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Copyright of Journal of Defense Sciences / Savunma Bilmleri Dergisi is the property of Turkish Military Academy Defense Sciences Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Real estate development investments are characterized by a high value of projects, which in the event of irregularities in their implementation may result in significant losses for the economy. The lack of tools enabling ongoing control of real estate developers may result in disruptions in the operation of business entities on the real estate market, affecting the proper functioning of many stakeholders. The article proposes a method of measuring value for real estate companies. Accounting principles that regulate financial statements specify that they cannot be used directly to measure the value of a developer. The article proposes examples of corrections to financial statements supporting value measurement. When calculating value management measures, (i) adjustments excluding the impact of asset valuations, (ii) adjustments of settlement negative EVA of the investment phase, (iii) adjustments of advance payment of NPV of the project, and (iv) adjustments of excluding the impact of interest on foreign capital should be made. Examples of using these adjustments in a short-term housing project and a long-term commercial project were presented. The impact of the proposed adjustments on the comparison of formal financial statements and value measures for a large developer listed on the WSE was also discussed.

Copyright of Proceedings of the Faculty of Economics & Business in Zagreb / Zbornik Ekonomskog Fakulteta u Zagrebu is the property of Ekonomski Fakultet u Zagrebu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Bu araştırmada, resmî ortaokul ve liselerde görev yapan yönetici ve öğretmenlerin değerlere dayalı yönetim uygulamaları ile ilgili görüşlerini belirlemeyi amaçlanmıştır. Araştırma, tarama modelinde olup, araştırma örneklemi, 2015-2016 eğitim-öğretim yılında Mardin Merkez Artuklu ilçe merkezindeki resmi ortaokul ve liselerde görev yapan 65 Yönetici ve 325 öğretmen olmak üzere toplam 390 kişiden oluşmaktadır. Araştırma verileri Yılmaz (2006) tarafından geçerlik ve güvenirlik çalışması yapılarak geliştirilen “Değerlere Göre Yönetim Ölçeği” kullanılarak toplanmıştır. Araştırmada verilerin analizinde yüzde, aritmetik ortalama, standart sapma kullanılmıştır. Ayrıca “görev türü”, “cinsiyet”, “mesleki kıdem” ve “eğitim durumu” değişkenleri için t- testi kullanılmıştır. Araştırmada ortaya çıkan bulgulardan bazıları şu şekilde verilebilir. Araştırmanın bulgularına göre “görev türü” ve “yaş” değişkenleri açısından anlamlı bir fark bulunmuşken, “cinsiyet”, “öğrenim durumu” ve “mesleki kıdem” değişkenleri açısından ise anlamlı bir fark bulunmamıştır. Ortaokul ve liselerde görev yapan yöneticilerin değerlere dayalı yönetim uygulamalarının, okulun örgütsel iklimini oluşturma, öğretimsel amaçları gerçekleştirme, okulların verimliliği ve etkililiğinde önemli bir rol oynadığı söylenebilir.

Copyright of Acta Scientiarum Polonorum. Oeconomia is the property of Wydawnictwo SGGW and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The essence of value-based management (VBM) as a modern concept of business management has been clarified. Attention is focused on three main groups of factors that influence the value of the company - cash flows, cost of capital and capital structure. The main tasks of business analysis have been identified as an important tool of modern management for each of these groups. Specific approaches, models and indicators for analysis are proposed, on the basis of which the impact of these factors on the value of the enterprise can be assessed. The purpose is that the results of the analysis serve to make informed management decisions aimed at increasing value. Special attention is paid to the analysis and management of cash flows. In order to increase the value of the enterprise continuously, the management efforts must be directed to seeking opportunities for increasing sales, business efficiency, operating profit and ultimately increasing cash flows. All this is related to making various management, investment and business decisions and taking appropriate actions. The model of discounted future cash flows for business valuation is presented, which describes the relationship between cash flows and the value of the company. Models for determining cash flows and operating profit are also presented. Operating profit is seen as a function of two primary factors - sales revenue and sales profitability (operating profit margin). This model is extremely valuable for business management because it draws management's attention to seeking opportunities to increase sales on the one hand and increase business efficiency on the other. Important management decisions and actions to increase sales and business efficiency are discussed. The tasks of business analysis with regard to the cost of capital are mainly related to the choice of an appropriate model for determining the cost of equity, the assessment of the risks to the company - the level of financial and business risk, which are reflected in the beta used, the need for additional increase in the cost of equity due to the small size of the enterprise or other factors, etc. Damodaran models (CAPM - modifications) suitable for determining the cost of equity for firms in countries with underdeveloped capital markets are discussed. The tasks of business analysis with regard to the capital structure and the degree of financial risk of the enterprise are clarified. Guidelines and recommendations for optimizing the capital structure are given. The debt to equity ratio is optimal, when maximizing indicators ROE (Return on Equity) and EPS (Earnings per share), but at the same time three conditions, related to the profitability of the business and the degree of financial risk are met. [ABSTRACT FROM AUTHOR]

