Value-Based Management in Publishing Business

This paper is devoted to industry-specific features of publishing business and their influence on the added value of invested capital. The paper consists of three main parts: literature review, theoretical analysis and modelling. Literature review enumerates the papers that researched the impact on firms’ economic efficiency of such factors, as intellectual capital and diversification, as well as reports on the main variables evaluating activity of companies. Theoretical part distinguishes meaningful features of publishers by dividing them into book publishers and news businesses (media companies) and then connects these characteristics with their analogues in accounting. Practical part briefly researches the given variables and makes the final model (panel regression). During the work, it has been proved that intellectual capital indicators significantly and positively influence the economic efficiency of publishing business. Besides, diversification has two-sided impact on company, strongly related to the size of businesses.