Diversity of corporate reputation understanding concepts complicates its comprehensive reflection in financial statements. This paper presents the study results on the influence of stakeholder perception of financial performance on corporate reputation. The goal of this article is to identify the signs of maximizing the value of corporate reputation by analyzing public companies' financial performance. We have determined that company's commercial success and its business model prospects becomes the evidence of the corporate reputation's financial component, which is formed simultaneously under the influence of the stakeholder perception. The analysis results lead us to the conclusion that the corporate reputation's financial component is more sensitive to investors' perception rather than to consumers' perception. This is because analysis of financial statements is an important stage in making investment decisions. Instead, consumer commitment is formed by mostly non-financial factors. In our conclusions, we suggest modernizing the existing accounting approaches to intangible assets that will strengthen the image and corporate reputation, increase company's market capitalization and improve its investment attractiveness.

Introduction. The transition to digital technologies stimulated the emergence of new accounting objects in the form of digital assets whose features are problematic for being displayed in a rather tightly regulated system of accounting and reporting standards. In the context of emerging new ways of using crypto assets in business practice and increasing the volume of transactions with them, accounting has problems with displaying digital assets in part of confirming their controllability, their assessment at various stages of the life cycle, and identification of participants of cryptocurrency transactions. The paper deals with impact of economy digitalization on accounting methodology in the context of the Industry 4.0, in particular, the prospects for a separate display of digital assets in financial statements. Purpose. This article is aimed at the systematic substantiation of the exclusive status of digital assets as a fundamentally new accounting object in order to further develop, on this basis, the strategy for the development of their accounting and displaying them in the companies’ reporting. Methods. The paper contains a critical analysis of scientific publications devoted to the essence, status and features of the digital assets’ use, as well as the formation of information about them in the accounting and financial statements. The authors have carried out a bibliometric analysis of the frequency of use of terminology in the field of digital assets with the help of special software (VOSviewer and Google Trends). Results. The authors have developed a taxonomy of digital assets based on the use of distributed ledger technology and cryptography. The paper also explores the issue of the differentiated application of existing valuation bases for various types of digital assets. The article systemizes approaches to the deanonymization of participants in transactions with crypto assets which are used to control their origin and the legal regime of applying, for the purpose of rational organization and accounting of them. Conclusions. There is a need to introduce a separate standard designed to regulate accounting and display of digital assets in financial statements, in order to provide stakeholders with relevant information in the process of making managerial and investment decisions.

Investor attracting and keeping requires both successful management of a company’s financial performance and an investor’s behavior knowledge, as well as monitoring of stock market current trends. This paper contains the study results on the influence of public companies’ financial performance on Tobin’s q as a common measure of investment opportunity for dividend (income) investors and growth investors in conditions of competition and financing limitations. The goal of this article is to identify the financial performance indicators of public companies, influencing their Tobin’s q, for dividend (income) investing and growth investing respectively. We determined that the proxies for the variables of the Tobin’s q function should be different for different investment styles. For this reason, we composed two sets of financial ratios that reflect financial performance specifics of dividend (income) stock companies and growth stock companies for the quantitative assessment of these investor types’ preferences. The analysis results led to the conclusion that a company can attract attention of dividend (income) investors by demonstrating higher levels of dividend payments. Whereas, growth investors are sensitive to the level of company’s business activities, which is related to its revenue. Based on the results of this study, we believe that investment decisions’ successfulness depends on the reliability of the issuer’s financial statements. In our conclusions, we suggest that public companies’ managers focus on the financial performance that best correlate with the preferences of certain type of investors, which is a promising way to attract and keep their investors.

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* Мисака Ганна Вікторівна, доцент кафедри обліку та аудиту Київського національного університету імені Тараса Шевченка (м. Київ), кандидат економічних наук, доцент. ** Дерун Іван Анатолійович, асистент кафедри обліку та аудиту Київського національного університету імені Тараса Шевченка (м. Київ), кандидат економічних наук. Бухгалтерський облік Облік і фінанси, № 1 (83)' 2019 50 company's intellectual capital use. The goal of the paper is to determine the priority of financing the elements of primary (human capital) and secondary (structural capital) intellectual capital based on accounting data and financial statements which are determined at the various stages of business life cycle in order to maximize the results of its activities. Methods of analysis and synthesis, modeling, tables and graphics research are used that to achieve this goal. The authors analyze the existing classifications of intellectual capital and define the financial indicators of primary intellectual capital and secondary intellectual capital at different stages of business life cycle. The cost of primary intellectual capital is proposed to include: wage and bonus; training and professional development of employees; certification of personnel; additional pension provision; business trips, participation and conducting of exhibitions, presentations; recruiting. Instead, capitalized costs should be attributed to the value of secondary intellectual capital, in particular: for intellectual property and information infrastructure; licenses; registered trademarks; franchises, etc. In addition, the elements of secondary intellectual capital are reflected in period costs (costs for the formation, support and development of corporate culture, customer base, research and development, structural reorganization, etc.). The authors propose a matrix of priority financing of components of intellectual capital at various stages of business life cycle.