The main goal for any enterprise is to create value. In the specialized literature scholars talk about the necessity of management to create value for shareholders. In this paper we shall try to point out the importance of value creation both for shareholders as well as for other parties involved. The instruments used by the classical VBM system are based only on financial and accounting data while other information such as that on the market, customers, suppliers or employees being totally ignored. In our opinion, a management system based on value creation should take into account all data coming from within the enterprise as well as from the outside. Also, those variables that the enterprise can influence to create value must be identified too. This fact has pointed out the necessity to reconsider the VBM system and to sort out some aspects which have not been sufficiently debated on by the specialized literature.

The paper encapsulates the essence of the resource providing value based management at the enterprises. The study explores the nature and components of diagnostic resources of the enterprise. The features of fixed categories of resource theory are characterized. Correlation constituent resource provision value based management of enterprise is detected. The research highlights the achieve synergy resulting from the right combination of resources, which provides increase competitiveness of enterprises. The effects of resource types using different resources in the workplace are considered. The necessity of creation and development of strategic resources at the enterprises are analyzed.

The operating strategy of any corporation needs to take into account the adjustment of the viewpoint of capital owners and the expectations of other stakeholders. It is also commonly believed that the increase of the market value of the capital of an enterprise reflects transformations from which all groups linked to an enterprise, benefit. This paper analyzes relations between shareholders and market value of equity based on selected source literature and quantitative studies. The said relations are shown not to be universal regularities, but a result of managerial actions. The objective of this paper is to make an assessment of the cognitive value and the practical usefulness of the set of instruments for making strategic decisions, in the context of building the relational capital of enterprises. The paper also indicates directions of further research that should contribute to the development of utilitarian knowledge related to managing stakeholder relationships. [ABSTRACT FROM AUTHOR]

Copyright of Financial Space is the property of Cherkasy Institute of Banking, University of Banking of the National Bank of Ukraine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Mukaddime Journal is the property of Mukaddime Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Abstract: We study the consequences of implementing and communicating Value Based Management (VBM) systems on information asymmetries and the cost of capital. We analyse the firms’ reporting on internal control systems as the source of information for market participants. In addition, literature posits that improving communications with shareholders by providing additional information on value generation (Value Based Reporting, VBR) is an integral part of implementing VBM. We find that the implementation of VBM and the extent of VBR are, both individually and jointly, significantly related to lower information asymmetries and lower cost of capital. We find a slight moderation of the effect of VBM by VBR. For increasing VBR, we find that information asymmetries and cost of capital decrease more strongly for firms without implemented VBM systems. This indicates that VBR can to some extent substitute VBM. Overall, however, firms using a combination of VBM and VBR attain lower levels of information asymmetry and cost of capital. We provide evidence for the real effects of disclosure, suggesting that disclosures on internal control systems serve as a governance mechanism, reducing information asymmetries and the cost of capital by aligning shareholders’ and managers’ interests. [ABSTRACT FROM AUTHOR]

