| Issue: | 2014 №4 (48) |
| Section: | Economics of enterprise |
| UDK: | 658.012.45 |
| Article language: | Ukrainian |
| Pages: | 116-122 |
| Title: | Evaluation of economic efficiency of enterprise activity from the shareholders’ perspective |
| Author: | Lobov S. P. |
| Annotation: | It is proposed to determine the annual average total shareholder return (TSR) on the basis of the present value of the change in the market value of the shares and dividends for the period of the project life cycle. Mathematical model to predict the market value of the shares is created. Methodological approaches to the optimization of the ratio of dividend payments in the implementation of investment projects on the basis of maximization of the TSR are developed. |
| Keywords: | Economic efficiency, The ratio of dividend payments, Common stock returns, Market capitalization discount rate |
| File of the article: | EV20144_116-122.pdf |
| Abstract: | EV20144_116-122en.pdf |
| Literature: | - 1. Olsen E. The 2004 Value Creators Report: The next frontier / E. Olsen, D. Stelter, P. Xnonneux. - Boston : Boston Consulting Group, 2004. - P. 43-67.
- 2. Черемушкин С. В. Методология расчета совокупной акционерной доходности / C. B. Черемушкин // Економический анализ: теория и практика. - 2008. - № 18(123). - С. 13-24.
- 3. Волков Д. Л. Теория ценностно-ориентированного менеджмента: финансовый и бухгалтерский аспекты / Д. Л. Волков. - [2-е изд.]. - СПб : Высшая школа менеджмента, 2008. - 320 с.
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