At the current stage of economic relations development, intellectual capital becomes one of the main competitive advantages of the company. This necessitates the operative and rational management of its components in order to achieve the company’s economic and financial prosperity in conditions of a highly competitive environment and limited financing opportunities. At the same time, professional success is one of the objective non-financial displays of the company's intellectual capital effective management. The authors have proved that a quantitative measurement of companies’ professional achievements provides the ability to verify the assessing results of efficiency management of their intellectual capital. The study deals with the analysis of the adequacy of the results of Value Added Intellectual Coefficient (VAIC method) for assessing the intellectual capital efficiency, based on the indicators of companies’ public financial statements and the level of their professional success, determined on the basis of professional rating data. The authors have selected the UEFA Club Ranking as the most suitable instrument of professional performance measurement for football clubs’ comparative IC efficiency assessment. The paper contains empirical analysis results of the advantages and disadvantages of VAIC method to assess the companies’ intellectual capital management efficiency on the example of the TOP 50 UEFA Club Ranking for 2014-2018 and the football clubs’ annual reports. The authors have proved that VAIC method provides the results that are in some measure consistent with the rating of the football clubs’ professional achievements.

Achieving profitable business growth and maximizing shareholder value with limited resources are the crucial issues of doing business today. The goal of this paper is to identify endogenous factors that increase business growth by analyzing companies' annual reports. This paper contains the results of assessment on the influence tangible assets and intellectual capital (IC) have on Price-to-Earnings Ratio (P/E Ratio) as a proxy for business growth. The research methodology of this paper is based on regression analysis with panel data. Empirical results are tested on annual reports data of the 40 US companies from TOP 150 of Brand Finance Global 500 list for 2008-2020. The results reveal that the role of tangible assets in ensuring business growth is declining in contradistinction to IC, which has gained a stronger effect on business growth. Moreover, findings suggest that balanced management of tangible assets and IC could ensure a more effective internal expansion of business. Additionally, results indicate that the influence of human capital and fixed assets on business growth is declining in competitive environment. This paper integrates and complements prior studies and concepts on business growth, financial performance, IC and tangible assets management, aiming to develop an integrated framework for improving the efficiency of managing business growth drivers. Practical application of the obtained results lies in helping the companies' management to choose the right combination of endogenous factors that will ensure business growth.

Корпоративна звітність є важливим інструментом коригування діяльності бізнес-структур під тиском зовнішніх інституційних сил, що реалізується шляхом інформування стейкхолдерів про те, наскільки ця діяльність відповідає запитам суспільства та спрямована на підвищення його блага. Активізація запитів і інвесторів, і стейкхолдерів без фінансового інтересу на якісне розкриття релевантної інформації щодо впливу діяльності суб’єктів звітування на суспільство та довкілля стимулює перманентне реформування системи корпоративної звітності в пошуку ефективних форм і способів її реалізації. Метою статті є визначення концептуальних детермінант подальшого розвитку корпоративної звітності на основі аналізу еволюції теоретико-організаційних засад та практичних механізмів її формування в інформаційних економіках і суспільствах та інституціоналізації корпоративної відповідальності на тлі імплементації парадигми сталого розвитку. Установлено, що побудова системи корпоративної звітності відзначається паралельним застосуванням значної кількості неповних (або нечітко сформульованих) теорій, які стосуються розкриття в ній і фінансової, і нефінансової інформації. У результаті її практичні механізми отримують переважно фрагментарні тлумачення, що в умовах нерівномірного зовнішнього тиску спричиняє появу численних неузгодженостей та протиріч. Доведено, що, незважаючи на відносну врегульованість складання фінансової звітності, необхідність формування цілісної та послідовної теорії корпоративної звітності загострилася в процесі розбудови саме нефінансової звітності, яка перманентно еволюціонує під визначальним впливом інституціональної теорії та теорії стейкхолдерів. Визначено, що зростання інтересу стейкхолдерів до екстерналій обумовило залучення потенціалу обліку до формування нефінансової звітності шляхом активізації професійних бухгалтерських організацій в інституційному середовищі корпоративної звітності. Розширення їхньої юрисдикції та спрямування зусиль на впорядкування правил подання корпоративної звітності забезпечить порівнянність її показників, що сприятиме її використанню стейкхолдерами. Проте релевантність нефінансових показників залежатиме від упливу обліково-фінансових служб на незалежність професійного судження фахівців з екологічних, соціальних та управлінських питань під час формування корпоративних звітів. Задоволення інформаційних потреб стейкхолдерів в інформаційних економіках та суспільствах пропонується реалізовувати шляхом формування корпоративної звітності як структурованої сукупності фінансових та нефінансових показників, які характеризуватимуть майновий стан, результати та наслідки господарської діяльності суб’єкта звітування з обов’язковим наданням незалежного підтвердження їхнього змісту.