991 resultados para Financial indicators
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This Master of Science Thesis deals with a BSC modeling for higher education institution focusing on private institution in the Brazilian context. It‟s accomplished a literature review in order to understand the BSC and its application to for profit and non for profit organizations and as a main result it is proposed a BSC conceptual model with a new perspective (Government) and a change in the hierarchy of the main BSC perspective equaling financial to customer/society. Taking the national higher education assessment system of Education Ministry indicators a model is deployed and the relations between the indicators are measured with the Pearson correlation coefficient. As a result a model emerges with sound relations of indicators but a improvement in the financial indicators is needed
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The methodology Balanced Scorecard (BSC) focuses on the major critical issues of modern organizations, whether with or without profit. The measurement of the effective performance of the latter is by evaluating the successful implementation of organizational strategy. The aim of this paper is to present the development of a system of performance measurement strategy for a nonprofit organization, whose object of study is the Associao de Apoio as Comunidades do Campo - AACC, in the context of the BSC methodology of Kaplan and Norton. The methodology of this case study is an exploratory, descriptive and qualitative, and diagnose the coherence of the Strategy Map in an organization, based strategic planning from 2010 to 2012. Initially conducted a literature review covering the main aspects of strategy maps and performance evaluation involving the translation of the BSC and strategy evaluation. The main results of the proposed approach refers to evaluation of overall scores for each dimension of the BSC methodology, financial, customer, internal processes, learning and growth. These results are able to help the organization evaluate and revise their strategy and, in general, to adopt management methods more accurately. Data collection is centered on interviews with semi-structured questionnaire. The findings highlight on balancing and alignment of strategic objectives, low causality map, strategic communication insufficient and fragmented. For interviewees organizational culture is the biggest impediment to structuring a management model based on indicators and strategic process should be initiated by non-financial indicators gradually. The performance indicators of the AACC/RN portray more meritocracy operational procedures of social projects in the context of the Strategic Map determined in a shortterm over the long term. However, there is evidence of improved performance management and strategic taken as a basis of planning as both the strategic map structured. Therefore, the nonprofits need to adopt a form of management that enables planning, setting objectives and targets that provide the continuity of its activities, and generating instruments that can measure the financial performance and non-financial, in order to develop strategic actions for growth and sustainability
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Incluye Bibliografa
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Considering the relevance of researches concerning credit risk, model diversity and the existent indicators, this thesis aimed at verifying if the Fleuriet Model contributes in discriminating Brazilian open capital companies in the analysis of credit concession. We specifically intended to i) identify the economic-financial indicators used in credit risk models; ii) identify which economic-financial indicators best discriminate companies in the analysis of credit concession; iii) assess which techniques used (discriminant analysis, logistic regression and neural networks) present the best accuracy to predict company bankruptcy. To do this, the theoretical background approached the concepts of financial analysis, which introduced themes relative to the company evaluation process; considerations on credit, risk and analysis; Fleuriet Model and its indicators, and, finally, presented the techniques for credit analysis based on discriminant analysis, logistic regression and artificial neural networks. Methodologically, the research was defined as quantitative, regarding its nature, and explanatory, regarding its type. It was developed using data derived from bibliographic and document analysis. The financial demonstrations were collected by means of the Economtica and the BM$FBOVESPA website. The sample was comprised of 121 companies, being those 70 solvents and 51 insolvents from various sectors. In the analyses, we used 22 indicators of the Traditional Model and 13 of the Fleuriet Model, totalizing 35 indicators. The economic-financial indicators which were a part of, at least, one of the three final models were: X1 (Working Capital over Assets), X3 (NCG over Assets), X4 (NCG over Net Revenue), X8 (Type of Financial Structure), X9 (Net Thermometer), X16 (Net Equity divided by the total demandable), X17 (Asset Turnover), X20 (Net Equity Profitability), X25 (Net Margin), X28 (Debt Composition) and X31 (Net Equity over Asset). The final models presented setting values of: 90.9% (discriminant analysis); 90.9% (logistic regression) and 97.8% (neural networks). The modeling in neural networks presented higher accuracy, which was confirmed by the ROC curve. In conclusion, the indicators of the Fleuriet Model presented relevant results for the research of credit risk, especially if modeled by neural networks.
