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Стейкхолдерский подход к управлению, ориентированному на приращение стоимости компании
Journal of Corporate Finance Research / Корпоративные финансы. 2012. Т. 6. № 1. С. 14-23.
This paper presents the original model for integrated value based management derived from the principle of value creation for both - strategic financial and nonfinancial stakeholders.We show that stakeholder value creation assumes positive economic profit stream for non-financial stakeholders.The model requires the integration of management and corporate governance levels. The former is consistent with the proposed stakeholder value based management model (STVM), the latter is described by proposed new governance model, namely stakeholder’s value based corporate governance (STVG). The third component of integrated model is related to the strategic value reporting.
Ivashkovskaya I., Волотовская О. А., Journal of Corporate Finance Research / Корпоративные финансы 2012 Т. 6 № 4 С. 5-31
The article develops the original methodology for corporate growth analysis by means of author’s sustainable growth indices derived from the economic profit criteria. We use the sample of the firms from different industries in 14 emerging capital markets. We show that sustainable growth indices have high explanatory power for understanding total shareholder returns and for ...
Added: April 2, 2015
Boguslavskaya S. B., Рождественская Н. В., В кн. : Экономика и управление: Сборник научных трудов. : СПб. : Издательство СПбГЭУ, 2015. С. 45-57.
Socially-oriented projects require specific stakeholder approach for social impact (SROI) evaluation. In this article we attempt to identify groups of stakeholders interested in getting information concerning social impact of the project. We also offer classification of stakeholders with reasons to include or exclude a particular group from different steps of SROI analisys. Practical aspects of ...
Added: March 17, 2016
Grigorieva S., Абузов Р. М., Экономический журнал Высшей школы экономики 2015 Т. 19 № 2 С. 199-217
The performance of mergers and acquisitions (M&A) is one of the key issues in corporate finance. We contribute to existing literature by examining the performance of M&A deals based on the economic profit model and comparing the results with ones obtained by means of traditional methods – accounting studies. Applying economic profit as an indicator ...
Added: July 17, 2015
Grigorieva S., Petrunina T., Journal of Management Control 2015 Vol. 26 No. 4 P. 377-403
Researchers have long tried to define the impact of corporate mergers and acquisitions on company performance. We contribute to the existing literature by examining the performance of M&A deals in emerging capital markets based on the economic profit model and comparing the results with ones obtained by means of traditional method—accounting studies. Examining a sample ...
Added: October 14, 2015
Ivashkovskaya I., Янгель Д. О., Journal of Corporate Finance Research / Корпоративные финансы 2007 Т. 1 № 4 С. 97-110
Жизненный цикл организации (ЖЦО) практически не анализируется через призму финансового подхода. В статье рассматриваются финансовые измерения компании — ликвидность, инвестиционный риск, стоимость — на протяжении «траектории жизни» и ставится проблема дополнения жизненного цикла организации анализом качества капитала и финансовых кризисов компании. Авторы показывают, что качество капитала целесообразно рассматривать с позиций изменений в финансовых измерениях компании ...
Added: November 4, 2012
Balashov A. I., Ишкулова Р. Р., Менеджмент в России и за рубежом 2015 № 1 С. 97-104
The article analyzes the special features of the pharmaceutical industry as an object of mergers and acquisitions. The motives of the consolidation transactions in the pharmaceutical market are analyzed. The hypotheses about the influence of individual factors on the cost of the acquired company are developed. Using the econometric analysis, the effect of the presence ...
Added: January 19, 2015
Эмпирическое исследование интеллектуальной стоимости крупных российских компаний и факторов ее роста
Bayburina E., Golovko T., Корпоративные финансы 2008 Т. 6 № 2 С. 5-19
В последнее время на российском рынке получила широкое распространение концепция управления стоимостью компании (Value Based Management, VBM). В ее основе лежит принцип создания и управления стоимостью компании в интересах ее акционеров (shareholders). Управление стоимостью обеспечивается за счет поэтапного решения конфликта интересов в так называемой проблеме «принципал-агент», где принципалом выступает собственник компании, а агентом – топ-менеджмент. ...
Added: November 5, 2012
Dulyak Y., В кн. : Материалы Двенадцатого всероссийского симпозиума "Стратегическое планирование и развитие предприятий". : М. : ЦЭМИ РАН, 2011.
Added: January 11, 2013
Nazarova V., European Social Science Journal 2013 Т. 1 № 8(35) С. 517-528
Contemporary economic development opens the new sphere of the competition – intellectual capital. Those companies have the bigger financial success which hold not only traditional factors of production but also technologies, and which develop actively the intellectual capital. However, at the same time, the concept “intellectual capital” is not enough learned.
A purpose of the article ...
Added: February 4, 2014
Kharitonov S., Дик В. В., Прикладная информатика 2013 № 3 (45) С. 122-126
В статье рассматриваются возможности применения MS Excel при решении задач линейного программирования. Постановка задачи осуществляется в рамках концепции управления стоимостью хозяйствующего субъекта. В рассматриваемом случае управление сводится к максимизации совокупного денежного потока компании путем оказания управляющих воздействий на подсистему частных денежных потоков хозяйствующего субъекта, где и возникает необходимость и возможность применения обозначенного инструментария. ...
Added: December 19, 2017
Yasargil H., Ulanovsky A. M., , in : Board Chairs’ Practices across Countries: Commonalities, Differences, and Future Trends. : Fontainebleau : INSEAD, 2016. P. 70-77.
