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1
Mgobhozi, Mzamo Rodney. "Financial performance implications of capital budgeting practices in the manufacturing sector." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/23257.
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Capital budgeting is one of the most crucial organisational tools for executing operational, business and corporate strategy. Manufacturing companies derive their profits from fixed assets that also deteriorate over time. This requires them to invest large amounts of capital to both maintain and expand their asset base. A number of studies both historic and recent produce conflicting results on the relationship between capital budgeting practices and financial performance.This study sets out to identify the current capital budgeting practices in the manufacturing/capital intensive companies operating in the South African environment, and determine the relationship between the financial performance and capital budgeting practices. The implications of the type of capital expenditure (i.e. maintenance and expansionary) are also discussed.The study was completed using primary and secondary data. Primary data consisted of capital budgeting practices data in some of the private and state-owned enterprises that was source using a survey questionnaire. The secondary data was sourced from financial statements on the McGregor BFA® database.The major finding of this research study was that, given the sufficient sub-sector analysis, there is a positive relationship between capital budgeting practices and financial performance. There were no specific individual practices that yielded significantly returns.Dissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted
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Mcleod, Michelle. "Does environmental performance predict financial performance? A South African perspective." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/80774.
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Thesis (MBA)--Stellenbosch University, 2011.Corporate environmental responsibility has engaged the attention of academics, practitioners and environmentalists for some time, creating pressure for companies to conduct business in an environmentally greener manner. To find economic support for such conduct by South African companies, this study aims to investigate whether superior environmental performance by South African listed companies leads to superior financial performance. A review of related literature identified significant diversity in research approach and methodology as well as environmental and financial performance measures employed and therefore also in the results obtained. Given the continuing emergence of climate change as a material issue for business, this study utilised South African Carbon Disclosure Leadership Index (CDLI SA) ratings as proxy for South African companies’ environmental performance. The infancy of the Carbon Disclosure Project in South Africa does result in some data limitations which necessitated a portfolio approach to address the research question. This approach, however, prevented explicit consideration or judgement on the direction of causality between environmental and financial variables. The environmental performance data limitations and the resulting need for some assumptions resulted in this study being explorative in nature. Using CDLI SA ratings as distinguishing environmental performance characteristic, industrymatching, mutually-exclusive stock portfolios were constructed. Relative portfolio performance was measured with reference to the Sharpe and Treynor ratios and a simple statistical test. Considering the three years 2008 to 2010, the Sharpe and Treynor ratios for Environmental Leaders and Laggards portfolios did not clearly identify either Environmental Leaders or Environmental Laggards as superior financial performers and results also varied across industries. There appears to be some trend emerging which sees Environmental Leaders outperforming Environmental Laggards in more recent years for some industries, however, the short time frame under consideration provided insufficient support for such conclusion. Statistical means testing concluded that the mean returns of Environmental Leaders and Environmental Laggards are similar. Sensitivity analysis performed on the Financials sector indicated that the Sharpe and Treynor ratios are sensitive to portfolio construction. Despite this sensitivity, statistical means testing consistently found little evidence to infer that the mean returns of Environmental Leaders portfolios are either higher or lower than that of Environmental Laggards portfolios. It is suggested that the similar performance of the Environmental Leaders and Environmental Laggards portfolios may be attributed to the use of an environmental performance measure unable to sufficiently distinguish between environmental leaders and environmental laggards. Another interpretation of the results could be that investors consider disclosure-based environmental performance measures as unreliable, or less reliable as compared with outcome-based or combined measures. Finally, it may be that investors’ expectations have not yet been adjusted to reflect the fact that climate change constitutes a materiality issue for business in the long run, which will require companies to actively manage carbon risks. Although there exists voluminous international research on the topic of this study, South African research in this regard is restricted. This study adds to the existing body of South African specific research, but is only explorative in nature; therefore areas for future research have been recommended.
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Seaton, Hugh Van. "The Financial Implications and Organizational Cultural Perceptions of Implementing a Performance Management System in a Government Enterprise." UNF Digital Commons, 2007. http://digitalcommons.unf.edu/etd/23.
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Successful organizations continually seek ways to improve productivity, reduce and control costs, and increase efficiency. Governmental entities also are driven by the need for increased efficiency and accountability in public service for their constituents.There is a continuing need for better tools and a number of government entities have turned to performance management systems due to their promise of improvement in various areas of productivity and accountability. This research focused on one such system, Six Sigma, which has recently experienced widespread adoption in industry in the United States, internationally, and in some government organizations. In this study Six Sigma was compared and contrasted with several performance management systems, and its effects and organizational cultural impacts on one organization were examined.The study investigated the financial implications and perceptions of organizational cultural change resulting from the Six Sigma system implementation in a large government enterprise. The first part of the study used the organization’s published financial information from 1997 through 2006 to determine whether there was a tangible financial benefit of implementing Six Sigma. The analysis indicated that the financial implications were statistically significant and quantified them as material and relevant to the organization’s two major business units.The second component of the research explored differences in organizational culture and attitudes among and between selected employee groups through the use of interviews and a survey instrument. Interviews were also conducted with a purposive sample of the executives who were involved in the decisions to implement Six Sigma. The Organizational Culture Inventory© and Organizational Effectiveness Inventory™ survey instruments were used to measure the organizational culture perceptions of the employee groups. Discriminant function analysis results suggested that the various groups shared a common organizational culture, which supports the null hypothesis that there were no differences in the organizational cultural perceptions among the organizational groups investigated.
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Discala, Althea Cordelia. "Performance of enterprise development funds backed by financial institutions in South Africa : lessons learnt in impact investing." Diss., University of Pretoria, 2015. http://hdl.handle.net/2263/52377.
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Enterprise Development (ED) is a worldwide concept which refers to the development of Enterprises. ED in SA includes the provision of financial and non-financial support to SMEs. The purpose of this research study is to gain an in-depth understanding of the performance of Financial Institution ED in SA as it relates to Impact Investing, the main focus being the funding of SMEs in SA by Financial Institutions. The key to reducing unemployment and poverty globally is through the creation and sustainability of small businesses which require funding to grow and develop.
The research scope covers Financial Institution ED Funding in SA which includes Commercial Banks, Development Finance Institutions, Insurance Companies, Fund Managers and Specialist Risk finance companies. Government alone cannot solve social problems and private capital from institutions needs to be playing a bigger role in solving social problems.
This research study is exploratory and qualitative in nature. The focus of the study is to obtain in-depth insights from ED funders. Qualitative data was gathered during the research process by interviewing participants from eleven (11) Financial Institution ED Funds in SA.Mini-disseration (MBA)--University of Pretoria, 2015.
nk2016
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
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Pacheco, Paredes Angel Arturo. "The Association of Real Earnings Management with: Enterprise Resource Planning Systems, Audit Effort, and Future Financial Performance." FIU Digital Commons, 2016. http://digitalcommons.fiu.edu/etd/2624.
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Emerging research on real earnings management [REM] has expressed the concern that firms deviating from normal business practices may endure a negative impact on future cash flows and performance. This dissertation (in three essays) investigates the phenomenon of real earnings management in its association with: 1) enterprise resource planning systems [ERPs]; 2) audit report lags [ARLs]; and 3) future firm performance. In the first investigation I hypothesize that the increased monitoring associated with the implementation of an ERP will result in a decline in REM. In the second investigation I hypothesize that higher levels of REM will evoke greater auditor scrutiny and be associated with longer ARLs. In the third investigation I hypothesize that managerial actions that would ordinarily be classified as REM: reductions in discretionary expenditures or overproduction, are not REM but indicative of enhanced efficiencies when found in concert with prior period restructurings or expected future sales growth respectively. In each of the three investigations, my hypotheses are confirmed.
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Burbank, Kershaw. "Non-governmental organisations and small enterprise development in Kenya : the impact of corporate values on NGO financial performance." Thesis, University of East Anglia, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.389274.
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Tekin, Ilknur Mary Joy Nirmala. "Green Index: Integration of Environmental Performance, Green Innovativeness and Financial Performance." PDXScholar, 2014. http://pdxscholar.library.pdx.edu/open_access_etds/1815.
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The integration of sustainability performance of companies is becoming increasingly important. The recent global requirements (i.e. the Kyoto Protocol) for significant reduction of the negative impact of companies on the environment over the next 6 years have been putting pressure on the companies, requiring them to lower the negative environmental impact of market performance. This requirement challenges the profitable growth of the companies' business functions, given the change needed for business operations to improve on their environmental impact.
In this dissertation a new corporate sustainability performance index, called: The Green Index, for measuring and assessing the integrated sustainability performance of companies is developed. The Green Index integrates Environmental Performance, Green Innovativeness and Financial Performance, by quantifying the expert opinions toward their integration. Development of the Green Index is a holistic approach in defining and measuring "green" performance for companies, integrated into their market performance. Green Index, for the first time in the literature, introduces Green Innovativeness in defining and measuring Green Performance of companies, in integration with Environmental and Financial Performance.
In the literature and business practices, there are various sustainability indices used, and methodological approaches in measuring corporate sustainability performance with more than hundred performance indicators. The Green Index, uniquely refers to the collective expert opinion of management researchers, executive managers of corporations, high-tech companies' R&D managers, financial managers, corporate social responsibility managers, in defining a shorter list of 29 performance measures under the three core performance dimensions. Hierarchical Decision Modeling is used for the development of Green Index based on experts' collective decisions. At the next level, desirability levels for each one of the 29 performance measures are scaled by a group of angel investors and investors. And their collective desirability quantifications are used toward the application of the Green Index to quantify the Green Index value for a set of scenario analyses for alternative company performance states.
Green Index fills a major gap in the scholarly literature and business practices. It meets the needs prioritized in the near future strategy of World Business Council on Sustainable Development (WBCSD) towards development of new performance metrics and business models for industries that are financially successful while innovating with green products as they are reducing their negative environmental impact (WBCSD Annual Report 2010, 2011).
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Tomás, Rafael da Fonseca. "Export intensity and financial performance of Portuguese Small and Medium Enterprises (SME)." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/8723.
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Mestrado em FinançasO objectivo desta investigação é estudar a intensidade exportadora das Pequenas e Médias Empresas (PME) em Portugal. A relação entre a intensidade exportadora e o desempenho financeiro é analisado em detalhe. A análise empírica é baseada na amostra das PME da indústria transformadora obtida através dos dados contabilísticos do Sistema de Contas Integradas das Empresas (SCIE). São analisados dois modelos de intensidade exportadora das PME, linear e probit, tendo em conta dois tipos de variáveis dependentes: (i) a percentagem das vendas no mercado externo (considerando-se; e (ii) uma variável binária que mede a predominância exportadora (valor 1 para percentagens de vendas externas superiores a 50%). Como variáveis explicativas foram testadas variáveis relacionadas com as características das empresas (por exemplo, dimensão, nível tecnológico, custos salariais) e com o desempenho financeiro (por exemplo, endividamento, autonomia financeira). Os resultados são mistos dependendo do modelo e da amostra estudada, no entanto, no geral, o retorno sobre os activos, a produtividade, o resultado líquido e o rácio da dívida têm uma relação positiva com a intensidade exportadora. A dimensão e o nível tecnológico também têm um impacto positivo. O salário médio por trabalhador tem um efeito negativo na intensidade exportadora, sugerindo uma competitividade internacional baseada nos custos.
The purpose of this investigation is to explain the export intensity of Small and Medium Enterprises (SME) in Portugal. The relation between export intensity and financial performance is analyzed in detail. The empirical analysis is based on a sample of SME firms from the manufacturing sector obtained from the firm-level accounting data Sistema de Contas Integradas das Empresas (SCIE). Two models of export intensity of SMEs are analyzed, linear and probit, considering two kinds of dependent variables: (i) the percentage of foreign sales (considering; and (ii) a binary variable that measures the predominance (value 1 for percentages of foreign sales higher than 50%). As explanatory variables are tested variables related to company characteristics (e.g. size, technological level, wage costs) and to financial performance (e.g. debt, financial autonomy). Results are mixed depending on the model or sample studied, however, in general, return on assets, productivity, net result and debt-to-equity ratio have a positive relationship with the export intensity. Size and technological level also impacted positively. Average wage has a negative effect on export intensity, suggesting an international competitiveness based on costs.
