Развитие теории ожиданий заинтересованных сторон в контексте ценностно-ориентированного управления
The article considers the evolution of the economic theory of the firm with the development of value based management. the authors offer a rationale for the need to study the problem of maximization of the value of the company on the basis of multistakeholder approach. the balanced scorecard in this regard can be considered as a tool of measurement of value growth.
Modern enterprises implementing new forms of management based on dividing the company‟ performance into separate business-processes. But management is impossible without analyzing its effectiveness. The Balanced ScoreCard is an appropriate method of analyzing effectiveness of an enterprise, in particular the business-process of sales.
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.
The paper presents an economic and mathematical model designed to forecast development of a university depending on social and economic changes in the country and the amount of public funding of education. The university's internal decisions how to distribute its budget among operational activities, development, supporting science, and improving educational services and assumed as endogenous variables. The development of the university is viewed as a phase space trajectory defined by the four characteristics: quality of educational services, level of development of R&D and consulting activities, image and financial performance of university.
The choice of parameters meets the major interests of the most important stakeholders: state and society, business and science, labour market, prospective students, and the university staff. The model describes relationships between: a) funds obtainin and spending, b) results of university development along various axes and the investments, c) finance obtained and the results of university development, d) results of the university development in adjacent time intervals. The strenght of the model consists in its practical use confirmed by the first results of modeling.
We present robustness of the firm as an uninterrupted exchange of resources between the firm and owners of resources - stakeholders. We derive the model on the mutually accepted conditions of exchanges for the major resources and indicate the firm's limits to manipulate the exchange conditions. We also argue that temporary benevolent behavior of the firms towards one or several its stakeholders leads to accumulation of stakeholders' quasi-rent and contributes to the overall robustness of the firm.
This book is written by teachers from leading Russian economic schools, and characterized not only by a high-quality presentation of theoretical material, but also by an original workshop with a large number of practical tasks and cases. The publication discusses the basics of organizing financial analysis, methods for assessing the financial condition and creditworthiness of an enterprise, issues of investment analysis, problems of substantiating decisions of a strategic nature, and much more.
Estimation of efficiency from the perspective of an external investor draws a high enough interest in assessing the efficiency of risk management. Since the methods risk management are nontransparent information, the carrying out of empirical research is enough complicated. However, in a number of papers the elements of the assessment of so-called "market efficiency" are traceable, among which the most common factors are: the behavior of stock prices at the moment of collapse of the market, lower average cost of capital. The purpose of this study is as follows: to identify the key factor market efficiency of risk management using techniques and methods of statistical research and create a comprehensive approach to the implementation of this assessment.
Cost-benefit analysis, stakeholders , political interest group, private health insurance system, the main problems of private health insurance system.
In recent years, innovation management has shown to be a very important topic for academics and professionals. However, the emphasis has mostly been on the upstream activities of the innovation management process and specifically about how to obtain as well as to integrate new sources of innovation beyond the traditional and internal R&D function. Conversely, the downstream activities of the innovation process, specifically marketing and commercialization, have attracted little research. But the situation is changing now due to governments and companies that have realized that in order for an innovation to be successful, it is not enough to have good new ideas: it must foremost be adopted by the market. As a consequence, there is currently a shift in priorities and a renewed interest in the marketing of innovation and especially in the adoption of original products or services, because one important function of marketing is to contribute to the adoption of innovative solutions by potential customers. This book aims to contribute to this advancement and to provide fresh conceptual insights and thinking about the manners to stimulate and to facilitate the adoption of every kind of innovation. This will be managed by a very diverse contributions exploring the role and the balancing of internal and external stakeholders in the marketing of innovation.
Continuous turbulence in external environment has resulted in significant change of company’s long-term goal: from traditional to value-based management system. This article discloses advantages and disadvantages from corporate strive to use balanced score card for maximizing stakeholder’s value (welfare).