Управление стоимостью компании
Both, business and academic communities agree that corporate news do affect the company market value. Empirical data shows that once released in the open, corporate news often lead to a rather predictable investor reaction. This investor reaction depends on a great number o factors: whether the news is good or bad, what type of corporate event has lead to the news, how broad is the analyst coverage of the company, what were the preceding company and analyst forecasts, prevailing stock market dynamics at the time, type of company shares, and a dozen of other factors. In our work, we attempted to put together disjoint empirical data, filter out the most significant common factors, determine their influence on the company value, and come up with a coherent big picture. Thereby we have developed a conceptual model that describes what kind of news and under what conditions will influence the company stock price this way or the other. We also propose a qualitative methodology for estimating the influence of news on the stock price. Our model and methodology are meant to help companies to better anticipate market reaction to their corporate announcements, and therefore correct possible negative impact leading to overall more efficient value based management.
This paper aims at explaining the differences in valuation of banking firms in Russia through the impact of selected elements of corporate governance. We rely upon value-based management theory to test the hypothesis that expenses on corporate governance system create shareholder value. The price at which share stakes are acquired by strategic foreign investors is for us a criterion of market-proven value, so we use the standard valuation tool, i.e. price-to-book-value of equity (P/BV) multiple, as the dependent variable. The set of corporate governance parameters whose materiality for a would-be external investor we would like to test includes: the degree of concentration of ownership and control; maturity of corporate governing bodies; degree of Board independence; qualification of external auditors; stability of governing bodies (Management Board and Board of Directors); and availability of external credit ratings from the world’s leading rating agencies. We test our approach on a sample of acquisition deals and public offerings over the period 2004-2008 that we develop for the first time. Firstly, we find out which factors are statistically significant and relevant to a bank’s selling price. Secondly, a least squares multiple linear regression model is devised to check how each individual variable impacts the dependent variable. We discover that external investors attach value to high concentration of ownership, external credit rating coverage, stability of the Board of Directors, and involvement of well-established external auditors. Investors of a strategic nature tend to pay a higher acquisition premium. Independence of the Board of Directors might be perceived by external strategic investors as a disadvantage and might destroy shareholder value.
KPMG is the international chain of advisory, tax and audit service companies. In June, 2010 it conducted an open conference devoted to the economic value added, its principles and methodology. The conference became a significant event for Russian business and discovered common acceptance for necessity of new and up to date concepts of management. Two leaders of Stern Stewart & Co, the first rate consulting company, were invited especially for the event. Appearance of Joel Stern, founder of the Company, became unprecedented occurrence for such meetings in Russia. Stern Stewart & Co (www.sternstewart.com ) is a leading strategic consultancy and value management company. It was founded in 1982, New York, and became a pioneer in the business economics and applied corporate finance. In the late eighties the company invented and took out a patent the concept of management based on economic value added (EVA®), which today presents one of the most developed and popular concepts in real business. Stern Stewart & Co is based in many countries in the North America, Europe, Latin America, Australia, China, India, SAR and in the others. Russia is virtually a single country where analysis based on the value and consultancy services applying value based management are almost not presented. Joel Stern, the founder of EVA® concept, presented the main report devoted to the company's system of management. Due to the KPMG request Corporate finance center of SU-HSE (www.cfcenter.ru ) and Performance and Technology KPMG in the May-June 2010 conducted joint investigation devoted to the Russian companies' practices of management and analysis of factors of their value. The results of the investigation were also presented on the conference.