Financial Value Added FVA: uma nova ferramenta para a medição do desempenho financeiro das empresas

O objetivo dessa pesquisa é apresentar uma ferramenta alternativa ao valor econômico adicionado na mensuração da performance empresarial correlacionada com o valor de mercado. Na revisão da literatura apresenta-se o conceito de estrutura e custo de capital, utilizando a metodologia do CAPM e do APT. São igualmente apresentadas as principais medidas financeiras de desempenho tais como: retorno operacional sobre o investimento, retorno sobre o patrimônio liquido, retorno sobre os ativos, além de outras formas para cálculo do retorno. Na sequência introduzimos o conceito de lucro residual e o valor econômico adicionado, discutindo suas vantagens, desvantagens, dificuldades e limitações dessa ferramenta. Através do EVA podemos calcular o valor de mercado adicionado, fundamental para o cálculo do valor patrimonial ajustado. Também é apresentado nessa obra a interpretação do EVA pela ótica do modelo Fleuriet de planejamento financeiro. Após essa explanação teórica é apresentado o Financial Value Added proposto por esse trabalho, como alternativa ao Valor Econômico Adicionado na mensuração do desempenho empresarial. Essa ferramenta exclui da base de cálculo as receitas e despesas econômicas, uma vez que as mesmas em alguns casos distorcem o resultado como é constatado no teste com as empresas: Sadia S.A. e Perdigão S.A. onde os resultados foram 54% na Sadia e 13% na Perdigão superiores ao EVA. Em nenhum momento argumenta-se a substituição do EVA, apenas a introdução do FVA como alternativa nos casos em que o EVA não funcione adequadamente.

Consumption pattern and consumer preference for value-added fish and fish products in north zone of India

Present paper attempts to analyze consumption pattern and consumer preferences towards value-added fish and fish products in north zone of India. Results reveal that socio economic variables affect consumption of value-added fish and fish products. A total of 49 percent respondents were of middle age group (35 to 50 years). All were literates except 7% from the rural area. All were purchasing fish at least once in 15 days. A total of 90% respondents in rural, 11% in semi urban and 50% in urban area were unaware of value-added fish and fish products. About 10% of respondents had consumed it, out of which most were from urban area. Demand analysis by Cobb Douglas (CD) Demand function revealed that when price of fish, price of the substitutes, income of family and family size were used as independent variables, variation in demand of fish explained by CD Demand function was about 39% in urban area, 24% in semi urban area and 22% in rural area. From Garette ranking technique major problems in fish consumption found were irregular supply, lack of fresh fish, high price and presence of bones in fish. While lack of awareness, unavailability, no preference and unacceptable taste were major problems for consumption of value-added fish and fish products.

Marketing of value-added products from silver carp and involvement of rural people in the production and marketing chain

Cost-profit analysis and market testing of some value-added products from silver carp such as fish mince block, fish sausage, fish ball, fish stick and fish burger were analyzed during April 2001 to March 2002. The study also explored the possibility to involve rural low-income people in the production and marketing of such products. The production of silver carp was higher in greater Jessore and Mymensingh districts but the price remained low during the peak-harvesting season in October to November. The price varied with size of the fish, season, market characteristics and effective demand of the buyers. Price of about 500 g size fish was found to be Tk. 20-25/kg in the rural markets. The average size of fish in the rural markets was 3S0-550 g while that in the urban markets it was 700-1,200 g. The cost of production of the value added products and profit margin were assessed on the basis of market price of the raw material as well as that of the finished products, transportation, storage and marketing costs. The profit margins of 34%, 39%, 81% and 31% of their sales price were obtained for fish sausage, fish ball, fish stick and fish burger, respectively. Actual production cost could be minimized if the fish is purchased directly from the farmers. Consumer's acceptance and marketability tests showed that both rural and urban people preferred fish ball than fish sausage. However, response towards the taste, flavor and color of fish ball and fish sausage was found to vary with occupations and age of the consumers. A correlation was observed between age group and acceptance of new products. Fish ball, fish stick and fish burger were found to be the most preferable items to the farmers because of easy formulation process with common utensils. Good marketing linkage and requirement of capital had been identified as the prerequisites for operating small-scale business on value-added fish products.

