Subject. The article presents various definitions of the efficiency concept, their changes as the economic science evolves, and describes various methods to measure company performance efficiency, ranging from a simple set of financial indicators to comprehensive systems for effectiveness evaluation. Objectives. The purpose of the study is to systematize the said definitions and identify a category that will meet the current condition of business environment. Methods. The study rests on the retrospective and comparative analysis of interpretations of the efficiency concept in the economic science. We also employ the historical and logical methods of general theoretical research. Results. We identify three approaches to the interpretation of the efficiency concept. Within the selected approaches, we consider the main methods for company performance measurement that have emerged since 1914. The paper formulates criteria, which were used to carry out the comparative analysis of these methods. The analysis enabled to trace all changes in the methods. Conclusions. We propose to use the term Integrated Company Efficiency and to develop methodological framework for measuring the comprehensive efficiency of companies operating in various industries.
Quesnay F. Izbrannye ekonomicheskie proizvedeniya [Selected Works on Economics]. Moscow, Sotsekgiz Publ., 1960, 554 p.
Ricardo D. Nachala politicheskoi ekonomii i nalogovogo oblozheniya [The Principles of Political Economy and Taxation]. Moscow, Eksmo Publ., 2007, 953 p.
Shtele E.A., Vecherkovskaya O.B. [On the concept of efficiency]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2017, vol. 16, iss. 5, pp. 935–947. (In Russ.) URL: Link
Fisher I. The Theory of Interest. New York, The Macmillan Company, 1930, 442 p.
Keynes J.M. The General Theory of Employment, Interest and Money. Palgrave Macmillan, 1936, 472 p.
Dean J. Capital Budgeting: Top Management Policy on Plant, Equipment, and Product Development. New York, Columbia University Press, 1951, 174 p.
Kogan A.B. [Analysis of ways to compare non-uniformly scaled projects]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2009, no. 35, pp. 52–56. URL: Link (In Russ.)
Williams J.B. The Theory of Investment Value. Harvard University Press, Cambridge, MA., 1938.
Stewart G.B. EVA™: Fact and Fantasy. Journal of Applied Corporate Finance, 1994, vol. 7, iss. 2, pp. 71–84. URL: Link
Solomons D. Divisional Performance: Measurement and Control. Irwin, Homewood, Illinois, 1965.
Cheremushkin S.V., Ponkrashkina G.A. [Economic Value Added and Capital Costs: Market and Accounting Approaches]. Finansovyi menedzhment = Financial Management, 2008, no. 6, pp. 50–69. URL: Link (In Russ.)
Lur'e A.L. Ekonomicheskii analiz modelei planirovaniya sotsialisticheskogo khozyaistva [Economic Analysis of Models for Socialist Economy Planning]. Moscow, Nauka Publ., 1972, 436 p.
Novozhilov V.V. Problemy izmereniya zatrat i rezul'tatov pri optimal'nom planirovanii [Problems of Measuring Costs and Results under Optimal Planning]. Moscow, Nauka Publ., 1972, 434 p.
Bogachev V.N. “Srok okupaemosti”: teoriya sravneniya planovykh variantov [‘Payback period’: A Theory of Comparison of Planned Options]. Moscow, Ekonomika Publ., 1966, 278 p.
Khachaturov T.S. Ekonomicheskaya effektivnost' kapital'nykh vlozhenii [Economic effect of capital expenditures]. Moscow, Ekonomika Publ., 1964, 280 p.
Bolodurina M.P., Konysheva K.A. [System of indicators of assessment of efficiency of enterprises activity as part of oil and gas holding]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2012, no. 35, pp. 48–59. URL: Link (In Russ.)
Wheeler D.J., Chambers D.S. Statisticheskoe upravlenie protsessami: Optimizatsiya biznesa s ispol'zovaniem kontrol'nykh kart Shukharta [Understanding Statistical Process Control]. Moscow, Al'pina Pablisher Publ., 2009, 409 p.
Deming W.E. Vykhod iz krizisa: Novaya paradigma upravleniya lyud'mi, sistemami i protsessami [Out of the Crisis]. Moscow, Al'pina Pablisher Publ., 2012, 419 p.
Drucker P.F. Effektivnoe upravlenie [The Effective Executive]. Moscow, Astrel' Publ., 2004, 288 p.
Neave H.R. Prostranstvo doktora Deminga: printsipy postroeniya ustoichivogo biznesa [The Deming Dimension]. Moscow, Al'pina Biznes Buks Publ., 2005, 370 p.
Pareto V. Uchebnik politicheskoi ekonomii [Manuel d'Économie Politique]. Moscow, RIOR Publ., 2018, 592 p.
Neely A., Mills J., Platts K. et al. Performance measurement system design: Developing and testing a process-based approach. International Journal of Operations & Production Management, 2000, vol. 20, iss. 10, pp. 1119–1145. URL: Link
Cooper R., Kaplan R.S. Profit Priorities from Activity-Based Costing. Harvard Business Review, 1991, May–June, pp. 130–135.
Keegan D.P., Eiler R.G., Jones C.R. Are Your Performance Measures Obsolete? Management Accounting, 1989, vol. 70, iss. 12, pp. 45–50.
Kaplan R.S., Norton D.P. Using the Balanced Scorecard as a Strategic Management System. Harvard Business Review, 2007, July–August. URL: Link
Bititci U., Carrie A., McDevitt L. Integrated Performance Measurement Systems: A Development Guide. International Journal of Operations & Production Management, 1997, vol. 17, iss. 5, pp. 522–534. URL: Link
Ratnatunga J., Gray N., Balachandran K.R. CEVITA™: The Valuation and Reporting of Strategic Capabilities. Management Accounting Research, 2004, vol. 15, iss. 1, pp. 77–105. URL: Link
Kashi R. Balanchandran, Shu-hsing Li, Suresh Radhakrishnan. A Framework for Unused Capacity: Theory and Empirical Analysis. Journal of Applied Management Accounting Research, 2007, vol. 5, iss. 1, pp. 21–38. URL: Link
Taticchi P., Tonelli F., Cagnazzo L. Performance Measurement and Management: A Literature Review and a Research Agenda. Measuring Business Excellence, 2010, vol. 14, iss. 1, pp. 4–18. URL: Link