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O trabalho apresenta uma metodologia de avaliao de sistemas de produo atravs da mensurao da competitividade interna na bovinocultura de corte. Durante o primeiro trimestre de 2010, foram aplicados 65 questionrios com pecuaristas, sendo 36 entrevistas na Regio Sul (Estado do Rio Grande do Sul) e 29 na Regio Norte (Estados do Par e Rondnia). Foram definidos os principais direcionadores que afetam a competitividade interna - tecnologia, gesto, relaes de mercado e ambiente institucional, sendo atribudo um peso especfico para cada direcionador, a fim de obter o ndice de competitividade. Os resultados foram analisados estatisticamente pela teoria de resposta ao item e pela anlise de correspondncia (ANACOR) com o software SPSS. A Regio Sul apresentou uma maior competitividade que a Regio Norte. Independente da regio, os fatores crticos de competitividade foram: integrao lavoura-pecuria, planejamento estratgico, clculo de indicadores financeiros, formao de preos, acesso a inovaes tecnolgicas e organizao dos produtores.
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The performance analysis based on indicators is an important tool when you want to check the economic and financial situation of a company. From the information provided by the ratios and their analysis, we have a better base for a decision making In this context , this study aims to analyse the financial and economic performance of a service providing company in the cleaning area, in the period between 2011 and 2012 , based on selected financial indicators, and basically calculated from the financial statements (Balance Sheet and Income Statement) , beyond effectuated the vertical and horizontal analysis of them. For the methodological procedures it was used a descriptive case of study and combined (quantitative and qualitative). The results revealed that the economic and financial situation of the company is healthy , once the results are considered satisfactory
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This research aims to identify elements that show how management influences and is present in modern Brazilian soccer, the competition and rivalry between the soccer teams, especially in the state of So Paulo, have increased considerably and consequently causing the search for efficiency to advance even more. The research was based on how close a relationship between management and soccer could influence it. Is the management so significant for the outcome of soccer match? The clubs with the best results are always those who apply best management models? Data that enabled the determination of financial indicators was collected from those who are considered the four major clubs in the state of So Paulo (SC Corinthians Paulista, SE Palmeiras, Santos FC and So Paulo FC ). With the data, the indicators and events that occurred with the clubs in the period 2010-2012, it was possible to demonstrate the influence of management in soccer, both good and bad, and see that even with the immediate results that soccer requires, managers should invest in some long-term measures to improve the structure of the clubs they represent
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Galina Kovaleva. The Formation of the Exchange Rate on the Russian Market: Dynamics and Modelling. The Russian financial market is fast becoming one of the major sectors of the Russian economy. Assets have been increasing steadily, while new market segments and new financial market instruments have emerged. Kovaleva attempted to isolate the factors influencing exchange rates, determine patterns in the dynamic changes to the rouble/dollar exchange rate, construct models of the processes, and on the basis of these activities make forecasts. She studied the significance of economic indicators influencing the rouble/dollar exchange rate at different times, and developed multi-factor econometric models. In order to reveal the inner structure of the financial indicators and to work out ex-post forecasts for different time intervals, she carried out a series of calculations with the aim of constructing trend-cyclical (TC) and harmonic models, and Box and Jenkins models. She found that: 1. The Russian financial market is dependant on the rouble/dollar exchange rate. Its dynamics are formed under the influence of the short-term state treasury notes and government bonds markets, interbank loans, the rouble/DM exchange rate, the inflation rate, and the DM/dollar exchange rate. The exchange rate is influenced by sales on the Moscow Interbank Currency Exchange and the mechanism of those sales. 2. The TC model makes it possible to conduct an in-depth study of the structure of the processes and to make forecasts of the dynamic changes to currency indicators. 3. The Russian market is increasingly influenced by the world currency market and its prospects are of crucial interest for the world financial community.
