Author: Andrey V. Potapov, Assistant-Prof. of Corporate Economics, Governance & Business Valuation Dprt.

Abstract: The paper presents approaches and techniques, specifying and amending the VBM concept taking into account the Russian management practice and current stage of economic development. Factors and models influencing such target function of an organization as its value maximization are identified and expanded. The author states it is important to conduct further comprehensive study of the impact of financial and non-financial factors within the framework of the VBM concept.

Key words: management; target function; VBM concept; value-based management; business valuation; value thinking; strategy; capital costs; economic profit.