Shareholders, Strategy and Value Creation: The Case of the IT Sector

Mu as, Wojciech; Szczepańska-Woszczyna, Ka a zyna
Book
Sha eholde s, S a egy and Value C ea ion: The Case o
he IT Sec o
Rou ledge Resea ch in S a egic Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Mu as, Wojciech; Szczepańska-Woszczyna, Ka a zyna (2024) : Sha eholde s,
S a egy and Value C ea ion: The Case o he IT Sec o , Rou ledge Resea ch in S a egic
Managemen , ISBN 978-1-032-65084-5, Rou ledge, London,
h ps://doi.o g/10.4324/9781032650845
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/290430
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Sha eholde s, S a egy and
Value C ea ion
The cen al ask o con empo a y s a egic managemen is o look o sou ces
o alue and o achie e abo e- a e age i m pe o mance. The e ec i e imple-
men a ion o a alue c ea ion s a egy equi es a comp ehensi e app oach,
including he c ea ion o a sys emic managemen s uc u e aimed a inc easing
company alue.
The concep o alue- based managemen in ol es consciously inspi ing,
unde aking, and implemen ing alue- o ien ed ac ions. Value c ea ion akes
place a all le els o managemen and in all o ganisa ional uni s o he company;
he e o e, he implemen a ion o all managemen unc ions should be assigned
o his goal. Thus, he ole o manage s is gaining impo ance, especially hose
who a e capi al- linked o companies, who se goals and e i y hem by means o
in o med decisions aimed a maximising alue in he long e m.
The book p esen s a mul idimensional analysis o sha eholde s’ impac on
company alue c ea ion. The au ho s chose he IT sec o as he a ea o s udy;
his sec o , being one in which mode n echnologies a e essen ial, acqui es spe-
cial signi icance o he global economy.
The book ea u es a e iew o no ions and concep s ela ed o he manage-
men o company alue and me hods o measu ing i , he sha eholde ’s impac
on he c ea ion o company alue, and ac o s a ec ing long- e m alue c ea ion;
an analysis o he places o occu ence, powe and di ec ion o a sha eholde ’s
impac on building he long- e m capaci y o an IT sec o company o c ea ing
he alue he eo , as well as he concep ualisa ion and ope a ionalisa ion o such
impac ; an analysis o he ole o sha eholde s in IT sec o companies, a p o ile
o sha eholde compe ence which makes he ole o a sha eholde unique o he
company and ul ils he “ alue- c ea ing owne ” pos ula e; an analysis o he
ole o hi ed manage s coope a ing wi h he sha eholde s wi h an indica ion o
he signi icance o mu ual de elopmen and he supplemen a ion o one’s own
skills.
The book is dedica ed o scien is s in he ield o s a egic managemen , alue-
based managemen , and leade ship; sha eholde s; s uden s o EMBA and MBA
p og ammes; p ac i ione s in s a egic managemen ; and cu en sha eholde s
o mode n echnology companies (in pa icula om he IT sec o ) and u u e
in es o s, o all o whom i may o e a aluable ou look on he managemen
p inciples and p ac ices in he sec o s, pa icula ly wi h espec o he long- e m
c ea ion o company alue.
Wojciech Mu as is a sha eholde , Co- ounde , and P esiden o he manage-
men boa d o Ne - o- logy, Poland.
Ka a zyna Szczepańska- Woszczyna is a p o esso , Vice Rec o o Science
and Educa ion, and Dean o he Facul y o Applied Sciences a WSB Uni e si y,
Poland.
Rou ledge Resea ch in S a egic Managemen
This se ies explo es, de elops and c i iques he nume ous models and amewo ks
designed o assis in s a egic decision making in in e nal and ex e nal en i -
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ha comp ise he discipline, and welcomes di e se mul i- disciplina y esea ch
me hods, including quali a i e and quan i a i e s udies, and concep ual and
compu a ional models. I also welcomes he p ac ical applica ion o he s a egic
managemen p ocess o a business wo ld inspi ed by new economic pa adigms.
