Enterprise value management based on the stakeholder approach

The paper studies the effects of information reporting in financial statements on values of Vietnamese firms. The study uses panel data with 1,070 observations from 214 firms, which are listed in the stock market of Vietnam in the period from 2012 to 2016. Multiple regression results show that the growth, firm size, profitability, auditing quality and timelineness are positively related to firm values, whereas the capital structure, auditing explanation negatively affect that indicator. The paper also indicates the inconsistency in measuring firms’ value by different measures including EV, Tobin’s Q or share price. Moreover, the research results reflect that measuring firms’ value by EV is more appropriate. The results of empirical research are instructive for enterprises to improve the usefulness of information in financial statements, thereby enhancing enterprises’ values.

The multidimensionality of transformations that take place, the diversity of destabilizing factors in the environment reduce reliability, sustainability, efficiency of both logistics processes and the entire production and economic activity, and they need their modern economic reflection. The successful activity in the unstable economic environment is impossible without proper strategic analysis and the formation of the effective management system that requires the search for new techniques, the development of logistics-oriented concepts, management approaches to logistics processes that can ensure the goals achievement under the continuous systemic development and disturbance flow. The goal of the research is to improve the technique and develop a management model for logistics processes, considering the effect of the disturbance flow. In accordance with the goal, it is necessary to solve the following scientific problems: to reveal the patterns of logistics processes for the formation of a signal system on management points within the framework of management structures; to develop components of the management technique for logistics processes, taking into account the disturbance flow; to systematize and supplement the principles of logistics processes for the formation of the rational totality of components in the management technique. Thus, the implementation of the proposed management technique for logistics processes will lead to the formation of optimal management impacts within each element, subsystem and the entire structure of the supply chain, ensuring the sustainable development vector at each time period and achieving the goals set under the influence of the disturbance flow, adaptability, flexibility and efficiency of processes.

This study is designed to analyze the influence of industrial park (IP) development on the lives of people living around the IPs in Vietnam and on new livelihood strategies for people after the industrial park was built and developed. Data were collected from a survey of 409 people living around industrial parks in three regions of Vietnam (Northern, Central, and South Vietnam). The findings show that the livelihood resources, such as financial resources, physical resources, social resources, and natural resources, have a positive relationship with people’s livelihoods after industrial park construction and development; though, the degree of influence of these resources is different. Whereas human resources have a positive effect (through the item – additional jobs created by the industrial park) and a negative effect on income (through the object – the unemployed labor by the industrial park built and developed). The findings also show that most households surveyed responded that their lives had changed for the better (about 41.36% compared to nearly 28.91% of households surveyed who said their income had decreased).