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Carrera, Junior José Marcos. "State ownership and Brazilian multinational enterprises: degree of internationalization and financial performance." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/24473.
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State-owned enterprises (SOEs) are a mechanism adopted by emerging countries to fulfill the need for investment in specific areas. Under import substitution industrialization (ISI) policy marked by state intervention in the economy, SOEs and national private companies became protected from foreign competition and enjoyed great market power. However, economic shocks during the 1970s and 1980s, along with the growing inefficiency of these enterprises due to agency problems, led to losses. During the 1990s, Latin-American countries opened their economy and undertook privatization programs. However, since strong national companies may be useful for the State because they control strategic resources, and in order to maintain national sovereignty by preventing the acquisition of SOEs by foreign investors, the Brazilian State kept a minority equity stake in these companies. In addition, the Brazilian State also invested in some companies to make them globally competitive ("national champions"), while also holding minority equity stakes to avoid their acquisition by foreigners. We argue that the government has not abandoned its previous policy of intervention in the economy, instead, it has adapted it to new circumstances. We evaluate the influence of state ownership on the companies’ degree of internationalization and performance. SOEs may perform worse than privately controlled firms because of agency problems, while government as a minority shareholder can assist firms by providing financial and political resources. Analyzing a panel of non-financial listed companies in Brazil between 2002 and 2016, we found that the higher the state ownership by means of pension funds and BNDES, the higher the degree of internationalization measured by the foreign sales to total sales ratio. The degree of internationalization was even higher when the government was the minority shareholder of family-controlled companies. Analyzing the impact of state ownership on firm-level financial performance, we found that firms in which the government was one of the shareholders did not underperform in comparison to privately controlled firms before the Brazilian crisis of 2014- 2016 crisis. However, during the crisis, when government support decreased, we verified that the relation between majority state ownership and financial performance measured by the return on assets (ROA) and Tobin’s Q was negative. Although negative, there was no statistically significant effect of minority state ownership. Our study suggests the need for governmentinvested enterprises to develop skills to perform well when they cannot rely on government assistance. Furthermore, the degree of internationalization did not soften the effects of the crisis on the firm-level financial performance, which may indicate that the domestic institutional environment has a strong influence on the performance of Brazilian companies.
Empresas públicas são um mecanismo adotado por países emergentes para suprir a necessidade de investimento em áreas específicas. Na política de industrialização por substituição de importações marcada pela intervenção do Estado na economia, protegidas da competição estrangeira, empresas públicas e privadas nacionais usufruíam de amplo poder de mercado. Entretanto, choques econômicos das décadas de 70 e 80, associados à crescente ineficiência destas empresas devido a problemas de agência, geraram perdas. Durante a década de 90, os países latino-americanos, abriram sua economia e adotaram programas de privatizações. Empresas nacionais fortes podem ser úteis ao Estado por controlarem recursos estratégicos, e visando manter a soberania nacional, para evitar que as empresas públicas fossem adquiridas por investidores estrangeiros, e para continuar mantendo influência sobre sua gestão, o Estado brasileiro manteve uma participação acionária minoritária. Além disso, o governo brasileiro investiu em algumas empresas para torná-las competitivas globalmente (“campeãs nacionais”), mantendo também participação minoritária para evitar sua aquisição por estrangeiros e manter influência sobre elas. Argumentamos que o governo não abandonou sua política de intervenção na economia, apenas a adaptou à novas circunstâncias. Empresas públicas podem performar pior do que empresas privadas devido a problemas de agência, ao passo que o governo como acionista minoritário pode auxiliar as empresas ao prover recursos financeiros e políticos. Desta forma, avaliamos a influência da propriedade do Estado sobre o grau de internacionalização e desempenho financeiro das empresas. Analisando um painel de companhias não financeiras listadas entre 2002 e 2016, verificamos que quanto maior o nível de participação do governo brasileiro na propriedade, principalmente por meio de fundos de pensão e BNDES, maior o grau de internacionalização medido pela razão entre as vendas no mercado externo e vendas totais. O grau de internacionalização foi ainda maior quando o governo foi o acionista minoritário de empresas controladas por famílias. Ao analisar o impacto da propriedade estatal na performance financeira das empresas, verificamos que embora antes da crise brasileira de 2014-2016 as empresas que tinham o governo como acionista não tiveram um desempenho pior do que empresa privadas, durante a crise, quando o suporte governamental diminuiu, a relação entre participação majoritária do estado e desempenho foi fortemente negativa, ao passo que embora negativo, não houve efeito estatisticamente significativo da participação minoritária, evidenciando a necessidade das empresas investidas pelo governo em criarem competências para performarem bem mesmo sem o apoio estatal. O grau de internacionalização não amenizou os efeitos da crise para as empresas analisadas, o que pode indicar que o ambiente institucional do país de origem tem forte peso no desempenho das empresas.
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Bonney, Solomon. "Strategies to Improve the Financial Performance of State-Owned Enterprises in Ghana." ScholarWorks, 2015. https://scholarworks.waldenu.edu/dissertations/1773.
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Abstract
The deteriorating financial performance of state-owned enterprises (SOEs) has been an increasing concern for the government of Ghana. The contributions of SOEs to the gross domestic product (GDP) of the Ghanaian economy have declined, leading to the loss of job opportunities because of the unprofitability and rising debt levels. SOE managers need to adopt strategies to improve the financial performance of their organizations so they can contribute to the GDP and generate employment opportunities. Government, SOE management, and employees will benefit from profitable and sustainable SOEs that have the ability to contribute to the national development agenda. The purpose of this single-case study was to explore strategies Ghanaian SOE managers may use to improve financial performance and reverse unprofitability and unsustainability of SOEs. Transformational leadership theory was used to guide this study. Data were collected through semistructured interviews with 10 Ghanaian SOE managers and SOE documents. Analysis of data generated themes, which included performance management strategies, hindrances to financial improvement, leadership strategies, and core business strategies. By implementing strategies reported by participants, SOE managers may improve the financial performance of SOEs and contribute to the GDP growth of the Ghanaian economy. Findings may be used to promote growth and sustainability of Ghanaian SOEs and thereby increase employment opportunities to improve the social conditions of unemployed youths.
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Monkhouse, Elaine. "The use of non-financial performance measures in small and medium sized enterprises." Thesis, Leeds Beckett University, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.261190.
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Kobo, Kgabo Lynn. "An evaluation of the relationship between corporate social investment and financial performance." Thesis, University of Limpopo, 2016. http://hdl.handle.net/10386/2524.
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Thesis (MBA.) -- Unversity of Limpopo, 2016The researcher using Quantitative process is aimed to appraise Corporate Social Investment (CSI) in relation to Corporate Financial Performance (CFP). This research addressed theoretical paradigms of CSI, leadership strategies applied to implement CSI and stakeholder theory is presented. The study area was Johannesburg Stock Exchange FTSE/JSE Responsible Investment Index. The top 35 recorded companies were chosen, and then from top 35, only 5 companies were used (25 observations). Data from 2011 to 2015 were obtained from audited integrated financial statements, websites, publications and annual reports. CSI indexes and financial presentation measures of companies were taken from the annual reports to be analysed using simple regression equation to examine the link between corporate social investments to company’s fiscal presentation. This study revealed a strong positive linkage among company’s social investment strategy implementation and share price, turnover, and return on equity. Companies that implemented social investment strategy noticed increase in profit because of factors such customer awareness, good firm reputation and competitive advantage.
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Hammady, Brho Mazen. "Supply Chain Finance: Developing a Weighted Cash Conversion Cycle to Proxy Corporate Financial Performance." Thesis, University of North Texas, 2018. https://digital.library.unt.edu/ark:/67531/metadc1248432/.
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The objective of this three-essay dissertation are to develop a weighted cash conversion cycle (CCC_EVA) and empirically investigate its commensurability of corporate financial performance. Essay 1, titled "Supply Chain Finance: Developing a Weighted Cash Conversion Cycle to Proxy Operations Liquidity", presents the development and supporting empirical evidence of CCC_EVA measurability of operations liquidity. This essay shows the processes of scaling capital intensity and financing cost into time intervals captured by the traditional metric. Specifically, this essay investigates how accurately CCC_EVA indexes operations liquidity captured working capital, operational cash flow-to-modified working capital ratio, and quick ratio. The sample used in this essay consists of 4,333 firm-year observations of publicly traded industry classified firms listed on the U.S. exchange markets. The results of the empirical testing have statistically supported the essay hypotheses, that is CCC_EVA is a more accurate proxy of operations liquidity in comparison to the traditional metric (CCC_D).
Essay 2, titled "Supply Chain Finance: Weighted Cash Conversion Cycle and Corporate Finance", expands the first essay findings by accounting for well-known financial measurements. Specifically, this essay examines the relations between CCC_EVA and operations liquidity and leverage, Market value, operating profitably and growth, and long-term asset management efficiency. This essay paper has used a sample of 24,127 firm-year observations of publicly traded firms listed on U.S. exchange markets from 1994 to 2016. The results support and extend the previous findings, that is CCC_EVA is a robust proxy of operations liquidity and can enhance its resiliency; maximize market value of corporate equity and debt; identify strategies to improve corporate profitability and credibility.
Essay 3, titled "Supply Chain Finance: An Advanced Weighted Cash Conversion Cycle", advances the accuracy of CCC_EVA by differentiating between cash and credit forms of corporate sales and purchase transactions, and introducing operational cash flow into CCC_EVA. The advanced metric allows differences in inventory carrying cost and capital costs to be sources of the economic value added (EVA). Within a longitudinal case-based approach, the results show that the advanced metric is a potential decision tool to leverage on supply chain diversity and capitalize on its relation dynamics. Specifically, the implantation of the advanced metric can minimize the overall SC weighted average cost of capital (WACC) and its inventory carry cost (ICC); boost EVA of SC activities; and hedge liquidity risk.
This three-essay dissertation has addressed the academic skepticism about CCC_D‘s commensurability by developing an advanced weighted metric (CCC_EVA) that accounts for capital intensity and financing cost. The three essays provide evidence of CCC_EVA testability and its adequacy of presenting corporate financial performance. The findings of this dissertation contribute to both industry and academia. Industry practitioners can implement CCC_EVA as a strategic decision instrument to balance SC liquidity distribution and resilience; hedge default risk of hidden deep-tier SC partners; increase overall SC profitability and creditability; boost equity value; and reveal existing opportunities of SC's EVA sources. Academically, these three essays initiate a fundamental and much-needed step for scholars to advance a systematically published metric, which can contribute to the implications, innovations, and knowledge of the SCF domain.
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Namwandi, Helmut. "Financial statement analysis as a tool in evaluating the performance on Namibian small and medium-sized enterprises." Thesis, Nelson Mandela Metropolitan University, 2016. http://hdl.handle.net/10948/12480.
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Literature on financial statement analysis has been documented by various authors on how the performances of organisations can be measured using financial statement analysis as a tool. Most of the literature focused on what has been written in relating to organisations which are listed on the stock exchange. However, the same principles which are applied in evaluating the performance of large organisations can equally be applied to any organisation; this includes small and medium-sized enterprises operating in Namibia. Despite the fact that financial statement analysis is an important tool for evaluating the performance of organisations, no previous literature was found pertaining to the evaluation of the performance of Namibian small and medium-sized enterprises using this tool. This research will attempt to identify how management of Namibian small and medium-sized enterprises can effectively make use of financial statement analysis as a tool in evaluating the performance of the organisations in order to make correct strategic decisions that will benefit the SMEs.