S a egic Managemen and Myopia: Challenges and Implica ions
Wojciech Czakon
Business S a egy and Compe i i e Ad an age: A Rein e p e a ion o
Michael Po e ’s Wo k
Jo o A elje ić, Dženan Kulo ić, Filip Đoko ić and Mi za Ba čić
Compe i i e Ad an age, S a egy and Inno a ion in A ica: Issues and
Applica ions
Edi ed by Mohammed El Amine Abdelli, Nawal Chemma, Soudani Ahlem,
Sami B. Maliki and Gu mee Singh
S a egic Managemen and Sus ainabili y T ansi ions
Theo y and P ac ice
Edi ed by Michael W. Zhang
Sha eholde s, S a egy and Value C ea ion
The Case o he IT Sec o
Wojciech Mu as and Ka a zyna Szczepańska- Woszczyna

Sha eholde s, S a egy and
Value C ea ion
The Case o he IT Sec o
Wojciech Mu as and
Ka a zyna Szczepańska- Woszczyna
Fi s published 2024
by Rou ledge
605 Thi d A enue, New Yo k, NY 10158
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© 2024 Wojciech Mu as and Ka a zyna Szczepańska- Woszczyna
The igh o Wojciech Mu as and Ka a zyna Szczepańska- Woszczyna o be iden i ied
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ISBN: 978- 1- 032- 62753- 3 (hbk)
ISBN: 978- 1- 032- 65083- 8 (pbk)
ISBN: 978- 1- 032- 65084- 5 (ebk)
DOI: 10.4324/ 9781032650845
Typese in Times New Roman
by Newgen Publishing UK
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Con en s
Lis o igu es ix
Lis o ables x
In oduc ion 1
1 Sha eholde in a company s. he long- e m capaci y o he
company o c ea e i s alue 7
1.1 Sha eholde and s akeholde : a e iew o co po a e
go e nance 7
1.2 Sha eholde as manage and/ o leade – di e en oles
and me hods o ac ion 16
1.3 Sha eholde s in he c ea ion o company alue 25
1.4 O ganisa ion: he ac o s ha con ibu e o sha eholde
salience 31
1.5 T ans o ma ion o a sha eholde ole in ligh o company
de elopmen 34
2 Value- based managemen – case o IT sec o companies 46
2.1 Value- based managemen 46
2.2 The IT sec o in s a egic economic de elopmen 54
2.3 Economic en i onmen o he IT sec o : di ec ions o changes,
impac on he de elopmen po en ial o he sec o 58
3 The sha eholde ’s ole in alue c ea ion o IT sec o
companies – esea ch me hodology 67
3.1 Me hodology o empi ical esea ch: applied app oach
and esea ch me hods 67
3.2 Concep ualisa ion and ope a ionalisa ion o he esea ch
model o he gene al app oach 84

DOI: 10.4324/9781032650845-1
In oduc ion
The pa adigm o en e p ise managemen based on he subo dina ion o he man-
agemen sys em o he equi emen s o e ec i e alue c ea ion has made he
maximisa ion o company alue a de e minan o he concep o doing business
and a gua an ee o he long- e m exis ence o he company on he ma ke
(Lich a ski, 2000; Jensen, 2002). The cen al ask o con empo a y s a egic
managemen is o look o sou ces o alue and o achie e abo e- a e age i m
pe o mance. The e ec i e implemen a ion o a alue c ea ion s a egy equi es
a comp ehensi e app oach, including he c ea ion o a sys emic managemen
s uc u e aimed a inc easing company alue (Dyduch e al., 2021). The obse -
a ion o economic p ac ice leads o he conclusion ha inc easing in e depend-
encies occu be ween he co e a eas o s a egic en e p ise managemen and he
abili y o companies o pu sue long- e m de elopmen .
The concep o alue- based managemen in ol es consciously inspi ing,
unde aking, and implemen ing alue- o ien ed ac ions. Value c ea ion akes
place a all le els o managemen and in all o ganisa ional uni s o he company;
he e o e, he implemen a ion o all managemen unc ions should be assigned
o his goal (Jaki, 2015). Thus, he ole o manage s is gaining impo ance, espe-
cially hose who a e capi al- linked o companies, who se goals and e i y hem
by means o in o med decisions aimed a maximising alue in he long e m.
Nowadays, mode n echnology sec o s, which also include he IT sec o , a e
pa icula ly impo an o he global economy. This iew is suppo ed by he
cons an ly g owing sha e o he IT sec o in he na ional GDP and he g owing
numbe o employees in he sec o .
Despi e he apidly g owing impo ance o he IT sec o , esea ch in o he
in luence o sha eholde s o capi al companies on e ec i e and e icien alue
c ea ion in IT companies is only pa ially desc ibed in he li e a u e. Resea ch
in e es is limi ed o a eas ela ed o echnological changes and hei impac
on social changes o he e ec i eness o indi idual economic sec o s, com-
ple ely dis ega ding he impo ance o company ounde s and sha eholde s in
his p ocess.
