МЕТОДИЧНИЙ ПІДХІД ДО ОЦІНЮВАННЯ ВПЛИВУ СУБ’ЄКТІВ КОРПОРАТИВНОГО КОНТРОЛЮ НА ДІЯЛЬНІСТЬ АКЦІОНЕРНИХ ТОВАРИСТВ

Abstract

The article raises the issue of effective interaction of corporate control entities and the establishment of partnerships in modern business conditions. The study aims to determine the effective dominant owner and the degree of its influence on the activities of the enterprise in order to establish a balance in the interaction between groups of stakeholders. The first stage of the work was to determine the theoretical and methodical foundations of the study, in which the content of corporate control of the enterprise was considered and the dominant owners were identified, namely: insiders, financial outsiders, non-financial outsiders, and the state. The economic factors influencing the activity of joint-stock companies and corporations controlled by certain groups of dominant owners are outlined. The specifics of the impact of transaction costs, owner motivation, profit management and dividend policy as key factors influencing the functioning of enterprises are analyzed. A methodical approach to assessing the impact of corporate control entities on the financial and economic activities of joint stock companies based on the method of analysis of hierarchies is worked out. As an initial task, the goals of the owners of a controlling stake as part of a holistic mechanism of internal relations of the enterprise are formulated. The most important factors of the external environment that have the greatest impact on the activities of the joint-stock company are identified and the scheme of internal and external relations of the joint-stock company controlled by the dominant owners is built and described. A multi-layered valuation model has been developed with a description of the ranking process and pairwise comparison of the factors of internal and external environments in the hierarchy that influence the determination of the effective owner of a controlling stake in a joint-stock company. The procedure for calculating the global criterion for determining the most effective subject of corporate control based on the Saaty’s method is shown. Recommendations for the practical application of the proposed approach by experts are provided.