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Koh, Charlie Tai-Joo. "Ownership structure, corporate goverance and financial performance of public listed companies in Singapore." UWA Business School, 2009. http://theses.library.uwa.edu.au/adt-WU2010.0063.
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The object of this empirical study is to clarify, consolidate and build on various conflicting research findings on the relationships among ownership structure, corporate governance, and corporate performance using data from 149 Singapore public listed companies. This study contributes to our understanding of these relationships by examining the total continuum of ultimate ownership structures measured by control rights within a single economic and legal research context and various performance measures. Adapting the approach advocated by Agrawal and Knoeber (1996), the seven governance control variables used in this study are self monitoring by the inside manager-shareholder, monitorings by outside blockholders, institutional investors, government shareholders, independent directors, market for CEO, and bank and financial institutions. This study firstly shows an interesting pattern of interrelationships among the corporate governance mechanisms which evolve so as to minimise systemic agency costs if the corporation has in place an optimal mix of the governance control mechanisms. The more general pattern of the interrelationship is that of substitution while the two special cases of complementary interdependence exist.
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SzymanÌski, Andrzej. "An analysis of variation in the financial performance of enterprises in the Polish food processing industry." Thesis, University of Newcastle Upon Tyne, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.430641.
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Mhembere, Mike. "The relationship between financial literacy, entrepreneurial leadership and entrepreneurial performance of small, medium and micro-enterprises." Diss., University of Pretoria, 2020. http://hdl.handle.net/2263/79616.
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The major aim of this study was to analyse the relationship between financial literacy,
entrepreneurial leadership and entrepreneurial performance of small, medium and
micro-enterprises. A simple random sampling approach was employed in conducting
survey primary data collection using a self-administered structured questionnaire
developed based on a 5-point Likert scale. Sample data collected from two-hundred
and five respondents was first tested for construct validity and scale reliability using
Keiser-Meyer-Olkin measure of sampling adequacy and Cronbach’s alpha criteria,
respectively. Results indicate that the questionnaire’s items passed construct validity
and scale reliability requirements. Exploratory factor analysis and confirmatory factor
analysis were conducted to evaluate total variances explained, factor structures and
associations between observed variables and latent factors using the Statistical
Package for Social Sciences 24 software. Results show that no observed variables
exhibited complex structures, and significant amounts of variances in observed
variables were explained by the analogous constructs. Results obtained from the
structural equation model estimated using Stata 14 software show presence of
significant positive relationship between financial literacy, entrepreneurial leadership
and entrepreneurial performance. Results from the estimated generalised structural
equation model indicate that entrepreneurial leadership moderates the relationship
between financial literacy and entrepreneurial performance of small, medium and
micro-enterprises.Mini Dissertation (MBA)--University of Pretoria, 2020.
pt2021
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
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Silwana, Hlumela Zukiswa. "The influence of people-centred leadership styles on owners's job satisfation and perceived financial performance : an SME perspective." Thesis, Nelson Mandela Metropolitan University, 2015. http://hdl.handle.net/10948/d1018511.
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It is well supported in the literature that a positive relationship exists between effective leadership and business success. Given the importance of SMEs in South Africa, their large numbers, and the extent to which they positively influence the economy of the country, it is important to study leadership behaviour in the context of small and medium-sized businesses in an attempt to reduce their high failure rates. More specifically a need has been identified to research, develop, and implement more ethical and relational leadership styles among business owners. The focus of this study is therefore on several people-centred leadership styles, and their influence on selected outcomes among the owners of small and medium-sized businesses. Against this background, the primary objective is to assess the level of Servant, Authentic, Ethical and Participative leadership exhibited by SME owners in the Eastern Cape, and to establish whether exhibiting these people-centred leadership styles influences their Job satisfaction and the Perceived financial performance of their businesses. A quantitative research paradigm was adopted for this study. More specifically, an explanatory and descriptive study of a cross-sectional nature was undertaken. A comprehensive literature study was conducted using existing secondary sources. The primary data collection procedures involved selecting the population, the sample, and the sampling method, as well as the sample size for the study. For the purpose of this study, the population consisted of all small and medium-sized business owners operating businesses within the boundaries of the Eastern Cape Province. A sample of 500 of these businesses was selected by means of convenience sampling. In total 246 usable questionnaires were returned, on which to undertake the statistical analyses. A survey was undertaken, and a structured, self-administered questionnaire was used to gather the necessary data. The scales for measuring the constructs under investigation were developed based on previous research. To assess the validity of the scales measuring the constructs in this study, an exploratory factor analysis was undertaken, and its reliability was tested by calculating Cronbach’s alpha coefficients. Statistical analysis included descriptive statistics, Pearson’s product moment correlation, regression analyses (simple and multiple) and analyses of variance. Five usable factors were extracted from the exploratory factor analysis; these corresponded with the theoretical dimensions of Participative leadership, Perceived financial performance, Ethical leadership, Servant leadership, and Job satisfaction. The items measuring Authentic leadership did not load as expected, and this construct was thus no longer included in empirical testing in this study. Satisfactory evidence of validity and reliability were provided for the other factors extracted. The independent variables reported mean scores of between 3.760 and 4.548, with the majority of respondents agreeing with the statements measuring these leadership styles. The dependent variables Job satisfaction and Perceived financial performance returned mean scores of 4.508 and 3.962 respectively, with the majority of the respondents agreeing with the statements measuring these factors. All the independent variables (Servant leadership, Ethical leadership and Participative leadership) reported significant and positive relationships with each another. The correlation between the dependent variables (Perceived financial performance and Job satisfaction) was found to reflect a moderate positive association. Job satisfaction and Perceived financial performance both reported significantly positive associations with all the independent variables. The simple regression analyses undertaken revealed a significant positive linear relationship between Perceived financial performance and Job satisfaction, as well as between Perceived financial performance and the Job satisfaction of SME owners. The multiple regression analysis undertaken revealed that significant positive linear relationships existed between two independent variables, Servant leadership and Ethical leadership, and the dependent variable Job satisfaction. A significant positive linear relationship was also reported between Ethical leadership and Perceived financial performance. No relationships were found between the independent variables Servant leadership and Participative leadership and the dependent variable Perceived financial performance. No relationship was found between the independent variable Participative leadership and the dependent variable Job satisfaction. The analysis of variance results revealed that Gender, Qualification and the Nature of the business exerted a significant influence on Servant leadership. The results also showed that Generation exerted a significant influence on the perceived level of Ethical leadership displayed by the SME owner. In addition, the findings of the present study showed that the demographic variable Nature of the business exerted a significant influence on Participative leadership. Investigating leadership styles among SMEs is a topic of significance and growing interest among researchers. Given the importance of SMEs to the economies of countries, investigating factors that influence their success is vital. The findings of this study showed that by adopting more people-centred leadership styles, the job satisfaction of SME owners was increased, and the financial performance of their businesses improved. It is hoped that the findings of this study will provide SME owners with practical suggestions on how to increase their levels of job satisfaction and the financial performance of their businesses, and that the suggestions for future research will inspire future researchers to further investigate the issue of leadership among SMEs.
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Tsang, Yick-tat, and 曾億達. "Modelling and forecasting the general financial performance of listed construction firms in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2014. http://hdl.handle.net/10722/198814.
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It is well recognised that construction firms encounter risk and are sensitive to trends and volatility in the business environment. Measuring the financial performance of a firm serves as the basis of monitoring and evaluating its management competence, resource allocation and corporate strategy in response to environmental change. Forecasting is paramount in responding to potential problems and perpetuating positive developments that result in sustainable competitiveness. Thus, an enriched understanding and prediction of the financial performance of construction firms are desirable for decision makers and other industry stakeholders. Notwithstanding that, little research attention has been paid to this premise conceptually and empirically. Thus, the overall aim of this study was to model and forecast the general financial performance of Hong Kong construction firms under the dynamic influence of the business environment.
This study involved the application of quantitative modelling using various statistical and econometric techniques. Multidimensional firm financial performance was first approximated using factor analysis based on the financial data of local publicly listed construction firms from 1992 to 2010. The factor model uncovers five common financial factors: liquidity, asset, leverage, profitability and activity. The time trends of these factors display diverse and cyclical patterns with irregular cycle periods.
Autoregressive integrated moving average (ARIMA) models were then constructed based on the Box-Jenkins approach, which provided univariate forecasts of the financial factors. The results reaffirmed that ARIMA models were highly effective in forecasting.
In conjunction with cross-correlation analysis, multiple linear regression (MLR) models were next used to explore the influence of environmental determinants on firm financial performance. The findings identified different sets of significant leading determinants for different financial factors. They further justified the dominance of sectoral factors in the determination of firm performance. Supported by empirical verification, a theoretical framework depicting the relationships between business environment and firm performance was proposed.
In conjunction with cross-correlation analysis, multiple linear regression (MLR) models were next used to explore the influence of environmental determinants on firm financial performance. The findings identified different sets of significant leading determinants for different financial factors. They further justified the dominance of sectoral factors in the determination of firm performance. Supported by empirical verification, a theoretical framework depicting the relationships between business environment and firm performance was proposed.
This study is among the first to apply advanced econometric techniques to develop reliable performance measurement and forecasting models. The results improve the theoretical framework by explaining the dynamic relationships between the financial performance and business environment of construction firms. The empirical findings of the quantitative analysis offer new implications for firms’ financial performance and the significant leading determinants in a local context. The outcomes of this study make seminal contributions to current knowledge and practice.published_or_final_version
Civil Engineering
Doctoral
Doctor of Philosophy
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Seng, Cheaseth, and cheaseth seng@rmit edu au. "Capabilities-strategy match and Board governance: Their impacts on Financial Performance and Accountability-Emphasis of Government Business Enterprises." RMIT University. Accounting and Law, 2009. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20090709.155517.
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The study addresses three research questions posed by the nature of government business enterprises. The three questions are (1) Does the way management (including the board) aligns the development of GBE organisational capabilities and the formulation of strategies have an influence on the financial performance and management's emphasis for discharging accountability requirements of that GBE? (2) Does the extent of adoption of board governance structures have an influence on financial performance and accountability-emphasis given by management of a GBE? (3) Does board composition moderate the relationship between capabilities-strategy configurations and performance of a GBE? The research questions are addressed as follow. First, the study explores the concepts of corporate governance, board governance in particular, strategy, capabilities and accountability in the context of GBEs. Second, the study investigates relationships between GBEs' governance arrangements and performance, on the one hand, and capabilities-strategy match and performance on the other hand. The concept of performance used in this study is separated into financial performance, measured by economic rate of return (ERR) (a government-developed algorithm for GBEs comprising financial accounting and market measures), and accountability-emphasis (ACCBTY) (management's attention to systems and processes used for discharging aspects of accountability). Third, the study investigates the moderating effects of GBEs' board governance arrangements on the relationship between capabilities-strategy match and performance. The findings of the study are as follow. First, the results of a set of multivariate analyses indicate that board governance index (BGI) has a positive and significant relationship with ERR, but has no significant relationship with ACCBTY. At the individual governance mechanism level, the percentages of non-executive directors (NEDs), politically-related directors (PRDs) and financial-literate directors (FLDs) are all strongly and positively related to ERR. These findings are supported by certain prior studies from different contexts. On the ACCBTY side, these specific board governance variables are not found to support a hypothesis that the composition of the board will impact on the GBE's attention to accountability processes. Second, the findings indicate that capabilities-strategy match (CSM) has no significant influence on ERR but has a strong and positive impact on ACCBTY. The results indicate that only the alignment between defender strategic-type and outside-in capabilities has a positive relationship with both ERR and ACCBTY. Other than the defender strategic position, alternative strategy-types will align with capabilities (e.g. prospector strategy and inside-out capabilities) to have a significant positive affect on ACCBTY, but not on ERR. Third, the study finds that GBE's board governance arrangements (BGI) have a positive moderating affect on the relationship between capabilities-strategy match and ERR. However, BGI has no moderating impact on capabilities-strategy match and ACCBTY relationship. The findings draw the conclusion that in order to achieve their dual objectives of concurrently fulfilling financial performance and accountability-emphasis, GBEs need to adopt a defender strategic-type, develop strengths in outside-in capabilities and have their boards of directors comprise of non-executive directors, politically-linked directors and financial-literate directors. Given the limitations underlying the findings that are mentioned, the conclusion from this study has implications for government-owners and managers of GBE.
