Value Added from the Perspective of Econophysics

• Authors: Ihor Hurnyak , Nataliya Struk , Aleksandra Kordonska

Title variants

Wartość dodana z perspektywy ekonofizyki

Abstracts

PL

PKB liczony metodą produkcyjną jest to suma wartości dodanej ze wszystkich gałęzi produkcji narodowej po odjęciu wartości dóbr pośrednich. Wartość dodana na poziomie makro zależy od efektywności biznesu – odzwierciedla bowiem wzrost wartości dóbr wytworzonych przez przedsiębiorstwa. Zgodnie z założeniami, rynek generuje tysiące wibrujących energii o różnych częstotliwościach, pochodzących od innych przedsiębiorstw. Celem niniejszego opracowania jest zatem zbadanie możliwości wykorzystania ekonofizyki jako podejścia do oceny biznesu z punktu widzenia interakcji pomiędzy siłami ekonomicznymi. W związku z tym, zaproponowaliśmy rozumieć pod pojęciem „wartość dodana” pewną ilość energii skumulowanej przedsiębiorstw pochodzącej z interakcji podstawowych sił ekonomicznych i sił wibrujących (informacji przedstawionych w sprawozdaniu finansowym). W drodze modelowania regresyjnego ujawniliśmy wpływ podstawowych sił (tj. dług i rynek finansowy) oraz wibrujących (tj. zobowiązania, należności, zapasy) na ekonomiczną wartość dodaną, poddając analizie rynek Stanów Zjednoczonych, Europy oraz rynki wschodzące. Otrzymane wyniki potwierdzają trafność i stosowność wykorzystania ekonofizyki jako podejścia do szacowania ekonomicznej wartości dodanej.

EN

The production, or value added, approach to GDP involves calculating an industry or sector’s output and subtracting its intermediate consumption (the goods and services used to produce the output) to derive its value added. The value added at the macro level depends on business efficiency. It reflects an increase in value that a business creates by undertaking the production process. We assumed that the market creates thousands of vibrating energies, coming from other enterprises, with different frequencies. The purpose of this article is to verify whether the econophysics approach could be successfully used to assess a business from the perspective of the interaction between economic forces. Thus, we propose that the term ‘value added’ be understood as a certain amount of accumulated energy of enterprises that comes from the interaction of basic economic forces and economic vibrating forces of accounting. Using regression models, we show the influence of basic forces, like debt and the stock market, and vibrating ones (i.e., accounts payable, accounts receivable, inventory) on the economic value added by testing US, European, and emerging markets. We confirmed the relevance and appropriateness of the econophysics approach to estimating the economic value added.

Keywords

PL

rachunkowość; biznes; siły ekonomiczne; ekonomiczna wartość dodana; ekonofizyka

EN

accounting; business; economic forces; economic value added; econophysics

• Publisher: Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
• Journal: Comparative Economic Research. Central and Eastern Europe
• Year: 2021
• Volume: 24
• Issue: 4
• Pages: 137-152

Dates

published

2021

Contributors

author

Ihor Hurnyak

• Associate Professor, Ivan Franko National University of Lviv, Faculty of International Relations, Department of International Economic Analysis and Finance, Lviv, Ukraine

• https://orcid.org/0000000309262456

author

Nataliya Struk

• D.Sc., Professor, Ivan Franko National University of Lviv, Faculty of Economics, Department of Accounting and Auditing, Lviv, Ukraine

• https://orcid.org/000000021933265X

author

Aleksandra Kordonska

• Ph.D., University of Warmia and Mazury in Olsztyn, Institute of Political Science, Olsztyn, Poland

