Evolution of value-oriented management models: from value added to ESG
Abstract
The article raises the issue of value-oriented management of modern companies in the context of environmental and social challenges, digital transformations, large-scale crises, including those caused by the pandemic of coronavirus infection COVID-19. It highlights necessity of generalizations of main components of the influential theoretical streamsand systematization of the existing value-oriented models. The conceptual principles and main methodological provisions of the investigated theory were generalized by deep analyzis of published documents, scientific researchs’ substance and articles prepared for academic and business audiences, scientific databases, publishers' websites and international, government and professional organizations resources. The content of value-oriented management and value-oriented thinking is revealed, genesis of development of value-oriented management models is shaped, groups of models are allocated with defining their interrelations. The study showed that modern value-oriented management is a business philosophy that focuses on creating and maximizing company value for stakeholders, the process of theory formation is ongoing and is in an active phase, value-oriented management models are divided into financial models of value management and integrated models of company value management, conceptual and methodological development of the theory demonstrates the succession and close relationship between models, in particular integrated management models are based on the fundamentals and tools of financial models and take into account global trends and leading theoretical concepts of nowadays. The gained results should become a reliable theoretical foundation for further researches on this issue due to the reliability of the sources used and the consistent scientific approach.
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