scholarly journals Establishment and use of a holistic controlling system for listed German corporations: A contribution to the current discussion on the “right” profit

2021 ◽  
Vol 19 (1, special Issue) ◽  
pp. 299-313
Author(s):  
Carl-Christian Freidank ◽  
Franziska Handschumacher
Keyword(s):  
Balanced Scorecard ◽  
Business Management ◽  
Weighted Average ◽  
Capital Asset Pricing ◽  
Corporate Management ◽  
Asset Pricing Model ◽  
Controlling System ◽  
Management Processes ◽  
Management Concepts ◽  
The Right

The recent discussions about the “right” profit in business administration have led to uncertainty in research and practice about which performance measures and business management concepts should be used to manage companies. The authors are of the opinion that this is only possible with the help of top financial ratios with regard to the shareholder value concept. Thereby, the methods of the weighted average cost of capital (WACC) approach and the capital asset pricing model (CAPM) should be used to determine the value of the company. In addition, non-financial goals should be included in the management processes with the help of the integrated balanced scorecard. Against this background, the authors develop a holistic controlling concept for listed companies, which can be used for strategic corporate management, taking into account the income tax effects relevant to decision-making.

Integrating Customer Relationship Management, Performance Management, and Knowledge Management through Balanced Scorecard

2011 ◽  
pp. 223-249
Author(s):  
Anthony Liew
Keyword(s):  
Knowledge Management ◽  
Literature Review ◽  
Performance Management ◽  
Customer Relationship Management ◽  
Balanced Scorecard ◽  
Business Management ◽  
Relationship Management ◽  
Customer Relationship ◽  
Management Performance ◽  
Management Concepts

This chapter is primarily based on literature review or secondary research and analysis. The objective of this study is to extend and amalgamate the three major business management concepts: CRM, PM, and KM.

scholarly journals Cost of Capital Estimation for Highway Concessionaires in Chile

2018 ◽  
Vol 2018 ◽  
pp. 1-9 ◽  
Author(s):  
Cristian Vergara-Novoa ◽  
Juan Pedro Sepúlveda-Rojas ◽  
Miguel D. Alfaro ◽  
Nicolás Riveros
Keyword(s):  
Capital Structure ◽  
Stock Prices ◽  
Cost Of Capital ◽  
Weighted Average ◽  
Cost Of Debt ◽  
Capital Asset Pricing ◽  
Cost Of Equity ◽  
Asset Pricing Model ◽  
The Cost ◽  
The Capital Structure

In this paper, we present the cost of capital estimation for highway concessionaires in Chile. We estimated the cost of equity and the cost of debt and determined the capital structure for each one of twenty-four concessionaires that operate highways. We based our estimations on the developments of Sharpe (1964), Modigliani and Miller (1958), and Maquieira (2009), which were also compared with the Brusov et al. (2015) developments. We collected stock prices for different highway concessionaires around the world from Google Finance and Reuters’ websites in order to determine the Beta of equity using a representative company. After that, we estimated the cost of equity considering Hamada (1969) and a Capital Asset Pricing Model. Then, we estimated the cost of capital using the cost of debt and the capital structure of Chile’s highway concessionaires. With all above, we were able to determine the Weighted Average Cost of Capital (WACC) for highway concessions which ranges from 5.49 to 6.62%.

Integrating Customer Relationship Management, Performance Management, and Knowledge Management through Balanced Scorecard

2013 ◽  
pp. 205-231
Author(s):  
Anthony Liew
Keyword(s):  
Knowledge Management ◽  
Literature Review ◽  
Performance Management ◽  
Customer Relationship Management ◽  
Balanced Scorecard ◽  
Business Management ◽  
Relationship Management ◽  
Customer Relationship ◽  
Management Performance ◽  
Management Concepts

This chapter is primarily based on literature review or secondary research and analysis. The objective of this study is to extend and amalgamate the three major business management concepts: CRM, PM, and KM.

scholarly journals Acerca de la tasa de descuento en proyectos

Quipukamayoc ◽  
2014 ◽  
Vol 15 (29) ◽  
pp. 101 ◽  
Author(s):  
Beatriz Herrera García
Keyword(s):  
Asset Pricing ◽  
Average Cost ◽  
Cost Of Capital ◽  
Weighted Average ◽  
Capital Asset Pricing Model ◽  
Capital Asset Pricing ◽  
Pricing Model ◽  
Capital Asset ◽  
Asset Pricing Model ◽  
Para Determinar

