Institutionalization of the Business Value Formation Process: Historical Stages and Modern Challenges

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.

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