Valuating the capital structure under incomplete information

The article deals with issues of formalization and elaboration of business strategies. The authors have formulated a hypothesis that there is no universal strategy ensuring maxi¬mum benefit to an enterprise. The choice of a company’s strategy is considered from the point of view of a game-theoretical interpretation as a competition component. The process of engineering a company’s business strategy is presented in the form of a technological network. The study shows the possibility of automating the selection of a strategy by decision-making support systems. The article outlines the problem of classifying enterprise strategies by general features. The structure of a company’s strategy is formalized as a relationship of a set of strategic objectives in the S.M.A.R.T. technique and a set of means to achieve the goals limited by a company’s capabilities. The authors examine the indicator structure for achieving strategic goals. A definition is given to the type and form of a strategy based on the pattern concept. The article defines a methodology for assessing the probability of achieving the strategic goal. A new concept of a fluid strategy has been introduced along with several other variations of business strategies that might be encountered.

This study aims to examine the IFRS compliance in Jordanian banks and its relation to stock prices. The impact of compliance with International Financial Reporting Standards (IFRS) on stock prices in Jordanian banks is a rarely researched subject in accounting and finance, but whether IFRS compliance has a serious impact on stock prices, particularly in developing countries, is still unknown. Numerous factors in developing countries, such as cultural, political, and economic circumstances, can create different effects for IFRS compliance from those seen in developed countries.
This paper concludes that IFRS compliance negatively affects stock prices, and firm size has a positive relationship with stock prices in Jordanian banks. The paper has significant implications for IFRS compliance research on stock prices, particularly across Jordanian banks, in responding to recent calls to bridge the gap that has been identified as a result of the revolutions in the Middle East. This study has been carried out in order to attract investors to avoid opposite results compared with prior literature that has studied the same subject. Hence, there are essential implications for the way in which successful IFRS compliance can be positively associated with stock prices in Jordanian banks.

The article is devoted to developing a change model for entrepreneurial roles that allows to create a conceptual design for the roles of an entrepreneur at different stages of business development. The article highlights four key stages in the business development life cycle. At each step, business focuses on a certain type of client and the value created for that client. The business focus requires an entrepreneur to concentrate on performance of a certain role. An analysis of the literature about role modelling is provided. The article considers entrepreneurs’ roles at different stages of business development. There are several methodological approaches applied in the article. The systems approach and systems thinking allow to describe a business as a whole. Conceptual modelling allows to deal with complexity of a real business. Design approach allows to implement conceptual models in practice of the real business. The article proposes a change model for entrepreneurial roles and the related roles composition at the different stages of business development life cycle. This article uses the conceptual model as an analytical tool to develop a change model for entrepreneurial roles. The further development of the research relates to research of sub-roles composition for different entrepreneurial roles and abilities, necessary to perform the sub-roles efficiently.