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Cox, Marcus Z. "When and Where Does It Pay to Be Green: Intra- and Inter-organizational Factors Influencing the Environmental/Financial Performance Link." Thesis, University of North Texas, 2014. https://digital.library.unt.edu/ark:/67531/metadc500091/.
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Managers are coming under increasing pressure from a wide array of stakeholders to improve the environmental performance of their firms while still achieving financial performance objectives. One of the most researched questions in the business and the natural environment (B&NE) literature is whether it pays to be green. Despite more than three decades of research, scholars have been unable to clearly answer this question. The purpose of this dissertation was to attempt to identify the antecedents that lead to increased, firm-level environmental performance and the conditions in which firms are then able to profit from enhanced environmental performance. First, I assessed three intra-organizational factors of top management teams (i.e. female representation, concern for non-financial stakeholders, and risk-seeking propensity) that theory indicated are associated with increased corporate environmental performance (CEP). Theory also leads us to believe that top management teams with these attributes should perform better in dynamic settings, so I tested to see if industry dynamism moderates these relationships. Second, I then examined industry-level forces that theory indicates would moderate the relationship between CEP and corporate financial performance (CFP). These moderating forces include industry profitability, industry dynamism, and the degree of industry environmental regulation. Hypotheses were tested using panel data obtained from the KLD, Compustat, and Environmental Protection Agency databases for the years 2000 to 2011. The sample consists of firms comprising the Standard and Poor’s 500 and was analyzed using fixed-effect regression and moderating variables were analyzed using the Johnson-Neyman technique.
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Crisp, Jennifer J. "Asset Management in Electricity Transmission Enterprises: Factors that affect Asset Management Policies and Practices of Electricity Transmission Enterprises and their Impact on Performance." Queensland University of Technology, 2004. http://eprints.qut.edu.au/15884/.
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This thesis draws on techniques from Management Science and Artificial Intelligence to explore organisational aspects of asset management in electricity transmission enterprises. In this research, factors that influence policies and practices of asset management within electricity transmission enterprises have been identified, in order to examine their interaction and how they impact the policies, practices and performance of transmission businesses. It has been found that, while there is extensive literature on the economics of transmission regulation and pricing, there is little published research linking the engineering and financial aspects of transmission asset management at a management policy level. To remedy this situation, this investigation has drawn on a wide range of literature, together with expert interviews and personal knowledge of the electricity industry, to construct a conceptual model of asset management with broad applicability across transmission enterprises in different parts of the world. A concise representation of the model has been formulated using a Causal Loop Diagram (CLD). To investigate the interactions between factors of influence it is necessary to implement the model and validate it against known outcomes. However, because of the nature of the data (a mix of numeric and non-numeric data, imprecise, incomplete and often approximate) and complexity and imprecision in the definition of relationships between elements, this problem is intractable to modelling by traditional engineering methodologies. The solution has been to utilise techniques from other disciplines. Two implementations have been explored: a multi-level fuzzy rule-based model and a system dynamics model; they offer different but complementary insights into transmission asset management. Each model shows potential for use by transmission businesses for strategic-level decision support. The research demonstrates the key impact of routine maintenance effectiveness on the condition and performance of transmission system assets. However, performance of the transmission network, is not only related to equipment performance, but is a function of system design and operational aspects, such as loading and load factor. Type and supportiveness of regulation, together with the objectives and corporate culture of the transmission organisation also play roles in promoting various strategies for asset management. The cumulative effect of all these drivers is to produce differences in asset management policies and practices, discernable between individual companies and at a regional level, where similar conditions have applied historically and today.
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Lee, Erica Kim Man. "The impact of absorptive capacity and ordinary capabilities on both financial and social performance: the case of social enterprises." HKBU Institutional Repository, 2018. https://repository.hkbu.edu.hk/etd_oa/491.
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Social enterprises (SEs) are playing an increasingly important role in fostering a more sustainable and equitable society around the world. Previous studies have suggested that developing capabilities to manage knowledge is a key driver of an SE's success (Domenico et al., 2010; Guclu et al., 2002; Tracey et al., 2011). An SE operates much like a business, but manages operations and directs its surpluses towards the pursuit of social goals (Austin et al., 2006; Dart, 2004; Dees, 2001; Granados et al., 2011; Mair & Marti, 2006; Nicholls, 2006) in an unstable or unpredictable market (Jaworski & Kohli, 1993; Mair & Marti, 2009; Nicholls, 2010; Sharir & Lerner, 2006). When the market is highly turbulent, customers' product expectations and preferences change over time. In such a situation, an SE has to pay more attention to the development of high-quality new innovative products and solutions that satisfy the social needs of specific customer segments, including underprivileged groups and socially responsible consumers, thereby more effectively addressing societal problems in a sustainable way. Indeed, the question of how absorptive capacity contributes to an SE's financial and social return is largely under-researched (Dacin et al., 2011; Granados et al., 2011; Haugh, 2005). Drawing on the dynamic capabilities perspective, this study proposes a research model in which absorptive capacity affects an SE's firm performance in both financial and social terms via marketing capabilities. It advances the existing SE-related literature by investigating the mediating role of marketing capabilities in the relationship between absorptive capacity and firm performance in the context of SEs. Also, market turbulence is theorized to moderate the relationship between marketing capabilities and performance. To perform this study, I collected data using questionnaires based on a list generated randomly from the database of the Hong Kong Council of Social Service SE Directory, and the contacts obtained from other sources such as Fullness Social Enterprises Society and the Workforce Development Agency, Ministry of Labour Taiwan. The data collection was performed over an eight-month period, with 109 valid responses being collected for this study. Multiple regression and a bootstrapping approach were used to test the hypotheses. The results provide support for most of the proposed hypotheses. Specifically, an SE's absorptive capacity is positively related to its marketing capabilities. Likewise, an SE's marketing capabilities are positively linked to its financial performance. In addition, an SE's marketing capabilities mediate the relationship between its absorptive capacity and its financial performance. Furthermore, the results show a positive moderating role of market turbulence in an SE's marketing capabilities-financial performance relationship. In summary, this study lends support to previous studies that show dynamic capabilities do not necessarily result in better financial performance directly in the context of SEs. It contributes to unpacking the black box of the absorptive capacity-financial performance relationship, and it shows that an SE's marketing capabilities play an important role as an underlying mediation mechanism. It also extends and contributes to the social enterprises literature by revealing the mediating role of marketing capabilities between absorptive capacity and financial performance, and the moderating effect of market turbulence on the relationship between marketing capabilities and financial performance in the context of SEs.
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Dubihlela, Jobo. "Barriers, determinants and enablers of market orientation :|bimpact on business performance for small to medium enterprises in South Africa / Jobo Dubihlela." Thesis, North-West University, 2012. http://hdl.handle.net/10394/10191.
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Small and medium enterprises (SMEs) are recognised as important for the economic success of countries all over the world because of their contribution to the gross domestic product (GDP), to innovation, to export revenue, to the provision of goods and services to society and large enterprises, to social stability, to employment creation, and to the improvement of economic welfare. These organisations operate within an economic environment characterised by volatility, highly demanding dynamism and tough competition, which often seriously threaten their performance and their survival. The South African business environment in general is constantly changing in the face of an unreceptive economic environment and a subtle political setting which breeds a highly competitive market. For SMEs to withstand the hazards of such a precarious and unfavourable competitive climate, they need to engage in market-oriented strategies. While market orientation research in large organisations has been studied etensively, little attention has been paid to the market orientation of SMEs. Market orientation models have been developed and tested only for developed countries, which recognise the substantial importance of market orientation in the modern business arena. Despite its importance, market orientation and its implementation and relationship with business performance has not been widely researched in developing economies. This need for a market orientation model that is applicable to developing countries underlies this research, the principal purpose of which is to develop a market orientation–business performance conceptual model and test it in a developing country setting. For this purpose, the researcher applied the market orientation constructs as guided by various proponents in the field. Market orientation was identified from the large body of literature and a conceptual framework of market orientation–business performance was proposed. The conceptual framework considered barriers to market orientation, determinants and enablers of market orientation and market orientation with its dimensions (customer emphasis, information generation, intelligence dissemination and intelligence responsiveness or taking action) and economic and non-economic performance as consequences. This framework was then tested in order to identify the link between barriers to market orientation, determinants of market orientation, overall market orientation and business performance. Such efforts have been observed in previous market orientation literature but those studies did not distinguish barriers from determinants. The objective of this study was to establish the relationship between market orientation and the performance of SMEs measured by financial and non-financial measures of business performance. It also sought to ascertain the barriers to market orientation and the determinants/enablers of market orientation and their relationship with market orientation. Another objective was to examine the extent to which SMEs in South Africa have adopted market-oriented practices. A quantitative method was used. Surveys were conducted with 273 SMEs respondents, which were identified using a convenience sampling method. Data from owners/managers of these SMEs were collected using structured questionnaires. This study is different from previous studies on various grounds. Firstly, this study on market orientation is particularly focused on SMEs. Secondly, this study considered barriers to market orientation and determinants of market orientation separately, as having two divergent effects on market orientation. Thirdly, this study considered both the economic and non-economic performance measures as business performance indicators, factorising all the dimensions and modelling the relationship structures. Finally, this study was conducted in a developing economy (South Africa) where limited market orientation studies have been carried out with emphasis on market orientation among SMEs. Quantitative research methods were used to arrive at a valid and convergent conclusion about market orientation and its relationship with business performance. For this purpose, quantitative survey data were obtained from officials of both marketing and non-marketing departments of SMEs in the Vaal Triangle (South Africa). The hypotheses of the study were tested using t-tests statistics, analysis of variance (ANOVA), confirmatory factor analysis (CFA), and structural equation modelling (SEM) goodness of fit. The findings of the study supported the hypotheses of the study and confirmed the applicability of the proposed market orientation framework. The findings also indicated that the market orientation of SMEs in South Africa is determined by four fundamental factors (top management emphasis, market-based reward system, inter-departmental connectedness and management risk posture). In addition, the findings identified four key barriers to market orientation (centralisation and formalisation, inter-departmental conflict, competitive intensity and turbulence). The study also found a significant effect of market orientation on business performance. The findings of this study are consistent with those of previous market orientation studies undertaken in developed countries. At the final stage, the first conceptual model of market orientation–business performance applicable to SMEs in a developing country (South Africa) was offered on the basis of the findings of this study. This conceptual model provides insights and groundwork for further research. Therefore, in order to verify its generic application, it is hoped that this model will be used as a starting point for further studies and be tested in other countries in the world, both developed and developing.PhD (Business Management)|cNorth-West University, Vaal Triangle Campus|d2013
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Neff, John E. "Cultural Factors: Entrepreneurial Orientation or Not-Here Comes Innovation in Small to Medium Sized Enterprises." Case Western Reserve University Doctor of Management / OhioLINK, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=casedm1568628518748942.
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Reichert, Patrick. "Subsidies, Profits and Trade-offs in Social Finance: Applications to Microfinance." Doctoral thesis, Universite Libre de Bruxelles, 2018. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/273177.
