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Финансовая экономика - это область теоретико-прикладных знаний о законах функционирования финансовых потоков и отношений между всеми субъектами экономической системы... (подробнее...)
Всего публикаций в данном разделе: 46

Последние поступления:

Опубликовано на портале: 31-12-2010
Ирина Васильевна Ивашковская, Мария Сергеевна Солнцева Корпоративные финансы. 2007.  № 2 (2). С. 17-31. 
Вопросы формирования структуры капитала в российских компаниях остаются не исследованными с позиций современной финансовой теории. В статье показаны результаты эмпирических тестов двух наиболее распространенных концепций – компромиссной и порядка выбора источников финансирования - на примере панельных данных 62 крупных российских компаний, охватывающих 9 отраслей. Исследование выполнено в рамках Научно-учебной лаборатории корпоративных финансов факультета экономики ГУ-ВШЭ как проект направления «Создание и управление стоимостью компании в новой экономике». Построенные эконометрические модели опираются на методы эмпирического анализа структуры капитала компании на растущих рынках, а также тесты данных концепций на материалах развитых рынков капитала. Выявлены детерминанты структуры капитала. Проведенные тесты и проверки на устойчивость по всей панели не позволяют отклонить ни одну из концепций. Анализ на подвыборках показал, то применительно к компаниям с высоким уровнем долга, существенно увеличиваются коэффициенты при внутреннем дефиците финансовых средств, в части регрессий становится незначимым свободный член, что позволяет считать, что им более соответствует логика концепции «порядка финансирования». Результаты показывают, что данная концепция описывает выбор структуры капитала в подвыборке компаний с государственной собственностью. Более высокая объясняющая сила этой концепции очевидна и по результатам тестирования подвыборки публичных компаний.
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Опубликовано на портале: 27-12-2006
Justin Pettit Industrial Management. 2000. 
This article outlines ways to improve production strategy and uncover new opportunities for growth. It explains economic value added, an integrated perfomance measurement, management, and reward system.

Опубликовано на портале: 22-06-2006
David Yermack Journal of Financial Economics. 2003.  Vol. 40. No. 2. P. 185-211. 
The author presents evidence consistent with theories that small boards of directors are more effective. Using Tobin's Q as an approximation of market valuation, he finds an inverse association between board size and firm value in a sample of 452 large U.S. industrial corporations between 1984 and 1991. The result is robust to numerous controls for company size, industry membership, inside stock ownership, growth opportunities, and alternative corporate governance structures. Companies with small boards also exhibit more favorable values for financial ratios, and provide stronger CEO performance incentives from compensation and the threat of dismissal
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Опубликовано на портале: 21-06-2006
Madhav V. Rajan Journal of Accounting Research. 2000.  Vol. 38. P. 247-254. 
A distinctive feature of the paper is its use of both theoretical and empirical approaches to understanding EVA. The authors first analyze a principal-agent model using certaine parametric assumptions. They model EVA and accounting earnings as two distinct, noisy perfomance measures of the same uderlying construct, with both measures providing information to the principal about the agent's action choices. They subsequently derive a theoretical expression for the percentage value-added contributed by using EVA as a measure for evaluating managerial perfomance. A key finding is that this expression can be restated as a function of the observed correlations of each of the metrics with stock price. In the second part of the paper, the authors estimate this value for their sample of firms using time-series data, and then correlate the estimates cross-sectionally with the decision to adopt EVA by these firms. In support of the theoretical results, the authors find a positive association, after controlling for other factors such as size, leverage, and growth oppportunities.
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Опубликовано на портале: 21-06-2006
Gerald T. Garvey, Todd T. Milbourn Journal of Accounting Research. 2000.  Vol. 38. P. 209-245. 
Dissatisfaction with traditional accounting-based performance measures has spawned a number of alternatives, of which Economic Value Added (EVA) is currently the most prominent. How can we tell which performance measures best capture managerial contributions to value? There is currently a heated debate among practitioners about whether the new performance measures have a higher correlation with stock values and their returns than do traditional accounting earnings. Academic researchers have relied instead on the variance of performance measures to gauge their relative accuracy. To formally address the above debate, we use a relatively standard principal-agent model in which contracts can be based on any two accounting-based performance measures plus the stock price. Rather than model detailed differences between EVA and traditional measures such as earnings, we focus on the problem that while the variability of each measure is observable, its exact information (signal) content is not. The model provides a formal method for researchers to ascertain the relative value of alternative accounting-based measures based on two distinct uses of the stock price. First, as is well known, prices provide a noisy measure of managerial value-added. In our model, stock prices also can reveal the signal content of alternative accounting-based performance measures. We then show how to combine stock prices, earnings, and EVA to produce an optimally weighted compensation scheme. We find that the simple correlation between EVA or earnings and stock returns is a reasonably reliable guide to its value as an incentive contracting tool. That is, a firm could reasonably gauge the merits of adding a measure like EVA by examining its correlation with the firm's stock price. This is not because stock returns are themselves an ideal performance measure, rather it is because correlation places appropriate weights on both the signal and noise components of alternative measures. We then calibrate the theoretical improvement in incentive contracts from optimally using EVA in addition to accounting earnings. Specifically, we empirically estimate the "value-added" of EVA by firm and industry. These estimates are positive and significant in predicting which firms have actually adopted EVA as an internal performance measure.
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Опубликовано на портале: 21-06-2006
Jr. Ryan, E. Harley, Emery A. Trahan Financial Practice and Education. 1999.  Vol. 9. No. 1.
The objective of this paper is to provide information on how value-based management is perceived, implemented, and utilized in leading industrial corporations in the US, and to examine factors that influence the decision to utilize it. We gather data through a survey of the chief financial officers (CFOs) of a large sample of US industrial corporations, in order to ascertain their opinions of and experiences with value-based management systems and metrics. The results suggest that there is room for improvement in the design and implementation of value-based management systems. If value-based management is to have an impact on corporate strategy and value and reduce intra-firm agency costs, then its scope within the firm may need to be expanded.

