Financial Analytics: Science and Experience

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Corporate business value: Asymmetric information in calculating economic value added

Vol. 12, Iss. 2, JUNE 2019

Received: 23 October 2018

Received in revised form: 7 November 2018

Accepted: 11 December 2018

Available online: 30 May 2019


JEL Classification: G17, G18, G32

Pages: 183–203

Fedorovich V.O. Siberian Transport University (STU), Novosibirsk, Russian Federation

ORCID id: not available

Fedorovich T.V. Novosibirsk State University of Architecture and Civil Engineering (Sibstrin), Novosibirsk, Russian Federation

ORCID id: not available

Subject This article considers the corporate value of business as an objective and reliable valuation of the results of operational and strategic activities of the corporation.
Objectives The article aims to consider the combination of market and accounting approaches in the concept of asymmetric information, which is based on the determination of integrated indicator, i.e. corporate value of business as an objective and most understandable one to the main groups of stakeholders.
Methods For the study, we used the methods of induction, deduction, and logical and statistical, and correlation analyses.
Results The article recommends to use economic and mathematical modeling to predict the corporate value of business. It also recommends to reduce asymmetric information for principals and agents by modernizing the economic value added index (EVA) using its derivatives CFROI, CVA, RCF and EM, integrated with forecast values of consolidated profit, before-tax profit and capital structure of subsidiaries and affiliated companies, and the share of capital invested in the development of property complexes of corporations.
Conclusions The implementation of the final research objective shall result in obtaining an objective integrated indicator, namely the corporate value of business, reducing the asymmetric information for principals and agents.

Keywords: principal, agent, stakeholder, asymmetry, economic interest


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Vol. 12, Iss. 2
June 2019