italian design with tiled roof and off-white walls. Visioning is the magnetic force that one holds on to whenever the question is asked: "Is it worth the effort?" • Design Process (phase 2) entails applying different techniques to draw an architectural design of the firstly the current processes, followed by the future process that will meet the different aspects of the vision. • Prototype & Build (phase 3) involves firstly building a small scale model of the house to test and improve the design made in phase 3, followed by building the actual house. • Train & Implement (phase 4) firstly entails training the different people in the skills required by the new process design and then implementing the process under careful guidance of the project team, i.e. moving into the house. • Continuous Improvement (phase 5) involves continuously improving the process to ensure that incremental performance improvement is achieved, which will lead to a dramatic cumulative improvement over time.
AFRIKAANSE OPSOMMING: "Waarde toegevoeging proses ontwerp" behels twee onderliggende konsepte, naamlik "besigheidsproses" en "waarde toevoeging": Besigheidsproses: Volgens Dr Michael Hammer (Hammer, 1999), die erkende vader van prosesdenke, kan 'n besigheidsproses definieer word as 'n georganiseerde groep van aktiwiteite wat gesamentlik waarde skep vir 'n kliënt. Die fokus in die proses is nie op individuele komponente van werk nie, wat individueel niks vir die gebruiker kan vermag nie, maar eerder op 'n geïntegreerde groep van aktiwiteite wat, indien effektief gegroepeer word, waarde skep vir 'n kliënt. Waarde toevoeging: Die konsep "waarde toevoeging" kan op verskillende maniere gedefinieer word afhangende van die ontvanger van die waarde (aandeelhouers, kliënte of werknemers). Vanuit die perspektief van 'n aandeelhouer word waarde toevoeging gemeet deur gebruik te maak van EVA ("Economic Value Added'). EVA is 'n maatstaf van ekonomiese wins, wat daarop neerkom dat 'n positiewe EVA aandui dat waarde geskep (toegevoeg) is, terwyl 'n negatiewe EVA beteken dat waarde verwoes is (waardevermindering). Prosesverbetering word gevolglik daarop gerig om waarde toe te voeg vir 'n kliënt, maar altyd onderhewig daaraan dat dit 'n positiewe impak op die EVA van die organisasie sal hê. Waarde toegevoegde proses ontwerp: "Waarde toegevoegde proses ontwerp" behels die ontwerp van 'n besigheidsproses of verwante besigheidprosesse wat sal verseker dat daar aan die behoeftes van werknemers en kliënte voldoen word en terselftertyd dat waarde geskep word vir aandeelhouers. Die doelwit van hierdie studie is om 'n metodologie en ondersteunende gereedskap te ontwikkel wat 'n organisasie in staat stel om die transformasie te maak van 'n taak-georiënteerde na 'n ten volle proses-georiënteerde organisasie. Die benadering wat voorgestel word is die Rynmar VAP model. Die benadering bestaan uit vyf fases en kan verduidelik word aan die hand van die metafoor om 'n huis te bou: • Definieer 'n platform vir verandering (fase 0) is om die behoefte te identifiseer om 'n huis te bou, naamlik om ontevrede te wees met die huidige situasie tot so 'n mate dat 'n brandende begeerte bestaan om iets daaraan te doen, selfs al kos dit tyd, moeite en finansies. • Skep van 'n prosesvisie (fase 1) is om 'n kunstenaarsvoorstelling te maak van die huis. Dit sluit in hoe die nuwe huis moet lyk, byvoorbeeld 'n Kaaps-Hollandse huis met 'n grasdak en wit mure. 'n Visie is die magnetiese aantrekkingskrag wat 'n organisasie aan vasklou wanneer die vraag gevra word: "Is dit die moeite werd?" • Proses ontwerp (fase 2) behels die toepassing van verskillende tegnieke om 'n argitekstekening van eerstens die bestaande prosesse te maak, gevolg deur die ontwerp van toekomstige prosesse wat die visie sal verwesenlik. • Prototipering & bou (fase 3) behels die bou van 'n klein skaalmodel van die huis om die ontwerp te toets en verbetering aan te bring, gevolg deur die werklike bou van die huis. • Opleiding & implementering (fase 4) behels eerstens die opleiding van die betrokke partye, gefokus op die vaardighede wat benodig word om die nuwe proses te implementer. Vervolgens word die proses implementeer onder die waaksame oog van die projekspan, naamlik om in die huis in te trek. • Kontinue verbetering (fase 5) behels die kontinue verbetering van die proses wat sal verseker dat inkrementele verbetering behaal word, wat lei tot dramatiese verbetering opgebou oor tyd.