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Embedding social and financial goals into investment decisions and organizational missions is an increasing hallmark of social finance, a rapidly growing phenomenon that aims to create sustainable solutions to some of society’s largest challenges such as poverty alleviation (Mosley & Hulme, 1998; Burgess & Pande, 2005; Beck et al. 2007a), wealth inequality (Buera et al. 2014; Lagoarde-Segot, 2017) and environmental preservation (Nicholls & Pharoah, 2008) among others (Benedikter, 2011). In recent years, the concept of social finance has emerged through applications such as venture philanthropy (Moody, 2008; Scarlata & Alemany, 2010), socially responsible investing (Renneboog et al. 2008; Nofsinger & Varma, 2014; Gutiérrez-Nieto et al. 2016), impact investing (Bugg-Levine & Emerson, 2011; Höchstädter & Scheck, 2015), corporate social responsibility (Falck & Heblich, 2007; Jha & Cox, 2015), crowdfunding sites that appeal to the charitable intentions of retail investors (Lehner, 2013; Lehner & Nicholls, 2014) and microfinance (Morduch, 1999; Beck et al. 2007b; Armendáriz & Labie, 2011). The microfinance industry is particularly suited to explore the nuances of social finance due to the wide range of actors present in the sector, including not only public, private and nonprofit actors (D’Espallier et al. 2016) but also a wide range of investor profiles including commercial rate, concessionary and fully donative funders (Dorfleitner et al, 2017). To meet these innovations in social finance, a substantial body of scholarly research has materialized in various areas: corporate finance (Bogan, 2012; Tchuigoua, 2014), investing (Dorfleitner et al. 2012; Brière & Szafarz, 2015), nonprofit finance (Jegers, 2011; Roberts, 2013), banking (Gutiérrez-Nieto et al. 2009; Cornée et al. 2016), entrepreneurship (Nicholls, 2010; Bruton et al. 2015), development economics (Cull et al. 2009; Ahlin et al. 2011; Hermes et al. 2011; Hartarska et al. 2013), business ethics (Sandberg et al. 2009; Arjaliès, 2010; Hudon & Sandberg, 2013), organizational theory (Battilana & Dorado, 2012; Pache & Santos, 2013), legal studies (Henderson & Malani, 2009), public economics (Duncan, 2004; Andreoni & Payne, 2011) and management studies (Cobb et al. 2016). However, these theories are often siloed within a particular domain and used separately. Despite a long research tradition on microfinance, there is still an ongoing debate on how to assess profits in a heterogeneous environment with multiple organizational objectives, the comparative advantages of public and private funders and their associated financial instruments to scale the microfinance sector and the nature of trade-offs between the financial and social objectives of microfinance institutions (MFIs). This dissertation aims to fill these gaps by analyzing social finance from an interdisciplinary perspective. The aim is to further nuance our understanding of the compatibility between financial and social objectives and how the trade-off between these two elements is moderated through financial mechanisms from donors and social investors. By analyzing the dimensions where trade-offs are most acute for social enterprises, this dissertation aims to put forth a conceptual framework to help assess profitability. Our analysis focuses on the microfinance industry, which offers a rich research setting due the wide range of institutional profiles active in the sector, including nonprofit, cooperative, for-profit and government agents and its global contributions to financial inclusion, poverty reduction and female empowerment. This dissertation is structured into three chapters, each of which addresses a different research question using different methods and units of analysis. The first chapter is a meta-analysis that uses statistical analysis of empirical research results to aggregate the existing findings on social and financial performance trade-offs as they pertain to microfinance institutions. The second chapter develops a typology of subsidy and donation instruments and then proposes a conceptual model to identify the crowding-in and crowding-out effects of public and private donors on private, commercial investors. The second chapter is complemented with an empirical analysis of a Mexican MFI, Banco Compartamos, using secondary data to suggest how the evolution of funding instruments attracted private commercial capital. Chapter three constructs a conceptual framework to identify fair profits for social enterprise, focusing on the case of microfinance. We then empirically apply the conceptual framework to an international dataset of microfinance institutions. Starting from the observation that no consensus has emerged regarding performance trade-offs between the financial and social objectives of microfinance institutions, Chapter 1 – A Meta-analysis Examining the Nature of Trade-offs in Microfinance – aggregates existing research findings to determine the dimensions of MFI performance, and study characteristics, that drive the confirmation of trade-offs. Specifically, after an initial screen of 3,299 articles, 623 empirical trade-off findings from 61 studies were coded into a dataset, where each empirical finding consists of a pairwise observation between a single financial performance variable and a single social performance variable. Using a probit model to analyze the direction and statistical significance across categories of social/financial performance and study artifacts, findings suggest that depth of outreach, cost of outreach, and efficiency indicators increase the prevalence of trade-offs, while risk indicators are associated with fewer trade-offs. Profitability indicators and outreach to women are found to have no significant effect on performance trade-offs. Study characteristics suggest that using an economic frontier methodology or publishing in development journals increases the incidence of trade-offs. These results help to understand the moderating factors that drive performance trade-offs and suggest that MFI managers and stakeholders may need to make difficult decisions regarding the social goals that may need to be sacrificed to achieve financial sustainability.Chapter 2 – Crowding-in without Crowding-out: Subsidy Design to Foster Commercialization – investigates the financial mechanisms that public and private donors have at their disposal and how they can use these instruments to attract fully commercial private capital to social enterprises. In this article, we first construct a typology to explain the ways in which private donors are complementing public donors in subsidy design. We argue that specific instruments such as corporate intangibles and credit guarantees can trigger permanent crowding-in effects that attract commercial partners, while preventing perverse effects such as crowding-out and soft budget constraints. Applying the typology and investment logics to the case of Compartamos, we observe that crowding-in and crowding-out effects can be present simultaneously, which allows us to suggest that subsidies and donations do not force path dependency towards commercialization but rather co-exist, for example attracting commercial debt investment while crowding-out commercial equity. Our research could help both private and public donors identify strategies to maximize social impact while reducing perverse mutual externalities. Finally, in the presence of performance trade-offs and donor pressures to commercialize operations and scale-up, Chapter 3 – What is an acceptable level of profit for a social enterprise? Insights from Microfinance – develops a conceptual framework for fair profits in social enterprise and then applies the framework to the microfinance industry. The fair profit framework is constructed on four dimensions: the level of profitability, the extent to which the organization adheres to its social mission, the pricing and the surplus distribution of the organization. Using a global sample of MFIs, our results suggest that satisfying all four dimensions is a difficult, although not impossible task as less than 3% of the sample fulfill all four criteria. Using our framework, we suggest that excessive profits in microfinance can be better understood relative to pricing, the social outreach of an organization, and the commitment to clients over time through reduced interest rates. This dissertation provides solid scientific evidence on the compatibility between financial and social returns in social finance. Our dissertation examines social finance through the lens of microfinance, and investigates the performance trade-offs facing MFIs as well as the moderating role of financing mechanisms to help MFIs fulfill their double-bottom-line mandate. We hope we demonstrate that the unique combination of financing technicalities significantly shape the evolution of recipient organizations. Some practical implications are also identified to help practitioners, regulators and managers navigate the ongoing debate on the compatibility of financial and social returns and the design of financial instruments for social enterprise. We firmly believe that these academic works contribute and bring new perspectives to social finance in development economics, and business ethics.Doctorat en Sciences économiques et de gestion
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Mjongwana, Andile. "The use of non-financial performance measures by small and medium enterprises operating in the hotel industry, in the Cape Metropole." Thesis, Cape Peninsula University of Technology, 2018. http://hdl.handle.net/20.500.11838/2648.
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Thesis (MTech (Cost and Management Accounting))--Cape Peninsula University of Technology, 2018.Small and Medium Enterprises (SMEs) operating in the hotel industry in South Africa are perceived to be failing/underperforming partly due to their reluctance to use Non-Financial Performance Measures (NFPMs). The main purpose of this study was to determine the extent to which SMEs in the hotel industry use three categories of NFPMs, namely; customer oriented, internal business process as well as learning and innovation, for running their businesses. This objective requires quantitative data to determine the percentage of SMEs in the hotel sector that make use of NFPMS. Specifically, the study aimed to determine the types of NFPMs used by the SMEs, the purposes for which these measures are used, the perceived effectiveness of the NFPMs currently used, as well as the factors that inhibit SMEs from using NFPMs. To this end, a questionnaire survey was administered on owners/managers of 100 hotels operating in the Cape Metropole. Purposeful sampling method was employed. Test of reliability of questionnaire was done during the experimental stage to ensure the stability, consistence, repeatability, or reproduction of the same results if questionnaires were to be administered to the same population using the same methodology at different times. The results of the study revealed that customer oriented measures were the most frequently used NFPMs, while learning and innovation related measures were the least frequently used NFPMs by the sampled SMEs. Concerning the purpose for which SMEs use NFPMs, the results revealed that SMEs used the NFPMs mainly for: improving the profitability of their business, improving productivity and effectiveness, as well as for improving decision–making. As far as the perceived effectiveness of the NFPMs currently used by SMEs, the results revealed that customer oriented measures were perceived by the sampled respondents to be the most effective of the three NFPMs. With respect to the factors inhibiting SMEs’ use of NFPMs, the results revealed that the main factors were high cost of implementing these measures, incomparability of the measures to those of other SMEs due to their entity specific nature, difficulty in quantifying the NFPMs measures, as well as employee resistance. This study fills a gap in the literature by making a significant contribution on the usage of NFPMs by SMEs. The study provides useful information on the usage of NFPMs that the Department of Small Business Development and Small Enterprise Development agency(SEDA) can use to inform the development of interventions aimed at reducing SMEs’ failure. These findings may also help SMEs to improve their usage of NFPMs in order to capitalise on the benefits gained from using these measures. Furthermore, these findings may help SMEs to overcome the factors that inhibit them from using NFPMs.
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Brito, José Luís do Livramento Monteiro Alves de. "As privatizações num país pequeno, insular e arquipelágico : o caso de Cabo Verde." Master's thesis, Instituto Superior de Economia e Gestão, 2002. http://hdl.handle.net/10400.5/3397.
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Mestrado em Gestão / MBAA investigação visou, passados dez anos, uma avaliação técnica das privatizações em Cabo Verde no sentido de, através de respostas a várias questões, nomeadamente, sobre i) o seu papel na opção estratégica de desenvolvimento do país e a coerência com os objectivos, modefo, programa, ritmo e processo adoptados, ii) a evolução das empresas privatizadas em termos da performance económico - financeira e iii) o impacto dessa evolução na macroeconomia e competitividade do País, se formular uma tese sobre "As privatizações num País pequeno, insular e arquipelágico: o caso de Cabo Verde ". Nesse âmbito, o trabalho apresenta uma parte dedicada às questões de natureza teórica e análise da literatura e outra para as questões de natureza aplicada. Mais especificamente, para cumprir com a formulação do problema, desenvolveu-se, em termos teóricos, i) a análise conceptual prevalecente na dinâmica das privatizações a nível internacional , questionando as diversas lógicas e fins, ii) a revisão da literatura sobre o desempenho económico - financeiro das empresas privatizadas e em tenvos aplicados, iii) a mensuracão dos resultados das privatizações a nível do desenvolvimento económico - social de Cabo Verde, iv) a avaliação dos resultados também a nível das empresas privatizadas para, a partir daí, v) tirar as conclusões, tomando três referências de comparação, a situação da empresa antes da respectiva privatização, estudos da Price Waterhouse sobre as empresas públicas cabo-verdianas antes das Privatizações e estudos internacionais sobre empresas privatizadas. O estudo empírico baseou - se numa amostra de 11 empresas privatizadas entre 1993 e 1999 e conclui que, apesar do pouco tempo decorrido, há evidências claras de i) uma redução significativa do peso do Estado na economia, ii) uma contribuição muito positiva para os indicadores macroeconómicos do país e iii) melhorias significativas no pós - privatização dos indicadores de rendibilidade, eficiência operativa, vendas e endividamento, com poucas excepções como no caso da ELECTRA (empresa de electricidade e água), justificado pelo impacto da profunda reestruturação estratégica de que foi alvo antes da privatização.
