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Entrepreneurship and Sustainability Issues Open access
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Received: 2019-03-16  |  Accepted: 2020-01-10  |  Published: 2020-03-30


Selection of the indicators to measure an enterprise’s value and its changes in the controlling system for medium-sized enterprises


In a rapidly changing business environment, it is important for many enterprises to create value. Yet the aim to manage the enterprise by focusing on maximizing its value does not guarantee the growth of its value. Appropriate management instruments and systems have to be selected for this purpose. Introducing a controlling system helps to improve the functionality of company and the process of decision making as well as to increase the enterprise’s value. When the main purpose of an enterprise is to create value, then it is necessary to have means to monitor, estimate and assess the value creation activity. According to both theory and practice, it is proposed to estimate the value of an enterprise and its changes by applying various indicators. Different indicators measure an enterprise’s value changes differently. Also, the level of complexity of indicators calculation differs a lot. Taking these two criteria into account it is important for every enterprise to create an appropriate set of indicators measuring the enterprise’s value and its changes. The article analyses the significance of measuring an enterprise’s value in the controlling system, the diversity of indicators to measure an enterprise’s value and the issues connected with their selection in medium-sized enterprises. The aim of the article is to develop a set of indicators measuring an enterprise’s value and its changes that could be introduced in the controlling system for medium-sized enterprises. The research methods are the analysis of scientific literature, collection, comparison, classification and generalization of information, expert evaluation, a questionnaire survey of Lithuanian medium-sized companies’ managers, accountants, financiers. During the expert evaluation it was found out that the following set of eight indicators measures the value and its changes in the controlling systems for medium-sized enterprises the best: Net profit, EBITDA, ROE, ROS, ROA, EVA, MVA, and TSR.


controlling system, enterprise’s value, measurement of enterprise’s value, accounting-based indicators, shareholders’ wealth-based indicators, medium-sized enterprises

JEL classifications






This is an open access issue and all published articles are licensed under a
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Tamulevičienė, Daiva
Vilnius University, Vilnius, Lithuania
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Androniceanu, Armenia
Bucharest University of Economic Studies, Bucharest, Romania
University of Social Sciences, Lodz, Poland
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Journal title

Entrepreneurship and Sustainability Issues





Issue date

March 2020

Issue DOI


ISSN 2345-0282 (online)


VšĮ Entrepreneurship and Sustainability Center, Vilnius, Lithuania


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