INSIGHTS OF VALUE MEASUREMENT SYSTEM DEVELOPMENT: CONCEPTUAL AND INSTRUMENTAL APPROACH
Keywords:value, measurement system, management accounting, financial management
AbstractToday value creation expanded outside the organization. Strategic management is concerned with advantage-seeking and opportunity-seeking behaviours, resulting in value creation for different stakeholders groups: organizational (customers, employees, managers, and shareholders, etc.) and contextual (government, society, etc.). Some of them could be conceptualized as “dynamic and interactive”; others – as “static and controlled”. Different interpretations of value could be found in economics, strategic management, marketing, human resources management, accounting and finance theories. Recent approaches are based on evolutionary economics and public management. The variety of interpretations of value leads to ambiguous understanding the concept itself, correctness of its measurement and` innovations of value measurement system. The article reveals heterogeneity of value concept. This result is based on the analysis of different theories, which directly and indirectly could influence value measurement systems. New insights for value measurement system development are presented as well.
Accounting, Auditing, Taxation and Governance