Makarenko T. Сorporate value-based controlling

The thesis is devoted to the deepening of theoretical and methodological principles of value-based controlling in a company and development of scientific recommendations for its tools implementation. Theoretical foundations of corporate value-based management are defined. The role of value-based controlling in corporate financial decision-making process is determined. Key value-oriented controlling instruments are systemized. The controlling concept on the basis of economic value added is analyzed. The drivers of value-based performance ratios are analyzed. The following hypothesis is proved: EVA is higher related to market value of the company, than other traditional profitability ratios, calculated on the basis of financial statements. The determinants of shareholder value creation are defined. It is proved, that the value of periodic EVA is not an indicator shareholder value creation. Recommendations regarding value-based ratios integration in planning and control systems are developed. An approach for principal-agent conflicts minimization by using value-oriented motivation system was proposed. The ways of Value Reporting integration in the corporate business were designated.