TopIntroduction
The company is an institute with economic and social functions as the economic production of goods and services, that has as ultimate goal the wealth creation and of value. Value Based Management (VBM) is an approach to business management that has the objective of pursuing the maximization of the value of production consisted, as well as to define the best methods for its prediction, measurement and explanation. The company is an institute with economic and social functions as the economic production of goods and services, that has as ultimate goal the wealth creation and of value. VBM is an approach to business management that has the objective of pursuing the maximization of the value of production, as well as by to define the best methods for prediction, measurement and explanation of the value. The traditional doctrine considers the creation of value is design and implementation of responses to the needs expressed by the market, through an appropriate use of resources. In this overview, the value is evaluated through indicators derived from accounting, such as ROE, ROA, ROI, others (Rappaport, 1986; Guatri, 1991). Subsequently, the intervention of the intangible components and the emergence of new risk profiles, showed evidence of the limits of traditional models generating the need to rethink the valuation methodologies, adopting new ones, such as total shareholder value (TRS), the Market Value Added (MVA), the Economic Value Added (EVA) (Stern-Shiely, 2001). On the other hand, recently, the social and economic changes, including globalization, have led businesses to new model of capitalism and then towards new paradigms of value creation. Under these conditions the profit for the period cannot be considered representative of the long-term capacity of enterprises to create value.
Under these conditions the profit for the period cannot be considered representative of the long-term capacity of enterprises to create value. Enterprises must overcome the utilitarian vision and market fundamentals, placing greater attention to external variables, such as the institutional framework, the context and the collective benefits (Caselli, 2005).
Limit the evaluation to only one dimension of the market is not enough to provide a true and fair view of the quality of management can respond to the information needs of different stakeholders. A firm that maximizes its shareholder value, does not creates value. To understand the mechanisms of firm value creation, it is necessary to consider the relationship with clients, funders, and community managers (Freeman, 2005); it means that firm have to meet the needs of all stakeholders. In this perspective, the value creation ensures the development and survival of the enterprise in long-lasting, making it possible to meet the needs of the stakeholders who for various reasons add important resources for business management. Therefore, it is a long-term goal that should orient all business activities. In a short term perspective, the company may deteriorate milestones of its success over time. The short-term objective could generate behavior contrary to the principles of corporate governance or fraudulent actions on the balance sheet that will certainly generate the loss of social consensus for company, the destruction of strategic assets such as consumer confidence, market, workers and communities, the know-how and innovative capacity, natural capital, and so on. As a result, the firm creates value when it directs its management towards the goal of sustainability over time, or when pursuing a development that reconciles economic, social and environmental. Therefore, economic and competitive success, social legitimacy and efficient use of resources are interconnected according to a conception of teleology and synergetic and circular business. By pursuing contemporarily social and environmental objectives, the company enhances its intangibles as knowledge and confidence with stakeholders (shareholders, employees, customers, public administration, community, others) that support the processes of value creation. The wealth thus generated (stakeholder value) is used to remunerate different social partners, who contribute with resources. Sustainability becomes a strategic objective related to both socio-economic systems and businesses, to achieve sustainable economic development. This idea of creating value is in line with the other two concepts: the crowd computing and Shared Value (SV). In the next paragraphs the authors propose a definition of e-crowdsourcing into new perspective of SV.