Mergers and acquisitions transactions strategies in diffusion - type financial systems in highly volatile global capital markets with nonlinearities

The M and A transactions represent a wide range of unique business optimization opportunities in the corporate transformation deals, which are usually characterized by the high level of total risk. The M and A transactions can be successfully implemented by taking to an account the size of investments, purchase price, direction of transaction, type of transaction, and using the modern comparable transactions analysis and the business valuation techniques in the diffusion type financial systems in the finances. We developed the MicroMA software program with the embedded optimized near-real-time artificial intelligence algorithm to create the winning virtuous M and A strategies, using the financial performance characteristics of the involved firms, and to estimate the probability of the M and A transaction completion success. We believe that the fluctuating dependence of M and A transactions number over the certain time period is quasi periodic. We think that there are many factors, which can generate the quasi periodic oscillations of the M and A transactions number in the time domain, for example: the stock market bubble effects. We performed the research of the nonlinearities in the M and A transactions number quasi-periodic oscillations in Matlab, including the ideal, linear, quadratic, and exponential dependences. We discovered that the average of a sum of random numbers in the M and A transactions time series represents a time series with the quasi periodic systematic oscillations, which can be finely approximated by the polynomial numbers. We think that, in the course of the M and A transaction implementation, the ability by the companies to absorb the newly acquired knowledge and to create the new innovative knowledge bases, is a key predeterminant of the M and A deal completion success as in Switzerland.Comment: 160 pages, 9 figures, 37 table

Competitive awareness: Accounting for corporate performance in the Europe 170

The objective ofthe research is to reinstate value added accounting in a capital market context to judge corporate performance and corporate strategy. The thesis uses a value added format to deconstruct return on capital employed (ROCE) and reviews how income percolates down a value added statement to the bottom line. As expenses are collected by their 'nature' this approach avoids the arbitrariness associated with categorising expenses by 'function'. In addition corporate performance is presented in a pyramid structure offmancial key ratios which enables the .addition ofa capit.al market dimension, an important consideration when fIrms and their managers are under pressUre to I deliver shareholder value. The framework is used to construct a dataset offIrms listed in the main European stock . . market indices (FTSElOO, CAC40 and DAX30), to make similarities and differences of / . fmancial ratios visible at the macro, meso and micro level. As such it is possible to judge' performance and managerial priorities as well as position individual fIrms, as done in the case study, into a quintile distribu~ion. The case study also reviews strategic narratives for the case fIrms and make a more detailed fmancial analysis th.an possible for the Europe 170, which makes visible the strength of aligning'narratives with numbers. The contribution to knowledge, besides the dataset itself, is related to the usefulness ofthe value added accounting format in relation to capital markets by: • Revealing a complementary set ofvalue drivers to that existing in fmance theory by using a nature of expense format. Suggesting an 'accounting theory of the firm' by integrating the industry and,the resource based view ofstrategy with shareholder value metrics. The integration ofaccounting numbers and strategic narratives enables feedback mechanisms for the reformulation ofstrategy. Keywords: Value added statement, nature of expense IFRS value drivers, theory of the firm, strategic management accounting

Management of innovative development the economic entities: collective monograph

The authors of the book have come to the conclusion that it is necessary to effectively use modern approaches the management of innovative development the economic entities in order to increase the efficiency of activity, to ensure competitiveness, to intensify innovation activity. Basic research focuses on assessing the competition of economic entities, internal control in organizations, analysis of credit risk, diagnostics of sources of funding for innovation, assessment of social innovation and human development factors. The research results have been implemented in the different models of reengineering business process, development of alternative agriculture, the digital economy, knowledge management. The results of the study can be used in decision-making at the level the economic entities in different areas of activity and organizational-legal forms of ownership, ministries and departments that promote of development the economic entities on an innovative basis. The results can also be used by students and young scientists in modern concepts and mechanisms for management of innovative development the economic entities in the context of efficient use the resource potential and improvement of innovation policy