This dissertation makes a technical assessment of Cape Verde privatizations in order to conclude about "Privatization in a small, insular and archipelago country - the Cape Verde Republic case", by the answer to a lot of questions, namely, i) the role of privatization in the strategic development option of Cape Verde and the coherence of the adopted model, program, cadence and process, ii) the evolution of the economic and financial performance of the privatized firms and iii) the impact of this evolution on the macroeconomic performance and competitiveness of the country. For that, the work is based on one part dedicated to theoretical analysis and literature research and another one to applied questions. Specifically, to find an answer to the proposed problem, it is developed, in a theoretical approach, i) a concept analysis prevailing in the dynamic of the international privatizations, ii) a literature research concerning the result on the privatized firms performance , in the applied questions, iii) the measurement of the privatization impact in the Cape Verde economic development, iv) the measurement of the privatization impact in the firms level and, finally, v) conclusions, using three references, namely, the firm situation before privatization, Price Waterhouse research about Cape Verde State Owned Enterprises before privatizations and international studies about privatized firms. The empirical research was based on a sample of 11 cape - verdeans State Owned Enterprises privatized between 1993 and 1999 and the conclusion is, in spite of the short elapsed time, there are clear evidences of i) meaningful reduction of State weight in the cape -verdean economy, ii) a positive contribution from the privatized enterprises to the macroeconomic ratios of the country and iii) improvements in the post - privatization ratios of profitability, operating efficiency, outputs and leverage, with few exceptions like ELECTRA (water and electricity enterprise), justified by the strategic alteration before privatization.
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Staněk, Pavel. "Plánování jako součást konceptu CPM a jeho praktická implementace." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-10473.
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Diploma thesis is focused on enterprise planning. The main part of the thesis is dedicated to the design of the planning model in the SW company, which comes from real condition of big SW company. The first chapter introduces the world of enterprise planning to the reader. There are clarified reasons of current rise of demand in this area of planning and the advantages of its use. The following chapter explains the essential theory related to enterprise planning area. It also mentions other system approaches to enterprise planning. In the end of the chapter there are described main principles of the CPM concept and its relation to enterprise planning. The fourth chapter is aimed at the current state, requirements and the issues of the planning processes in companies. The outcome of this chapter is set of recommendations for company planning process and company plans itself. The next chapter familiarizes the reader with the current market situation of the planning suites. There are described main players on this market (and their products), acquisitions proceeded in last time and awaited evolution in future. The sixth chapter is focused on the real planning project itself. It introduces the used product -- Cognos Planning. It follows with description of the main principles of model building -- the essential terminology, key plan objects on which basis is the model built and the process of the model development. At the end of chapter is the summary of the project and its contribution to company. The end of thesis depicts expected progress in this sphere of planning and evaluates the fulfillment of thesis targets and its contribution to this area.
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Makhalemele, Moeketsi. "The Impact of Section 12J Venture Capital Companies' Regime on Small and Medium Enterprises in South Africa." Master's thesis, Faculty of Commerce, 2020. http://hdl.handle.net/11427/33773.
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This study sought to examine whether the use of tax incentives to boost investment into the SME sector is an effective policy for economic development. More specifically, the study focused on the Section 12J tax incentive of the Income Tax Act of South Africa, which underpins the current venture capital companies' (VCC) regime for this country. This VCC regime is aimed at addressing the challenge of lack of access to finance by SMEs, and it does so by incentivising venture capital investors to provide equity capital to qualifying SMEs. These SMEs are, in turn, expected to grow and help reduce the economic challenges of poverty and unemployment in South Africa. A mixed methods research approach was adopted for this study. It was also inductive in nature, based on primary data collected from a survey of various stakeholders of the VCC regime using a convenience sampling method. The data variables of the study were based on factors relating to the impact that the VCC regime has had on SMEs in terms of financial performance and creation of decent employment. The study concludes that the VCC regime has had a positive impact on the South African SME sector in terms of financial performance and creation of decent employment. As a result, the VCC regime has shown to be an effective tool for addressing various economic challenges, such as: lack of access to finance faced by SMEs, high failure rate of SME businesses, and poverty alleviation through provision of decent employment by SMEs. Thus, the resultant recommendation submitted in the study is that the VCC regime should as such be extended beyond its current sunset date in order to ensure the South African economy continues to enjoy the benefits that the regime has to offer.
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Guragai, Binod. "Firm Performance and Analyst Forecast Accuracy Following Discontinued Operations: Evidence from the Pre-SFAS 144 and SFAS 144 Eras." Thesis, University of North Texas, 2017. https://digital.library.unt.edu/ark:/67531/metadc984135/.
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Because of the non-recurring and transitory nature of discontinued operations, accounting standards require that the results of discontinued operations be separately reported on the income statement. Prior accounting literature supports the view that discontinued operations are non-recurring or transitory in nature, and also suggests that income classified as transitory has minimal relevance in firm valuation. Finance and management literature, however, suggest that firms discontinue operations to strategically utilize their scarce resources. Assuming that discontinued operations are a result of managerial motives to strategically concentrate resources into remaining continued operations, this dissertation examines the informativeness of discontinued operations. In doing so, this dissertation empirically tests the financial performance, investment efficiency, valuation, and analyst forecast accuracy effects of discontinued operations.
In 2001, Financial Accounting Standards Board's (FASB) Statement of Financial Accounting Standards (SFAS) 144 (hereafter SFAS 144) replaced Accounting Principles Board's Opinion 30 (hereafter APB 30) and broadened the scope of divestiture transactions to be presented in discontinued operations. Some stakeholders of financial statements argued that discontinued operations were less decision-useful in the SFAS 144 era because too many transactions that do not represent a strategic shift in operations were separately stated as discontinued operations on the income statement. With the possibility that the discontinued operations reported in SFAS 144 era may not reflect a major strategic reallocation of resources, this dissertation examines whether the relationship between discontinued operations, firm performance, investment efficiency, and analyst forecast accuracy are different in the pre-SFAS 144 and SFAS 144 era.
Using a sample of firms that discontinued operations between 1990 and 2012, this dissertation study finds limited evidence that firms experience improvement in financial performance following discontinued operations and that such improvement is only observed in pre-SFAS 144 era. The results also suggest that any improvement in financial performance documented is conditional on the profitability of the operations discontinued and provide no support for investment efficiency improvement following discontinued operations. Related to the valuation implications of discontinued operations, this dissertation shows that investors differentially value profitable and loss discontinued operations. However, such valuation differences are not dependent on the performance improvement implications. Finally, results support that analyst forecast accuracy of earnings decreases following the reporting of discontinued operations, but such effect is only observed in the pre-SFAS 144 era.
This dissertation makes several contributions to the literature. First, this study extends the literature on corporate divestment by using a large sample of discontinuation decisions and hand-collected data on the profitability of the operations discontinued. Second, this research extends the literature on market studies by analyzing whether market response to a discontinuation decision is dependent upon the profitability of the operation discontinued. Third, based upon a review of the literature, it is believed that this is the first study to examine the possibility that analyst forecast accuracy may change following a discontinuation decision. Finally, this study extends the literature that examines the effects of changes in accounting rules and regulations on the informativeness of financial statement items. These results should be of interest to investors, regulators, and analysts.
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Ziemerink, Johanna Elizabeth Emmarentia. "Die toepassing van bedryfs- en bestuursrekeningkunde vir die ontwikkeling van kleinsakeondernemings in Suid-Afrika / J.E.E. Ziemerink." Thesis, North-West University, 2008. http://hdl.handle.net/10394/2340.
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For several years, the number of South Africans starting new business enterprises, has declined. According to the findings of the Global Entrepreneurship Monitor, in 2003, South Africa ranked 22nd out of 31 countries for new entrepreneurial activities. One of the greatest challenges for South Africa, is to find a solution for its huge unemployment problem, which is responsible for many of South Africa's other problems, like poverty, crime and brutality, which discourage global investment in South Africa. The development of small-, medium-, and microenterprises
(SMMEs) is seen as an important ingredient of economic development. The population for this study is therefore comprised of SMMEs in South Africa. Any enterprise is dependent on the environment it operates in. The environment consists of the macro-environment, which includes the demographic, technological, economical, social, institutional and international environment, the market environment, which includes consumers, suppliers and competitors, as well as the micro-environment, which includes the organisation, its mission, goals and objectives, management functions, business functions and business resources. The objective of this study is to investigate the possibility of applying cost- and management accounting methods and techniques for the development and profitable running of SMMEs. These include choosing an appropriate costing system, implementing a management information system, effectively executing the management functions of planning, organising, coordination and control, through the application of cost- and management accounting methods and techniques, including forecasting, budgeting, accurate and appropriate costing methods, performance management techniques like total quality management, benchmarking etcetera. Data on the current use of cost-and management accounting by SMMEs in South Africa, and the performance of these concerns, were collected by means of a structured questionnaire from a sample of 37 SMMEs. It was found, that although several cost- and management accounting methods and techniques are used by some SMMEs, many are not used effectively, while many SMMEs are not aware of the many advantages that the application of these methods and techniques hold. It is recommended that entrepreneurs make an effort to gain the knowledge needed for them to apply the cost- and management accounting methods and techniques that will improve the performance of their businesses, ensuring the attainment of their goals and objectives, ensuring their survival and prosperity, and leading to job creation, economic growth, and the prosperity of the people of South Africa. To assist with this, the researcher has developed a model and a manual that can be used by entrepreneurs to assist them in starting a new enterprise, as well as running a successful enterprise.Thesis (Ph.D. (Business and Management Accounting))--North-West University, Vaal Triangle Campus, 2009.
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Ewers, Robin B. "Enterprise Risk Management in Responsible Financial Reporting." Thesis, Walden University, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10637579.
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Despite regulatory guidelines, unreliable financial reporting exists in organizations, creating undue financial risk-harm for their stakeholders. Normal accident theory (NAT) identifies factors in highly complex integrated systems that can have unexpected, undetected, and uncorrected system failures. High-reliability organization (HRO) theory constructs promote reliability in complex, integrated systems prone to NAT factors. Enterprise risk management (ERM) integrates NAT factors and HRO constructs under a holistic framework to achieve organizational goals and mitigate the potential for stakeholder risk-harm. Literature on how HRO constructs promote ERM in responsible integrated financial systems has been limited. The purpose of this qualitative, grounded theory study was to use HRO constructs to identify and define the psychological factors involved in the effective ERM of responsible organizational financial reporting. Standardized, open-ended interviews were used to collect inductive data from a purposeful sample of 13 reporting agents stratifying different positions in organizations that have maintained consistent operational success while attenuating stakeholder risk-harm. The data were interpreted via transcription, and subsequent iterative open, axial, and narrative coding. Results showed that elements of culture and leadership found in the HRO construct of disaster foresightedness and mitigation fostered an internal environment of successful enterprise reporting risk management to ethically achieve organizational goals and abate third-party stakeholder risk-harm. The findings will contribute to positive social change by suggesting an approach for organizations to optimize strategic objectives while minimizing stakeholders’ financial risk-harm.
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Holtz, Robert, and Josefine Wiebe. "Attraheras arbetssökande individer av ett företags CSR-engagemang? : Företagens sociala ansvar." Thesis, Högskolan i Gävle, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-29232.
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Kapepula, Annie. "Communication and its impact on enterprise financial sustainability." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/29001.