• https://orcid.org/0000000253169630

References

• Al-Afeef, M. (2017), The Impact of Economic Value Added & Return on Investment on the Changes in Stock Market’s Value (Analytical Study: ASE: 2006–2015), “International Journal of Business and Management”, 12 (10), pp. 132–142, https://doi.org/10.5539/ijbm.v12n10p132
• Baele, L., Bekaert, G., Schäfer, L. (2015), An Anatomy of Central and Eastern European Equity Markets, “Columbia Business School Research Paper”, No. 15–71, https://doi.org/10.2139/ssrn.2636900
• Bak, P., Chen, K., Scheinkman, J., Woodford, M. (1993), Aggregate fluctuations from independent sectoral shocks: self-organized criticality in a model of production and inventory dynamics, “Ricerche Economiche”, 47 (1), pp. 3–30, https://doi.org/10.1016/0035-5054(93)90023-V
• Banerjee, R. (2014), SMEs, financial constraints and growth, “BIS Working Papers”, No. 475, https://www.bis.org/publ/work475.pdf (accessed: 3.04.2021).
• Bouchaud, J.P., Cont, R. (2002), A Langevin approach to stock market fluctuations and crashes, “European Physical Journal B”, 6, pp. 543–550, https://doi.org/10.1007/s100510050582
• Brandenburger, A.M., Stuart Jr., H.W. (1996), Value based business strategy, “Journal of Economics and Management Strategy”, 5 (1), pp. 5–24, https://doi.org/10.1111/j.1430-9134.1996.00005.x
• Canning, D., Amaral, L.A.N., Lee, Y., Meyer, M., Stanley, H.E. (1998), A power law for scaling the volatility of GDP growth rates with country size, “Economics Letters”, 60, pp. 335–341.
• Chatterjee, A., Yarlagadda, S., Chakrabarti B.K. (eds.) (2005), Econophysics of Wealth Distributions, Springer, Milan.
• Chen, J. (2020), Economic Value Added (EVA), Investopedia, https://www.investopedia.com/terms/e/eva.asp (accessed: 19.04.2021).
• Chernatony, L. de, Harris, F., Dall’Olmo Riley F. (2000), Added value: Its nature, roles and sustainability, “European Journal of Marketing”, 34 (1/2), pp. 39–56, https://doi.org/10.1108/03090560010306197
• Collin, P.H. (2004), Dictionary of Business, Fourth Edition, A&C Black Publishers Ltd, London.
• Damodaran online, http://pages.stern.nyu.edu/~adamodar/ (accessed: 5.03.2021).
• Drăgulescu, A.A., Yakovenko, V.M. (2001), Exponential and power-law probability distributions of wealth and income in the United Kingdom and the United States, “Physica A”, 299, pp. 213–221, http://physics.umd.edu/~yakovenk/papers/PhysicaA-299-213-2001.pdf (accessed: 5.03.2021).
• Estola, M. (2017), Newtonian Microeconomics, Springer, New York, https://doi.org/10.1007/978-3-319-46879-2
• Farmer, J.D., Joshi, S. (2002), The price dynamics of common trading strategies, “Journal of Economic Behavior and Organization”, 49, pp. 149–170, https://sites.santafe.edu/~jdf/papers/pricedynamics.pdf (accessed: 9.04.2021).
• Google, Books Ngram Viewer, https://books.google.com/ngrams (accessed: 9.04.2021).
• Haller, A., Stolowy, H. (1998), Value Added in financial accounting: a comparative study between Germany and France, “Advances in International Accounting”, 11 (1), pp. 23–51.
• Hurnyak, I.L., Datsko, O.I., Yaremchuk, O.I. (2015), Dodana wartist’ jak bazys ekonomicznoho rozwytku terytorialnych hromad, “Rehionalna ekonomika”, 1, p. 37–47, http://nbuv.gov.ua/UJRN/regek_2015_1_6 (accessed: 7.04.2021).
• Levy, M., Solomon, S. (1997), New evidence for the power-law distribution of wealth, “Physica A”, 242 (1–2), pp. 90–94, https://doi.org/10.1016/S0378-4371(97)00217-3