Gestion durable des ressources dans la chaîne de valeur européenne de l’acier

The present thesis delved into the current and future interactions within the European Steel Industry and of it with the environment it is a part of, with the main objective of supporting decision- and policy-making efforts oriented towards sustainability and circularity, helping to shape the future of steel in the European Community. The thesis used the European Steel Industry as a case study to explore the potential benefits of integrating Life Cycle Assessment (LCA) into System Dynamics (SD) under the scopes of Circular Economy and Industrial Ecology. A model representative of the European Steel Industry was built modularly in Stella Architect, following ILCD and ISO guidelines and standards for LCA. Throughout 4 of the 5 articles developed for the present thesis, 21 simulation runs were performed on the aforementioned model: 12 on identifying potential constraints and benefits of End-of-Life policies; 5 assessing the advantages and disadvantages of different Supply Chain Integration (SCI) strategies along European steel supply chains; and 4 addressing the interactions between biophysical and economic dynamics in the steel market. An additional article was developed using the methodologies of Circles of Sustainability and Sustainable Urban Metabolism to appraise the challenges and contributions of steel as part of servitization initiatives in urban environments. Overall results indicated that integrating LCA into SD was not only feasible and capable of reproducing results, trends and behaviors from previous scientific studies, but also of contributing to both methodologies in different levels. This approach has potential to interest policy-makers who seek more granularity within the European Steel Industry as well as decision-makers searching for a broader understanding of their operation’s dynamics beyond the gates, notably regarding raw material scarcity, resource self-sufficiency, and resource ownership retention. From the results of each article it was observed that, (a) pushing for recycling and reuse could generate interesting medium- to long-term results for circularity, transitioning away from fossil fuels and developing a whole new market around end-of-life services; (b) different SCI approaches can be environmentally and strategically promising; (c) six key biophysical variables can distinctively affect spot prices, future prices, EBITDA margins, capacity utilization, dividend payouts, and costs of steelmaking; and (d) servitization can provide significant benefits to sustainable cities, while also being able to substantially alter the supply-side dynamics of steelmaking, highlighting how important it is for steelmakers to pay close attention to the service-providing initiatives that may concern their clients and products.La présente thèse entend examiner les interactions présentes et futures entre l'industrie sidérurgique européenne et son environnement, avec pour objectifs principaux, l’amélioration de la prise de décision et l'élaboration de politiques industrielles en matière de durabilité et de circularité. La thèse contribue à l’émergence de propositions contribuant à façonner l'avenir de l'acier dans l’Union Européenne. L'industrie sidérurgique européenne est utilisée ici comme un cas d’école, visant à explorer les avantages potentiels pour l’économie circulaire et l’écologie industrielle, d’une intégration d’un outil (Analyse du Cycle de Vie – ACV) dans une méthodologie (Dynamique des Systèmes – SD). Un modèle modulaire pour l’industrie sidérurgique européenne a été construit et, pour 4 des 5 articles développés dans la thèse, 21 simulations ont été effectuées. 12 simulations ont permis d’identifier les contraintes potentielles et les avantages des stratégies de fin de vie; 5 d’évaluer les avantages et les inconvénients des différentes stratégies d’intégration de la chaîne d’approvisionnement (SCI) dans la filière européenne de l’acier; et 4 de traiter des interactions entre les dynamiques biophysiques et économiques sur le marché de l'acier. Le dernier article s’appuie sur une nouvelle méthodologie – les Cercles de Durabilité et le Métabolisme Urbain Durable – pour évaluer les défis et les contributions de l'acier dans le cadre de l’éco-fonctionnalité en milieu urbain. Les résultats ont montré que l’intégration de l’ACV dans les stratégies de développement durable permettait de reproduire assez fidèlement les résultats et les scénarios d’études scientifiques antérieures, tout en suggérant des apports méthodologiques relativement novateurs. Cette recherche opérationnelle est susceptible d'intéresser les managers et des chefs d’entreprises qui s’attachent aux questions d’efficience et de résilience de l’outil industriel, ainsi que les décideurs politiques qui souhaitent cerner les enjeux d’une pénurie de matières premières ou d’une politique de recyclage de l’acier à l’échelle européenne. D'après les résultats de chaque article, il a été observé que (a) le recyclage et la réutilisation pourraient générer des résultats intéressants à moyen et à long terme en matière de circularité, en abandonnant notamment les combustibles fossiles et en développant un tout nouveau marché autour des services de fin de vie; (b) différentes approches en matière de chaine logistique intégrée semblent être prometteuses d'un point de vue environnemental et stratégique; (c) six variables biophysiques clés peuvent avoir une incidence notoire sur les cours au comptant, les cours à terme, les marges d'EBITDA, l'utilisation des capacités de production, la distribution des dividendes et les coûts de fabrication de l'acier; et (d) la dynamique servicielle dans le cadre de l’éco-fonctionnalité peut apporter des avantages significatifs aux villes durables, tout en modifiant considérablement la structure de l’offre sur le marché de l’acier