Опубликовано на портале: 21-06-2006
Douglass Cagwin, Marinus J. Bouwman Management Accounting Research. 2002.  Vol. 13. No. 1. P. 1-39. 
This study investigates the improvement in financial performance that is associated with the use of activity-based costing (ABC), and the conditions under which such improvement is achieved. Internal auditors furnish information regarding company financial performance, extent of ABC usage, and enabling conditions that have been identified in the literature as affecting ABC efficacy. Confirmatory factor analysis and structural equation modelling are used to investigate the relationship between ABC and financial performance. Results show that there indeed is a positive association between ABC and improvement in ROI when ABC is used concurrently with other strategic initiatives, when implemented in complex and diverse firms, when used in environments where costs are relatively important, and when there are limited numbers of intra-company transactions. In addition, measures of success of ABC used in prior research appear to be predictors of improvement in financial performance.
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Опубликовано на портале: 21-06-2006
Jesper 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: 21-06-2006
Lyndal 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.
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Опубликовано на портале: 21-06-2006
Xavier Adsera, Pere Vinolas Financial Analysts Journal. 2003.  Vol. 59. No. 2.
This paper presents a financial and economic approach to valuation. In addition to traditional discounted cash flow methods, one family of valuation models, economic value added (EVA) and other franchise factor approaches, has become a favorite methodology for corporate valuation. In EVA approaches, the key value driver is the spread between the return on the existing investments and their average cost of capital. Therefore, this approach focuses on the left-hand side of the balance sheet. The important aspect of this issue is not its technical interest or which of the different values of a company is correct, but what the value drivers are that each method identifies

Опубликовано на портале: 21-06-2006
Pere Vinolas, Xavier Adsera Financial Analysts Journal. 2003.  Vol. 59. No. 2.
This paper presents a financial and economic approach to valuation. In addition to traditional discounted cash flow methods, one family of valuation models, economic value added (EVA) and other franchise factor approaches, has become a favorite methodology for corporate valuation. In EVA approaches, the key value driver is the spread between the return on the existing investments and their average cost of capital. Therefore, this approach focuses on the left-hand side of the balance sheet. The important aspect of this issue is not its technical interest or which of the different values of a company is correct, but what the value drivers are that each method identifies