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Hospital districts (HD) that serve the uninsured and the needy face new challenges with the implementation of Medicaid managed. The potential loss of Medicaid patients and revenues may affect the ability to cost-shift and subsequently decrease the ability of the HD to meet its legal obligation of providing care for the uninsured. ^ To investigate HD viability in the current market, the aims of this study were to: (1) describe HD's environment, (2) document the HDs strategic response, (3) document changes in the HD's performance (patient volume) and financial status, and (4) determine whether relationships or trends exist between HD strategy, performance and financial status. ^ To achieve these aims, three Texas HDs (Fort Worth, Lubbock, and San Antonio) were selected to be evaluated. For each HD four types of strategic responses were documented and evaluated for change. In addition, the ability of each HD to sustain operations was evaluated by documenting performance and financial status changes (patient volume and financial ratios). A pre-post case study design method was used in which the Medicaid managed care rollout' date, at each site, was the central date. First, a descriptive analysis was performed which documented the environment, strategy, financial status, and patient volume of each hospital district. Second, to compare hospital districts, each hospital district was: (i) classified by a risk index, (ii) classified by its strategic response profile, and (iii) given a performance score based upon pre-post changes in patient volume and financial indicators. ^ Results indicated that all three HDs operate in a high risk environment compared to the rest of the nation. Two HDs chose the Status Quo response whereas one HD chose the Competitive Proactive response. Medicaid patient volume decreased in two of three HDs whereas indigent patient volume increased in two of the three (an indication of increasing financial risk). Total patient revenues for all HDs increased over the study period; however, the rate of increase slowed for all three after the Medicaid rollout date. All HDs experienced a decline in financial status between pre-post periods with the greatest decline observed in the HD that saw the greatest increase in indigent patient volume. ^ The pre-post case study format used and the lack of control study sites do not allow for assignment of causality. However, the results suggest possible adverse effects of Medicaid managed care and the need for a larger study, based on a stronger evaluation research design. ^
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O curso de Medicina Veterinria compe-se essencialmente de aulas prticas e tericas desenvolvidas pelas mais diversas disciplinas presentes em sua matriz curricular. Para que as aulas prticas, principalmente aquelas relacionadas s disciplinas profissionalizantes, possam ser ministradas, o curso deve apresentar um Hospital Escola. Este local tem como misses: o ensino (aulas prticas), a pesquisa (desenvolvimento de novas tecnologias e conhecimentos) e a extenso ou assistncia (atendimento aos anseios e necessidades das comunidades onde est inserido). Apesar de estar inserido no contexto do curso, o hospital deve apresentar um controle, no s sob o ponto de vista financeiro, mas de acordo com suas premissas a fim de garantir tanto a satisfao das pessoas que ali trabalham e a continuidade de suas atividades, bem como permitir que seus clientes internos (os alunos) e externos (a comunidade) possam ser atendidos em suas necessidades. O termo controle predispe um pensamento de comando, que tem como objetivo principal permitir que a organizao cumpra com os seus objetivos. O processo de controle gerencial o processo que os lderes encontram para assegurar que os outros membros da organizao respeitem as estratgias determinadas. Instituies de sade e ensino desenvolvem suas atividades atravs de seus centros de responsabilidades, que existem para cumprir suas finalidades. Como a organizao o conjunto de centro de responsabilidades, e se cada centro de responsabilidade cumpre com suas estratgias a prpria organizao atinge suas metas. Cabe ao gestor hospitalar decidir qual a estratgia a seguir congruindo com as premissas ou objetivos da organizao. Esta deciso deve ser fundamentada em parmetros e resultados que podem ser conseguidos atravs de ferramentas de deciso. Muitas organizaes utilizam a avaliao do desempenho financeiro de seus centros de responsabilidade para tomar suas decises. O presente trabalho uma pesquisa ao, que prope a apresentao de um modelo terico, aqui representado por uma ferramenta de deciso que disponibilizar como indicadores de avaliao de desempenho as premissas de ensino, pesquisa e extenso, bem como as de cunho financeiro que permitiro ao gestor hospitalar decidir qual o foco ou caminho a seguir, auxiliando-o em situaes de decises administrativas. Foi realizada a