Value drivers within SMEs: growth and value creation within the context of the Economic Value Added® framework

Value based performance measurement has become popular in modern day financial practices. Of the many value based measurements, the EVA® framework has gained much notoriety. It became the focus of much research because it has been widely implemented in many large organisations with professed benefits in maximizing shareholder wealth. Much of the previous work on the EVA® framework focused on the performance metric; conclusions differed as to whether the EVA® performance metric resulted in better information or whether it was better at indicating performance, and ultimately shareholder wealth. Conclusions were similar when compared to other value based measures and with traditional measures. EVA®’s management and compensation framework was also investigated, again resulting in conflicting results. Other studies focused on the theory behind EVA® and concluded that it is financially sound and was agreed to be based on established theory on residual income. This study investigates growth and value creation in SMEs within the context of the EVA® framework. The investigation was conducted using and integrating a mixed method approach. Using purposive sampling, a range of SMEs was selected; senior management interviewed and financial reports for a 5 years period were collected. Practitioners are included for their expert views which were utilised when comparing and contrasting evidence obtained during the investigation. The study reveals some correlation between the characteristics of SMEs and the theory for the implementation of EVA®. However, it was found that SMEs lack vital information on value and value creating elements within their businesses for successful implementation of EVA®. The study fills a major gap in identifying and resolving the issue of the value drivers employed in the EVA® performance metric. The study concludes that it may be practical to implement EVA® in SMEs as it can provide information on progress and value creation

Developing a conceptual model linking remuneration governance compliance, executive pay, pay-gap, and performance of JSE firms