The article describes specific practices and instruments used by professional board chairs in Turkey. ...
Added: April 14, 2017
Шамраева С. А., Корпоративные финансы 2010 № 2(14) С. 36-46
The level of corporate diversification is one of the most important decisions that management makes. The diversification strategy has its benefits and costs. According to the principles of corporate finance the efficiency of diversification strategy is always assessed by its impact on shareholder value. The article discusses the main value-creating and value-destroying drivers of diversified ...
Added: October 27, 2012
Ivashkovskaya I., Dyachenko K., Journal of Corporate Finance Research / Корпоративные финансы 2013 Т. 7 № 4 С. 79-90
This study is focused on the use market expectations in firm’s management. According to the results of previous researches performed on developed markets, expectations management is an efficient corporate tool which allows managers to influence company’s value. The literature on expectations management in the emerging capital markets almost does not exist. We contributed to the ...
Added: March 30, 2015
Bredikhin S. V., Linton J., Matoszko T., Foresight and STI Governance 2017 Vol. 11 No. 1 P. 24-30
How and why the positive net effect of science related activities substantially increases the value that would be anticipated by the financial theory that seems to work so well for other fields is considered here. A qualitative analysis of 25 small listed biotechnology R&D firms illustrates that these firms do not follow the neo-classical expectation ...
Added: March 24, 2017
Nazarova V., Annals of Economics and Finance (China) 2015 No. 16-1 P. 173-198
This article deals with an analysis of the M&A strategy utilized by Unilever Group, as well as with issues relating to identifying the factors defining the value of a diversified company. This article includes an estimation of the effectiveness of Unilever Group’s mergers and acquisitions strategy, aimed at creating the optimum business portfolio within the ...
Added: February 25, 2016
Ulanov V. L., Минеральные ресурсы России. Экономика и управление 2014 № 5 С. 1-5
В статье проанализирована необходимость обоснованного выбора рыночных показателей и определения отдельных управленческих показателей при их использовании нефтегазовыми компаниями. ...
Added: August 11, 2014
Nazarova V., Дмитриева М. Б., Управленческий учет и финансы 2014 № 1(37) С. 66-81
В статье рассматриваются вопросы, касающиеся специфики оценки компаний при реализации стратегии диверсификации путём слияний и поглощений. Этот процесс требует раскрытия не только общих особенностей оценки, с которыми сталкиваются при данном типе корпоративных сделок, но также вытекающих из данной стратегии последствий для оценки объединённого портфеля бизнесов. Решение о снижении уровня диверсификации или, наоборот, о его увеличении ...
Added: January 3, 2015
Grigorieva S., Kuzmina Svetlana, , in : Strategic Deals in Emerging Capital Markets. Are There Efficiency Gains for Firms in BRIC Countries?. : Switzerland : Springer, 2020. Ch. 5. P. 113-135.
This chapter contributes to the literature on M&A performance by examining the impact of M&A deals on company value over the long-run in developed and emerging economies. Examining a sample of 153 and 125 deals from Western European and emerging capital markets respectively, 2002-2013, and employing economic profit as a performance measure,we find that transactions ...
Added: October 31, 2019
Stulova N., Казанская наука 2010 № 4 С. 103-109
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the ...
Added: November 7, 2012
Molodchik M., Абрамова О. В., Нурсубина Я. С., European Social Science Journal 2012 Т. 2 № 18 С. 375-383
В последние двадцать лет интеллектуальный капитал стал объектом пристального внимания, как теоретиков, так и практиков. Экономика знаний фокусирует усилия менеджеров на повышении эффективности управления интеллектуальным капиталом компании. На сегодняшний день мало изученным остается вопрос о роли интеллектуального капитала в процессе увеличения стоимости компании и о том, какие факторы оказывают влияние на отдачу от интеллектуального капитала. ...
Added: September 28, 2012
Grigorieva S., Cherkasova V. A., Козлов С. О., Управленческий учет и финансы 2016 № 02(46) С. 108-129
The article presents the algorithm allowing making country-risk adjustments to market multiples when analysts use peers from developed countries to estimate company in emerging capital market. We prove the necessity to country-risk adjustments to market multiples depending on industry where the company operates. We improve the technique of company valuation under the public-company method. Our ...
Added: June 8, 2016
Jensen S. B., Ulanovsky A. M., , in : Board Chairs’ Practices across Countries: Commonalities, Differences, and Future Trends. : Fontainebleau : INSEAD, 2016. P. 56-63.
The article describes specific practices and instruments used by professional board chairs in Denmark. ...
Added: April 14, 2017
Stulova N., , in : History of accounting, business administration doctrines and development of new methods of management in Italy and Russia, 2011. : Milan : Rirea, 2011. P. 283-298.
Taking into account the transformation in economic reality towards knowledge economy, it seems logical for company’s intellectual capital to be treated not as a cost but as an investment. Intellectual capital is a resource of creation value equal to physical assets and financial capital. In order for the new system to be consistent it is ...
Added: March 12, 2013
Sizykh N., Sizykh D., В кн. : Стратегии устойчивого развития: экономические, юридические и социальные аспекты. : Чебоксары : ИД «Среда», 2022. Гл. 5. С. 51-69.
The capitalization of a company and the assessment of its value are one of the most important factors for the successful implementation of various sustainable development strategies. The choice of methods and models for assessing the value of a company, as well as the indicators used in them, is an urgent problem in the modern domestic ...
Added: November 1, 2022