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Moghadam, Saman Saeed. "Value Chain Reconfiguration." Thesis, Högskolan i Borås, Institutionen Ingenjörshögskolan, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hb:diva-19042.
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Integration of operation management goals with the mission of organization requiresadoption of measures capable of pulsing mission accomplishment situation whileoperations are going on. Supply chain, as an increasingly used concept in operationsmanagement, could be supported by the concepts of customer satisfaction and profitmargin to get integrated with main goals of any for-profit organization. Value chain viewprovides such insight and lets the mission of the organization remain in focus while lowerleveldecisions and functional processes are dealt with.Every activity in a value chain could be cost driver and / or value driver. Configuration ofthese cost and value drivers refers to their locational and relational position. Afteragreement on what are going to be core values for the organization, relative positions ofvalue chain activities should be consciously reviewed periodically to identify opportunitiesfor contributing to core values of organization through repositioning or redesigning andstrengthening value activities. The term value chain reconfiguration implies to suchstrategic revision decisions.Opportunities – and threats – for improving performance of the organization not only liewithin internal chain of value activities of the organization, but also could be found out ofthe organization boundaries and among its extended value chain. Acquiring of externalgains needs sound analysis and cost and benefit evaluations for making decision regardingthe way of reacting to the identified opportunities. Virtual value chain orchestration asproposed by its introducer provides a framework for identifying and capturing suchopportunities.Gauging the results of reconfiguration of the value chain, calls for implementingmeaningful criterion so that it reflects captured value in accordance with the destined goal.Taking profit margin of the value chain as master value for organization, the thesis workproposes usage of a less-known profitability indicator, economic value added (EVA) as themeasure which should be focused on in order to evaluate success or failure of firm-levelvalue chain reconfiguration efforts.Uppsatsnivå: D
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Wulfhorst, Valerie. "Marketing Assets und finanzieller Erfolg eine Analyse am Beispiel von Kundenzufriedenheit und Economic Value Added." Marburg Tectum-Verl, 2008. http://d-nb.info/992806127/04.
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Ferreira, Luiz Felipe. "O EVA (Economic Value Added) como instrumento de avaliação de desempenho econômico-financeiro de empresas." Florianópolis, SC, 2000. http://repositorio.ufsc.br/xmlui/handle/123456789/78465.
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Dissertação (mestrado) - Universidade Federal de Santa Catarina, Centro Sócio-EconômicoMade available in DSpace on 2012-10-17T14:45:45Z (GMT). No. of bitstreams: 0Bitstream added on 2014-09-25T16:22:07Z : No. of bitstreams: 1 178505.pdf: 3672062 bytes, checksum: 6390c88e61d007882922e5d48cd13675 (MD5)
O Valor Econômico Agregado EVA® (marca registrada pela Stern Stewart & Co. nos Estados Unidos) como ferramenta de apoio gerencial nas organizações vem sendo enfatizado na literatura contábil mais intensamente na última década. De acordo com a Stern Stewart & Co., o Eva® é uma ferramenta para apurar a criação de valor, cuja mensuração envolve o resultado operacional líquido e o custo do capital empregado da empresa.O caso analisado consiste de uma empresa industrial do ramo de bebidas, denominada Companhia e Cervejaria Brahma. Os dados coletados da empresa constituem-se das demonstrações contábeis dos anos de 1996, 1997, 1998, e foram analisados de forma interpretativa com base na análise documental. Verificou-se que, para o cálculo do EVA®, os ajustes contábeis são fatores determinantes, pois influenciam diretamente no resultado. Constatou-se também que, na determinação do EVA® por empresas especializadas sem vínculo direto com a empresa, com base nas demonstrações contábeis publicadas, os resultados decorrentes do cálculo do EVA® se diferenciam substancialmente daquele que é divulgado internamente na empresa.O resultado do EVA® significa o montante de valor que foi criado ou destruído pelas operações da empresa tendo como benchamark o custo de oportunidade do capital. Em contraste com outros modelos, o EVA® demonstra claramente três estratégias gerais para a criação de valor: aumentar o retorno sobre o capital que já está investido; aumentar o capital somente se o retorno sobre esses recursos compensar o risco e o custo e reduzir o capital aplicado em investimentos que possui retorno sobre o investimento menor que o custo de oportunidade
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Lüchinger, Benno. "Wertschaffung bei den Kantonalbanken in der Schweiz Empirische Untersuchung der Jahre 2000 - 2006 /." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01652205002/$FILE/01652205002.pdf.