Includes summaries in Xhosa and SothoPurpose: The global interest in the ability of corporate governance to increase a firm’s wealth based on its reaction to corporate scandals/collapses has led to contestation of the agency theory favoured by extant studies compared to stewardship and tournament theories. The study aimed to develop a conceptual model linking RGC (RGC), executive pay, pay performance link, executive-employee pay-gap, and firm performance of JSE-listed firms. Methodology: A pragmatism ontology and convergent parallel mixed approach was employed on selected JSE-listed firms between 2011 and 2020. Secondary data from annual reports, the IRESS database, and extant literature were employed to develop a RGCI and to extract key variables including firm performance measures (FPMs) and key performance indicators KPIs). Descriptive statistics, correlations, regression, and comparative analysis were used to achieve research objectives. Findings: The results indicate a declining RGC among the selected firms, a negative association between RGC and executive pay, a positive connection between RGC and firm performance, a negative moderating effect of RGC on the pay-performance link, a positive moderating effect of RGC on the connection between pay-gap and firm performance, and a disconnection of FPMs from KPIs of the JSE listed firms, suggesting a neglected endogeneity problem. Implications and recommendations: There is a need to enforce and monitor RGC, and to review methodological and theoretical foundations in research that involves governance and executive pay, performance, or pay-gap. This is since the type and nature of KPIs are dissimilar to the FPMs, which is likely to result in research that is disconnected from what is happening in practice. Contribution to knowledge: The study is the first to have selected firms from the full range of JSE listed firms, with specific focus on RGC post-King III and IV, tested RGC moderation effect, compared FPMs against KPIs, studied pay-gap locally and used firm performance proxies aligned with practice. The study has also identified methodological flaws and challenged the agency theory.Injongo: Umdla wehlabathi jikelele ekukwazini kolawulo lwenkampani ukwandisa ubutyebi befemu ngokusekelwe kwindlela esabela ngayo kumahlazo / ukuwa kwenkampani kukhokelele ekukhuphisaneni kwengcamango yeagency theory ethandwa zizifundo ezikhoyo, xa kuthelekiswa ukulawula/ukuphatha kunye netournament theories. Uphando lujoliswe ekuphuhliseni imodeli yengqiqo edibanisa ukuthotyelwa kolawulo lwemivuzo (iRGC), umvuzo wesigqeba, unxibelelwano lomvuzo wokusebenza, umsantsa kumvuzo womsebenzi osisigqeba, kunye nokusebenza okuzinzileyo kweefemu ezidweliswe kwiJSE. Isikholelo sophando/imethodoloji: Kusetyenziswe ipragmatism ontology kunye nendlela yohlalutyo lwedatha yophandontyilazwi nolweenkcukachamanani (iconvergent parallel mixed approach) ekujongeni iifemu ezikhethiweyo ezidweliswe kwiJSE phakathi kuka2011 no2020. Kukwasetyenziswe idatha elandelayo evela kwiingxelo zonyaka, ulwazi olucwangcisiweyo olukwikhompyutha/idathabheyisi yeIRESS, uncwadi olukhoyo ukuphuhlisa isalathiso seRGC kunye nokukhupha iinguqu eziphambili, kubandakanya amanyathelo okusebenza okuzinzileyo (iFPMs) kunye nezalathisi eziphambili zokusebenza (iKPIs). Kusetyenziswe iinkcukachamanani ezichazayo, ukuhambelana, ubudlelwana kwiinguqu ezixhomekekileyo nezizimeleyo, kunye nohlalutyo oluthelekisayo ukufezekisa iinjongo zophando. Iziphumo: Iziphumo zibonisa ukuhla kweRGC phakathi kweefemu ezikhethiweyo, unxulumano olungalunganga phakathi kweRGC kunye nomvuzo wesigqeba, unxibelelwano oluhle phakathi kweRGC kunye nokusebenza okuzinzileyo, ifuthe elingalunganga lokumodareyitha leRGC kunxibelelwano lokuhlawula ukusebenza, ifuthe elihle lokumodareyitha leRGC kunxibelelwano phakathi komsantsa kumvuzo kunye nokusebenza okuzinzileyo, kunye nokwahlukana kweFPMs ezivela kwiKPIs zeefemu ezidwelisiweyo kwiJSE, okubonisa ingxaki yempembelelo engakhathalelwanga. Iziphumo kunye neengcebiso: Kukho isidingo sokunyanzelisa nokubeka iliso kwiRGC, kunye nokuphonononga iziseko zesikhokelo sophando kunye nethiyori kuphando olubandakanya ulawulo kunye nomvuzo wesigqeba, ukusebenza, okanye umsantsa kumvuzo. Oku kungenxa yohlobo kunye nokungafani kokudalwa kweKPIs neFPMs, okunokwenzeka ukuba ziphumele kuphando olwahlukeneyo koko kwenziwayo. Igalelo kulwazi: Olu phando lolokuqala ukuba nezi nkalo zilandelayo: iifemu ezikhethiweyo ezivela kuluhlu olupheleleyo lweefemu ezidweliswe kwiJSE, ngokugxininisa ngokukodwa kwiRGC post-King III kunye neIV; ifuthe lokumodareyitha leRGC elivavanyiweyo; ukuthelekiswa kweFPMs neKPIs; ukufundwa komsantsa kumvuzo ngokwalapha/ngokwasekuhlaleni; lwaze lwasebenzisa abameli bokusebenza okuzinzileyo abahambelana noko kwenziwayo okanye umsebenzi. Olu phando luye lwachonga neziphene zesikhokelo sophando laze lwacela umngeni weagency theory.Sepheo: Thahasello ya lefatshe ya bokgoni ba puso ya koporasi ba ho eketsa leruo la feme ho latela karabelo ya yona ho manyofonyofo/ho putlama ho entse hore ho be le phehisano ya kgopolo ya lefapha le ratwang ke diphuputso tse seng di ntse di le teng, ha di bapiswa le botsamaisi le dikgopolo tsa tlhodisano. Phuputso ena e ikemiseditse ho hlahisa moralo wa mohopolo o hokahanyang boikamahanyo ba puso ya meputso (RGC), meputso ya batsamaisi, lehokelo la ho lefshwa, sekgeo sa meputso ya basebetsi ba botsamaisi, le tshebetso ya feme ya difeme tse lenaneng la JSE. Mekgwa e sebedisitsweng phuputsong: Ho sebedisitswe katamelo ya phuputso ya se teng ya nnete le moelelo le e kopantseng bongata le boleng ho sheba difeme tse thathamisitsweng ho JSE pakeng tsa dilemo tsa 2011 le 2020. Dintlha tsa bobedi tse tswang ditlalehong tsa selemo le selemo, datapeisi ya IRESS, le dingodilweng tse seng di ntse di le teng di ile tsa sebediswa ho hlahisa indekse ya RGC le ho ntsha dintlha tse ka sehloohong, ho kenyelletswa mehato ya tshebetso ya difeme (di-FPM) le matshwao a bohlokwa a tshebetso (di-KPI). Ho sebedisitswe dipalo-palo tse hlalosang, dikamano, ho kgutlela morao, le tlhahlobo ya papiso ho fihlella dipheo tsa patlisiso. Diphumano: Diphetho di bontsha ho fokotseha ha RGC hara difeme tse kgethilweng, mokgatlo o fosahetseng pakeng tsa RGC le meputso ya batsamaisi, kamano e ntle pakeng tsa RGC le tshebetso ya feme, phello e mpe ya RGC ho lehokela la tshebetso ya meputso, phello e ntle ya tekanyetso ya RGC mabapi le kamano pakeng tsa sekgeo sa meputso le tshebetso ya feme, le ho kgaoha ha di-FPM ho tswa ho di-KPI tsa difeme tse thathamisitsoeng ho JSE, ho fana ka maikutlo a bothata bo sa tsotellweng ba ho qetela. Diphello le dikgothaletso: Ho na le tlhokahalo ya ho qobella le ho beha leihlo RGC, le ho lekola mekgwa le metheo ya kgopolo-taba diphuputsong tse amang puso le meputso ya batsamaisi, tshebetso, kapa sekgeo sa meputso. Sena se bakwa ke hore mofuta le sebopeho tsa di-KPI di fapane le tsa di-FPM, e leng ntho e ka nnang ya fella ka patlisiso e sa amaneng le se etsahalang tshebetsong. Tlatsetso tsebong: Thuto ena ke ya pele ya ho ba le: difeme tse kgethilweng ho tswa lethathamong le felletseng la difeme tse thathamisitsweng ho JSE, tse tsepamisitseng maikutlo ho RGC kamora Morena wa III le IV; phello e entsweng teko ya RGC; di-FPM tse bapisitsweng le di-KPI; sekgeo sa meputso se ithutilweng lehaeng; le tshebediso ya baemedi ba difeme ba tshebetso e tsamaellanang le tlwaelo. Phuputso ena e boetse e hlwaile mefokolo ya mekgwa le ho phephetsa kgopolo ya setsi.College of Accounting SciencesD. Phil. (Accounting Sciences

