+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

The nature of drivers of company value creation: Analysis and challenges

Vol. 21, Iss. 8, AUGUST 2022

Received: 18 July 2022

Received in revised form: 25 July 2022

Accepted: 4 August 2022

Available online: 30 August 2022


JEL Classification: G12, G17, O22

Pages: 1420–1435


Betal A. SHOGENOV Kabardino-Balkarian State Agricultural University named after V.M. Kokov, Nalchik, Kabardino-Balkarian Republic, Russian Federation


Zhaneta Kh. TEMUKUEVA Financial University under Government of Russian Federation, Moscow, Russian Federation

ORCID id: not available

Subject. The study is devoted to the analysis of factors of company value creation.
Objectives. We focus on analyzing the nature of factors of company value creation in the context of mergers and acquisitions, as well as IPO transactions, and classifying the company value factors.
Methods. The study rests on general scientific and logical methods, like summary and grouping, method of analysis, method of interpretation and analogy.
Results. For management decision-making purposes, it is reasonable to divide value creation factors into internal and external, as such identification affects the development of investment strategy and cost management strategy. External factors of value creation do not depend on the activities of one company, and subjective management of these factors is impossible. The company can only take these factors into account, when measuring the risk associated with the implementation of investment projects, as an increasing or decreasing coefficient to the final cost. Internal factors are fully controllable and manageable by the company. They include liquidity, control acquired during the transaction, and a number of operating and financial metrics.
Conclusions. During the analysis, it is crucial to consider both financial and non-financial factors. The value creation factors selected for the analysis should reflect both the tactical targets behind the implementation of the transaction and long-term strategic goals.

Keywords: integration, cost management, liquidity, prime cost, cost management


  1. Copeland T., Koller T., Murrin J. Stoimost' kompanii: otsenka i upravlenie [Valuation: Measuring and Managing the Value of Companies. Moscow, Olimp-Biznes Publ., 2005, 576 p.
  2. Nesterenko N.Yu. [Efficacy of mergers and acquisitions: Complex evaluation]. Problemy sovremennoi ekonomiki = Problems of Modern Economics, 2016, no. 3, pp. 71–76. URL: Link (In Russ.)
  3. Shevtsov G.S. Finansovyi uchet i analiz: kontseptual'nye osnovy [Financial accounting and analysis: Conceptual framework]. Moscow, Finansy i statistika Publ., 2016, 720 p.
  4. Burkal'tseva D.D., Novikov A.Yu. [Analysis of approaches to the assessment of business value in Russia]. Nauchnyi vestnik: Finansy, banki, investitsii = Scientific Bulletin: Finance, Banking, Investment, 2015, no. 3, pp. 15–17. URL: Link (In Russ.)
  5. Temukueva Zh.Kh. [Problems of the analysis of the solvency as a tool of effective management of a company]. Finansovaya ekonomika = Financial Economy, 2020, no. 1, pp. 103–105. (In Russ.)
  6. Temukueva Zh.Kh., Gurfova S.A. [Theoretical foundations of enterprise capital management]. Ekonomika i Sotsium, 2014, no. 10. (In Russ.) URL: Link
  7. Pimenova E.M. [Evolution of approaches to economic analysis in the framework of the valuation of the enterprise (business)]. Ekonomika i upravlenie sobstvennost'yu = Economics and Property Management, 2015, no. 1, pp. 63–67. (In Russ.)
  8. Temukueva Zh.Kh. [Modified model of cumulative construction based on Porter's Five Forces analysis]. Audit i finansovyi analiz = Audit and Financial Analysis, 2020, no. 2, p. 96. (In Russ.)
  9. Temukueva Zh.Kh. [Advantages and disadvantages of methods for analyzing the capital of an enterprise]. Academy, 2016, no. 6, pp. 143–144. URL: Link (In Russ.)
  10. Temukueva Zh.Kh. [Investment forensic as a tool of ensuring the legitimacy and safety of the investment process while buying a business]. Finansovaya ekonomika = Financial Economy, 2019, no. 11, pp. 393–395. (In Russ.)

View all articles of issue


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

Journal current issue

Vol. 21, Iss. 8
August 2022