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Financial Analytics: Science and Experience
 

State-of-the-art and future research directions in the area of corporate finance system control

Vol. 7, Iss. 43, NOVEMBER 2014

Available online: 15 November 2014

Subject Heading: Financial control

JEL Classification: 

Pages: 40-48

Zhukov V.N. Plekhanov Russian University of Economics, Moscow, Russian Federation
vn-zhukov@mail.ru

Importance The article dwells upon one of the most controversial scientific issues of internal financial control, i.e. the problem of system organization of the management functions of organizations' finance.
     Objectives I set the following goals: to reveal the methodological features of a systems approach; to analyze the status of the problem of system organization of internal financial control within the framework of five research areas - general, industrial, subject-management, risk-oriented and the evaluation ones; to identify the essential features of each particular area; to conduct a critical analysis of the major scientific works devoted to the problem of the system of financial control in the context of all research areas; to determine the future prospects of research.
     Methods I carried out the research using the system of procedures of dialectics, logical, systems, structural and comparative analyses, and also the methods of synthesis and generalization.
     Results I have assessed the results of the fundamental research papers on the problem of the system organization of internal financial control. I have revealed the limitations of the methodology used in the systems approach and identified the objective prerequisites for the development of the financial control system in corporations. I define the new areas of research in the area of system control of corporate finance: methodological, theoretical, managerial and strategic, management and tactical, managerial and social ones. The scope of the result application is the corporate finances management.
     Conclusions and Relevance At the present time, the problem of organization of the system control of corporate finance is not fully solved. The prevailing asymmetry between the degree of complexity of the evolving challenges and the level applied for its solution tools is a significant obstacle to this. In order to overcome the methodology crisis, the systems analysis should become a leading tool of the research in this area of expertise.

Keywords: Keywords: company finance, corporation finance, internal financial control, system approach, system-oriented analysis, system, prerequisites, development, research areas

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