Economic Analysis: Theory and Practice

Abstracting and Indexing

Referativny Zhurnal VINITI RAS
Google Scholar

Online available



Cyberleninka (24 month OA embargo)

Specifics of analysis of companies operating in the digital economy

Vol. 17, Iss. 3, MARCH 2018

PDF  Article PDF Version

Received: 18 January 2018

Received in revised form: 26 January 2018

Accepted: 9 February 2018

Available online: 27 March 2018


JEL Classification: G30, G32

Pages: 424–438

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation

ORCID id: not available

Importance The article analyzes companies operating in the quaternary sector of the economy (digital economy).
Objectives The study aims to investigate the specifics of companies operating in the digital economy and to develop proposals for improving their analysis.
Methods The methodology of the study rests on the stakeholder theory and resource-based approach to organizational analysis.
Results I developed a methodology that takes into account the specifics of companies operating in the quaternary sector of the economy. It includes seven stages. At the first stage, company's competitive advantages are assessed. At the second stage, risks generated by key stakeholders are analyzed, including those associated with intellectual and social and reputation capital. At the third stage, intellectual capital is examined, then – social and reputation capital by its four components. At the fifth stage, company's cash flows and financial solvency are estimated; at the sixth stage, efficiency of investment activities is evaluated on the basis of cash flows from operations and financing. At the final stage of the analysis, value drivers that relate directly to intellectual and social and reputation capital, and company's fundamental value are estimated.
Conclusions The developed methodology enables to assess the operations of companies of the digital economy on the basis of stakeholder approach. The article may be useful for analysts involved in company performance evaluation using the integrated reporting.

Keywords: stakeholder, analysis, digital economy


  1. Reeves M., Levin S., Ueda D. [The Biology of Corporate Survival]. Harvard Business Review – Rossiya, 2016, March. (In Russ.) URL: Link
  2. Ismail S., Malone M., Van Geest Y. Vzryvnoi rost: Pochemu eksponentsial'nye organizatsii v desyatki raz produktivnee vashei (i chto s etim delat') [Exponential Organizations: Why new organizations are ten times better, faster, and cheaper than yours (and what to do about it)]. Moscow, Al'pina Didzhital Publ., 2014, 237 p.
  3. Freeman R.E. Strategic Management: A Stakeholder Approach. Harpercollins College Div., 1984.
  4. Post J.E., Preston L.E., Sachs S. Redefining the Corporation: Stakeholder Management and Organizational Wealth. Stanford University Press, 2002, 376 p.
  5. Ivashkovskaya I.V. [Incorporating Stakeholder Approach into Financial Analysis: The Harmonized Firm]. Korporativnye finansy = Journal of Corporate Finance Research, 2011, vol. 5, no. 3. URL: Link (In Russ.)
  6. Ivashkovskaya I.V. Finansovye izmereniya korporativnykh strategii. Steikkholderskii podkhod: monografiya [Financial measurements of corporate strategies. A stakeholder approach: a monograph]. Moscow, INFRA-M Publ., 2013, 320 p.
  7. Mayer-Schönberger V., Cukier K. Bol'shie dannye. Revolyutsiya, kotoraya izmenit to, kak my zhivem, rabotaem i myslim [Big Data. A Revolution That Will Transform How We Live, Work, and Think]. Moscow, Mann, Ivanov i Ferber Publ., 2014, 156 p.
  8. Swan M. Blokchein: skhema novoi ekonomiki [Blockchain: Blueprint for a New Economy]. Moscow, Olimp-Biznes Publ., 2017, 103 p.
  9. Cheremushkin S.V., Ponkrashkina G.A. [Cash Flow Return on Investment: CFROI®1]. Finansovyi menedzhment = Financial Management, 2009, no. 2, pp. 43-60. (In Russ.)
  10. Shkaratan O.I., Inyasevskii S.A. Klassifikatsiya otraslei ekonomiki kak instrument analiza tendentsii ee transformatsii [Classification of economic sectors as a tool to analyze trends in its transformation]. Moscow, HSE Publ., 2007, 20 p.
  11. Sonderegger P. Why Big Data Is the Capital Driving the Digital Age. URL: Link
  12. Zaman Arif. Reputatsionnyi risk: upravlenie v tselyakh sozdaniya stoimosti [Reputational Risk: How to Manage for Value Creation]. Moscow, Olimp-Biznes Publ., 2008, 416 p.
  13. Efimova O.V. [Analysis of sustainable development of the company: Stakeholder approach]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2013, no. 45, pp. 41–51. URL: Link (In Russ.)
  14. Lyubushin N.P., Babicheva N.E., Lylov A.I. [Use of resource oriented economical analysis in estimation of stable development of managing subjects]. Vestnik Tambovskogo universiteta. Ser.: Gumanitarnye nauki = Tambov University Review. Series: Humanities, 2015, iss. 2, pp. 32–45. (In Russ.)

View all articles of issue


ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 19, Iss. 6
June 2020