comparao da classificao ou ranqueamento de cada um dos setores produtivos de acordo com o desempenho financeiro, neste caso, a margem de contribuio prpria e seu ranqueamento aps os clculos apresentados pelo modelo proposto a fim de demonstrar que ocorreu mudana no ranqueamento dos setores. Este modelo baseou-se em uma ferramenta de hierarquizao multicriterial. O fato mais importante foi de perceber que todos os setores produtivos tiveram seu ranqueamento modificado aps os clculos com a ferramenta apresentada. Assim, esta ferramenta torna-se uma forma de deciso mais abrangente, pois contempla outros critrios, ou neste caso, premissas importantes para a deciso, sendo muito til tambm para identificar entre as premissas apresentadas quais foram as de pior desempenho em cada setor. Desta forma, o gestor pode determinar aes de melhorias, buscando metas que possam ser alcanadas e determinando aporte financeiro, sendo este o caso, para alcan-las.(AU)
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O curso de Medicina Veterinria compe-se essencialmente de aulas prticas e tericas desenvolvidas pelas mais diversas disciplinas presentes em sua matriz curricular. Para que as aulas prticas, principalmente aquelas relacionadas s disciplinas profissionalizantes, possam ser ministradas, o curso deve apresentar um Hospital Escola. Este local tem como misses: o ensino (aulas prticas), a pesquisa (desenvolvimento de novas tecnologias e conhecimentos) e a extenso ou assistncia (atendimento aos anseios e necessidades das comunidades onde est inserido). Apesar de estar inserido no contexto do curso, o hospital deve apresentar um controle, no s sob o ponto de vista financeiro, mas de acordo com suas premissas a fim de garantir tanto a satisfao das pessoas que ali trabalham e a continuidade de suas atividades, bem como permitir que seus clientes internos (os alunos) e externos (a comunidade) possam ser atendidos em suas necessidades. O termo controle predispe um pensamento de comando, que tem como objetivo principal permitir que a organizao cumpra com os seus objetivos. O processo de controle gerencial o processo que os lderes encontram para assegurar que os outros membros da organizao respeitem as estratgias determinadas. Instituies de sade e ensino desenvolvem suas atividades atravs de seus centros de responsabilidades, que existem para cumprir suas finalidades. Como a organizao o conjunto de centro de responsabilidades, e se cada centro de responsabilidade cumpre com suas estratgias a prpria organizao atinge suas metas. Cabe ao gestor hospitalar decidir qual a estratgia a seguir congruindo com as premissas ou objetivos da organizao. Esta deciso deve ser fundamentada em parmetros e resultados que podem ser conseguidos atravs de ferramentas de deciso. Muitas organizaes utilizam a avaliao do desempenho financeiro de seus centros de responsabilidade para tomar suas decises. O presente trabalho uma pesquisa ao, que prope a apresentao de um modelo terico, aqui representado por uma ferramenta de deciso que disponibilizar como indicadores de avaliao de desempenho as premissas de ensino, pesquisa e extenso, bem como as de cunho financeiro que permitiro ao gestor hospitalar decidir qual o foco ou caminho a seguir, auxiliando-o em situaes de decises administrativas. Foi realizada a comparao da classificao ou ranqueamento de cada um dos setores produtivos de acordo com o desempenho financeiro, neste caso, a margem de contribuio prpria e seu ranqueamento aps os clculos apresentados pelo modelo proposto a fim de demonstrar que ocorreu mudana no ranqueamento dos setores. Este modelo baseou-se em uma ferramenta de hierarquizao multicriterial. O fato mais importante foi de perceber que todos os setores produtivos tiveram seu ranqueamento modificado aps os clculos com a ferramenta apresentada. Assim, esta ferramenta torna-se uma forma de deciso mais abrangente, pois contempla outros critrios, ou neste caso, premissas importantes para a deciso, sendo muito til tambm para identificar entre as premissas apresentadas quais foram as de pior desempenho em cada setor. Desta forma, o gestor pode determinar aes de melhorias, buscando metas que possam ser alcanadas e determinando aporte financeiro, sendo este o caso, para alcan-las.(AU)