Studies on the suitability of producing value-added products from silver carp, Hypophthalmichthys molitrix

Silver carp, Hypophthalmichthys molitrix is contributing significantly to the total production of fish through aquaculture in Bangladesh. However, its low market price has become a serious concern to the fish farmers. The suitability of silver carp mince for the production of various value-added products (VAPs) - surimi, fish sausage, fish burger and fish stick was studied during April-September 2000 to ensure more appropriate and profitable utilization of silver carp. Surimi/frozen mince block was produced by washing the silver carp mince with 0.1% NaCl for 7-8 min (4-5 min agitation and 3-4 min settling). A two-step heating schedule for incubation at 50°C for 2 h and cooking at 95°C for 30 min gave high textured good quality consumer product. With the addition of cryoprotectants, surimi could be kept frozen for 5 months without loosing [sic] much of its textural and sensory qualities. Mince-mix and a batter with different ingredients and spices were formulated to produce fish burger using potato smash as the binding agent. Fish flake-mix and a batter with different ingredients and spices were formulated to prepare fish stick using both potato starch and potato smash as filler ingredients. Unwashed and washed frozen mince block or fresh flesh of silver carp was used to prepare fish sausage by heating at 100°C for 1 h after incubating at 50°C for 2 h. A spice-mix formulated with various local spices at the rate of 1.0-1.2% gave good texture and flavor to the sausage. A good-appeared sausage-pink color was developed by combining three food-grade colors of asthaxanthin. Products prepared with potato starch, potato smash and rice smash had an acceptable bacterial load in refrigeration (5°C) for up to 8 days and in room temperature (28°C) for up to 3 days. No coliform bacteria were found in the products prepared.

Value-added shrimp product is tops: market potential

The article discusses the potential for export of value-added shrimp products from developing countries. European Economic Community is considered to be one of the top consumers, while Thailand and India are two of the top producers.

Sustainable Value Added - ein neues Maß des Nachhaltigkeitsbeitrags von Unternehmen am Beispiel der Henkel KGaA

This article introduces a new approach to measure corporate contributions to sustainability called Sustainable Value Added. Existing approaches to measure sustainability are based on a comparative assessment of environmental and social burdens and can thus be characterised as burden-based approaches. However, these approaches suffer from severe limitations as a comparative assessment and aggregation of all relevant environmental and social burdens fails in practice. In contrast to these burden-based approaches Sustainable Value Added is value-based. It determines the value that is created by the reduced or increased use of different environmental and social resources. For this purpose the use of environmental and social resources is valued at their opportunity cost. Sustainable Value Added allows an integrated assessment of the economic, environmental, and social performance of a company and expresses the corporate contribution to sustainability in a single monetary indicator. This article explains the theoretical background of Sustainable Value Added, relates it to existing approaches to measure sustainability, and - using the example of Henkel KGaA - demonstrates its practical applicability.

Environmental Value Added - Ein neues Maß zur Messung der Öko-Effizienz. (Environmental Value Added. A new measure for the measurement of eco-efficiency)

To increase eco-efficiency environmental information needs to be integrated into corporate decision making. For decision makers the interpretation of eco-efficiency as a ratio can however be quite difficult in practice. One of the reasons for this is, that eco-efficiency as a ratio is measured in a unit, that is difficult to interpret. This article therefore suggests an alternative measure for eco-efficiency. The Environmental Value Added, the measure proposed in this paper, reflects the excess economic benefit, resulting from the difference between the eco-efficiency under consideration and a benchmark eco-efficiency. It is measured in a purely monetary unit and is thus easier to interpret and integrate than eco-efficiency as a ratio.

Parenting advantage in the MNC: An embeddedness perspective on the value added by headquarters

What determines the value an MNC’s headquarters adds to its own affiliates? In this paper, we shed light on this question by linking the embeddedness view of the multinational corporation to the literature on parenting advantage. We test our hypotheses on an original dataset of 124 manufacturing subsidiaries located in Europe. Our results indicate that the external embeddedness of the MNC is an antecedent to headquarters’ value creation. We find that headquarters’ investments into their own relationships with the subsidiaries’ contexts are positively related to the value added by headquarters. Furthermore, this relationship is stronger when the subsidiary itself is strongly embedded. We discuss implications for the MNC literature, embeddedness research, and the literature on parenting and headquarters’ roles. Copyright © 2013 John Wiley & Sons, Ltd.

Development of a value-added soil conditioner from high shear co-granulation of organic waste and limestone powder

This paper reports on a technical feasibility study of the production of organo-mineral fertiliser from the co-granulation of limestone powders with tea waste. The results from this preliminary study show that the co-granulation of tea waste provided an alternative method of waste recovery, as it converts the waste into a value-added product. Fertiliser granules were successfully produced from various compositions of limestone and tea waste. The effect of tea waste concentration on granule strength was analysed; the granule strength
was in the range 0.2 to 1.8 MPa depending on powder composition; increasing the tea waste mass fraction resulted in a reduction in granule strength.Varying the teawaste to limestone ratio also influenced the compressibility of the granules; the granules compressibility increased with increasing tea waste mass fraction. It was further found that increasing the mass fraction of tea waste in the binary mixture of powder reduced the granule median size of the batch.