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Fivaz, Jakobus Eduard Wessels. "Implementing productivity gainsharing to influence the performance of value drivers employed by EVA / Jakobus Eduard Wessels Fivaz." Thesis, North-West University, 2008. http://hdl.handle.net/10394/2659.
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The creation of shareholder wealth has become the key of corporate success. A setback in achieving this is a lack of commitment and participation in productivity initiatives at shop floor level in South Africa and companies are faced with competitive challenges of promoting innovativeness relating to productivity improvement amongst employees. It has increasingly been recognized that by introducing a carefully crafted incentive scheme, it may be possible to induce workers to work both harder and smarter and use existing technologies in new and better ways that enhance their productivity. The purpose of the study is to evaluate to what extend gainsharing can be a solution to the predicament. The empirical data used during the study was based on questionnaires that were administered amongst managers of Eskort Ltd. The research established that gainsharing would induce employees to effectively participate in problem solving or productivity improvement initiatives in the company. The majority of participants feel that gainsharing will benefit the company to deliver on client requirements; help enhance teamwork; create a feeling of ownership; share a portion of saved-cost for productivity improvement purposes; stimulate organization learning; improve communication between management and employees; stimulate employees to make suggestions on ways to improve productivity; and increase profit and reduce costs. The study clearly illustrates that money can be the primary drive for motivation to certain employees within the company. Further more based on the results of the empirical study the researcher came to the conclusion that motivated employees will be more productive and as a result have a positive influence on the value drivers employed by the EVA methodology. EVA is a value based performance measure, an investment decision tool and also a performance measure indicating the absolute amount of shareholder value created.Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.
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Hesselmann, Christoph. "Residualgewinne zur externen Aktienanalyse /." Wiesbaden : Dt. Univ.-Verl, 2006. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=014635423&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Chia-Chan, Chen, and 陳嘉展. "Economic Value Added and Stock Portfolios." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/85370995804379366580.
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碩士東海大學
財務金融學系碩士在職專班
100
Economic Value Added (EVA) is one of the good indicators for business performance. The good or bad performance will be reflected on the company’s stock price. Therefore, it is worthy to discuss whether the EVA could be the reference for stock selection. The essay adopted the listed electronic stocks as research subjects to discuss the correlation between the EVA and company features as well as the return on stock prices. The EVA is also applied as references for stock selection. There are best and worst stock targets selected every year to observe its investment performance through long position, short position, long plus short position such three different investment portfolios and discuss whether EVA is available for the reference of investment strategies. According to the study, the EVA of listed electronic companies in Taiwan from year 1999 to 2010 has been promoted due to significant increase of investment capital (IC) instead of increasing of return on investment capital (ROIC). In addition, although the EVA increases gradually, the △EVA decreases contrarily. EVA appears significant positive correlation with earning growth rate, ROA, ROE, market value and financial leverage, while it is negatively correlated with market/book ratio. EVA and △EVA are significantly correlated six-month return on stock price, but they are insignificant to return on investment capital (ROIC) minus weighted average capital cost (WACC). The number of positive returns on investment portfolio consisting of companies with good EVA is not as good as expected. However, The chances of positive returns on investment portfolio consisting of companies with bad EVA through short position are relatively high. It shows that bad EVA may reflect to the stock price and the EVA is actually valuable as reference for investment strategies.
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Chiu, Chien-Wei, and 邱健偉. "Economic Value Added and Market Value Added as Determinants of Executive Compensation and Reward." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/50156811124391331366.