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O crescimento de uma empresa pode ser apoiado com recursos de terceiros provenientes do mercado de crdito ou do mercado de capitais. Credores ou potenciais investidores disponibilizam recursos a partir de um processo de avaliao de indicadores de performance. Para as PMEs que consideram o crescimento, conhecer como os indicadores relevantes se comportam ao longo de um ciclo de crescimento uma questo estratgica. Fatores como tamanho, lucratividade, oportunidades de crescimento, composio de ativos das empresas, risco inerente aos resultados, tm sido vinculados a determinantes de uma estrutura de capital. Assim sendo, este trabalho busca verificar quais indicadores podem nortear o desempenho empresarial de PMEs ao longo de um ciclo de crescimento. Como contribuio original, este trabalho apresenta um painel com indicadores em diferentes estgios de crescimento que resultam na gerao de valor para os proprietrios e potenciais investidores do mercado de capitais. A amostra inicial composta por 1.610 empresas para o perodo de 2010 a 2014. Entretanto, considerando a disponibilidade de informaes, a amostra final composta por 28 empresas de porte mdio/grande, 387 empresas grandes e 138 empresas listadas na BM&FBOVESPA, totalizando 553 empresas. A metodologia adotada envolve a classificao de porte de empresa do BNDES como critrio para definir ciclo de crescimento, e testes de estatstica descritiva, anlise fatorial, anlise de correlao, regresso mltipla linear e montagem de painel. Como resultado, verificou-se que as variveis tamanho, composio de ativos e lucratividade so fatores que explicam o endividamento de curto prazo para o estgio mdias/grandes empresas. Ainda, que esses fatores explicam o endividamento de longo prazo para os estgios grandes e empresas listadas na BM&FBOVESPA. Tais resultados esto de acordo com estudos prvios, mas as variveis relacionadas a volatilidade e crescimento no foram significantes nos modelos para os estgios de empresas. O painel montado a partir das variveis de composio de ativos e lucratividade indicou que endividamento de curto prazo, endividamento de longo prazo, receita lquida, retorno sobre o patrimnio lquido e lucros antes de juros, impostos, depreciao e amortizao (EBITDA) sinalizam empresas, em cada estgio de ciclo de crescimento do estudo, que buscam o crescimento com rentabilidade acima da mdia e atendem a critrios valorizados pelo investidor do mercado de capitais. Estes indicadores podem sinalizar o desempenho empresarial de PMEs ao longo de um ciclo de crescimento
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This Factor Markets Working Paper describes and highlights the key issues of farm capital structures, the dynamics of investments and accumulation of farm capital, and the financial leverage and borrowing rates on farms in selected European countries. Data collected from the Farm Account Data Network (FADN) suggest that the European farming sector uses quite different farm business strategies, capabilities to generate capital revenues, and segmented agricultural loan market regimes. Such diverse business strategies have substantial, and perhaps more substantial than expected, implications for the financial leverage and performance of farms. Different countries adopt different approaches to evaluating agricultural assets, or the agricultural asset markets simply differ substantially depending on the country in question. This has implications for most of the financial indicators. In those countries that have seen rapidly increasing asset prices at the margin, which were revised accordingly in the accounting systems for the whole stock of assets, firm values increased significantly, even though the firms had been disinvesting. If there is an asset price bubble and it bursts, there may be serious knock-on effects for some countries.
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The aim of this Working Paper is to provide an empirical analysis of the marginal return on working capital and fixed capital in agriculture, based on data gathered by the Farm Accountancy Data Network from seven EU member states. Particular emphasis is placed on the detection of credit market imperfections. The key idea is to provide farm group-specific estimates of the shadow price of capital, and to use these to analyse the drivers of on-farm capital use in European agriculture. Based on Cobb Douglas estimates of farm-type specific production functions, we find that working capital is typically used in more than economically optimal quantities and often displays negative marginal returns across countries and farm types. This is less often the case with regard to fixed capital, but it is only in a small set of sectors where access to fixed capital appears severely constrained. These sectors include field crop and mixed farms in Denmark, dairy farms in East Germany, as well as mixed farms in Italy and the UK. The relationship between farm financial indicators and the estimated shadow prices of capital varies considerably across countries and sectors. Among the farms with a high shadow price for fixed capital in Denmark, high debt levels and little owned land tended to induce more intensive capital use, which may reflect the liberal Danish banking system. In East Germany, Italy and the UK, high debt levels made farmers more tightly capital constrained. Hence, in the latter group of countries, more traditional mechanisms of capital allocation based on debt capacity seemed to be at work. As a general conclusion, EU agriculture appears to be characterised by overcapitalisation rather than by credit constraints.