Copyright of Research Papers of the Wroclaw University of Economics / Prace Naukowe Uniwersytetu Ekonomicznego we Wroclawiu is the property of Uniwersytet Ekonomiczny we Wroclawiu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Scientific Journal European Policies, Finance & Marketing / Polityki Europejskie, Finanse & Marketing is the property of Wydawnictwo SGGW and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Project management is a discipline widely described in the management science. In the context of the growing importance of an innovative approach to business models, it is a key issue to create long-term value for shareholders. There is a niche for a broader range of issues to be taken into account beyond standardized project management methodology. In particular, the relationship between leadership and innovative orientation of companies involved in project management remains a key factor to be examined. Although the literature on the topic of project management is rather extensive, the phenomenon of leadership in project management in the context of innovative projects is rather restricted. The studies published in scholarly and managerial literature, as well as analysis of the author's own experiences are examined in this paper. The key challenges and area of potential solutions are identified and listed in the context of leadership's attitude as a driver for innovative projects. The findings indicate a large cognitive gap in which it will be possible to conduct research on a broad sample of Polish enterprises, all the while taking into account the evolution of the business model and organizational cultures within companies resulting from attitudes of strong leadership. [ABSTRACT FROM AUTHOR]

The industrial revolution, the development of capitalism and the integration of the corporate world has been based of creation of large corporations; thus, was born the issue of the separation of ownership and management while the corporate governance process was initiating. This study has been focused to analyze covers the years 2012, 2013 and 2014 on the level of corporate governance during short term period the financial indicators of companies; In addition, the road equipment segment has justified this research, due to topicality, relevance, increasing demand for research in the area of corporate governance and lack of research for the road equipment segment. The years from 2012 to 2014 have analyzed with regarding companies listed on Brazilian stock market (also called BOVESPA) and it has considered the size of companies and possible sample's size. This research shouldn't be referred to in the industry as a whole conclusion. The main results have found on average are the financial indicators haven't shown relationship between corporate governance levels for the road equipment segment (transport equipment). [ABSTRACT FROM AUTHOR]

Objective-The purpose of this study was to examine the implementation of the fundamental effects of Corporate Social Responsibility and Value Based Management on the Equity Value of hotels in Bali. Methodology/Technique-The data collecting used purposive sampling method. The effects of moderating variables were tested using Moderated Regression Analysis (MRA). Findings-The research proves that there is a significant fundamental effect of the implementation of Corporate Social Responsibility and Value Based Management on the Equity Value of hotels in Bali. The fundamental effects prove that although the implementation of Corporate Social Responsibility cause the release of funds that is quite significant but it gives positive effects on companies that has fundamentally led to increased equity value in the eyes of investors. Novelty-The study proves that the expenditure on Corporate Social Responsibility can positively affect the stock price of a firm. [ABSTRACT FROM AUTHOR]

The use of the concept of the worth-oriented management to assess the intellectual capital worth have been proposed. The systemic-structural features of the given concept and its basic scientific concepts have been considered. Based on this concept it had been proposed classification of indicators.Предлагается использовать концепцию ценностно-ориентированного менеджмента для оценки ценности интеллектуального капитала. Рассмотрены системно-структурные особенности данной концепции и ее основные научные понятия. В рамках этой концепции была предложена классификация показателей.

This study examined the impact of the adoption of international accounting standards on the management performance of businesses listed on the Budapest Stock Exchange in Hungary. The financial data are taken from accounts published on the Budapest Stock Exchange and in the Hungarian Business Information database. The adoption decision model tested if the demand from internal performance evaluations is a factor in businesses decisions to adopt international accounting standards during the global financial crisis situations. The results show that those businesses which have adopted international standards achieved higher and statistically significant positive coefficients than those following local accounting rules. We found that larger firms (those with more leverage, higher market capitalization and substantial foreign sales) were more likely to have adopted international accounting standards. This suggests that the increase in the sensitivity of turnover to accounting performance post-adoption is primarily driven by heightened turnover sensitivity to accounting losses.

