Development of approach to the valuation of company

Abstract
A large number of studies have been devoted to the valuation of the company (683 by EconLit at the end of 2015), in which the authors focus on the determination and estimation of cash flow and discount factor, considering the risk factors and impact of management capital. Much less attention is given to the impact on company value of the main stakeholders’ managerial decisions, manifestation of agency conflicts, and necessity for the company to respond promptly to dynamic change of the environment. Therefore, substantiation of the importance and necessity of taking the mentioned factors into account is the main task of this article which is considered by the authors as the development of the approach to the valuation of the company.

Keywords
stakeholders, valuation of the company taking into account management decisions, unknown uncertainty



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