Всего статей в данном разделе : 235
Activity-Based Costing and Process Modeling for Cost-Conscious Product Design: A Case Study in a Manufacturing Company [статья]
Опубликовано на портале: 21-06-2006Katja Tornberg, Miikka Jämsen, Jari Paranko International Journal of Production Economics. 2002. Vol. 79. No. 1. P. 75-82.
The most effective way to control costs is to design them out of the products. However, cost data is rarely available for product designers in a usable form. The aim of this study was to investigate the possibilities of activity-based costing and the modeling of design, purchasing and manufacturing processes in providing useful cost information for product designers. The hypothesis was that activity-based costing and process modeling might provide an effective tool for the evaluation of different design options. The study was conducted in a large Finnish manufacturing company. First, the most costly items of one product's sub-assembly were studied in order to identify the activities needed to produce the items and to calculate their activity-based costs. Second, the processes, in other words the activity chains, were modeled with graphic flowcharts from product design, purchasing, and manufacturing departments. Finally, the applicability of activity-based cost information and process models to product designing practices was tested. The results of the study suggested that activity-based costing and process modeling provide a good starting point in heading toward more cost-conscious design. This way the designers learn the relationships between the activities performed in the organization and their associated costs. The development of a parametric cost estimation model based on activity-based costing and process modeling provides a challenge for future research.
Activity-based Costing as a Method for Assessing the Economics of Modularization - A Case Study and Beyond [статья]
Опубликовано на портале: 21-06-2006Jesper Thyssen, Poul Israelsen, Brian Jorgensen International Journal of Production Economics. 2006.
The paper accounts for an Activity-Based Costing (ABC) analysis supporting decision-making concerning product modularity. The ABC analysis carried out is communicated to decision-makers by telling how much higher the variable cost of the multi-purpose module can be compared to the average variable cost for the product-unique modules that it substitutes to break even in total cost. The analysis provides the platform for stating three general rules of cost efficiency of modularization, which in combination identify the highest profit potential of product modularization. Finally the analysis points to problems of using ABC in costing modularity, i.e. handling of R&D costs and identification of product profitability upon an enhanced modularization.
Опубликовано на портале: 21-06-2006M. Gupta, K. Galloway Technovation. 2003. Vol. 23. No. 2. P. 131-138.
Activity-Based Costing/Management (ABC/M) is an Information System developed in the 1980s to overcome some of the limitations of traditional cost accounting and to enhance its usefulness to strategic decision-making. In this paper, we show how an ABC/M system can serve as a useful information system to support effective operations decision-making processes. We propose a conceptual framework, Operations Hexagon, to discuss the managerial implications of an ABC/M system for various operations management decisions related to product planning and design, quality management and control, inventory management, capacity management and work force management. By viewing an ABC/M system as an enabler to improve the operations decision-making, we demonstrate that these systems enable an operations manager to enhance the quality of the decision-making process.
Advanced Planning: The New Direction of Corporate Budgeting (Передовое планирование: новое направление в составлении корпоративного бюджета) [статья]
Опубликовано на портале: 22-06-2006Kenton B. Walker Industrial Management & Data Systems. 1989. Vol. 89. No. 7.
Some of the weaknesses of contemporary computerised financial planning systems and procedures encouraged by batch-processing environments are described. The failure of many levels of corporate management actively to participate in financial planning or to rely on budgets for operating decisions or as a tool for performance evaluation is due to planning processes that force reliance on accounting and information systems personnel rather than depend on the efforts of operating management. A revolutionary new approach to computerised financial planning currently under way at Adolph Coors Company, Golden, Colorado, USA, is discussed.
Опубликовано на портале: 14-06-2006Mike Burkart, Fausto Panunzi Journal of Financial Intermediation. 2006. Vol. 15. No. 1. P. 1-31.