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This study investigates the impact of value communication on financial sustainability of not for profits set up as small to medium scale enterprises. The major objective is to determine whether there is a significant impact on the financial sustainability if not for profits create a more aggressive approach and innovate way of communicating with financiers and donors on matters concerning their strategic plans and budgets. The four pillars of financial sustainability have been considered focusing mostly on Strategic and financial planning or budgeting. Measuring sustainability for a not for profit differs from that of a profit making enterprise in that measures such as return on capital employed would be meaningless since most not for profit have a low capital base and are not bottom-line focused. The independent variable has been identified as value communication of strategic and financial planning or budgeting with donors or potential funders while the dependent variable is financial sustainability defined as meeting current budgetary demands. Moderating and Intervening variables identified include ; global financial environment ,operating environment, policy position of donor funding states, donor funding policies, goals and objectives, structure of donor funding towards development programmes and projects and CEO charisma and communication attributes. The study followed a survey design, and employed Times Series as evaluative method for quantitative analysis. Analysis was based on primary data generated through a structured questionnaire administered on respondents. Respondents were employees in selected not for profit organizations working in the four key development services supporting the Millennium Development Goals and Sixth National Development Plan, namely Health, Education, Agriculture and Water and Sanitation in Zambia. Interviews were also conducted with various financiers and donors of the selected not for profit enterprises. Responses to research statements were scaled and converted to quantitative data via Likert scale developed for the study to enable segmentation of the data responses into dependent and independent variables based on communication and financial sustainability variables. This study will help not for profits create an innovative communication strategy so as not to risk losing funding to other competitors or new comers on the scene.
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Drobná, Michaela. "Finanční analýza podniku/Financial Analysis of an Enterprise." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-74895.
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This graduation thesis deal with the financial analysis of the company. Is elaborated for the needs of the owner and creditor of the company. Financial analysis covers the period basis of time 2006 - 2009. To assess the financial situation I use standard methods mentioned in the theoretical part.
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McGill, David. "Examining african private enterprise performance." CONNECT TO ELECTRONIC THESIS, 2006. http://dspace.wrlc.org/handle/1961/3759.
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Chlupová, Renata. "Analysis of financial performance of a selected enterprise." Master's thesis, 2015. http://www.nusl.cz/ntk/nusl-189893.
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The main topic of the diploma thesis is the financial analysis of the chosen company. The first part consists of a theoretical basis of the issue involving these areas - region, business environment and economic analysis. The second part is focused on the practical implications with formation of the economic analysis of the chosen company, characteristics of the region and the industry in which the company operates as well as suggestions of improvements.
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Chao, Wan Chun, and 趙琬君. "Enterprise Transformation: Evaluation of Financial Performance of TEST RITE Company." Thesis, 2019. http://ndltd.ncl.edu.tw/cgi-bin/gs32/gsweb.cgi/login?o=dnclcdr&s=id=%22107CGU05026012%22.&searchmode=basic.
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碩士長庚大學
工商管理學系
107
During Taiwan trade of its heyday, the export-oriented retail trade industry in Taiwan has created the “Taiwan Economic Miracle”. In recent years, modern retail trade has become one of the most important industries, and output value occupies an important position in GDP. When Social environment development and progress, retail industry will be reflecting for a country and region's economic operation, employment pipeline and living demand level. It has a significant role in social development. Promoting Competitive Advantage has gradually increased on corporate diversification. Retail 4.0 had been mature in 2018. In 2019, Global retail industry has entered Click-and-Mortar and super retail period of Omni-channel retailing. Standing at customer perspective, according to their experience, thinking, purchase motivation as the core value. Starting from consumer demand and consumer value to the end. Grasp data collection, integration, analysis, increase the frequency and amount of consumer purchase. This research through financial analysis of General Merchandise retailers’ industry status and industrial analysis and financial performance to be research object. With the aim to understanding how does company in the industry to improve the competitiveness of enterprises as a whole.
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Hsu, Ke-Hsuan, and 許可璇. "The effect of working capital management on enterprise financial performance - considering major financial events." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/bfwn89.
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碩士淡江大學
會計學系碩士在職專班
101
This paper analyzes the effect of major financial events on working capital management to enterprise financial performance. The research object is the electronic industry listed in Taiwan. Under the background of the financial tsunami in the autumn of 2008, the quarterly reports from the third quarter of 2005 to the third quarter of 2010 are adopted from the database of Taiwan Economic Journal for analysis. The results suggest that major financial events do have moderating effect on the relation between enterprise working capital and financial performance, which means when major financial events occur, the working capital management performs poor and the time for cash conversion cycle is longer that that during the period without major financial events. And the short-term financial performance performs poor. Besides, it is also found out that when the major financial events occur, the financial performance of electronics companies in the industries of upper reaches is significant and is poorer than that not in the upper reaches. The study contributes to the literature on working capital management as well as enlightens the management executives in electronic industry as to the operation.
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Huang, Cheng-Hao, and 黃成豪. "The Study of How Enterprise Resource Planning Implementation Phase Affecting Corporate Financial Performance." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/70459431806373555129.
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碩士國立中央大學
工業管理研究所
92
The previous empirical studies provided evidence on the economic benefits of ERP systems and identify certain financial ratios to reflect improvements for the adoption of ERP systems. This study considers whatever the organization acts during the ERP implementation period to examine the performance improvement. The financial ratios of the companies that adopted ERP systems are tracked for three years. Multi-regression analysis is used to test the relationship between financial performance and certain critical actions. Overall, study findings show: accept labor productivity (LP), there is no sufficient evidence to infer that total assets turnover (TATO), selling, general, and administration expenses to sales (SG&A/sales), and return on assets (ROA) are significantly improved over a 3-year period after ERP implementation. In addition, management support, project management, and user training are positively related to four financial performance indicators. Furthermore, there is a positive relationship between customization and the longitude of ERP project behind schedule.
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Tsai, Jenny, and 蔡月瑱. "An Empirical Study of the Effect of Enterprise Resource Planning Systems on Financial Performance." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/78645721833707461828.
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碩士國立中正大學
會計與資訊科技研究所
92
Complete information analysis and prompt organizational response are undoubtedly the cutting edge in modern business world. In order to become more or stay competitive, during strategy making process managers must take into account business environment changes such as customer service orientation, fierce competition, and continuous change of information technology. Adequate and sufficient information are needed to properly allocate internal and external resources and make operational strategy in order to cope with severe competition and various customer needs. The superstar of software industry in recent years, “Enterprise Resource Planning, ERP”, is just the total solution to every kind of information requirements to all business. This study is based on an ERP product from a well-known international software company. Through the collection and analysis of questionnaire, information such as the implementation characteristics, maintenance strategies, and business characteristics is obtained. An empirical model is then further set up to study the co-relationship between operational performances and ERP go-live, ERP maintenance strategy, ERP implementation characteristics, and business characteristics. In this study, the generally accepted five index analysis in most public companies’ annual financial reports are adopted as the indicators of operational performances. The purpose of such adoption is to better understand the impact on financial performances after the implementation of ERP and the selection of maintenance strategy. The result of this study could be strategic reference for companies that intend to implement ERP systems. It could also help companies that have implemented ERP systems to choose the right maintenance strategy. The result of this study shows that there is no significant financial improvement after the implementation of ERP system. However, three years after go-live, financial performances are better than the initial implementation period. Companies that adopt more number of modules also perform better financially than those do less number of modules. This indicates that when the complete series of modules are implemented at the same time, the synergy takes effect. Therefore it is suggested that companies should implement as completed number of modules as possible. This study also shows that when multiple ERP’s are adopted, financial performances are inversely affected. Thus companies are suggested to adopt ERP systems of the same software company to reduce integration cost and increase preciseness of information. Last but not least, the higher the customization ration, the inferior the financial performances. This suggests that companies should decrease customization as much as possible and try to fully utilize built-in, optimal tools for business process re-engineering.
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Lin, Ruei-Ming, and 林瑞銘. "Enterprise Risk Management and Financial Performance – Evidence from the Taiwanese Banking and Insurance Sectors." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/36320807902160715802.
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碩士國立成功大學
企業管理學系碩博士班
96
Since 1980s, a series of remarkable events, such as international financial crises, the failure of the corporate governance, or the malfunction of internal control have broken out repeatedly all over the world, which caused a great many countries to suffer badly a colossal of financial losses. Thus, the words “Risk Management” turn out to be in the international spotlight. Afterwards, BIS （the Bank of international Settlements）released the 1988 BIS Accord , OECD（Organization for Economics Cooperation and Development）published the OECD Principles of Corporate Governance by 1999, or COSO（Committee of Sponsoring Organization of the Treadway Commission）issued 1992 Internal Control－Integrated Framework and 2004 Enterprise Risk Management－Integrated Framework respectively for the main purpose of setting international risk-based principles, standards, or theoretical frameworks to help financial institutions and other private companies successfully establish a set of effective internal control system and risk management mechanism to control over business risk or strategic risk aligning with firm’s risk appetite to assure firm’s everlasting development. Recently Taiwanese financial supervisory agency have been introducing a number of international systems and regulations related to financial supervision, having , since 2001, enacted or lifted kinds of new financial bills or bans on financial business, and has renovated our financial supervisory system in order to prompt the financial industry in Taiwan to have solid and sound development and to keep up with international trends. Unfortunately, there were still many scandals, such as financial fraud, asset embezzlement, inside trading or company liquidation, happening over and again. Hence, the main purposes of my research will focus on some such issues as: (1) understanding the latest status of enterprise risk management implemented by Taiwanese banking and insurance sectors, (2) discussing the associations between the firm’s characteristic variables and the effectiveness of enterprise risk management, (3) and exploring the links between enterprise risk management and financial performance. To achieve those purposes mentioned above, the study makes good use of questionnaires and registers ones to each chief internal auditor of all Taiwanese banking and insurance institutions to fill it out for the first-hand data collection, along with referring to financial indices in company’s annual report, and then analyzes those data with descriptive and inferring statistical methods. The study evidently suggests: (1) when making strategic goals, most of the banking and insurance institutions take into account whether strategic risk does align with risk appetite. (2) Internal auditor’s authority, independence and contributions to the effectiveness of risk management system has been thought much of and recognized by company’s Board. (3) The illegality-exposing channel and the protective mechanism for whistling blower have functioned badly and ineffectively. (4) Neither the groups between banking and insurance nor the ones between financial holding companies and non-financial holding ones do statistically differ in the performance of enterprise risk management. (5) The more sound the company’s internal environment, the much better the performance in risk management. (6) Among all risk management activities of banking, “Consistence between objectives setting and risk bearing”, “Effectiveness of risk identification”, “Effectiveness of information system control”, and “Capital adequacy rate” are all positively associated with financial indices “Return of asset” and “Return of net value”. (7) Among all risk management activities of insurance, “Intensity of enterprise risk culture”, “Implementing effectiveness of risk response mechanism”, “Risk-based internal & external auditing”, “Net earning ratio of fund utilization”, and “Rate of liquidity”, are all positively linked with “Return of asset”.
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Kryvoviaziuk, Lidiia. "Comprehensive economic and financial analysis of the enterprise activity: approaches, methods and implementation." Master's thesis, 2016. http://hdl.handle.net/10198/13212.
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Mestrado APNORThis thesis intends to analyse the performance and the efficiency of companies and to identify the key factors that may explain it. A comprehensive analysis based on a set of economic and financial ratios was studied as an instrument which provides information on enterprise performance and its efficiency. It was selected a sample with 15 enterprises: 7 Portuguese and 8 Ukrainian ones, belonging to several industries. Financial and non-financial data was collected for 6 years, during the period of 2009 to 2014. Research questions that guided this work were: Are the enterprises efficient/profitable? What factors influence enterprises’ efficiency/performance? Is there any difference between Ukrainian and Portuguese enterprises’ efficiency/performance, which factors have more influence? Which industrial sector is represented by more efficient/profitable enterprises? The main results showed that in average enterprises were efficient; comparing by states Ukrainian enterprises are more efficient; industries have similar level of efficiency. Among factors that influence ATR positively are fixed and current assets turnover ratios, ROA; negatively influencing are EBITDA margin and liquidity ratio. There is no significant difference between models by country. Concerning profitability, enterprises have low performance level but in comparison of countries Ukrainian enterprises have better profitability in average. Regarding the industry sector, paper industry is the most profitable. Among factors influencing ROA are profit margin, fixed asset turnover ratio, EBITDA margin, Debt to equity ratio and the country. In case of profitability both countries have different models. For Ukrainian enterprises is suggested to pay attention on factors of Short-term debt to total debt, ROA, Interest coverage ratio in order to be more efficient; Profit margin and EBITDA margin to make their performance better. For Portuguese enterprises for improving efficiency the observation and improvement of fixed assets turnover ratio, current assets turnover ratio, Short-term financial debt to total debt, Leverage Ratio, EBITDA margin is suggested; for improving higher profitability track fixed assets turnover ratio, current assets turnover ratio, Debt to equity ratio, Profit margin and Interest coverage ratio is suggested.
