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HOW DOES CORPORATE RISK MANAGEMENT REDUCE THE CONSEQUENCES OF SHORT-TERMISM?
P. 333–344.
Short termism is one of the most relevant problems of corporate governance. Managers of companies have to make a choice between long term and short term decisions. The main reasons provoking the emergence of short-termism are: the high volatility of the economy as a whole, the high level of uncertainty of business development due to systematic risks, the legislatively conditioned necessity of publishing interim financial statements and the desire of business owners to get a return on investment as quickly as possible. We assume that corporate risk management system would contribute to mitigate short-termism problem in particular by examining the impact of corporate risk management on the discount rate. In this paper author provide a methodology of estimation of discount rate, depending on the degree of effectiveness of the risk management. The provided methodology mitigates uncertainty of strategic decisions and allows making long-term decisions. The core of proposal was built under the assumption that stakeholders have their own opinion about sustainability of a company and use a special list of signs, demonstrating the risk management efficiency of a company.
In book
Vol. 3. Book 1. , Sofia: STEF92 Technology Ltd., 2017.
КноРус, 2024.
Раскрывается сущность современного этапа трансформации администрирования и стандартизации оценочной деятельности в Российской Федерации, анализируются дискуссионные вопросы последнего поколения стандартов оценки стоимости. Приводится взаимосвязь отношений собственности и стратегии ESG: история вопроса, анализ качества ESG-факторов, формирование стоимости компаний с учетом ESG-факторов. Освещается современный отечественный опыт и международная практика выявления новых факторов стоимости бизнеса в различных отраслях экономики.
Для ...
Added: December 23, 2024
Tikhomirov D., Цехомский Н. В., Известия Санкт-Петербургского государственного экономического университета 2021 № 6 С. 23–27
This article is a continuation of the material presented in No. 5 2020 of the journal «Izvestia of the St. Petersburg State University of Economics» and contains the results of our study of the recognition and goodwill impairment by several the largest Russian companies. We have identified that up to 75 companies from the 500 largest companies in ...
Added: August 18, 2022
Tikhomirov D., Цехомский Н. В., Известия Санкт-Петербургского государственного экономического университета 2021 № 5 С. 44–53
The Russian M&A market was generally stable in 2010-2020 with a downward trend in the total volume, but an increase in the number of transactions. M&A transactions usually imply payments for potential synergies and new strategies, which often lead to a specific intangible asset recognized on the balance sheet, i.e. goodwill. The article discusses possible approaches to the ...
Added: August 18, 2022
S. Grishunin, E. Naumova, N. Lukshina et al., Russian Management Journal 2021 Vol. 19 No. 4 P. 475–493
Short-termism, the firm’s following strategic management practices for short-term, restricts investment in physical and intellectual capital. Investors and managers should identify and counteract such practices in a timely manner. However, existing academic and practical studies overlook problem of short-termism in emerging markets, lack reliable metrics of short-termism or consider only financial indicators in existing horizon ...
Added: June 22, 2022
Станиславчик Е. Н., Дело и Сервис, 2016.
В данном издании рассматриваются категории риска и доходности, элементы системы и процессы риск-менеджмента. Рамки управления риском определены в тесной взаимосвязи с основными категориями финансового менеджмента; воздействия сфокусированы на общих, несистематических видах риска, связанных с принятием управленческих решений при помощи качественных методов.
Многочисленные иллюстрации помогают воспринимать изложенные теоретические положения, которые дополняют примеры из деятельности отечественных и зарубежных ...
Added: January 25, 2022
Makarova V. A., Periodicals of Engineering and Natural Sciences 2021 Vol. 9 No. 4 P. 277–290
Modern corporate theory interprets enterprise-wide risk management (ERM) as an agent between stakeholders and corporate governance. In accordance with the latest ERM framework, corporate risk management in business includes the methods and processes used by organizations to manage uncertainty and use the opportunities associated with achieving their goals. The aim of the study is to ...
Added: September 21, 2021
Makarova V. A., Dalal A., Финансы и бизнес 2020 Vol. 16 No. 3 P. 79–99
This paper describes how and to what extent managerial short-termism caused by information asymmetry influences company’s survival. We provide evidence from Russian market, enhancing previous research by defining short-termism phenomenon with the combination of econometric, behavioural and financial analyses. The model showed that an excess of profitability and cash balance increase the risk of default. Moreover, ...
