THE DEVELOPMENT OF THE CONCEPT OF VALUE-BASED MANAGEMENT: A REVIEW OF FOREIGN PUBLICATIONS AND CHALLENGES FOR RUSSIAN COMPANIES
Alexey L. Rozhkovsky
SFI PJSC, Moscow, Russian Federation
Keywords: value-based management, VBM, corporate governance, ESG, value drivers, firm value
Abstract
The article presents a review of international publications on the problematics of Value-Based Management (VBM), based on a representative sample of 40 articles drawn from the total body of research published between 2000 and 2025. The main research directions are systematized into seven thematic blocks, with a summary and analysis of the key findings and results within each block. The review highlights the predominance of empirical studies and the absence of consensus on a number of issues. The paper also outlines the challenges faced by Russian companies in adapting the VBM concept to current conditions.
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