• Maeenuddin, K., Akhtar, A., Wajid Raza, M. (2020), Impact of Working Capital Management on Firm’s Economic Value Added Momentum, “Test Engineering & Management”, 82, pp. 13845–13855, https://www.academia.edu/42897401/Impact_of_Working_Capital_Management_on_Firms_Economic_Value_Added_Momentum (accessed: 9.04.2021).
• Mirowski, P. (1989), More Heat than Light: Economics as Social Physics, Cambridge University Press, Cambridge.
• Mook, L.I. (2007), Social and Environmental Accounting: The Expanded Value Added Statement, University of Toronto, Toronto.
• MSCI (2020), MSCI Global Market Accessibility Review, https://www.msci.com/documents/1296102/1330218/MSCI_2020_Global_Market_Accessibility_Review_Report.pdf/78a73a91-af3d-cf21-94e8-1cc2c159d2ce (accessed: 3.04.2021).
• Parker, R.H. (1992), Dictionary of Accounting, The Macmillan Press Ltd., London.
• Prats, M.A., Sandoval, B. (2016), Stock Market and Economic Growth in Eastern Europe, “Economics Discussion Papers”, No. 2016–35, Kiel Institute for the World Economy, Kiel.
• Quiry, P., Dallocchio, M., Le Fur, Y., Salvi, A.(2014), Corporate Finance. Theory and Practice, Wiley, Chichester.
• Riahi Belkaoui, A. (1992), Ahmed Value added reporting. Lessons for the United States, Quorum Books, New York–Westport–London.
• Sornette, D. (2003), Why Stock Markets Crash: Critical Events in Complex Financial Systems, Princeton University Press, Princeton.
• Staden, C.J. van (1998), The usefulness of the value‐added statement in South Africa, “Managerial Finance”, 24 (11), pp. 44–59, https://doi.org/10.1108/03074359810765705
• Stanley, M.H.R., Amaral, L.A.N., Buldyrev, S.V., Havlin, S., Leschhorn, H., Maass, P., Salinger, M.A., Stanley, H.E. (1996), Scaling behavior in the growth of companies, “Nature”, 379, pp. 804–806, https://amaral.northwestern.edu/media/publication_pdfs/Stanley-1996-Nature-379-804.pdf (accessed: 9.04.2021).
• Struk N.S. (2018), Teoretyko‑metodołohiczni zasady j orhanizacija oblikowoji systemy diłowoho partnerstwa pidpryjemstw, POSWIT, Drohobycz.
• Suojanen, W.W. (1954), Accounting theory and the large corporation, “Accounting Review”, 29 (3), p. 391–398, https://www.jstor.org/stable/241556?refreqid=excelsior%3A6d51fd1c132a4dadc66462492159aa56 (accessed: 9.04.2021).
• Takayasu, H., Okuyama, K. (1998), Country dependence on company size, distributions and a numerical model based on competition and cooperation, “Fractals”, 6 (1), pp. 67–79, https://doi.org/10.1142/S0218348X98000080
• The SIGMA Project (2003), The Sigma Guidelines-toolkit. Sustainability Account (accessed: 18.03.2021).
• Thimann, Ch. (2002), Financial Sectors in EU Accession Countries, European Central Bank, Kern & Birner GmbH + Co, Frankfurt am Main.
• Ulfi Nur, K. (2020), Analisis Kinerja Economic Value Added Padaperusahaan Publik Sektor Pertambangan Di Beiperiode 2014–2018, https://www.academia.edu/44111664/ (accessed: 17.04.2021).
• Value Reporting Foundation (2013), The International Integrated Reporting Framework, http://www.theiirc.org/ (accessed: 7.04.2021).
• Vanacker, T., Manigart, S., Meuleman, M., Sels, L. (2011), The Impact of Financial Bootstrap Strategies on Value Added in New Ventures: A Longitudinal Study, “Entrepreneurship & Regional Development”, 23 (9–10), pp. 681–705, https://doi.org/10.1080/08985626.2010.502250
• Wet, J.H. de, Hall, J.H. (2004), The relationship between EVA, MVA and leverage, “Meditari Accountancy Research”, 12 (1), pp. 39–59, https://doi.org/10.1108/10222529200400003

Identifiers

DOI

10.18778/1508-2008.24.35

Biblioteka Nauki

2033916