This paper traces the benefits of international management accounting information systems and their contribution to standardization and harmonization in business practice. In this review, the goal is to describe and summarize how the management accounting standards promote management decisions and influence the business environment in a global scale. It is expected that the unified, standardized accounting information system will lead to new types of analysis and data, furthermore with the possible integration of new indicators from the business management practice of certain countries. The author analyzed and valued the effects of international standards on the business economic environments. There was shown that uniform management accounting standards will increase market liquidity, decrease transaction costs for investors, lower cost of capital, and facilitate international capital formation and flow. Reduced costs will also result in more cross-listings and cross-border investments.

The basic financial purpose of the firm is maximization of its value. An inventory management should also contribute to the realization of this basic aim. Many current assets management models which we can find in the literature relating to financial management were constructed with the assumption of book profit maximization as the basic aim. These models could be lacking what relates to another aim, i.e., maximization of the enterprise value. This article presents the value based inventory management model modification.

The basic financial purpose of an enterprise is maximization of its value. Trade credit management should also contribute to the realization of this fundamental aim. Many of the current asset management models that are found in the financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be lacking in what relates to another aim (i.e., maximization of the enterprise value). The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This article presents the consequences that can result from operating risk that is related to purchasers using payment postponement for goods and/or services. The present article offers a method that uses the portfolio management theory to determine the level of accounts receivable in a firm. An increase in the level of accounts receivables in a firm increases both net working capital and the costs of holding and managing accounts receivables. Both of these decrease the value of the firm, but a liberal policy in accounts receivable coupled with the portfolio management approach could increase the value. Efforts to assign ways to manage these risks were also undertaken; among them, a special attention was paid to adapting the assumptions from the portfolio theory as well as gauging the potential effect on the firm value.

The article discusses the advisability, methods and benefits of icreasing the market value of the network organization. It also presents formulas organizations relevant to the operation of the network model and the creation and management of its value by using modern information technology (IT) systems, including Business Intelligence Systems. Made aware of the urgent need to move away from the restructuring and re-engineering to formulate the organizations’ strategy of the whole sector, even country, involving the integrated use of modern IT. We present a new paradigm of the growth strategy of the organization and conditions of its implementation through integrated management systems, information technology.

Nos últimos anos, o mundo assistiu ao crescimento do assistencialismo e das preocupações sociais. Pessoas se reúnem e formam instituições cujo único objetivo é tentar amenizar problemas sociais. Surge o chamado Terceiro Setor, que vem crescendo e conseguindo ajudar no suprimento das carências resultantes da incapacidade do governo em exercer o seu papel. No entanto, muitas organizações desse setor apresentam problemas de gestão. A metodologia centra-se em revisão bibliográfica sobre os temas principais do trabalho, além de uma pesquisa empírica. A pesquisa empírica mostrou que, na prática, é possível aplicar a GBV, sendo necessárias adaptações para a avaliação econômica da entidade. Este trabalho apresenta uma adequação da gestão baseada em valor, ferramenta sedimentada nas empresas lucrativas, para as empresas desse setor e apresenta o cálculo do EVA® para uma organização sem fins lucrativos.In recent years, the world has witnessed growing concern about social issues and assistance. People join to create organizations with the only goal of trying to mitigate social problems. This gives rise to the so-called Tertiary Sector, which is expanding and manages to help to fulfill the needs generated by the government's incapacity to play its role. Nevertheless, many organizations in this sector present management problems. The methodology focuses on a bibliographic review of the subject, as well as an empirical research. The empirical research has shown that it is actually possible to apply value based management, provided that modifications are made for the organization's economic assessment. This study presents an adaptation of value based management, a tool used by for-profit companies, to tertiary-sector organizations, as well as the calculation of EVA TM for not-for-profit organizations.

Copyright of Research Papers of the Wroclaw University of Economics / Prace Naukowe Uniwersytetu Ekonomicznego we Wroclawiu is the property of Uniwersytet Ekonomiczny we Wroclawiu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Business Consultant / Poslovni Konsultant is the property of FINconsult Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Ibero-Americana de Estratégia (RIAE) is the property of Revista Ibero-Americana de Estrategia/UNINOVE and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)