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Modern trends in business analysis: Studying the company's ecosystem, reviewing the business model's information content, evaluating growth opportunities

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

Mel'nik M.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( diakina2002@mail.ru )

Journal: Regional Economics: Theory and Practice, #1, 2018

Importance The article considers a business analysis perfection based on the stakeholder approach and taking into account the development of the Quaternary sector of economy and informatization of company business models.
Objectives The purpose of the study is to develop proposals to improve the analysis of company's ecosystem, the information component of business model, and the assessment of growth opportunities.
Methods The methodological basis of the proposals includes the theory of stakeholders, the theory of sectoral structure of economy, patterns of business informatization. The methodology rests on the International Integrated Reporting Framework.
Results The developed methodology includes five stages. At the first stage, we identify company's ecosystem and investigate relationships with stakeholders. Then we analyze types of capital that the company needs regardless of the economy sector, and types of capital that are pivotal for each individual company, estimate the financial condition of the company and indicators of its development. At the third stage, we investigate characteristics of survival, assess risks associated with stakeholders. At the fourth stage, we evaluate characteristics of informatization of business models that ensure business development, including digitalization technologies, crowdsourcing information, updateability of products, technologies, methods of business management. At the final stage of the analysis, we examine indicators of the company value for all stakeholders within the ecosystem, and estimate the value of intangible capital.
Conclusions The offered methodology enables evaluation of company operations on the basis of the stakeholder approach, taking into account the economy sector to which the company belongs.


The specificity of financial policies during the crisis

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

Journal: Economic Analysis: Theory and Practice, #15, 2015

Importance The article overviews issues of developing corporate financial policies during the crisis in the Russian economy.
     Objectives The article aims at investigating the principles and rules for developing the policies for survival and expansion.
     Methods The methodological basis comprises objective principles of the systems approach, provisions of economic analysis, logic and comprehensive approach to evaluating economic phenomena and processes.
     Results The article substantiates the need to implement special types of financial policies during the crisis. The charts depict the implementation of survival and expansion policies. The article also reviews key principles for managing non-current and current assets, liabilities and expenses; outlines specific aspects of the credit policy during the crisis; analyzes measures and mechanisms for collecting overdue receivables; examines the specificity of the staff management policy and measures to optimize staff costs. As a result of the research, I propose measures and steps to reduce operating leverage, financial leverage, currency risk, credit risk and liquidity risk. I also substantiate the need to set up and implement the policy of expansion, reviewing its specificity and difference from the survival policy. The article sets out algorithms for enhancing the efficiency of products, enlists sources of finance, and describes the specificity of investment activity during the crisis. I propose methods to evaluate the efficiency of the anti-crisis policies businesses adhere to. The research generates a number of indicators to evaluate the existing policies. I have calculated the indicators relying upon two Russian companies' data collected during the previous crisis (2008 to 2009).
     Conclusions and Relevance The article substantiates the main principles for setting up and implementing anti-crisis policies in Russia. The article may appear helpful for financial specialists making financial decisions during the crisis.


Influence of the value-based management concept on reporting improvement, analysis and financial management development

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

Journal: Economic Analysis: Theory and Practice, #8, 2015

Importance The article discusses new trends in the modern finance related to the value-based management concept implementation.
     Objectives The objective of the paper is to study the influence of the value-based management concept on improving the reporting, developing procedures for financial and economic analysis, and new approaches to financial management.
     Methods The objective principles of the systems approach, using the ideas of economic analysis, logical and comprehensive approach to assessing economic phenomena and processes served as a methodological basis of the study.
     Results The article discusses the issues of formation and analysis of integrated reporting. I present the main changes in reporting, namely the inclusion of non-financial, estimated figures enabling to assess changes in company value. The article deals with the problem of accounting abuses and suggests assessing the quality of earnings and assets reported in financial statements. I consider the ways of improving the fundamental analysis, and present the key indicators of capital, profits, cash flows used therein. I also examine indicators for the analysis of six types of capital, i.e. industrial, financial, human, intellectual, social, and natural. I offer a method of fundamental analysis, which includes the analysis of three areas of decision-making: finance, investment, and operations, as well as the analysis of fundamental value and market capitalization. The article considers the modern concept of financial management, i.e. the value-based management, which implements the ideas of cost management as a basis for decisions to increase value. This paper analyzes the specifics of short-term and long-term financial policies focused on value maximization.
     Conclusions and Relevance I substantiate the main directions of economic analysis and financial management development in the context of implementing the value-based management concept. The article may be useful for financial service experts making financial decisions in the context of value-based management.


