Abstracts – Browse Results
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Aboukhadra, W (2021) Learning organisation, affective commitment and cultural intelligence: the case of expatriates in the Gulf Co-operation Council countries, Unpublished PhD Thesis, , Nottingham Trent University.
Adnan, H B (2004) Joint venture projects in Malaysian Construction Industry Factors Critical to success, Unpublished PhD Thesis, School of Property and Construction, Nottingham Trent University.
Agyekum-Mensah, G (2013) The development of an innovative sustainable total planning and control system for construction projects, Unpublished PhD Thesis, School of Architecture, Design and the Built Environment, Nottingham Trent University.
Ahmed Namadi, S i (2019) A framework for collaborative costing in the UK construction industry, Unpublished PhD Thesis, School of Architecture, Design and the Built Environment, Nottingham Trent University.
Alharbi, F (2020) Critical delay factors in housing construction projects in Saudi Arabia: Assessment and solutions, Unpublished PhD Thesis, , Nottingham Trent University.
Asnaashari, E (2011) A holistic conceptual model for managing construction logistics in building projects: the case of Iran, Unpublished PhD Thesis, School of Science and Technology, Nottingham Trent University.
Boyal-Seth, H (2011) Assessing the business case for supplier diversity in the construction housing sector, Unpublished PhD Thesis, Nottingham Business School, Nottingham Trent University.
Coupar, G (2009) Modern approaches to repairs and maintenance procurement within the social housing sector, Unpublished PhD Thesis, Nottingham Business School, Nottingham Trent University.
Daniel, E I (2017) Exploratory study into the use of Last Planner® System and collaborative planning for construction process improvement, Unpublished PhD Thesis, School of Architecture, Design and the Built Environment, Nottingham Trent University.
Dowd, V G (1999) The pervading role of risk allocation as the link mechanism between factors of influence and construction procurement practices adopted in the UK construction industry over the period 1965-1995, Unpublished PhD Thesis, , Nottingham Trent University.
Dupin, P (2021) Using pull and flow systems to improve production stability in real estate development projects, Unpublished PhD Thesis, , Nottingham Trent University.
Grada, M (2007) The impact of economic value added measure in assessing the business performance of UK construction companies, Unpublished PhD Thesis, , Nottingham Trent University.
- Type: Thesis
- Keywords: market; business performance; investment; UK; financial analysis; statistical analysis
- ISBN/ISSN:
- URL: https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.436675
- Abstract:
Traditional methods of assessing profitability are being questioned in relation to their relevance to creating wealth for shareholders. Notably, traditional accounting profit does not take into account opportunity cost and the risk to shareholders investments, hi order to overcome the limitations of generally accepted accounting principles (GAAP), Stem Stewart & Company developed the concept of Economic Value Added (EVA). EVA is net operating profit after tax (NOPAT) minus an appropriate charge for the opportunity cost of all the capital invested in a company. EVA more accurately reflects the economic reality as opposed to the accounting reality. This thesis presents an analysis of accounting and economic performance measures and examines the economic value model which identifies value creation for shareholders. The performance measures are specifically applied to 43 companies within the UK construction industry. Necessary adjustments to these financial statements have been made to prepare the data for the EVA calculations. These companies were examined to assess their business performance over a period of three years (2001 to 2003). This study also examines which measures EVA or the other traditional accounting measures have a greater association with the company’s market value as measured by Market Value Added (MVA) and whether components unique to EVA (capital charge and accounting adjustments) provide additional information to that provided by the other traditional accounting measures. The financial analysis reveals that the size of the difference between a company’s after-tax rate of return on economic capital employed (ROEC) and the weighted average cost of capital employed (WACC) has a significant impact on the company’s fundamental ability to generate positive EVA for their shareholders. This is because their post-tax rate of return on invested capital was more than sufficient to cover the overall capital costs. Therefore, the excess of ROEC above WACC is theoretically one of the most important elements to consider when valuing a company. Under GAAP, the findings from the financial analysis shows that almost all companies investigated in this study appear to be profitable. However, when the EVA principles are applied to the data it reveals that a number of these companies (35%) have in fact been destroying shareholder wealth. The statistical analysis indicates that all six profitability measures provide relevant information that contributes towards identifying company market value. The four measures (EVA, ROCE, ROE and ROA) were shown to be statistically significant in explaining the company’s market value. (ROS and EPS) were not. EVA was identified as the best of these measures for valuation purposes as it has the highest association with MVA measure. This research has provided the basis for further studies into how company financial information can be analysed in a way that will provide managers with the opportunity to improve their company’s financial performance. The use of EVA has identified those companies within the sample that are creating or destroying value for their shareholders.
