DOI: 10.33917/es-2.200.2025.54-61

The study was carried out within the framework of D. North’s concept of the institutional framework of interactions. The article presents the author’s periodization of the stages of institutionalization in the process of business valuation formation. The author provides an analysis of the development stages and transformation of the institutional framework of the process of business value formation, based on dominant beliefs. Analysis covers the stages from the “pre-cost” of business in early historical periods to specifics of the cost of business in the context of digital technologies.

References: 

1. Gorodetskiy A. Ob osnovakh institutsional’noy transformatsii (teoreticheskiy aspekt) [On the Foundations of Institutional Transformation (Theoretical Aspect)]. Voprosy ekonomiki, 2000, no 10, pp. 118–133.

2. Loginova L.V. Institutsionalizatsiya ekonomicheskikh interesov: metodologicheskiy aspect: Formirovanie rossiyskoy modeli rynochnoy ekonomiki: protivorechiya i perspektivy [Institutionalization of Economic Interests: Methodological Aspect: Formation of the Russian Model of Market Economy: Contradictions and Prospects]. Pod red. K.A. Khubieva. Part 2. Moscow, Ekonomicheskiy fakul’tet, TEIS, 2003, pp. 259–265.

3. Oleynik A.N. Institutsional’nye aspekty sotsial’no-ekonomicheskikh transformatsiy [Institutional Aspects of Socio-economic Transformations]. Moscow, TEIS, 2000, 158 p.

4. Nort D.K. Pyat’ tezisov ob institutsional’nykh izmeneniyakh: Kvartal’nyy byulleten’ kluba ekonomistov [Five Theses on Institutional Change: Quarterly Bulletin of the Economists’ Club]. Minsk, Institut privatizatsii i menedzhmenta, 1998, pp. 3–15.

5. Nort D.K. Avtobiografiya. Lektsiya pamyati Al’freda Nobelya: Laureaty Nobelevskoy premii po ekonomike: avtobiografii, lektsii, kommentarii [Autobiography. Lecture in Memory of Alfred Nobel: Nobel Prize Laureates in Economics: Autobiographies, Lectures, Commentaries]. Pod red. V.V. Okrepilova. Vol. 2, Saint Petersburg, Nauka, 2009, pp. 297–315.

6. Adno Yu.L., Aleksandrova I.I., Baykov N.M., et al. Mirovaya ekonomika: global’nye tendentsii za 100 let [World Economy: Global Trends Over 100 Years]. Pod red. I.S. Koroleva. Moscow, Yurist”, 2003, 604 p.

7. Maddison А. The World Economy: a Millennial Perspective. Paris, Development Center of the OECD, 2001, 388 p.

8. North D.C., Thomas R.P. The rise of the Western world: a new economic history. Cambridge, Cambridge University Press, 1999, 171 p.

9. Gloveli G.D. Geopoliticheskaya ekonomiya v Rossii: ot diskussiy o samobytnosti k global’nym modelyam (XIX v. — pervaya tret’ XX v.) [Geopolitical Economy in Russia: From Discussions of Identity to Global Models (19th Century — First Third of the 20th Century)]. Saint Petersburg, Aleteyya, 2009, 204 p.

10. Nort D.K. Ponimanie protsessa ekonomicheskikh izmeneniy [Understanding the Process of Economics Change]. Moscow, ID GU — VShE, 2010, 256 p.

11. Novaya postindustrial’naya volna na Zapade: Antologiya [The New Post-Industrial Wave in the West: An Anthology]. Pod red. V.L. Inozemtseva. Moscow, Academia, 1999, 640 p.

DOI: 10.33917/es-4.190.2023.136-141

Research program of the institutional framework of Douglass North, which was not implemented in practice by either the great researcher himself or his followers, is examined. Application of D. North’s methodological approach to analysis of a specific problem – shaping business value – allowed the author to draw the following conclusions.

It is determined that formation of business value is a process of value imputation. It was found that as a result of the process of imputing the business value, carried out within a certain institutional framework, the formed value of business can be considered as a converted form of value of a particular product. The author gives an institutional explanation of how, on the basis of the institutional framework for determining the value of business, main logically contradictory approaches to estimating the value of business are combined, and how the final quantitative value of the business worth is formed on this basis.

References:

1. Skinner K. ValueWeb. Kak fintekh-kompanii ispol’zuyut blokchein i mobil’nye tekhnologii dlya sozdaniya interneta tsennostei [ValueWeb. How Fintech Companies are Using Blockchain and Mobile Technologies to Create an Internet of Value]. Per. s angl. N. Yatsyuk. Moscow, Mann, Ivanov i Ferber, 2018, 414 p.

2. Nort D. Ponimanie protsessa ekonomicheskikh izmenenii [Understanding the Process of Economic Change]. Per. s angl. K. Martynova, N. Edel’mana. Moscow, ID Gosudarstvennogo universiteta — Vysshei shkoly ekonomiki, 2010, 253 p.

3. Nort D.K. Avtobiografiya. Lektsiya pamyati Al’freda Nobelya, prochitannaya Duglasom Nortom 9 dekabrya 1993 g. Kommentarii: Laureaty Nobelevskoi premii po ekonomike: avtobiografii, lektsii, kommentarii [Autobiography. Alfred Nobel Memorial Lecture delivered by Douglas North on December 9, 1993. Comments: Nobel Laureates in Economics: Autobiographies, Lectures, Commentaries]. Pod red. V.V. Okrepilova, vol. 2, Saint Petersburg, Nauka, 2009, pp. 297–315.

4. Nort D. Pyat’ tezisov ob institutsional’nykh izmeneniyakh: Kvartal’nyi byulleten’ kluba ekonomistov [Five Theses on Institutional Change: The Economists Club Quarterly Bulletin]. Minsk, Institut privatizatsii i menedzhmenta, 1998, pp. 3–15, available at: https://portalus.ru/modules/economics/rus_readme.php?sub

action=showfull&id=1127698362&archive=1254315015&start_from=&ucat=&.

5. Furubotn E.G., Rikhter R. Instituty i ekonomicheskaya teoriya. Dostizheniya novoi institutsional’noi ekonomicheskoi teorii [Institutes and Economic Theory. Achievements of the New Institutional Economics]. Per. s angl. pod red. V.S. Kat’kalo, N.P. Drozdovoi. Saint Petersburg, ID Sankt-Peterburgskogo un-ta, 2005, 701 p.

6. Uil’yamson O.I. Ekonomicheskie instituty kapitalizma: firmy, rynki, “otnoshencheskaya” kontraktatsiya [The Economic Institutions of Capitalism: Firms, Markets, “Relational” Contracting]. Per. s angl.; Nauch. red. i vstup. stat’ya V.S. Kat’kalo. Saint Petersburg, Lenizdat, 1996, 702 p.