2 In oduc ion
The au ho s obse e ha despi e he popula i y o issues ela ed o
en ep eneu s, alue- based managemen and he IT sec o (whe e he publica ions
o consul ing companies a e p edominan ), he p oblem a eas a e add essed sep-
a a ely, wi hou he de ailed examina ion o mu ual ela ionships. By unde -
aking esea ch in selec ed a eas o he ela ionship be ween en ep eneu s and
he e ec i eness o company alue c ea ion, esea che s seek an unde s anding
o he powe o ela ionship- o ming ac o s bo h a he le el o he sha eholding
s uc u e (as he elemen s o sha eholde in luence) (Mo ck, Shlei e , & Vishny,
1988; Demse z, 1983) and a he le el o he app oach o isk p oposed by
Ca lsson (2001), o o he a eas iden i ied by esea che s, such as he app oach
p esen ed by Hecking and Ta azon Rodon (2002), who poin o ac o s ela ed o
sha eholde de elopmen o ien a ion ha may con ibu e o he c ea ion o com-
pany alue. R. Ca lsson p oposed an a emp o design a holis ic app oach o
he examined ela ionship be ween he in luence o sha eholde s on he c ea ion
o company alue. He asks he ollowing ques ions a he s age o he concep-
ualisa ion o hese ela ionships: Why is he ole o he owne impo an ? Wha
makes his ole, he impo ance o he owne in he o ganisa ion, unique? Wha
skills and compe encies should an ac i e owne o e o he company in o de o
ul il he equi emen o “ alue- c ea ing owne ”? How can he owne con ibu e
hese alues? The dynamic p og ess in he economy o e he las 30 yea s has
made his pos ula e bo h opical and aluable. The e o e, a emp ing o be e
unde s and whe e his impac occu s, whe eby sha eholde s can inc ease he
e ec i eness and e iciency o he c ea ion o company alue in he IT sec o ,
may esul in new and aluable knowledge con ibu ed o he heo y o manage-
men sciences.
The issue o he holis ic app oach o he impo ance o he in luence o IT
sec o sha eholde s on he c ea ion o company alue, as well as he iden-
i ica ion o whe e his in luence occu s, cons i u es an impo an cogni-
i e and esea ch gap. The aim o he esea ch was o iden i y a eas whe e
sha eholde s ha e an in luence on building he long- e m abili y o an IT
company o c ea e i s alue, o concep ualise and ope a ionalise his in lu-
ence, and o a emp o in es iga e he s eng h and di ec ion o his in lu-
ence by means o selec ed esea ch me hods and ools. The p ac ical pu pose
was o demons a e such a eas o ac i i y o he owne s and sha eholde s o
IT companies whe e hey can mos s ongly suppo hei companies in he
long- e m c ea ion o alue. The simul aneous aim was o de elop a p o o-
ype o an IT ool which uses he esea ch esul s and suppo s sha eholde s
in hei choices.
The esea ch p oblem pu sued by he au ho s is s ongly embedded in he
pe spec i e o he owne s o capi al companies, i.e. sha eholde s who ha e o
decide on hei ole in he company as pa o he decision- making p ocess, and
do so o e he long e m. I is s ongly embedded in s a egic managemen and
he e olu iona y heo y o he i m. The abili y o inc ease company alue is an
In oduc ion 3
impo an c i e ion o he assessmen o manage s and, consequen ly, decisions
aken by sha eholde s. In his way, i can be obse ed ha in p agma ic e ms, he
esea ch p oblem is loca ed in he s a egic choices made by sha eholde s. A he
same ime, he esea ch p oblem i s snugly in o he heo y o economic de el-
opmen desc ibed by Schumpe e (1934), who poin ed o he ole o in e nal
o ces as he main cause o economic de elopmen . Acco ding o his heo y,
i is impo an o sa is y he condi ions including he exis ence o a c ea i e
en ep eneu , he de elopmen o inno a ion and c edi , which places he sha e-
holde squa ely a he cen e o company de elopmen . Long- e m obse a ion
o he IT sec o and he expe ience o companies make i possible o see how
sha eholde s who neglec alue- based managemen a eas o demons a e low-
quali y managemen can ha e an ad e se in luence on he c ea ion o company
alue. In u n, posi i e examples show how he capi alisa ion o companies is
inc easing as a esul o cou ageous decisions aken by sha eholde s who com-
pe e in global ma ke s.
I is he e o e c ucial o iden i y he in luence o sha eholde s on he abili y
o IT companies o c ea e long- e m company alue (i was assumed ha a
company sha eholde means a pe son (pe sons) associa ed wi h he company
h ough a capi al ela ionship esul ing om he sha es held (in a join - s ock
company o limi ed liabili y company)).
