ABSTRACT: The research deals with “value production”, “value determination” and its expression and representation of general and specific conditions for existing and operating of the economic entity. The main purpose is to investigate the possible determination of the contribution to the “wealth production” of the management, the other productive conditions and the environment. The evaluation of managerial ability, the effectiveness of all resources employed and the environmental prospects for investment aims at the progress of accountability in terms of the entity general and specific equilibria and consequently at the stakeholders protection; it takes into account that the three-way separation of these contributions may also be simplistic because the “management” never is independent of the “other resources” employed or of the surronding “environment”. We ask whether any of the different valuation principles (“historical costs”, “current values”, “present values” or “fair values” and so on) adequately separate “managerial performance” from the contributions of the other “production conditions” to the entity profitability. Specifically the research pays attention to the “present value” approach, i. e. the discounting of expected future incomes or cash flows, with different capacities of prediction and smoothing the three moments of “value production”. The related decision models involve the critical appraisal of the “opportunity income”, “opportunity capitalization rate” and the “accounting standards”. The emphasis is also on the changes of internal and external conditions and consequently on the variations of predicted economic results, discount rates and capital values. It is highlighted the common distinction between valuing an entity and valuing its capital, which is approximately equivalent to the separation of “capital-resource” contribution at the income capacity on one side from the contributions of “intangible managerial conditions” and environmental conditions on the other. The research ends with some epistemological notes on the relationships between “substance” (capital), “process” (income), with extension to “energy”, “economic time”, and “economic space”, in other words to the base of the economic reality, constituted by the above elements tightly connected.
KEYWORDS: value production, resources effectiveness, economic dynamics.
Galassi, G. (2015). Valore, reddito e condizioni produttive endogene ed esogene, RIREA, n.2, pp. 116-127.