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碩士國立成功大學
會計學系碩博士班
94
The purpose of this study is to examine the relationships between managerial payment and firm performance in domestic and global firms using EVA, MVA, ROA and ROE to assess wealth creation. The data are obtained from Taiwan Economic Journal. The sample of the study includes all firms listed in Taiwan. The study suggests that managers pay attention to firms that are not only incentive to increase ROA and ROE, but also rewarded for past additions to EVA and MVA. Managerial payment is related to highly globalized firms, and EVA is an important determinant of the compensation for global firms. The company belongs to the high-technological industry, and the relative sensitivity of accounting measure to managerial payment would be decreasing. As a result, while contracting the managers pay, the board of the firm needs to consider those significant factors, so as to improve the efficiencies of the governance roles of firm performance measures in managerial payment.
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Weng, Yu-Cheng, and 翁煜珹. "Market Value Added, Economic Value Added and Balanced Scorecard: A Study of Taiwan Bicycle Industry." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/79402829066812106625.
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碩士南台科技大學
企業管理系
100
The role of the bicycle in people’s life changes due to climbing oil price, global warming, and environmental protection and save energy concept. The bicycle is not merely a tool of transportation. It becomes a health-promoting and harmless exercise product. This study mainly explores the correlation between Economic Value Added (EVA) and Balanced Scorecard (BSC) as well as Market Value Added (MVA) in Taiwan bicycle industry. We collect the listed bicycle companies from 2004 to 2010 as the sample. Statistic methods used in this study included descriptive statistics, correlation, VIF test and regression analysis. Regression analysis indicates strong correlation between EVA and business indicator of BSC, which are profit margin and return-on equity. Regression analysis also indicates strong correlation between employee productivity, which is the learning indicator of BSC, and EVA. Therefore the assumption that EVA and BSC are strongly correlated in Taiwan bicycle industry is partially true. Besides, regression analysis indicates strong correlation between employee productivity and MVA, so the assumption that MVA and BSC are strongly correlated in Taiwan bicycle industry is partially true, too. Therefore, as we combined BSC, EVA and MVA, it would benefit the development of energy of Taiwan bicycle industry.
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Min-Chun, Hsieh, and 謝明俊. "EVA (Economic Value Added) as Management Performance Evaluation." Thesis, 1999. http://ndltd.ncl.edu.tw/handle/79768272865136728091.
Full textAbstract:
碩士國立臺灣大學
會計學研究所
88
Thesis Abstract Title of thesis : EVA® (Economic Value Added) as Management Performance Evaluation Name : Hsieh Min-Chun ( also known as David Hsieh ) Advisor : Taychang Wang Graduate date : December, 1999 Due to rapid changes in economic and information technology and how to create more powerful of competitive advantages within companies becomes the key issue. The environmental trends such as global expansion, customization and diversification, resulting in the dynamic driving the appearance of new forms, appears to be a transformation from command and control to decentralization of world-wide strategic business operating units based organization. Agency problems always exist whenever shareholders decide to delegate authorities to the managers of all business operating units, which are caused by the information asymmetry and/or moral hazard problem between the principal and the agent. Implementing EVA® as a way to evaluate management performance ( residual income method) can motivate the managers to take actions that maximize the value of the firm to the shareholders. The main purpose of this research is to direct managers'' attention in the idea behind the EVA® approach. The EVA® approach emphasizes the requirement to earn sufficient return on all capital employed and creates a new focus on minimizing the capital tied to operations. The findings from the empirical study of three local public listing corporations and one case study on a subsidiary of international pharmaceutical corporation can be summarized as follows: 1)Linking ABC to EVA® as operating improvement analysis. Annual budget planning can be provided by customers, channels or countries for all strategic operating units so-called profit centers which should be based on the main cost driven activities to allocate operating expenses and the subject to capital employed to products; in order to enhance the innovation improvement. 2)Linking the operating results as managers’ incentive bonus plan. Link all strategic operating units with the annual operation actual results to compute all SBU EVA® value as the incentive bonus plan which can reduce the agency costs. 3)Divest non-value-added assets. In case a SBU''s EVA® value is negative, management should consider its divestiture. Some of the international investment pharmaceutical plants in Taiwan have been divested and transferred into Mainland China or South Asia countries since 1980. 4)EVA® as new products launching bechmark. While the new products are launched, a lot of promotional campaign expenses or commissions.. etc will incur gradually. If the new product can not gain a positive EVA® ; reevaluating the sales policy or terminating this product is needed within the specific period. 