Este trabalho pretende analisar a performance e a eficiência das empresas e identificar os fatores chave que os possam explicar. Uma análise abrangente baseada num conjunto de rácios económicofinanceiros foi explorada como instrumento que fornece informações sobre o desempenho da empresa e a sua eficiência. Foi selecionada uma amostra com 15 empresas: 7 portuguesas e 8 ucranianas, de vários setores de atividade. Recolheram-se dados financeiros e não financeiros para seis anos durante o período de 2009 a 2014. As questões de investigação que guiara este trabalho foram: as empresas são eficientes/rentáveis? Quais os fatores que influenciam a eficiência/performance das empresas? Há diferenças na eficiência/performance entre as empresas portuguesas e ucranianas, quais os fatores que têm mais influência? Qual o setor de atividade que possui empresas mais eficientes/rentáveis? Os principais resultados mostram que em média as empresas foram eficientes. Comparando por países, as empresas ucranianas foram mais eficientes. Os setores de atividade apresentam idêntico nível de eficiência. Entre os fatores que influenciam positivamente ATR são os rácios de rotatividade do ativo fixo e ativo corrente, ROA. Os que influenciam negativamente são a margem EBITDA e o rácio de liquidez. Não há diferenças significativas entre os modelos por país. Em relação à rendibilidade, as empresas possuem baixo nível de performance mas comparando por países, as empresas ucranianas apresentaram maior rendibilidade, em média. Relativamente ao setor de atividade, a indústria do papel é a mais rentável. Entre os fatores que influenciam o ROA, estão a margem de lucro, a rotatividade do ativo fixo, a margem EBITDA, o rácio Debt-to-Equity e o país. No caso da rendibilidade, existem modelos diferentes por país. Às empresas ucranianas é sugerido que prestem atenção aos fatores: peso do passivo corrente no passivo total, ROA, rácio de cobertura de juros de modo a se tornarem mais eficientes; à margem de lucro e à margem EBITDA para melhorar a performance. Às empresas portuguesas sugere-se, para melhorar a eficiência, a observação e melhoria da rotatividade dos ativos fixos, rotatividade dos ativos circulantes, peso do passivo de curto prazo no passivo total, rácio de endividamento e margem EBITDA. Para melhorar a rendibilidade, acompanhar a rotatividade dos ativos fixos, a rotatividade dos ativos correntes, o rácio Debt-to-Equity, a margem de lucro e o rácio de cobertura dos juros.
магістерській роботі проаналізовано ефективність і прибутковість компаній, визначено ключові фактори, які їх можуть пояснити. Комплексний аналіз, заснований на сукупності економічних і фінансових показників був вивчений як інструмент, який забезпечує інформацію про діяльність підприємства і його ефективність. Було обрано вибірку з 15 підприємств: 7 португальських та 8 українських, що належать до різних галузей. Фінансові та не фінансові дані зібрано протягом 6 років за період з 2009 по 2014 рік. Ключові питання роботи: Чи підприємства ефективні/прибуткові? Які фактори впливають на ефективність/продуктивність підприємств? Чи є різниця між ефективністю/продуктивність українських і португальських підприємств та які фактори мають більший вплив? Який промисловий сектор представлений більш ефективними/прибутковими підприємствами? Основні результати показали, що в середньому підприємства були ефективними; порівнюючи за країнами, українські підприємства є більш ефективними; галузі мають однаковий рівень ефективності. Серед факторів, що впливають на коефіцієнт оборотності активів позитивний вплив мали коефіцієнти оборотності оборотних та необоротних активів, рентабельність активів, негативно впливали операційна рентабельність продажів і коефіцієнт ліквідності. Суттєвої різниці моделей за країнами не знайдено. Що стосується прибутковості, діяльність підприємств має низький рівень прибутковості, однак, порівнюючи країни, українські підприємства є більш прибутковими. Стосовно галузей, целюлозно-паперова промисловість є найбільш прибутковою. Серед факторів, що впливають на рентабельність активів належать чиста рентабельність продажу, коефіцієнт обороту необоротних активів, операційна рентабельність продажів, коефіцієнт загальних зобов’язань до власного капіталу та країна походження. У разі рентабельності обидві країни мають різні моделі. Для українських підприємств запропоновано звернути увагу на показники відношення короткострокових зобов’язань до загальної заборгованості, рентабельності активів, коефіцієнт покриття процентних платежів для більшої ефективності; чистої та операційної рентабельності продажів для більшої прибутковості. Для португальських підприємств з метою підвищення ефективності запропоновано слідкувати та поліпшувати значення коефіцієнтів оборотності необоротних та оборотних активів, показника короткострокового фінансового боргу до загальної заборгованості, левериджу, операційної рентабельності продажів; для підвищення прибутковості запропоновано слідкувати за значенням коефіцієнтів оборотності необоротних та оборотних активів, коефіцієнта загальних зобов’язань до власного капіталу, чиста рентабельність продажу і коефіцієнтом покриття процентних платежів
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"The Impact of Enterprise Risk Management on the Performance of Chinese Commercial Banks." Doctoral diss., 2018. http://hdl.handle.net/2286/R.I.49182.
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abstract: Chinese commercial banks have experienced a period of fast and stable development since 2007. The adoption of a comprehensive enterprise risk management (ERM) system based on the Basel Accords was a significant event for the banking supervisory authority and the commercial banks during this period. This study investigates the impact of ERM adoption on the financial performance of the commercial banks as well as the underlying mechanisms using longitudinal data of 96 commercial banks from 2007 to 2016. Results from quantitative analyses suggest the following findings. First, ERM adoption had a positive impact on commercial banks’ financial performance after controlling for the negative impacts of factors such as macro economic conditions and fiscal and monetary policies. Second, although this positive impact was partially attributed to increased risk appetite after the adoption of ERM, results show that ERM adoption also increased risk-adjusted financial performance. Lastly, ERM adoption improved commercial banks’ competence in risk management, as indicated by their sensitivity of financial returns to risk exposures. The above findings also received support from interviews and surveys of senior executives of commercial banks and officials of the banking supervisory authorities.
This study contributes to the understanding of how the adoption of ERM influences the financial performance of Chinese commercial banks, and has important practical implications. Based on the empirical findings, I recommend all commercial banks in China to adopt and implement ERM so that they can better cope with the challenges presented by macroeconomic uncertainty, marketization, and internationalization. In the process, it is critical for them to understand the mechanisms through which ERM influences their performance. Meanwhile, they shall be aware of the operational costs associated with the initial adoption of ERM, learn from the experiences of those that have already adopted ERM, and have a long-term orientation about performance effect of ERM adoption. Supervisory authorities can also play a key role in guiding commercial banks to be more effective and efficient in the adoption of ERM.Dissertation/Thesis
Doctoral Dissertation Business Administration 2018
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Huang, Yi-Chien, and 黃意倩. "Relationship among Corporate Strategic Factors, Customer Satisfaction of Enterprise and Corporate Performance for Taiwan Financial Holding Companies." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/f9p6md.
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碩士中原大學
企業管理研究所
93
The purposes of the research are trying to discuss what relationship among corporate strategic factors, customer satisfaction of enterprise and corporate performance for Taiwan Financial Holding Companies. By reviewing literature, corporate strategic factors discriminate three constructs: corporate scale, corporate image and product operating. We obtained the result of statistical analyses by the returning 85 copies of enterprise samples, the customers of Financial Holding Company. Results of statistical analyses provided five conclusions as follows: 1. Enterprise identify corporate strategic factors of Financial Holding Company with expend channel and complete the category of its subsidiary. The corporate scale of Financial Holding Company is huger, and the customer satisfaction of enterprise is more satisfied. 2. Enterprise place importance on the profession of Financial Holding Company. The bad news of CEO of Financial Holding Company can effect the customer satisfaction of enterprise. 3. Enterprise place importance on keeping date secret and completing the type of financial product. The customer satisfaction of enterprise is most satisfied in keeping date secret. And the quality of service can advance customer satisfaction of enterprise. 4. The customer satisfaction of chemical industry and electronic industry, the high-tech industry, is most satisfied. So there are different treatments between different industries. 5. The customer satisfaction of enterprise would affect total assets turnover, return total assets and sales growth rate of Financial Holding Company.
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Yu-Lin, Ku, and 古玉鈴. "On the Financial Performance Evaluation of Taiwanese Shipping Enterprises." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/99662892849261715758.
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碩士玄奘大學
國際企業學系碩士班
98
For the economical expansion in Taiwan,the relation companies of shipping enterprises that relate the competitiveness of the international trade of country, and even for enforceing international trade. Facing the globalization management environment, the shipping enterprises must find out the survival and the development points and methods, then just could go on to hold the competitive advantage. This research takes the Taiwanese top fourteen big shipping companies as the research objects, base on financial performance evaluation tool as the variable by “TOPSIS”model, to analysis these fourteen companies’s business achievement, according to the rate of financial , the result of the total performance evaluation value which comes out the result of some excellent companies. The winner is Sincere Navigation Co. and the rate of performance is 50.76% better than others. Final, suggestion to give the attention continually for the discuss various variables interpolating for this research conclusions.
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Nchabeleng, Olga Peloane. "Effect of audit committees' compositions on the financial performance of selected South Africa State-Owned Enterprises." Thesis, 2019. http://hdl.handle.net/10386/2959.
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Thesis M.COM. (Accounting)) -- University of Limpopo, 2019The apparent weaknesses in corporate governance of state-owned enterprises and poor audit reports have heightened the concern of investors and the state as the major shareholder of these enterprises returns. Audit committees as a mechanism for good corporate governance plays a major role in enterprise performance. These state-owned enterprises play a vital role in the economy of South Africa. This study examines the effect of audit committee composition (independence, gender diversity, financial expertise and size) on financial performance measured by return on assets using major state-owned enterprises listed on Schedule 2 of PFMA. The results show that the audit committee size, gender diversity and financial expertise has an insignificant positive relationship with ROA, whereas the independence of audit committee members has an insignificant negative association. The result of the study may be beneficial to various stakeholders and boards of enterprises to make some proper decisions on audit committee composition to attract more investors and at the same time safeguarding the investments of shareholders.
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Comstock, Art. "The post-privatization financial performance of former state-owned enterprises /." Diss., 2000. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:9988076.
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Wang, Hui-Min, and 王惠民. "A Study Of A Decision Model For Evaluating Enterprise Performance With Financial Ratio - An Example From Listed Companies." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/60801429471074934452.
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碩士輔仁大學
資訊管理學系
100
Usually enterprise investors attempt to immediately make the optimal decision in a short time is difficult while facing complicated semi-structured or unstructured problems. Correct information is very important for investors to make right decision in each trade. Therefore, a decision support system (DSS) plays a very important role in above situations. However, disorderly information is mostly listed in financial reports. To investigate the detail of financial report, most investors usually obtain required information announced from ‘listed company’. Therefore, systematic and objective methods are required for enterprise investors. Efficiently facilitating enterprise investors to make an optimal investment decision is the purpose of this study. Different dimensions of information about financial ratio are first analyzed. Then complicated financial numbers are transformed into the comprehensive score rules by analytic hierarchy process (AHP). Further investors obtain structured information for making optimal investment decision in each situation and managerial implication can be derived in the iterative process.