METHODOLOGY FOR ASSESSING THE IMPACT OF SHARES DISTRIBUTION ON THE MANAGEMENT RESOURCES OF SHAREHOLDERS
The purpose of the conducted research is to develop indicators of the structure of the share capital of joint-stock companies and methods of their quantitative determination, as well as to explore the impact of the distribution of shares on the distribution of the management resource of the compan...
Main Authors: | , , , |
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Format: | Article |
Language: | English |
Published: |
Universytet imeni Alfreda Nobelya
2023-02-01
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Series: | Akademičnij Oglâd |
Subjects: | |
Online Access: | https://acadrev.duan.edu.ua/images/PDF/2023/1/11.pdf |
Summary: | The purpose of the conducted research is to develop indicators of the structure of the share capital
of joint-stock companies and methods of their quantitative determination, as well as to explore the
impact of the distribution of shares on the distribution of the management resource of the company
among the owners of shares.
In modern studies, much attention is paid to the issues of quite complex interaction of different
groups of shareholders in the process of creating and running a relevant business. The article proves
that the nature of these relationships, their effectiveness and features of corporate management of the
enterprise are largely defined by the structure of shares distribution in the company.
A group of indicators is proposed for characterizing the structure of shares distribution in a jointstock company: concentration, dispersion and differentiation of share capital. A methodology of their
quantitative calculation has been developed. The indicator of share capital concentration shows the degree
of concentration of share capital among the company’s participants, which makes it possible to accurately
determine whether a particular joint-stock company belongs to a certain model of corporate governance.
The indicator of share capital differentiation shows the extent to which packages of shares within a jointstock company differ in volume and, accordingly, in the management resources of their owners.
The concept of collective and individual management resources in a joint-stock company has been
introduced. The article reports a methodology for calculating the management resource of each package
of shares, which allows to determine more accurately and quantitatively the available opportunities for
managerial influence of their owners on the enterprise’s activity compared with the use of nominal
indicators of the size of the share packages. It has been revealed that the deviation of the values of the
shareholders’ management resources from the indicators of the relative sizes of their packages of shares
occurs as a result of the differentiation of the share capital. The specified dependence is proportional
– the higher the capital differentiation is, the more significantly the available management resource of
shareholder deviates from the nominal value of his package of shares, and vice versa. The indicator of
share capital dispersion characterizes the degree (depth) of the division of the statutory share capital
into separate parts (packages of shares). It has been found that this indicator by itself does not affect
the implementation of the management function, i.e. it is indifferent (insensitive) to the parameters of
establishing the management control in the company |
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ISSN: | 2074-5354 2522-9745 |