Hackett, V (2017) The impact of a collaborative planning approach on engineering construction performance, Unpublished PhD Thesis, , Nottingham Trent University.
Hamza, A (2002) Partnering in the construction industry: an empirical investigation into the critical success factors, Unpublished PhD Thesis, School of Property and Construction, Nottingham Trent University.
Hurst, A G (2009) Management education, training and development of construction managers: will they ever learn?, Unpublished PhD Thesis, Nottingham Business School, Nottingham Trent University.
Idan, C K (2003) Quality function deployment (QFD) in the UK construction industry, Unpublished PhD Thesis, , Nottingham Trent University.
Jaafar, T (1992) A unified methodology for project planning risk, Unpublished PhD Thesis, , Nottingham Trent University.
Jackson, F (2006) Biodegradable hydraulic fluids: Reducing oil-related pollution in the construction industry, Unpublished PhD Thesis, , Nottingham Trent University.
Keats, R J (2014) An exploration of how professional associations advance innovation and promote innovation pedagogy, Unpublished PhD Thesis, , Nottingham Trent University.
Khadour, L (2010) Total quality environmental management framework towards sustainability (UK novated D&B principal contractors), Unpublished PhD Thesis, School of Architecture, Design and the Built Environment, Nottingham Trent University.
Khalid, U (2022) Investigation into the development of a human reliability analysis framework for the safety management of construction projects, Unpublished PhD Thesis, , Nottingham Trent University.
Kings, S (2002) Pricing documentation for contractors' estimators: Establishing a more effective approach, Unpublished PhD Thesis, , Nottingham Trent University.
McLean, M (2014) A longitudinal analysis of a partial mediation model of employee engagement in a knowledge-intensive firm, Unpublished PhD Thesis, Nottingham Business School, Nottingham Trent University.
Musa, M M (2019) A framework for implementing target value delivery to enhance value creation in the construction industry, Unpublished PhD Thesis, , Nottingham Trent University.
Owen, K J (2002) Success factors in the procurement of privately financed tolled transportation infrastructure projects in the UK, Unpublished PhD Thesis, School of Property and Construction, Nottingham Trent University.
Payne, B (1998) Project risk analysis, Unpublished PhD Thesis, Nottingham Business School, Nottingham Trent University.
Pritchard, C (2005) Skin cancer prevention in the house building industry, Unpublished PhD Thesis, , Nottingham Trent University.
Rashid, K B A (1998) The processes of construction procurement in Malaysia: Identification of constraints and development of proposed strategies in the context of 'vision 2020', Unpublished PhD Thesis, , Nottingham Trent University.
Sarhan, S (2018) Institutional waste within the UK construction industry: an exploratory study, Unpublished PhD Thesis, School of Architecture, Design and the Built Environment, Nottingham Trent University.
Sharif, A (1996) A functional analysis of building procurement systems and strategies in an international context, Unpublished PhD Thesis, , Nottingham Trent University.
Taylor, M S (2021) Strategic management accounting practices in medium sized UK construction companies: a mixed-methods approach, Unpublished PhD Thesis, , Nottingham Trent University.
Ward, A D (2016) Development of a contextualised understanding of the diffusion of innovation among quantity surveyors in the UK construction industry, Unpublished PhD Thesis, School of Architecture, Design and the Built Environment, Nottingham Trent University.