corporate management
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This paper examines the mechanisms of human and intellectual capital transformations, as well as their development patterns in a company to ensure its growth and expansion together with building the company competitive edge in the context of knowledge economy. In particular, the study provides insights into the fundamental principles of corporate management, along with revealing the specifics of the interaction between human and intellectual driving factors and economic tools of corporate management. A special focus is put towards a social function of corporate management in resolving socioeconomic conflicts in the area of public production and its critical significance in tackling a vast range of social issues. Based on the findings, the study offers a conceptual and methodological approach to building and implementing strategies for promoting and boosting human capital to respond to modern economic development trends and challenges. Apart from that, the study identified the need to pay more attention to expanding the research in every area of economic thought and re-think the implications of economic policies being currently realized. It is also noted that corporate management systems in different countries demonstrate great variability, in particular, there are significant differences in the area of corporate ownership and control patterns. The paper presents an overview of various types of corporate management systems which can be distinguished by the nature of their ownership and control paradigm, as well as by diversity in terms of shareholder rights. Thus, some management systems are characterized by a wide range of ownership forms while others tend to concentrate ownership rights or control functions as much as possible. A conclusion is made that there is still no single corporate management model in the world, and each country has developed its own range of tools and mechanisms to overcome corporate problems and challenges arising from the ownership dispersal or control issues. It is argued that the transition to a knowledge economy and increasing the human factor involvement in corporate management have become a distinctive feature of modern phase of enterprise management maturity in most developed economies, and the use of intellectual capital and talent management are viewed as a primary tool in ensuring company high efficiency and competitiveness. The findings reveal that the latest approaches to the research problem, transformations in the company capital structure design, with a key focus on the role of intellectual capital as its crucial element, have contributed to radical changes in contemporary industrial relations. Given the growing significance of a company management concept which is considered a system where a human potential is an exceptional driving force in business development, it is concluded that in view of these changes, all outdated methods of the current operational management should be revised and, accordingly, new standards for business activity and performance practices have to be created.

This paper investigates the association between life insurers’ voluntary disclosure of embedded value (EV), an unregulated market-driven fair value measure, and analyst forecast accuracy and dispersion. EV is an estimate of the present value of future net cash flows from in-force life insurance business. Advocates of this disclosure believe that EV is a better measure of economic performance than traditional GAAP measures. Others argue that corporate management has discretion in estimating and reporting EV. Further, analysts may have access to information that allows the development of possibly more accurate estimation metrics in the absence of EV disclosure. It is then an empirical issue to determine whether EV disclosure has any incremental effect on analysts’ forecast properties. Using a multi-country setting, we find that EV disclosure is positively associated with analysts’ earnings forecast accuracy and negatively related to forecast dispersion. This result is consistent with the alternative hypothesis that disclosure of EV provides a richer information set that enriches analysts’ forecasts beyond their own in-house developed surrogates. As guidance for insurance accounting and disclosure evolves, our findings support the value of continuing to provide EV information to the public.

The concept of sustainable development has captured the world. It is altering society, generating new social patterns, reorganizing business and management models, testifying to the ultimate connectedness of the world and, as a result, encourages rethinking the legal superstructure, adapting supernova normative arrays to the current legal taxonomy, which is not always possible with taking into account the positivist approach to law. ESG principles have today become a kind of model for sustainable business development, due to which the goals of companies’ involvement in solving environmental, social and management problems are achieved. They have not only a vector effect, but also a regulatory, reputational; they have also an increasing impact on international business in a variety of industries. In addition, they are updating relatively new rating mechanisms that form the basis of investment, financial, credit, trade, corporate, management and other policies of companies. At the same time, ESG principles are segmented, fragmented and, as a rule, objectified externally in the form of norms of nonstate, often industry regulation. Without legally binding force, ESG principles are quite comparable with law in terms of the degree of impact on public relations and in terms of the resulting legal and economic consequences. Cross-border contracting practices are also changing, leading to the incorporation of “sustainability” clauses into contracts, as well as the emergence of the concept of a sustainable contract. The pre-contractual stage becomes more complicated, it requires human due diligence procedures, the formation and assessment of supply chains, the development of strategies for the disclosure of non-financial information, the study of legal risks taking into account the global law enforcement practice, as well as the establishment of methods and a jurisdictional forum for the resolution of disputes. International Commercial Arbitration claims to be attractive in resolving ESG disputes. These and other issues, taking into account their relevance, are studied in this paper.

