Reconciling value estimates from the discounted cash flow model and the residual income model

This paper examines why practitioners and researchers get different estimates of equity value when they use a discounted cash flow (CF) model versus a residual income (RI) model. Both models are derived from the same underlying assumption -- that price is the present value of expected future net dividends discounted at the cost of equity capital -- but in practice and in research they frequently yield different estimates. We argue that the research literature devoted to comparing the accuracy of these two models is misguided; properly implemented, both models yield identical valuations for all firms in all years. We identify how prior research has applied inconsistent assumptions to the two models and show how these seemingly small errors cause surprisingly large differences in the value estimates. [ABSTRACT FROM AUTHOR]

Supply chain management as beyond operational efficiency

The orthodoxy of supply chain management (SCM) emphasises competitive advantage through increased operational efficiency and market responsiveness from production and distribution processes into the hands of consumers. It anticipates that future competition will be between chains rather than between firms. While well established in other industry sectors, the SCM concept is newly developed in the Australian agri-food sector. Critical review of the concept has identified key issues of power among channel members, processes of chain initiation and innovation, and the inability of SCM to offer a viable business strategy for some firms. Building on those insights, this paper examines the supply chain concept for horticulture. Horticultural products are characterised by perishability, heterogeneity and lags in production response to market signals. Producers’ profits are vulnerable to quantity, timing of supply and product specification. Many supply chains in smaller industries are loose, fragmented, interwoven, unstable and unique! Firms operating within these environments need an astute understanding of the chains, the hierarchy of channel members and their relative position. Effective business strategies – for individual firms and supply chains - need to be developed and redeveloped to accommodate the dynamic nature of horticulture. Two case studies are discussed as contributions to this early stage of the theoretical development of supply chain management. The SCM concept also has implications for horticultural researchers, involving a wider range of industry stakeholders, technical problems and research skills. As for business management, the usefulness of the concept will depend on its capacity to increase responsiveness to customers’ preferences and customer value.

The importance of qualitative methodology in management empirical research

Purpose: The aim of this paper is to highlight the importance of qualitative research within the scope of management scientific studies, referring to its philosophy, nature and instruments. It also confronts it with quantitative methodology, approaching its differences as well as its complementariness and synergies, with the purpose of explaining, from a more analytic point of view, the relevance of qualitative methodology in the course of an authentic and real research despite its complexity. Design/methodology/approach: Regardless of its broad application, one may attest the scarcity literature that focuses on qualitative research applied to the management scientific area, as opposed to the large amount that refers to quantitative research. Findings: The paper shows the influence that qualitative research has on management scientific research. Originality/value:. Qualitative research assumes an important role within qualitative research by allowing for the study and analysis of certain types of phenomena that occur inside organisations, and in respect of which quantitative studies cannot provide an answer.

Preparatory and field work phases in the qualitative empirical research process in management: the case studies approach

Purpose: The aim of this paper is to promote qualitative methodology within the scientific community of management. The specific objective is oriented to propose an empirical research process based on case study method. This is to ensure rigor in the empirical research process, that future research may follow a similar procedure to that is proposed. Design/methodology/approach: Following a qualitative methodological approach, we propose a research process that develops according to four phases, each with several stages. This study analyses the preparatory and field work phases and their stages. Findings: The paper shows the influence that case studies have on qualitative empirical research process in management. Originality/value:. Case study method assumes an important role within qualitative research by allowing for the study and analysis of certain types of phenomena that occur inside organisations, and in respect of which quantitative studies cannot provide an answer.

A importância da informação contabilística multidimensional face às necessidades dos múltiplos stakeholders: estudo de caso da entidade BETA, SROC, Lda.

Mestrado em Contabilidade

A contabilidade de gestão e a data envelopment analysis : análise de desempenho organizacional

Mestrado em Contabilidade e Gestão das Instituições Financeiras

Gestão de risco: articulação com o planeamento estratégico e a contabilidade de gestão: estudo aplicado a empresas não financeiras do concelho de Vila do Conde

Este trabalho de investigação tem como objetivo analisar se as empresas do concelho de Vila do Conde, efetuam planeamento estratégico, contabilidade de gestão e/ou gestão de risco. Pretende-se ainda verificar se o facto de existir articulação entre estas três áreas da empresa influencia o resultado do seu EBIT (Earning Before Interest and Taxes). Através da literatura relevante, verificou-se que o planeamento estratégico, a contabilidade de gestão e a gestão de risco têm progredido de modo a responder às mudanças do meio envolvente onde as empresas estão a operar. Contudo, em termos práticos, este estudo permitiu verificar que a implementação da gestão de risco e da contabilidade de gestão no tecido empresarial de Vila do Conde tem sido muito lenta. Os dados foram recolhidos através dum inquérito eletrónico efetuado a 505 empresas do concelho de Vila do Conde de diversas atividades económicas pertencentes aos três grandes sectores (serviços, indústria e comércio). De acordo com os resultados obtidos, concluiu-se que apenas 17% das empresas do concelho de Vila do Conde efetuam simultâneamente planeamento estratégico, contabilidade de gestão e gestão de risco. Conclui-se ainda que as empresas do concelho de Vila do Conde que efetuam em simultâneo planeamento estratégico, contabilidade de gestão e gestão de risco apresentam em média um EBIT (2010) aparenta ser superior às que não fazem planeamento estratégico, contabilidade de gestão e gestão de risco.

Consultoria financeira e apoio financeiro ao comércio: apoios financeiros à modernização do comércio: relatório de estágio na Associação Empresarial da Póvoa de Varzim

Relatório de estágio

Standardization of project management processes

Software development is a discipline that is almost as old as the history of computers. With the advent of the Internet and all of its related technologies, software development has been on high demand. But, and especially in SME (small and medium enterprise), this was not accompanied with a comparable effort to develop a set of sustainable and standardized activities of project management, which lead to increasing inefficiencies and costs. Given the actual economic situation, it makes sense to engage in an effort to reduce said inefficiencies and rising costs. For that end, this work will analyze the current state of software development’s project management processes on a Portuguese SME, along with its problems and inefficiencies in an effort to create a standardized model to manage software development, with special attention given to critical success factors in an agile software development environment, while using the best practices in process modeling. This work also aims to create guidelines to correctly integrate these changes in the existing IS structure of a company.

Strategic Enterprise Architecture Management - Challenges, Best Practices, and Future Developments

The discipline of Enterprise Architecture Management (EAM) deals with the alignment of business and information systems architectures. While EAM has long been regarded as a discipline for IT managers this book takes a different stance: It explains how top executives can use EAM for leveraging their strategic planning and controlling processes and how EAM can contribute to sustainable competitive advantage. Based on the analysis of best practices from eight leading European companies from various industries the book presents crucial elements of successful EAM. It outlines what executives need to do in terms of governance, processes, methodologies and culture in order to bring their management to the next level. Beyond this, the book points how EAM might develop in the next decade allowing today's managers to prepare for the future of architecture management.