Added: October 21, 2020
Makarova V. A., Стратегические решения и риск-менеджмент 2019 № 3 С. 220–227
In this article, the problem of optimizing investments in risk management is considered through the theory of the firm and the problems arising from this theory (the problem of the “principal-agent”, the theory of contracts).
The purpose of this study is the theoretical and empirical evidence of the optimal investment model proposed by the author for ...
Added: November 8, 2019
Krivda S., Экономика, труд, управление в сельском хозяйстве 2019 № 8 С. 94–99
As part of the proposed method of estimates of the specific risk premium for the organization of the agricultural sector of the economy, identification of the main risks specific to the agricultural business is made. The method of estimation of probability and consequences of a risk event is specified. The method of risk assessment, taking ...
Added: October 2, 2019
Dvoryashina M. M., Управленец 2017 № № 1 (65)/2017 С. 29–33
The article explores the possibilities for applying the concepts of customer assets and customer equity with a view of developing a company’s marketing strategy. Marketing metrics and tools used as information support for development and implementation of the marketing strategy are suggested. Marketing strategic goal-setting is justified in accordance with the customer equity concept: customer lifecycle management; management of attracting
and retaining customers and ...
Added: February 13, 2019
Бондарев Н. С., Olkhovik V., Корпоративные финансы 2018 Т. 12 № 4 С. 110–125
This article analyses current Russian and foreign models of public-private partnership (“PPP”). Based on the results of
this analysis, a method for project evaluation is proposed which is applicable to numerous variations of PPP models. As a
part of this analysis, a review of international experiences in PPP (from France, the UK, China and the USA) is ...
Added: January 8, 2019
Булгаков А. Л., Алешина А. В., М.: Научный консультант, 2017.
Алешина А. В., Булгаков А. Л. Финансовые рынки. Часть 1. — Научный консультант Научный консультант Москва, 2016. — С. 240. Учебник "Финансовые рынки" может быть использован при изучении соответствующей дисциплины по программам подготовки бакалавров и магистров в соответствии с Федеральными государственными образовательными стандартами (ФГОС ВО) нового поколения по направлениям "Экономика" и "Менеджмент" (уровень подготовки академический ...
Added: October 31, 2018
Makarova V. A., Кальченко А. В., Пацей Л. А., Научный журнал НИУ ИТМО. Серия: Экономика и экологический менеджмент 2018 № 3 С. 61–75
Within the framework of this work, the phenomenon of short-termism as an obstacle to the creation of a long-term strategy has been studied using the example of the Russian metallurgical industry. Disclosure of factors to strengthen the policy of short-term decisions occurs through the theory of information asymmetry. Speaking particularly about short-run planning horizons, we ...
Added: October 2, 2018
Makarova V. A., Эффективное антикризисное управление 2017 № 4-5 С. 16–29
Decision-making regarding cooperation with a particular company requires a sufficiently in-depth analysis of the attractiveness and prospects of such cooperation. Standard methods of analysis, such as analysis of economic activity, investment attractiveness and efficiency of investment projects, undoubtedly remain the main ones in the organization of interaction, but due to the fact that most companies ...
Added: November 24, 2017
Erahtina O. S., Коммерческое право. Научно-практический журнал 2016 Т. 21 № 2 С. 38–45
A new version of Clause 1, Article 395 of the RF Civil Code came into force on the 1st of August, 2016. The article contains the analysis of two new provisions in the article concerning rate changes for charging interest, and reducing of number of reasons for charging interest. The author explores the main reasons ...
Added: March 12, 2017
Makarova V. A., Journal of Business and Retail Management Research 2017 Т. 11 № 3 С. 130–143
This article represents a theoretical background to a practical model of risk manage-ment and internal control systems integration within corporate governance structure. The provided model reduces the risk of duplicate management functions, minimizes bureaucracy and costs intensity of processes, motivates management to obtain results and covers all levels of company management. The ability to evaluate ...
Added: March 10, 2017