This paper analyzes the interaction between legal shareholder protection, managerial incentives, monitoring, and ownership concentration. Legal protection affects the expropriation of shareholders and the blockholder's incentives to monitor. Because monitoring weakens managerial incentives, both effects jointly determine the relationship between legal protection and ownership concentration. When legal protection facilitates monitoring better laws strengthen the monitoring incentives, and ownership concentration and legal protection are inversely related. By contrast, when legal protection and monitoring are substitutes better laws weaken the monitoring incentives, and the relationship between legal protection and ownership concentration is non-monotone. This holds irrespective of whether or not the large shareholder can reap private benefits. Moreover, better legal protection may exacerbate rather than alleviate the conflict of interest between large and small shareholders.
Опубликовано на портале: 11-11-2004Eugene F. Fama Journal of Political Economy. 1980. Vol. 88. No. 2. P. 288-307.
This paper attempts to explain how the separation of security ownership and control, typical of large corporations, can be an efficient form of economic organization. We first set aside the presumption that a corporation has owners in any meaningful sense. The entrepreneur is also laid to rest, at least for the purposes of the large modern corporation. The two functions usually attributed to the entrepreneur--management and risk bearing--are treated as naturally separate factors within the set of contracts called a firm. The firm is disciplined by competition from other firms, which forces the evolution of devides for efficiently monitoring the performance of the entire team and of its individual members. Individual participants in the firm, and in particular its managers, face both the discipline and opportunities provided by the markets for their services, both within and outside the firm.
Опубликовано на портале: 16-06-2006Congsheng Wu Journal of Business & Economic Studies. 2005. Vol. 11. No. 1. P. 19-33.
This study examines the relation between the offer price adjustment, initial return, and subsequent short-run performance for a sample of initial public offerings (IPO's) made by US industrial companies from 1986 to 1996. The IPO's are divided into three categories (cold, cool, and hot issues) based on the offer price relative to the suggested price range revealed in the preliminary prospectus. It is found that the offer price adjustment not only predicts the first-day return, but also predicts subsequent short-run performance in the same direction up to three months after issuance. Moreover, different types of IPO's demonstrate distinct cross-sectional behavior in multivariate regressions of initial returns. Our results suggest that cold IPO's are quite unique and deserve more attention in future studies.
Опубликовано на портале: 14-06-2006Mihir A. Desai, C. Fritz Foley, James R. Hines Journal of Finance. 2004. Vol. 59. No. 6. P. 2451-2487.
This paper analyzes the capital structures of foreign affiliates and internal capital markets of multinational corporations. Ten percent higher local tax rates are associated with 2.8% higher debt/asset ratios, with internal borrowing being particularly sensitive to taxes. Multinational affiliates are financed with less external debt in countries with underdeveloped capital markets or weak creditor rights, reflecting significantly higher local borrowing costs. Instrumental variable analysis indicates that greater borrowing from parent companies substitutes for three-quarters of reduced external borrowing induced by capital market conditions. Multinational firms appear to employ internal capital markets opportunistically to overcome imperfections in external capital markets.
Опубликовано на портале: 16-06-2006Robert Goldstein, Nengju Ju, Hayne E. Leland Journal of Business. 2001. Vol. 74. No. 4. P. 483-513.
A model of dynamic capital structure is proposed. Even though the optimal strategy is implemented over an arbitrarily large number of restructuring-periods, a scaling feature inherent in the framework permits simple closed-form expressions to be obtained for equity and debt prices. When a firm has the option to increase future debt levels, tax advantages to debt increase significantly, and both the optimal leverage ratio range and predicted credit spreads are more in line with what is observed in practice.
Опубликовано на портале: 14-06-2006Hyun-Han Shin, Rene M. Stulz Quarterly Journal of Economics. 1998. Vol. 113. No. 2. P. 531-552.
Using segment information from Compustat, we find that the investment by a segment of a diversified firm depends on the cash flow of the firm's other segments, but significantly less than it depends on its own cash flow. The investment by segments of highly diversified firms is less sensitive to their cash flow than the investment of comparable single-segment firms. The sensitivity of a segment's investment to the cash flow of other segments does not depend on whether its investment opportunities are better than those of the firm's other segments.
Опубликовано на портале: 21-06-2006Lyndal Drennan, Michael Kelly Critical Perspectives on Accounting. 2002. Vol. 13. No. 3. P. 311-331.