Fundamental analysis of a company: features and key indicators

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

Journal: Economic Analysis: Theory and Practice, #33, 2014

The objective of this article is to consider the issues related to fundamental analysis improvement. The author offers an algorithm of a fundamental analysis in the interests of long-term investors and company management. The proposed technique for the fundamental analysis includes three components: the analysis of the company's value, the analysis of the company's fundamental cost and the analysis of the company's market capitalization. The author explains the term of "company value" as a category, which is formed by all types of capital, including financial, industrial, human, intellectual, social, networking and natural capital, and which is distributed among all stakeholders, including owners, managers, staff, creditors, customers, suppliers, governments, and the society. The author also explains the rationale behind the composition of input information for the analysis. The article presents key indicators for the analysis of all types of company capital value, the factors determining the company's fundamental value, and the indicators, which are based on market capitalization. In addition, the article presents the key indicators of a fundamental analysis for four types of long-term investment, i.e. investing in value, investing in growth, fundamental investing, and investing in income. The work results include the developed algorithms of company's profit quality and asset valuation and the algorithms of earnings and dividends per share calculation, expected return on equity, return on borrowed capital, beta coefficient, weighted average cost of invested capital, risk-adjusted return on capital, in particular, the alpha coefficient. The author presents the algorithm for the calculation of free cash flows and the fundamental value of a company. Other results of the study include the consideration of indicators based on market capitalization, i.e. multipliers, indicators of overall profitability, and the presentation of approaches to financial policy formation on the basis of fundamental analysis indicators. The article can be useful for financial experts making decisions related to value management, as well as for long-term investors.


Fundamental analysis of a company: features and key indicators

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

Journal: Digest Finance, #4, 2014

The objective of this article is to consider the issues related to fundamental analysis improvement. The author offers an algorithm of a fundamental analysis in the interests of long-term investors and company management. The proposed technique for the fundamental analysis includes three components: the analysis of the company's value, the analysis of the company's fundamental cost and the analysis of the company's market capitalization. The author explains the term of "company value" as a category, which is formed by all types of capital, including financial, industrial, human, intellectual, social, networking and natural capital, and which is distributed among all stakeholders, including owners, managers, staff, creditors, customers, suppliers, governments, and the society. The author also explains the rationale behind the composition of input information for the analysis. The article presents key indicators for the analysis of all types of company capital value, the factors determining the company's fundamental value, and the indicators, which are based on market capitalization. In addition, the article presents the key indicators of a fundamental analysis for four types of long-term investment, i.e. investing in value, investing in growth, fundamental investing, and investing in income. The work results include the developed algorithms of company's profit quality and asset valuation and the algorithms of earnings and dividends per share calculation, expected return on equity, return on borrowed capital, beta coefficient, weighted average cost of invested capital, risk-adjusted return on capital, in particular, the alpha coefficient. The author presents the algorithm for the calculation of free cash flows and the fundamental value of a company. Other results of the study include the consideration of indicators based on market capitalization, i.e. multipliers, indicators of overall profitability, and the presentation of approaches to financial policy formation on the basis of fundamental analysis indicators. The article can be useful for financial experts making decisions related to value management, as well as for long-term investors.


Corporate fraud: asset misappropriation schemes analysis and ways to manipulate reporting

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

Journal: Economic Analysis: Theory and Practice, #4, 2015

Subject The article studies the problem of detecting corporate fraud, and it deals with the peculiarities of corporate fraud in Russian companies.
     Objectives The aim of the study is to develop analytical tools for detecting corporate fraud.
     Methods The methodological basis amounted to objective principles of a system approach, grouping the data, the use of economic analysis, logical and integrated approaches to the assessment of economic phenomena and processes.
     Results It is determined that one of the peculiarities of corporate fraud in Russian companies is part of management. I have analyzed the factors that increase the risk of corporate fraud and present the main ways of corporate fraud appropriation and accounting manipulation, as well as their consequences. The paper shows how to assign assets in relation to fixed assets, inventories, receivables, and cash. It says of the assignment of financial schemes, including schemes involving sales, marketing, service, license, financial, industrial, and holding companies. I have also analyzed the means of the company's overstatement of expenditures and present schemes of statements manipulation. I have examined the causes and conditions of the manipulation of the accounts and ways to manipulate the fair value of assets, including intangible assets, financial instruments and other assets. I submit fraudulent schemes of overstatement of revenue and profits, lowering the costs and obligations. So I am proposing an algorithm for detecting corporate fraud that includes six phases: analysis of the quality of reporting; analysis of major transactions with assets; analysis of the reasonableness of the value of assets; market analysis; analysis of the compliance of the performance resources with the industry (market) level; analysis of the profitability of the company and its contractors. I base the indicators to assess the quality of reporting, including the quality of total assets, current assets, revenues, expenditures, profits.
     Relevance The article can be useful to specialists of economic security and internal control services.


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