Approaches to Sustainable Enterprise Value
Abstract
:1. Introduction
- The market approach,
- The income approach,
- The asset approach (also called the cost approach).
- Value creation takes place within a context;
- Financial value is relevant, but not sufficient, for assessing value creation;
- Value is created from tangible and intangible assets;
- Value is created from private and public/common resources;
- Value is created for an organization and for others;
- Value is created from the connectivity between a wide range of factors;
- Value creation manifests itself in outcomes;
- Innovation is central to value creation;
- Values play a role in how and what type of value is created;
- Measures of value creation are evolving.
- on the one hand, to identify the most important factors that have the same impact on sustainability and the Sustainable Value Added creation regardless of the company’s size or of the branch in which it deals,
- on the other hand, to describe the link between the Economic Value Added (EVA) and the sustainable value.
2. Materials and Methods
2.1. Identification of Factors Influencing Value of the Company
- Identification of variables
- Application of factor analysis
- Determination of several factors
- Eigenvalue and variability of identified factors
- Factor matrix of all components
- Interpretation of outputs.
- P1: The common factors Fk, k = 1, 2, …. q are independent and identically distributed random variables with zero means E(Fk) = 0 and unit variance k D(Fk) = 1.
- P2: The specific factors εj, j = 1, 2, …, p are random variables with zero mean ranks E(εj) = 0 and variances D(εj) = e, which are pairwise independent, i.e., cov (εi, εj) = 0.
- P3: The factors Fk and εj are independent random variables for each combination of k = 1, 2, …, q and j = 1, 2, …, p, i.e., cov (εi, εj) = 0 (Hebák et al. 2007).
2.2. Methodology for Determining the Sustainable Value
- Analysis of the two-stage model of the economic value-added method, which according to Mařík et al. (2011) takes the following form:
- 2.
- Characteristics of the individual indicators that are part of the two-stage model of the economic value added method.
- 3.
- Analysis of the improved method of Sustainable Value Added.
- 4.
- Design of the methodology for determining the value of the enterprise through the selected method of determining the value of the enterprise.
3. Results
3.1. Identification of Factors Influencing Value of the Company
- Identification of variables
- 2.
- Application of factor analysis
- 3.
- Determination of several factors
- 4.
- Eigenvalue and variability of identified factors
- 5.
- Factor matrix of all components
- 6.
- Interpretation of outputs
3.2. Methodology for Determining the Sustainable Value of the Company
4. Discussion and Conclusions
4.1. Discussion about the Main Findings of This Study
- FINDINGS 1: In determining the value of an enterprise, it is necessary to take into account the factors that significantly affect its value.
- FINDINGS 2: The stakeholders require a more comprehensive view of value that includes economic, social and environmental benefits. They require the sustainable value.
- FINDINGS 3: There is a link between the Economic Value Added (EVA) and the sustainable value.
- FINDINGS 4: The modification of the EVA method with the sustainable value approach brings a different perspective to the issue of determining the value of an enterprise.
- −
- reflects the value determined at a specific date, which takes into account the capital structure of the enterprise;
- −
- provides an overview of the current state of the business as a whole, giving the business an insight into the individual sustainability activities it is undertaking;
- −
- provides an overview of the individual operating assets and the net operating profit achieved by the company for the selected period.
4.2. Research Limitations and Contributions of This Study
- Limiting factor 1:
- Limiting factor 2:
- Limiting factor 3:
- Limiting factor 4:
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
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Variable | Market Risk Premium | Return on Investment | Beta Coefficient | Cost of Equity | Cost of Debt | Tax Rate | Cost of Capital | Return on Equity | Return on Invested Capital | Inflation | Country Risk Premium |
---|---|---|---|---|---|---|---|---|---|---|---|
1 | 0.0604 | 0.0151 | 0.0106 | 0.0831 | 0.0436 | 0.1300 | 0.0596 | 0.0993 | 0.0566 | 0.0207 | 0.0331 |
2 | 0.0714 | 0.0182 | 0.0104 | 0.1007 | 0.0511 | 0.1300 | 0.0701 | 0.1112 | 0.0605 | 0.0268 | 0.0445 |
3 | 0.0606 | 0.0214 | 0.0107 | 0.0850 | 0.0443 | 0.1300 | 0.0622 | 0.1023 | 0.0540 | 0.0152 | 0.0357 |
4 | 0.0690 | 0.0303 | 0.0640 | 0.0900 | 0.0400 | 0.1300 | 0.0612 | 0.0717 | 0.0432 | 0.0134 | 0.0446 |