5)EVA® as an appropriately capital structure indictor. Stock dividend is often used to signal operating results to the shareholders in the Taiwan’s stock market. But the stock price will drop dramatically if the increase in earnings per share is slower than the increase in outstanding shares. EVA® helps the management, employees to understand the cost of equity capital which can be helpful for the manager to decide how the fund portfolio investment or loans perform. This can also help to adjust capital structure accordingly to reduce cost of capital and risk management. 6)EVA® as firm value evaluation. The empirical study of three local public listing corporations (i.e. Formosa Plastic Co., Taiwan Semiconductor manufacturing Co., Ltd. And U Lee Co.,) sample data collected from 1994 to Jun.,1999 found their annual EVA® have closely co-move with their own stock market value ( i.e. MVA it’s market value added) respectively. 7)EVA® as acquisition of firm value evaluation. EVA® formula concept can be used to evaluate the acquisition value of an target when the synergy generated is greater than the cost of capital investment, i.e. one has a so-called successful deal.
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Lu, Wan Ju, and 呂婉如. "Relationship of Economic Value Added, Market Value Added and Stock Returns in Iron and Steel Industry." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/04209521076148007990.
Full textAbstract:
碩士大葉大學
事業經營研究所碩士在職專班
95
In this study, Economic Value Added (EVA) and the traditional performance indexes (ROA, ROE and EPS) were applied to evaluate Market Value Added (MVA) and Stock Returns of the iron and steel industry stocks listed on the Taiwan Stock Exchange. The target research period is from 1997 to 2006. The EVA were used to identify whether it is appropriate for the iron and steel industry and to identify whether it is a better measurement than the traditional performance indexes in explaining Market Valued Added and Stock Returns. The results of these empirical analyses are summarized as follows: 1. Economic Value Added is proved to be highly related and explainable with Market Value Added for the traditional iron and steel industry in Taiwan. 2. The results also show that Economic Value Added explains Market Value Added better than the traditional performance indexes. 3. Economic Value Added is not related and can not explain the Stock Returns. 4. Economic Value Added can not explain Stock Returns as powerful as the traditional performance indexes.
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Du, Plessis Henri Johan. "Economic value added as a measure of corporate excellence." Thesis, 2011. http://hdl.handle.net/10210/4111.
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Shen, Chia-Ling, and 沈佳玲. "The Study of Economic Value Added of Taiwan Electronic Industry." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/62158146614646078525.
Full textAbstract:
碩士國立臺北大學
會計學系
90
With the coming of the knowledge-based economy era, the value of an enterprise as perceived by the market is no longer restricted to those tangible assets it possesses; rather, the value of an enterprise is more closely related to other intangible assets such as goodwill, research and development, human resources, management teams and other factors. As a result, the traditional book-value method tends to misrepresent the real value of an enterprise. As the market changes how it measures the real value of an enterprise, a new valuation method, Economic Value Added (EVA), is becoming more and more popular. The empirical results of the study are as follows: 1.Since accrual basis is cash basis adjusted for accrual items and EVA is accrual basis adjusted for cost of capital and equity equivalents, EVA based indices are presumably more informative than are the accrual and cash based indices in explaining the contemporary market value (MA) of an enterprise. However, the study shows that the EVA indices are no better than those under cash basis. 2.The study also tries to find out, whether EVA based indices are more informative than are those under accrual and cash basis in explaining the contemporary market value added (MVA) of an enterprise and to probe the extent to which EVA variables can explain changes in the MVA. Results of empirical study, however, show that the cash basis indices are actually more coefficient correlated to the contemporary market value added of an enterprise than are EVA indices. 3.Since EVA can extend to current operational value (COV) and future growth value (FGV), the study also discusses relationships between COV and FGV respectively, and current operational value, future growth value, extra-return rate, board of directors compensation and employee bonus. The empirical results show that, for COV, its correlation coefficients with extra-return rate, board director compensation, and employee bonus are all positive. Whereas for FGV, only with employee bonus does it have a positive correlation coefficient. 4.Further, if we consider X axis as current operational value and Y axis as future growth value, we can distinguish all samples into 4 such separate categories as super star stocks, glamour stocks, unpopular stocks, and traditional electronic stocks. The empirical results show that both COV and FGA have positive correlation coefficients with stock prices.