Опубликовано на портале: 21-06-2006
James S. Wallace Journal of Accounting and Economics. 1997.  Vol. 24. No. 3. P. 275-300 . 
Managers, consultants, and the financial press assert that compensation plans based on residual income change managers' behavior. This assertion is empirically tested by selecting a sample of firms that began using a residual income performance measure in their compensation plans and comparing their performance to a control sample of firms that continue to use traditional accounting earnings-based incentives. The results generally support the adage ‘you get what you measure and reward'. The results also support many hypothesized managerial actions associated with residual income-based performance measure incentives.
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Опубликовано на портале: 21-06-2006
Jan Mouritsen Management Accounting Research. 1998.  Vol. 9. No. 4. P. 461-482. 
This paper compares and contrasts Economic Value Added (EVATM) and Intellectual Capital (IC) as two technologies of managing oriented towards encouraging growth. The analysis suggests that EVATMand IC contrasts greatly. EVATMis a financial management system based on radical delegation and ‘empowerment’ and which therefore directs attention to the results created by managers. Based on financial micro-theory, EVATMis a performance measure that attempts to account more properly for the cost of capital, but more than that, it is also a management control system which seeks to create radically independent business units and minimize corporate staff. IC is a different control system concerned to encourage endogenous growth implemented via loosely coupled sets of non-financial measurements that become strong via stories and metaphors about the post-modern firm in the post-modern world. Here, based on theories of organizational knowledge and competence development, emphasis is put on mobilizing white collar productivity and creativity based on some form of evolutionary economics or resource-based theory. While EVATMlooks to managers as the movers of change, IC seems more systematically to promote the creativity possessed by employees
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Опубликовано на портале: 21-06-2006
Caron H. St. John, Nagraj Balakrishnan, James O. Fiet Computers & Operations Research. 2000.  Vol. 27. No. 11-12.
In this paper, we hypothesize that there is a non-linear relationship between corporate strategy, short-run financial variables, and wealth creation measured as market value added (MVA), and use neural networking to model this relationship. The neural network model accurately categorized over 90% in the training set and nearly 93% of firms in the holdout test sample. Additional analysis revealed that strategy variables were particularly effective predictors of an upward trend in wealth creation whereas short-run financial variables were more effective in predicting a downward trend, or wealth destruction. Neural networks outperformed discriminant analysis in predictive ability in all analyses, suggesting the presence of non-linear effects. This research represents a first attempt to use neural networking to model the relationship between corporate strategy and wealth creation.
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Опубликовано на портале: 21-06-2006
Ali Fatemi, Anand Desai, Jeffrey P. Katz Global Finance Journal. 2003.  Vol. 14. No. 2. P. 159-179 . 
Designing effective compensation contracts has become increasingly complex due to the globalization of the executive work force and the multitude of incentive schemes. We examine the relationships between managerial pay and firm performance among domestic and global firms using economic value added (EVA) and market value added (MVA) to assess wealth creation. Our work suggests that top managers in domestic- and globally focused firms are not only incented to increase EVA, but also rewarded for past additions to MVA. The results of our research suggest that managers of highly globalized firms tend to be paid at higher levels, reflecting the increased complexity of managing global firms.
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Опубликовано на портале: 21-06-2006
Bartolomé Deyá Tortella, Sandro Brusco Advances in Accounting. 2003.  Vol. 20. P. 265-290 . 
The Economic Value Added (EVA®1) is a widely adopted technique for the measurement of value creation. Using different event study methodologies we test the market reaction to the introduction of EVA. Additionally, we analyze the long-run evolution before and after EVA adoption of profitability, investment and cash flow variables. We first show that the introduction of EVA does not generate significant abnormal returns, either positive or negative. Next, we show that firms adopt EVA after a long period of bad performance, and performance indicators improve only in the long run. With respect to the firm investment activity variables, the adoption of EVA provides incentives for the managers to increase firm investment activity, and this appears to be linked to higher levels of debt. Finally, we observe that EVA adoption affects positively and significantly cash flow measures.

Опубликовано на портале: 21-06-2006
Richard S. Warr Journal of Economics and Business. 2005.  Vol. 57. No. 2. P. 119-137. 
Proponents of economic value added (EVA) argue that changes in the metric accurately measure changes in the performance of a firm or business unit through time and therefore can represent a reliable measure of managerial effectiveness. However, inflation distorts EVA through the operating profit, the cost of capital, and the capital base and these distortions have the potential to result in inefficient investment and compensation outcomes. Using an inflation-corrected EVA metric, I measure the sensitivity of EVA to the level of, and changes in, inflation for a large sample of US stocks and find evidence of significant inflation induced distortions.
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Опубликовано на портале: 21-06-2006
Rainer Strack, Ulrich Villis European Management Journal. 2002.  Vol. 20. No. 2.
Many companies have introduced new value-based methods such as the EVA™ or CVA concept for strategic and operational control. However, these concepts are still strongly focused on investment capital and can hardly explain and manage value creation in today’s service and knowledge economy. This article presents a new, integrated value management concept (RAVE™) for managing human capital (Workonomics™), customer capital (Custonomics™), and supplier capital (Supplynomics), all in a value-oriented and quantitative way. All of these concepts are anchored in CVA/EVA and thus culminate in the same central controlling metric. After outlining the concept, the authors illustrate its application and practical benefits with specific examples.
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Опубликовано на портале: 21-06-2006
Shannon W. Anderson SSRN Working Papers. 2005. 
Strategic cost management is deliberate decision-making aimed at aligning the firm's cost structure with its strategy and optimizing the enactment of the strategy. Alignment and optimization must comprehend the full value chain and all stakeholders to ensure long run sustainable profits for the firm. Strategic cost management takes two forms: structural cost management, which employs tools of organizational design, product design and process design to build a cost structure that is coherent with strategy; and executional cost management, which employs various measurement and analysis tools (e.g., variance analysis, analysis of cost drivers) to evaluate cost performance. In this chapter I develop a model that relates strategic cost management to strategy development and performance evaluation. I argue that although management accounting research has advanced our understanding of executional cost management, other management fields have done more to advance our understanding of structural cost management. I review research in a variety of management fields to illustrate this point. I conclude by proposing that management accounting researchers are uniquely qualified to create a body of strategic cost management knowledge that unifies structural and executional cost management.
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Опубликовано на портале: 21-06-2006
Christopher D. Ittner, David F. Larcker Journal of Accounting and Economics. 2001.  Vol. 32. No. 1-3. P. 349-410 . 
This paper applies a value-based management framework to critically review empirical research in managerial accounting. This framework enables us to place the exceptionally diverse set of managerial accounting studies from the past several decades into an integrated structure. Our synthesis highlights the many consistent results in prior research, identifies remaining gaps and inconsistencies, discusses common methodological and econometric problems, and suggests fruitful avenues for future managerial accounting research.
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