graduate student
Volgograd, Volgograd, Russian Federation
This article examines the relationship between corporate governance quality and firm value in the context of the modern economy. It examines the theoretical aspects of how institutional mechanisms influence companies' investment attractiveness, including shareholder protection, information transparency, the application of international reporting standards, and business reputation. It is demonstrated that an effective corporate governance system contributes to a lower WACC, minimizes agency conflicts, and increases return on invested capital (ROIC). A methodology for quantitatively assessing corporate governance levels is proposed based on a rating approach and stakeholder surveys, and an econometric model is developed that integrates corporate governance parameters into market capitalization assessment. Particular attention is paid to the industry specifics of oil and gas companies: key value drivers (operational, financial, investment, market, and ESG) are systematized, and an integrated valuation model is proposed that combines discounted cash flows, scenario analysis, and real options theory with a modified discount rate that accounts for country and sanctions risks. Recommendations have been formulated for improving value management at Russian companies, taking into account digital transformation and tightening ESG requirements.
corporate governance, firm value, market capitalization, cost of capital, WACC, ROIC, economic value added (EVA), value drivers, oil and gas companies, industry risks, integrated valuation model, real options, ESG factors, digital transformation, shareholder protection, transparency
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