Cuando se evalúan proyectos de inversión a nivel de perfil, los flujos de caja se descuentan a una tasa de descuento igual a la tasa de interés activa vigente en el mercado; esto es así porque a nivel de perfil, la exigencia y precisión del estudio es relativa; sin embargo, en la etapa de evaluación del proyecto la tasa de descuento se torna en un dato relevante y esta debe representar el coste del capital del proyecto en particular, es decir, para determinar la tasa de descuento para un proyecto en particular, luego de elaborado el flujo de fondos netos, se debe proceder al cálculo del coste del capital utilizando los métodos o modelos más importantes: el capital asset pricing model (modelo de valoración de activos financieros), y el weighted average cost of capital (modelo del costo del capital promedio ponderado). Luego se podrá obtener el nivel de rentabilidad esperado utilizando los distintos criterios existentes.

scholarly journals CAPITAL STRUCTURE IMPACT ON MARKET VALUE OF MERGING COMPANIES

2014 ◽  
pp. 102-105
Author(s):  
V. S. Martynova
Keyword(s):  
Capital Structure ◽  
Weighted Average ◽  
Market Value ◽  
Capital Asset Pricing ◽  
Capital Asset ◽  
Correct Evaluation ◽  
Asset Pricing Model ◽  
The Cost ◽  
Evaluation Approaches ◽  
The Capital Structure

As a rule there are significant changes in the capital structure due to mergers and takeovers that's why the management task at the prediction stage is a correct evaluation of these changes influence on the cost of the future company. This article contains methods of evaluating the capital structure influence on the company cost within different evaluation approaches and the most detailed description of the methods used within the income approach. Here is a method of calculating a weighted average cost of capital based on the capital asset pricing model (CAPM) and restrictions connected with this model use. It is defined whether there is a necessity to correct the predicted cost of attracting own or borrowed assets.

scholarly journals Custo de capital das concessionárias de transmissão de energia elétrica no Brasil: um estudo da Companhia Estadual de Geração e Transmissão de Energia Elétrica - CEEE-GT

2018 ◽  
Vol 4 (2) ◽  
pp. 320-339
Author(s):  
Thaís Mattei LANZIOTTI ◽  
Ricardo Letizia GARCIA
Keyword(s):  
Asset Pricing ◽  
Average Cost ◽  
Cost Of Capital ◽  
Weighted Average ◽  
Capital Asset Pricing Model ◽  
Capital Asset Pricing ◽  
Pricing Model ◽  
Capital Asset ◽  
Asset Pricing Model

O artigo tem como objetivo demonstrar que o Custo de Capital regulatório fixado pela Agência Nacional de Energia Elétrica – ANEEL para as empresas Transmissoras de Energia Elétrica no Brasil está aquém dos reais custos de oportunidade de capital próprio e de recursos oriundos de capital de terceiros necessários aos investimentos empregados no setor. Dessa forma, realizou-se uma análise do custo de capital atual da Companhia Estadual de Geração e Transmissão de Energia Elétrica – CEEE-GT, utilizando os mesmos parâmetros e metodologias de cálculo empregadas pelo Órgão Regulador, que consiste na combinação dos modelos CAPM (Capital Asset Pricing Model) e WACC (Weighted Average Cost of Capital).  

A Single Period Stochastic Model for Maximising Firms Value

GIS Business ◽  
2016 ◽  
Vol 11 (6) ◽  
pp. 39-45
Author(s):  
J. P. Singh
Keyword(s):  
Capital Market ◽  
Firm Value ◽  
Capital Asset Pricing ◽  
Capital Asset ◽  
Asset Pricing Model ◽  
Value Maximization ◽  
Risk Return ◽  
Bankruptcy Costs ◽  
Single Period ◽  
Debt Capacity

This article sets up a single period value maximization model for the firm based on stochastic end-of-period cash inflows, stochastic bankruptcy costs and taxes based on income rather than wealth. The risk-return trade-off is captured in the Capital Asset Pricing Model. Thus, the model also assumes a perfect capital market and market equilibrium. The model establishes the existence of a unique optimal financial leverage at which the firm value is maximized, this leverage being less than the maximum debt capacity of the firm.

Research and analysis of business management processes implemented under conditions of incomplete certainty

2020 ◽  
Author(s):  
Igor Klimenko ◽  
A. Ivlev
Keyword(s):  
Decision Making ◽  
A Priori ◽  
Business Management ◽  
Statistical Uncertainty ◽  
Management Processes ◽  
Classical Decision ◽  
Decision Making Criteria

The study carried out in this work made it possible to expand the rank scale for a priori assessment of the chosen strategy in terms of increasing the sensitivity of assessing the caution / negligence ratio using risky, as well as classical decision-making criteria under conditions of statistical uncertainty.

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