The main objective of this paper is to analyze the causal relationship between foreign direct investment (FDI), exports, and economic growth in the Republic of Croatia for the period 2000-2020 and determine the implications of research results on corporate management. The management of the investment enterprise is usually interested in high returns, whereas the management of the recipient enterprise is interested in higher productivity, spillovers, and larger market share on domestic and international markets. Several methodological approaches, including unit root tests, cointegration tests, and Granger causality test, were used to assess the relationship between gross domestic product (GDP) growth rate, on the one side, and the share of FDI and total exports of goods and services in real GDP, on the other side. The results of cointegration tests indicated there is no long-term relationship between the real GDP growth rate, the share of FDI, and the share of exports of goods and services in real GDP. Based on the Granger causality test, it cannot be concluded that there is no causal relationship between the analysed variables. Finally, the paper discusses the implications of the conducted research for corporate management. The results indicate that managers are not discouraged by the fact that FDI is not correlated to economic growth, as investment decisions are determined by numerous factors and not primarily by the growth rate of a recipient country.

Даны определение термина «киберпространство» и описательное представление киберпространства как пространства. Проведено сравнение свойств физического пространства и киберпространства,а также системы связи и киберпространства. Выделены ключевые отличия киберпространства от систем связи. Рассмотрена роль киберпространства в предоставлении услуг корпоративным системам управления. Показано, что использование результатов исследования в совокупности со структурно-функциональной моделью киберпространства позволит разработать его аналитико-имитационную модель. A definition of the term "cyberspace" and a descriptive representation of cyberspace as a space are given. A comparison of the properties of physical space and cyberspace, as well as the communication system and cyberspace, is given. Key differences between cyberspace and communication systems are highlighted. The role of cyberspace in providing services to corporate management systems is considered. It is shown that the use of the results of the study in conjunction with the structural and functional model of cyberspace will allow to develop its analytical and simulation model. CYBERSPACE, INFORMATION SERVICES, COMMUNICATIONS SYSTEM, CORPORATE MANAGEMENT SYSTEM

This article investigates metaphors in newspaper reports that border on mergers and acquisitions within the 2005 recapitalisation exercise in Nigeria. It considers conceptual metaphors used in depicting mergers and acquisitions among Nigerian banks and how they are deployed by journalists in shaping readers’ perception of the mergers and acquisitions activities. Data for the study comprise thirty purposively sampled articles on recapitalisation published between year 2004 and 2006, in three selected Nigerian newspapers: Business Day, The Punch and ThisDay, which had relevance, wide circulation and adequate reports on economic issues in Nigeria. Lakoff and Johnson’s (1980) conceptual metaphor theory provides the theoretical perspective for the data analysis. The study reveals two conceptual metaphors: MERGERS AND ACQUISITIONS AS WAR and MERGERS AND ACQUISITIONS AS CONNUBIAL RELATIONS. The metaphors of war influence readers’ perception of the mergers and acquisitions exercise as a corporate management task that is highly indispensable, confrontational and susceptible to aggression considering the appalling state of the Nigeria banking sector and the huge recapitalisation funds required of individual banks. While the connubial metaphors offered readers a perception of an important exercise that entails due process, cooperation, and togetherness in achieving the stipulated recapitalisation funds. Metaphors perform multifarious functions in the construction and comprehension of financial issues. They are not the consequence of genus, but the sequence of motivated cognitive devices used by Nigerian journalists in rendering contemporary Nigerian issues.