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LIAO, SHANG-ZHEN, and 廖上瑧. "Simulating Economic Value Added on Experience Type of Urban Agriculture." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/zy9vqd.
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碩士朝陽科技大學
景觀及都市設計系
107
Urban Agriculture is an emerging industry that people pay more and more attention to, and it’s from the popular issues such as World Food Crisis, Food Safety and the shortage of Farmland in recent years. Traditional Agriculture focuses on improving the quality of production to increase income, but Urban Agriculture emphasizes marketing, life, ecologic equilibrium and Experience Value from users, to estimate its Economic Value Added. The study collate the tangible and intangible value factors of Urban Agriculture, and evaluate the real benefits of Urban Agriculture with quantitative data. As a consequence, operators can realize Economic Value Added arising from Urban Agriculture as the foundation to enhance the possibility of the development of Urban Agriculture. Through documentary analysis, empirical analysis and Economic Value Added to explore Economic Value Added assessment factors produced by Experiential Urban Agriculture. Qualitative factors include the value of land sustainable use and the value of agricultural production; quantitative factors contain the value of farmers’ knowledge and the value of recreational activities. The study discussed the impact of Experiential Marketing on the post-structural factors of Urban Agriculture first, established the application of Experiential Marketing to the Economic Value Added evaluation framework of Urban Agricultural Economy, and did financial estimation by empirical base data. The final section of this paper addressed ways of results used as Experiential Marketing to evaluate the added value financial performance of Urban Agricultural Economy. Through field verification, the net present value of 5 years of general urban agricultural Investment and development operation is $824,230, the internal rate of return is negative value , and the capital cost of investment can’t be recovered. The net present value of 5 years of experience-oriented Urban Agricultural investment and development operation is $238,060, the internal rate of return is 38%, and by the repayment period to calculate the based recovery period estimated in the 3rd year to invest in the funds and accumulated cash flow to reach balance, based on the results of the net present value assessment criteria, showing the use of Experiential Marketing as a marketing tool in the based financial performance evaluation results for the investment feasible scheme. It shows that Urban Agriculture after the implementation of Experiential Marketing can not only supplement the losses of general Urban Agriculture but also enhance its Economic Value Added, so the net present value of Experiential Marketing after Urban Agriculture should be taken into account in the calculation of the losses of general Urban Agricultural operations, and the net present value of its investment development and operation for 5 years should be $1,062,290.
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Wang, Zei-Hong, and 王智弘. "Estimate Enterprise’s Performance after Capital Reduction based on Economic Value Added and Market Value Added – The Case of Electronic Industry." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/45338300909877969914.
Full textAbstract:
碩士南台科技大學
企業管理系
97
Formosa International Hotels changes the negative impression of Capital reduction for Investors successfully due to returning shares to investors via Cash capital reduction in 2002 and 2006 respectively. Meanwhile, it led a trend of Capital reduction at domestic stock market in 2006. Some of well-known businesses, including LiteOn, UMC, CHT(Chunghwa Telecom)…etc, followed up on Cash capital reduction. Make an overview on the relative references for domestic capital reduction, most of all focus on the short-term abnormal return around the announcement date; therefore, it is unable to discuss the long-term operating performance deeper. This study utilized research samples based on the listed electronics industries of announcing capital reduction by corporate laws from 2005 to 2007 as well as the Economic Value Added and Market Value Added for performance indicators to probe the company performance and enterprise value for Announced Capital Reduction and Formal Capital Reduction. Conclusion：Capital reduction by corporate laws , has not been able to promote the enterprise relatively long-term management achievements and the enterprise value effectively. By way of Multiple Regression Analysis knowing, Economy Value Added and Market Value Added for the enterprise of capital reduction still had highly the relevance.