DEVELOPMENT OF A METHODOLOGY FOR VALUE-ORIENTED CORPORATE FINANCIAL MANAGEMENT OF ENTERPRISES
DOI:
https://doi.org/10.32782/inclusive_economics.12-24Keywords:
value-oriented financial management, economic added value, ESG factors, digitalization, digital innovations, corporate finance, management decisionsAbstract
The article examines the development of the methodology of value-based corporate financial management in the context of increasing structural complexity of the economic environment and the transformation of value drivers. The limitations of the traditional value-based management paradigm, primarily focused on financial indicators, in explaining the long-term dynamics of firm value are substantiated. The necessity of integrating financial, non-financial, and digital factors into a unified analytical framework is demonstrated. An integrated multidimensional model of value-based management is proposed, in which economic value added is considered as the result of the interaction of ESG factors, digitalization, financial, strategic, and behavioral determinants. The model is structured as a three-level architecture that links value drivers, transmission mechanisms, and resulting performance indicators. The causal mechanisms of influence are specified: ESG factors affect value creation through risk reduction and a decrease in the cost of capital, while digital technologies reduce information asymmetry, enhance analytical capabilities, and improve the quality of managerial decision-making. Econometric specifications are developed to formalize the impact of ESG and digital factors on economic value added, including interaction effects that capture the complementary relationship between digitalization and sustainability practices. Methodological approaches to constructing ESG and digital indices based on a system of relevant indicators, normalization procedures, and weighting schemes are proposed. The study also outlines potential limitations related to endogeneity, measurement heterogeneity of ESG indicators, and industry-specific differences. It is shown that the proposed model enables a transition from fragmented analysis to systemic modeling of value creation. The findings provide a robust theoretical basis for further empirical research and can be applied to enhance corporate financial management practices in the context of digital transformation and sustainable development.
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