Financial and Non-Financial Value Drivers in Shareholder Value Creation Process

Abstract

The principal problems associated with the concept of strategic corporate management is to identify the financial and non-financial value drivers. In Value Based Management theory the main focus was on financial value drivers but today there is a serious necessity of intangible resources (intellectual capital) valuation and identification. Most studies concerning the measurement of intangible resources relates to companies in such industries as biotechnology, aerospace, computer software, cosmetics, healthcare, In-ternet, media, advertising, pharmaceuticals and computer industry. The main goal of this paper is to propose value drivers (ratios) that can be used in shareholder value creation process in corporation.