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Value Drivers of Retails Companies

Student: Vera Kobyakova

Supervisor: Iuliia N. Naidenova

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Finance (Master)

Final Grade: 7

Year of Graduation: 2021

This work is aimed at assessing the impact of financial and non-financial determinants on the value of 102 retail companies that are included in the Global Forbes 2000 rating in 2017-2019. The components of intellectual capital are considered under non-financial drivers. A decomposition of the components of intellectual capital for the retail industry was carried out, the trends inherent in this industry were analyzed and the data panel was formed. The research question was answered by constructing a model with fixed individual effects. It was found that the financial driver - ROA has a positive effect on the value of the company, and non-financial drivers have both a positive effect on the value of the company - the number of Google citations and a negative effect on the value of the company - income per employee and the number of Instagram followers. The value of this study lies in conducting analysis on a unique set of data, analyzing models taking into account industry-specific regressors, and expanding the understanding of the impact of financial and non-financial determinants on company value in a retail industry.

Full text (added May 20, 2021)

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