The monograph is devoted to the development of theoretical-methodical and model- information basis for the construction of innovative- active HEI on the basis of autonomy of its activities, quality of education, anti-corruption. Trends in the modernization of the world system of higher education have been identified, a study of the phenomenon of "autonomous, innovative- active university" has been conducted, and a list of factors influencing the increase in the competitiveness of individual HEIs has been formed. Based on the analysis of the legislative basis and state initiatives, the opportunities for the development of an innovative-active university (IAU) have been identified. The stratification of HEI of Ukraine according to the level of their educational, scientific and technical, innovative and international activities was carried out. Conceptual and methodological bases of IAU construction are developed, the mechanism of its functioning is formed and conceptual bases of formation of system of corporate management of rendering of HEI educational services on the principles of counteraction of corruption are offered. Recommended for researchers, professionals in education, economics, information management and protection, teachers, graduate students and students of higher education institutions.

The administrative-bureaucratic system developed by M. Weber dominated for many years in public governance. Serious criticisms of its inefficiency led to the emergence of an alternative concept called new public management in the 1980s. The new model introduced market-oriented solutions, as well as corporate management tools and approaches such as strategic and business planning. As a result, the new public management increased the efficiency of public governance. However, it created public discontent due to ignoring the criteria of social justice. With globalization and technological change, new views and paradigms emerged, which have been derived from the practices of many countries and crystalize in the concept of good governance. It is a hybrid concept because new socially significant principles such as openness, transparency and digital communication have been added to accepted principles like rule of law, efficiency and effectiveness. It is also a normative concept because the principles are treated as guiding rules, which countries have to follow in their public governance.

Transfer pricing is crucial because every company certainly has a goal, namely to get profits through minimal expenses, perhaps reducing tax overpayments to become one of the most efficient and productive companies. To prove this hypothesis, this study has conducted a series of evidence through many special scientific publications that discuss transfer pricing of tax obligations and the accounting efficiency of corporate management. The data will certainly not be helpful and answer questions without first going through a comprehensive review process which is carried out, among others, through a phenomenological approach in which there is a critical coding and evaluation system so that we can obtain valid and detailed data to answer the last study question. Based on the data exposure supported by the evidence of field findings, we can conclude that this transfer pricing activity is indeed a part of accounting and taxation practices which allows transactions both internally within the company and with other partner companies, which of course operate in terms of 1 commitment in terms of goals and objectives. Ownership of the company and transfer pricing is also a mechanism for companies to achieve significant profits by reducing tax management rights and avoiding risk loss.

The article establishes the need to distinguish between the concepts of corporate governance and corporate management. The constituent elements of these systems are studied according to the general characteristics: user orientation, subject, object, main participants, target direction, influence of the environment on the system, efficiency indicators. The connection and interaction between the systems of corporate governance and corporate management are revealed. The points of view of scientists on the influence of the external and internal environment of companies during the formation of systems are considered. The system of corporate management is suggested, that includes the relationship of the subject and the object of management, which as the main subsystems has the following blocks: block of strategic planning, block of decision-making on key issues, block of coordination of managers and staff, block of management efficiency and company development. The strategic planning unit involves collection and processing of information to identify possible scenarios for the company’s development, the formation of acceptable strategic alternatives, their evaluation and selection. The decision-making unit on key issues serves to transform the chosen strategy into specific targets (strategic development indicators). The unit of coordination of managers’ and staff’s work allows linking the strategic goals and key performance indicators defined for the company as a whole, with the financial and operational plans of individual business units and departments, ensuring their comparison and consistency. The block of effective management and development of the company should provide the results of the analysis of the company’s activities in the form of financial statements and conclusions obtained from its processing and analysis, management and interested stakeholders. The proposed system of corporate management will improve the efficiency of determining the methods and approaches required for the implementation of corporate management and strategic planning and accelerate the definition of processes (regulations) of interaction between the units responsible for performing certain management functions.