Modeling the relationship between financial indicators and company performance. An empirical study for US-listed companies.

Based on data of US-listed companies a relationship between potential indicators and company performance is to be found. To determine which variables are included in the final model, a selection process ("from general to specific") is started using the Akaike Information Criterion. A panel data analysis with fixed effect models yields the coefficients using ordinary least squares techniques. In addition, a specification test is conducted to decide whether a random effect or fixed effect model is used. Finally a binary logit model is introduced in order to predict whether each measure of firm performance will beat the average value for the firms in the market. In order to conduct statistical analysis financial data of 9,854 companies for the time period from 1986 to 2004 is obtained from the Compustat (S&P) database and hereof 1,672 audited companies are kept in the sample. Summarizing, the results indicate that companies with a low book-to-market ratio, an efficient working capital management, a small portion of liquidity, more equity and less debt, and high retained earnings for reinvesting purposes will have a better profitability performance measured by the return on investment. Further on companies with an unqualified auditor's opinion, less equity and more debt, few assets, and no retained earnings will have a better cash flow performance measured by cash dividends. Finally, companies with a low book-to-market ratio, efficient working capital, more equity and less debt, negative stock rating, few assets, high EBIT margin and high profitability will have a better market performance measured by the stock price. The results indicate that there exists a relationship between company performance and financial indicators as it was assumed in the hypothesis. Although some effects seem contrary and unreasonable (compared to previous studies) at least some of the indicators are explaining a company's performance quite well. (author's abstract

Challenge town centre: a new impulse for Amstetten. Urban strategy for the implementation of an urban vitality in the centre of Amstetten

Zusammenfassung in englischer SpracheAbweichender Titel nach Übersetzung der Verfasserin/des VerfassersThema der Arbeit soll in erster Linie die historische Innenstadt Amstettens, einer Stadt im niederösterreichischen Mostviertel mit rund 20 000 EinwohnerInnen, sein. Den Ortsmittelpunkt Amstettens bildet der Hauptplatz, welcher sich historisch aus ei- nem Markt entwickelt hat. Die Stadt lebt einerseits von Industrie- und Dienstleistungsbetrieben, andererseits auch von Land- und Forstwirtschaft. Besonders in den letzten 100 Jahren hat Amstetten jedoch mit seiner Identität und seinem Image zu kämpfen. In der linearen Achse der Wienerstraße und des Hauptplatzes sind eine Abwanderung der Geschäfts- und Dienstleistungen sowie ein erhöhter Anteil an leerstehenden Geschäftslokalen in der Erdgeschoßzone zu beobachten. Vor allem in den Ausläufern der longitudinalen Achse, welche durch die Linzerstraße, den Hauptplatz und die Wienerstraße gebildet wird, ist ein vermehrter Leerstand zu verzeichnen. Dieser Trend der leerstehenden Erdgeschoßzone hält an und beein usst das Stadtbild. Der Bedarf an einer Umstrukturierung der Innenstadt und der Entwicklung einer neuen Identität Amstettens, einer Vision für die zukünftige Stadtentwicklung, ist also nahe- liegend und erforderlich. Die Thematik der Arbeit bezieht sich vor allem auf die Innenstadt von Amstetten und Möglichkeiten, diese zu einem attraktiven Raumgefüge umzugestalten: Wie wird Amstettens Innenstadt zu einer vitalen, urbanen Zone mit Aufenthaltsqualität und welche Strategie kann dafür entwickelt werden?The main subject of the present study is the historical centre of Amstetten, a city in Lower Austria's 'Mostviertel', which counts about 20 000 inhabitants. The centre is formed by the 'Hauptplatz' (mainsquare), which used to the marketplace in former times. Although the city is known for its services, industry as well as agriculture and forestry, the image and identity of Amstetten are at urban vitality in the centre of Amstetten risk of being lost. As there is a constant migration of services and shops, a high percentage of vacant locations can be observed in the ground oor area of the linear axis of the 'Wienerstraße' and the 'Hauptplatz'. This trend of vacancy continues and in uences the cityscape of Amstetten. Obviously, a restructuring of the city (especially of its centre) and a vision for a future urban development has to be pursued. The aim is to show different possibilities of how the centre of Amstetten can be trans- formed into an attractive space: Which future scenarios can be developed to turn the centre into a vital, urban zone full of qualities?17