The concept of firm value management in the system of corporate governance in a multipolar world
https://doi.org/10.28995/2782-2222-2025-1-114-128
Abstract
The present article deals with analyzing the key aspects of firm value management in a multipolar world, where unstable geopolitical conditions and economic sanctions significantly impact corporate governance. In the course of the study, the author identifies the key factors affecting firm value in the modern environment and considers aspects of value management within the corporate governance framework. As a conclusion, a synergistic approach is proposed for selecting a value management concept within the corporate governance system in a multipolar world. The choice of concept should take into account the company’s industry, characteristics, objectives, external environment, and operating conditions.
About the Author
D. I. Kol’tsova
Russian State University for the Humanities
Russian Federation
Russian Federation
Dar’ya I. Kol’tsova
bld. 6, Miusskaya Square, Moscow, Russia, 125047
References
1. Brealey, R., Myers, St., Allen, Fr. and Edmans, A. (2022), Principles of Corporate Finance, McGraw-Hill, McGraw-Hill, New York, USA, available at: https://ru.scribd.com/document/749310839/Principles-of-corporate-finance-Richard-ABrealey-Stewart-C-Myers-Franklin-Allen-University-of-Birmingham (Accessed 25 November 2024).
2. Copeland, T., Koller, T. and Murrin, J. (2003), Stoimost’ kompanii: otsenka i upravlenie [Firm value. Valuation and management], 6th edn., Alpina Publisher, Moscow, Russia.
3. Gilyazetdinov, A.A. and Valiev, V.V. (2019), “Key concepts of firm value management”, Upravlenie. Ekonomicheskii analiz. Finansy: [Sb. nauch. trudovъ] [Management. Economic Analysis. Finance], Ufa, Russia, pp. 41–46.
4. Jensen, M.C., and Meckling, W.H. (1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, no. 3 (4), pp. 305–360.
5. Khakimov, S.G. (2023), “Principles and standards of corporate governance in joint stock companies”, Bulletin of the Tajik National University. Series of Economic and Social Sciences, no. 6, pp. 62–68.
6. Kleiner, G.B. (2009), “A Systems approach to enterprise strategy”, Journal of Modern Competition, no. 1 (13), pp. 100–118.
7. Ozerova, T.M. (2020), “Effective company value management”, Molodoy Uchenyi, no. 24 (314), pp. 208–212, available at: https://moluch.ru/archive/314/71561/.
8. Papova, L.V., Kleptsov, A.V. and Krapivkin, K.A. (2023), “Corporate Governance. Forms and Methods of Corporate Control Firm Value Management”, NaturalHumanitarian Studies, no. 2 (46), pp. 424–428.
9. Ross, St.A. (1977), “The Determination of Financial Structure: The IncentiveSignalling Approach”, Bell Journal of Economics, The RAND Corporation, no. 8 (1), pp. 23–40.
10. Senchenkova, D.V. (2022), “The assessment of the diversification level of Russian oil and gas corporations”, Economics and Management of National Economy, no. 4 (209), pp. 205–208.
11. Serafeim, G. (2021), “ESG: Hyperboles and Reality”, SSRN, available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3966695 (Accessed 15 Deсember 2024).
12. Sheshukov, D.E. (2023), “Analysis of the relationship between the market value of the company and the main elements of the ESG concept”, Economics: Yesterday, Today and Tomorrow, vol. 13, no. 7A, pp. 453–461.
13. Smotritskaya, I.I. and Frolova, N.D. (2021), “The corporate governance quality and market capitalization of Russian companies: An empirical analysis”, The Manager, vol. 12, no. 4, pp. 2–15.
14. Staryuk, P.Yu. (2007), “Firm Value Management as the Primary Objective of Corporate Governance”, Modern Economic Mechanism, no. 4 (29), pp. 248–254.
15. Yurkina, V.I. and Golovetsky, N.Ya. (2022), “Corporate Governance and Value Management Concept: Definition, Development, Interrelation”, Innovative Economy: Development Prospects and Improvement, no. 4 (62), pp. 124–134.
Review
For citations:
Kol’tsova D.I. The concept of firm value management in the system of corporate governance in a multipolar world. Science and art of management. 2025;(1):114-128. (In Russ.) https://doi.org/10.28995/2782-2222-2025-1-114-128
Views:
12
Email this article 