Research dealing with the implementation of system changes such as activity-based costing (ABC) systems is founded largely on a presumption that the motivation for the innovation is economic. The definition of success or failure then rests on the project’s reaching a stage of implementation where the new data are used in routine and/or unforeseen ways to improve economic efficiency. This paper presents a view of an ABC project where complex motivations, both economic and institutional, are identified, these held in turn by different groups within the organization as well as external groups likely to be affected by the project. Seen in terms of its institutional motivations, the project, documented in an internal review as a failure because it was abandoned without using the data, can be defined as a success by at least some of the affected groups.
Опубликовано на портале: 16-06-2006Kee H. Chung, Mingsheng Li, Linda Yu Financial Management. 2005. Vol. 34. No. 3. P. 65-88.
We consider a simple model positing that initial public offering price is equal to the present value of an entity's assets in place and growth opportunities. The model predicts that initial return is positively related to both the size and risk of growth opportunities. Consistent with this prediction, we find initial return to be positively related to both the fraction of the offer price that is accounted for by the present value of growth opportunities and various proxies of issue uncertainty. We also find that IPO investors equate one dollar of growth opportunities to approximately three quarters of tangible assets.
Blockholder Ownership: Effects on Firm Value in Market and Control Based Governance Systems [статья]
Опубликовано на портале: 14-06-2006Steen Thomsen, Torben Pedersen, Hans Kurt Kvist Journal of Corporate Finance. 2006. Vol. 12. No. 2. P. 246-269.
In this study, Granger tests are used to examine the relationship between blockholder ownership and the values of the largest companies in the European Union and the US. Previous studies on US data have found that blockholder ownership has no systematic effect on performance. We propose that these results may not apply to Continental Europe, where ownership concentration is typically higher, the level of investor protection is lower, and influential blockholders may have objectives other than shareholder value. In accordance with previous research, we find no significant association between blockholder ownership and prior or subsequent firm value in either the US or the UK. Nonetheless, in Continental Europe we find a negative association between blockholder ownership and firm value or accounting returns in the next period. Further analysis reveals that this association is significant only for companies with high initial levels of blockholder ownership (>10%). We interpret this finding as evidence of conflicts of interest between blockholders and minority investors. The percentage of blockholder ownership in Continental Europe may be too high from a minority shareholder value viewpoint.
BP Amoco: Integrating Competitive and Financial Strategy. Part II: Financial Strategy and Valuation Measurement [статья]
Опубликовано на портале: 21-06-2006Paul Stonham European Management Journal. 2000. Vol. 18. No. 5.
Part Two of this Case Study of BP Amoco examines the role of finance and financial strategy in BP Amoco between 1990 and 2000 to see where and how far they were supportive and complementary to competitive strategies pursued by the company's senior managers, and if they were ever pro-active. Models of value creation by Damodaran and Rappaport are considered as generic background and the relationship between financial strategies and performance and competitive strategies examined by using a sample of ratios suggested by McKenzie. Part Two concludes with valuation of BP Amoco, applying several metrics: total returns, asset value, earnings multiples and discounted cash flows (specifically, economic value added)
Опубликовано на портале: 14-06-2006Helen Short, Kevin Keasey, Darren Duxbury International Journal of the Economics of Business. 2002. Vol. 9. No. 3. P. 375-399.
This paper examines empirically the effects of management ownership and ownership by large external shareholders on the capital structure of the firm from an agency theory perspective. The paper extends the US literature on the topic by examining the effect of interactions between management ownership and ownership by large external shareholders on the capital structure of UK firms. For a sample of UK firms, the paper provides empirical evidence that suggests the debt ratio is positively related to management ownership and negatively related to ownership by large external shareholders. Furthermore, the presence of a large external shareholder acts to negate the positive relationship between debt ratios and management ownership; in the presence of a large external shareholder, no significant relationship between debt ratios and management ownership exists. These findings are consistent with the hypothesis that the presence of large external shareholders affects the agency costs of debt and equity.