An evaluation of the impact of the Durban International Convention Centre on the economy.

Masters Degree. University of KwaZulu-Natal, Durban.Business tourism is key to encouraging, cultivating and constructing enabling environments for job creation and skills development ecosystem. The Durban International Convention Centre (Durban ICC) was built as a stimulus in August 1997 to enhance these key enablers. The aim of this study revolved around two research objectives: first to compile from annual reports the data on the economic effect of the Durban ICC from 2006/7 to 2016/17, and second, to analyse the economic impact of the Durban ICC on the national and local economy over the 11- year period. A comprehensive literature review was conducted using various sources. The study provided a context for the Durban ICC within the business tourism landscape as well as insight into stakeholders involved and economic assessment methods used for economic assessment evaluations. From the literature review, approaches and indicators were identified to measure economic performance. The financial data compiled from the annual reports used the quantitative techniques and economic indicators like contribution to South Africa's GDP, KwaZulu-Natal's GGP, indirect household income, net foreign exchange earnings, tax revenue generated, total delegate and visitor days and jobs created (direct and indirect). The data was analysed using descriptive statistics and trend analysis to ascertain the impact on the economy and potential opportunities emerging. The results from this review indicate that whilst the Durban ICC has made a significant impact on the economy of KwaZulu-Natal (KZN) and South Africa, there is further opportunity for robust strategic planning and stakeholder collaboration to leverage opportunity. The existing instability, insecurity, intricacy and uncertainty of the international MICE environment requires that the Durban ICC concentrate on innovation with an entrepreneurial approach to acquiring different techniques with varying mind-sets in place regarding prices, behaviours and skillsets to enterprise outcomes, aggressive benefit and long-standing sustainability. Improvement stratagems should be co-created with the public and private sectors to realise maintainable all-encompassing economic advancement and growth for South Africans. These must be devised on grounded multi-sectoral facilitating strategies drawing on evidence-based strategies from prosperous nations to directly affect the business tourism ecosystem and benefit local communities, societies and economies