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The Value of a Firm: Asymmetric Information in Economic Value Added Measurement

т. 25, вып. 1, март 2020

PDF  PDF-версия статьи

Получена: 23.10.2018

Получена в доработанном виде: 07.11.2018

Одобрена: 11.12.2018

Доступна онлайн: 30.03.2020


Коды JEL: G17, G18, G32

Страницы: 53–67


Fedorovich V.O. Siberian Transport University (STU), Novosibirsk, Russian Federation 

ORCID id: отсутствует
SPIN-код: отсутствует

Fedorovich T.V. Novosibirsk State University of Architecture and Civil Engineering (SIBSTRIN), Novosibirsk, Russian Federation 

ORCID id: отсутствует
SPIN-код: отсутствует

Subject The value of a firm is an unbiased and reliable measure of operations and strategic performance of an enterprise.
Objectives The study analyzes a combination of approaches based on the book and market values as part of the information asymmetry theory, which points out the comprehensive integrated indicator, such as a firm's value as an unbiased and the most understandable metric for stakeholders, shareholders, would-be investors and managers.
Methods The study is based on methods of induction, deduction and general cognition, methods of logic, statistical and correlation analyses.
Results It is advisable to reduce the information asymmetry for principals and agents by updating the Economic Value Added (EVA) and derivative indicators, such as CFROI, CVA, RCF and EM, which are integrated into consolidated income, earnings before taxes and structure of capital owned by subsidiaries and associates and share of capital invested in the development of property portfolios of corporations. Subsidiaries and associates contribute to the consolidated net income, being financially accountable for the capital involved.
Conclusions and Relevance To forecast the value of a firm, economic-mathematical modeling is advisable, since it will ensure an unbiased evaluation of the firm’s position within a three to five year time horizon and help to reduce the information asymmetry, which requires special tools to substantiate the increment in EVA and corporate capitalization. The ultimate objective of research provides for an unbiased integrated value, such as corporate value of a business, which decreases the information asymmetry for principals and agents.

Ключевые слова: principal, agent, stakeholder, asymmetry, economic interest

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