Managing growth opportunities in the digital era – an empiric perspective of value creation

• Autorzy: Balzer Raphaela , Užík Martin , Glova Jozef

Identyfikatory

DOI

10.17512/pjms.2020.21.2.07

Warianty tytułu

PL

Zarządzanie szansami wzrostu w erze cyfrowej - empiriczna perspektywa tworzenia wartości

• Języki publikacji: EN

Abstrakty

EN

In times of market valuations beyond 1 trillion USD for digital companies such as Alphabet and Amazon, capital markets concentrate on growth opportunities at the core of the market value of equity. The presented study aims to identify the key drivers of growth, thereby including its novelty to transfer the classic financial theory of PVGO into today´s digital world. In an empiric analysis, the methodology of multi-variate regression models sourced from S&P500 companies between 2007 and 2017 is applied. The main results surprise managerial decision makers across industries and imply a tectonic shift from profitability to investment driven decisions in digital markets. As a conclusion, senior business practitioners who intend to create market value of equity based on growth, are best advised to invest in intangible assets and digital markets – even at levels of negative profitability.

PL

W czasach wycen rynkowych przekraczających 1 miliard USD dla firm cyfrowych, takich jak Alphabet i Amazon, rynki kapitałowe koncentrują się na możliwościach wzrostu leżących u podstaw rynkowej wartości kapitału własnego. Prezentowane badanie ma na celu zidentyfikowanie kluczowych czynników wzrostu, w tym jego nowości w przenoszeniu klasycznej teorii finansowej PVGO do dzisiejszego cyfrowego świata. W analizie empirycznej zastosowano metodologię modeli regresji wielowariantowej pochodzących od firm S&P500 w latach 2007–2017. Główne wyniki zaskakują osoby podejmujące decyzje kierownicze w różnych branżach i implikują wstrząsowe przejście od rentowności do decyzji opartych o inwestowanie na rynkach cyfrowych. Podsumowując, starsi praktycy biznesu, którzy zamierzają tworzyć wartość rynkową kapitału własnego w oparciu o wzrost, najlepiej poprzez inwestowanie w wartości niematerialne i prawne oraz rynki cyfrowe - nawet na poziomie ujemnej rentowności.

Słowa kluczowe

EN

digitalization; growth management; growth opportunities; investment management; value creation management

PL

digitalizacja; zarządzanie wzrostem; możliwości wzrostu; zarządzanie inwestycjami; zarządzanie tworzeniem wartości

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2020
• Tom: Vol. 21, No. 2
• Strony: 87--100
• Opis fizyczny: Bibliogr. 41 poz., tab.

Twórcy

autor

Balzer Raphaela

• Technical University of Košice, Slovakia

autor

Užík Martin

• Berlin School of Economics and Law, Germany

autor

Glova Jozef

• Technical University of Košice, Slovakia

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Uwagi

Opracowanie rekordu ze środków MNiSW, umowa Nr 461252 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2020).