5 | 0.0486 | 0.0284 | 0.0600 | 0.0941 | 0.0400 | 0.1300 | 0.0627 | 0.0683 | 0.0400 | 0.0110 | 0.0457 |
6 | 0.0520 | 0.0304 | 0.0680 | 0.0950 | 0.0400 | 0.1300 | 0.0609 | 0.0946 | 0.0500 | 0.0009 | 0.0418 |
7 | 0.0549 | 0.0259 | 0.0720 | 0.0973 | 0.0600 | 0.1300 | 0.0633 | 0.0827 | 0.0500 | 0.0002 | 0.0431 |
8 | 0.0730 | 0.0324 | 0.0104 | 0.0853 | 0.0326 | 0.1319 | 0.0680 | 0.0691 | 0.0415 | 0.0085 | 0.0361 |
9 | 0.0728 | 0.0217 | 0.0095 | 0.0880 | 0.0387 | 0.1400 | 0.0700 | 0.0536 | 0.0500 | 0.0222 | 0.0336 |
10 | 0.0628 | 0.0200 | 0.0100 | 0.0872 | 0.0429 | 0.1400 | 0.0700 | 0.0219 | 0.0140 | 0.0275 | 0.0325 |
11 | 0.0600 | 0.0125 | 0.0100 | 0.0893 | 0.0415 | 0.1400 | 0.0700 | 0.0465 | 0.0368 | 0.0220 | 0.0353 |
12 | 0.0710 | 0.0150 | 0.0100 | 0.0853 | 0.0400 | 0.1400 | 0.0800 | 0.0341 | 0.0189 | 0.0093 | 0.0476 |
Component | Initial Eigenvalues | ||
---|---|---|---|
Total Eigenvalue | % of Variability | Cumulative % | |
1 | 3.92 | 35.65 | 35.65 |
2 | 2.17 | 19.74 | 55.39 |
3 | 1.95 | 17.72 | 73.12 |
4 | 1.16 | 10.51 | 83.63 |
5 | 0.93 | 8.48 | 92.11 |
6 | 0.47 | 4.24 | 96.35 |
7 | 0.30 | 2.77 | 99.12 |
8 | 0.08 | 0.75 | 99.87 |
9 | 0.01 | 0.12 | 99.99 |
10 | 0.00 | 0.01 | 100.00 |
11 | 0.00 | 0.00 | 100.00 |
Component | Initial Eigenvalues | ||
---|---|---|---|
Total Eigenvalue | % of Variability | Cumulative % | |
1 | 3.92 | 35.65 | 35.65 |
2 | 2.17 | 19.74 | 55.39 |
3 | 1.95 | 17.72 | 73.12 |
4 | 1.16 | 10.51 | 83.63 |
Component | ||||
---|---|---|---|---|
1 | 2 | 3 | 4 | |
Market risk premium | −0.62 | 0.14 | −0.62 | −0.04 |
Return on investment | 0.79 | −0.47 | −0.03 | −0.30 |
Beta coefficient | 0.88 | 0.24 | −0.25 | −0.19 |
Cost of equity | 0.13 | 0.04 | −0.57 | 0.00 |
Cost of debt | 0.32 | 0.59 | −0.02 | 0.73 |
Tax rate | −0.74 | −0.49 | −0.31 | 0.02 |
Cost of capital | −0.72 | −0.08 | −0.60 | 0.11 |
Return on equity | 0.52 | −0.50 | −0.22 | 0.65 |
Return on invested capital | 0.13 | −0.93 | −0.03 | 0.12 |
Inflation | −0.71 | 0.18 | 0.45 | 0.04 |
Country risk premium | 0.42 | 0.37 | −0.69 | −0.20 |
Component | ||||
---|---|---|---|---|
1 | 2 | 3 | 4 | |
Market risk premium | 0.84 | −0.25 | 0.18 | −0.02 |
Return on investment | −0.59 | 0.48 | 0.44 | −0.40 |
Beta coefficient | −0.57 | 0.03 | 0.77 | 0.10 |
Cost of equity | 0.26 | 0.09 | 0.52 | 0.05 |
Cost of debt | −0.15 | 0.00 | 0.12 | 0.97 |
Tax rate | 0.80 | 0.21 | −0.27 | −0.35 |
Cost of capital | 0.94 | −0.03 | 0.02 | −0.04 |
Return on equity | −0.10 | 0.91 | 0.20 | 0.32 |
Return on invested capital | 0.02 | 0.85 | −0.11 | −0.41 |
Inflation | 0.25 | −0.41 | −0.71 | 0.03 |
Country risk premium | 0.04 | −0.17 | 0.88 | 0.12 |
Indicator | Description |
---|---|
EVA | provides the business manager with information on the economic performance of the business in a given year |
NOPAT | by means of the indicator, the manager of the enterprise finds out what is the value of the net operating profit after tax of the evaluated enterprise |
WACC | is used to determine at what rate the present and future free cash flow of the enterprise being evaluated will be discounted |
NOA | provide the business manager with information on the assets (property) of the enterprise that are necessary for the enterprise to carry out its business activities |
represents a sustainable environmental indicator at present (and in the future) that will provide the business manager with information on the extent to which it is making (and intends to make) environmental contributions that have an impact on sustainability | |
represents a sustainable social indicator at present (and in the future) that will provide the business manager with information on the extent to which he/she is making (and intends to make) social contributions that have an impact on sustainability | |
represents a sustainable governance (economic) indicator in the present (and in the future) that will provide the business manager with information on the extent to which he/she is making (and intends to make) governance (economic) contributions that have an impact on sustainability |
Contributions | Description |
---|---|
Theoretical contributions |
|
Practical contributions |
|
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Jankalová, M.; Kurotová, J.; Bajza, F. Approaches to Sustainable Enterprise Value. Adm. Sci. 2024, 14, 203. https://doi.org/10.3390/admsci14090203
Jankalová M, Kurotová J, Bajza F. Approaches to Sustainable Enterprise Value. Administrative Sciences. 2024; 14(9):203. https://doi.org/10.3390/admsci14090203
Chicago/Turabian StyleJankalová, Miriam, Jana Kurotová, and Filip Bajza. 2024. "Approaches to Sustainable Enterprise Value" Administrative Sciences 14, no. 9: 203. https://doi.org/10.3390/admsci14090203