Digest Finance
 

Specifics of Analysis of Companies Operating in the Digital Economy

Vol. 23, Iss. 2, JUNE 2018

PDF  Article PDF Version

Received: 18 January 2018

Received in revised form: 26 January 2018

Accepted: 9 February 2018

Available online: 30 June 2018

Subject Heading: RISK, ANALYSIS AND EVALUATION

JEL Classification: G30, G32

Pages: 123–132

https://doi.org/10.24891/df.23.2.123

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation
kogdenko7@mail.ru

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 is in sync with the specifics of companies operating in the quaternary sector of the economy. It includes seven steps. At the first step, corporate competitive advantages are assessed. At the second step, risks generated by key stakeholders are analyzed, including those associated with intellectual capital and social and reputation capital. At the third step, intellectual capital is examined, followed by social and reputation capital and its four components. At the fifth step, company's cash flows and financial solvency are estimated; at the sixth step, efficiency of investment activities is evaluated on the basis of cash flows from operations and financing. At the final step of the analysis, value drivers that relate directly to intellectual capital and social and reputation capital, and company's intrinsic value are estimated.
Conclusions and Relevance The proposed methodology helps assess corporate operations in the digital economy through a stakeholder approach. The article may be useful for analysts involved in corporate performance appraisal using integrated reporting.

Keywords: stakeholder, analysis, digital economy

References:

  1. Reeves M., Levin S., Ueda D. [The Biology of Corporate Survival]. Harvard Business Review – Rossiya, 2016, March. URL: Link (In Russ.)
  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]. 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 [Reputation 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 2311-9438 (Online)
ISSN 2073-8005 (Print)

Journal current issue

Vol. 23, Iss. 3
September 2018

Archive