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Article

Развитие стейкхолдерского подхода в методологии финансового анализа: гармоничная компания

Journal of Corporate Finance Research / Корпоративные финансы. 2011. Т. 5. № 3. С. 59-70.

This paper introduces the original author's concept of harmonized firm based on stakeholder approach. We show that creation of new capital structure based on the mix of financial and nonfinancial capital which we call capital architecture becomes one of the main characteristics of such a firm. We argue that capital architecture requires new value creation mindset based on stakeholder value added for strategic nonfinancial stakeholders as well new tools for financial analysis.