As a esul , wo main esea ch ques ions we e o mula ed:
In wha manage ial oles a e sha eholde s mos conduci e o building he
long- e m abili y o he IT company o c ea e i s alue?
Which o he asks ha sha eholde s pe o m o he company and hei
a i udes p esen ed owa ds i a e mos e ec i e in building he long- e m
abili y o he IT company o c ea e i s alue?
The esea ch objec s o he monog aph a e IT companies in he signi ican pos-
i ion o a company sha eholde ep esen ed by a na u al pe son, in he con ex o
he possibili y o hei in luence on s a egic and ope a ional decisions aken. A
he same ime, i is possible o obse e a s ong ocus on long- e m alue- based
managemen in he decisions aken by his g oup o sha eholde s. The goal o
he esea ch was o examine he impac o hese sha eholde s on he e ec i e
c ea ion o he alue o hei companies in he long e m.
Many yea s o obse a ion o he economic en i onmen , in pa icula he
IT sec o , con i m he need o collec empi ical da a and a emp o desc ibe he
po en ial loca ions o sha eholde in luence on building companies’ abili y o
c ea e hei alue in he long e m. An equally impo an p emise o scien i ic
esea ch is he belie ha he basic goals o sha eholde s, which esul om he
in es o app oach, include he c ea ion o he condi ions o ensu ing he con-
inui y o business sus ainabili y and changing business models in acco dance
wi h echnological, social, poli ical, o demog aphic changes. Howe e , in o de
4 In oduc ion
o achie e hei goals, hey mus cons an ly ind hei place in companies and do
so e ec i ely and e icien ly.
The esea ch p ocess uses a c i ical li e a u e e iew app oach, which,
acco ding o Ba ne - Page and Thomas (2009), is cha ac e ised by a dis inc i e
app oach o syn hesising mul idisciplina y esea ch conduc ed by means o
di e en me hods when he e iew o a ailable li e a u e is equi ed. The sys-
ema ic e iew included he li e a u e since 1930. T iangula ion o esea ch
me hods and da a sou ces was used o achie e he highes possible eliabili y o
he scien i ic in e ence p ocess.
In he gene al s uc u e o he monog aph, wo laye s can be dis inguished,
namely heo e ical- me hodological and empi ical. The en i e monog aph
consis s o he in oduc ion, i e chap e s, and he me hodological appendix.
Chap e 1 in oduces he e m co po a e go e nance as a se o ules, epo s,
p ocesses, and co po a e sys ems ha de ine he dis ibu ion o igh s and espon-
sibili ies wi hin he company, desc ibes he ole o sha eholde s in a mode n com-
pany, he unc ions which hey ul il, along wi h he key challenges, including
shaping beha iou s in he p ocess o alue c ea ion in an en e p ise. The ole
o sha eholde s in a mode n company was desc ibed, he unc ions which hey
ul il, along wi h he key challenges, including shaping beha iou s in he p o-
cess o alue c ea ion in an en e p ise. Dominan a eas o sha eholde s’ impac
on alue c ea ion in he IT companies we e iden i ied. The gene al (holis ic) and
na ow app oach we e p oposed o desc ibe he a eas o po en ial implica ion
o he sha eholde s on he e ec i eness o alue c ea ion in he IT sec o . In he
gene al (holis ic) app oach, he impac o he manage ial ole pe o med by he
sha eholde on he e ec i eness o alue c ea ion was p oposed. The na ow
app oach akes in o accoun a se o ac i i ies and sha eholde s’ in ol emen
owa ds he e ec i eness o alue c ea ion in he IT sec o . A e iew o he
di ec ions o ans o ma ion o he signi icance o sha eholde s in he ligh o
company de elopmen was also made.
The au ho s e iewed he li e a u e wi hin he scope o en ep eneu heo y,
models o company o ien a ion, including sha eholde s’ signi icance, he
sha eholde in he concep o co po a e go e nance, and cha ac e is ics o
sha eholde s in e ms o a ca alogue o manage ial ai s and oles. The sig-
ni icance o manage ial ma u i y o sha eholde s was cha ac e ised, along wi h
hei pe sonal b and, in he con ex o building a company’s capaci y o c ea e
i s own alue.
Chap e 2 p esen s a alue- based managemen (VBM) app oach as he pa a-
digm o en e p ise managemen , based on he subo dina ion o he managemen
sys em o he equi emen s o e ec i e c ea ion o company alue. The second
pa o he chap e p esen s an o e iew o he IT sec o in a b oad economic
pe spec i e, on bo h a mac o- and he mic o scale, in he con ex o i s signi i-
cance o he de elopmen o o he sec o s o he economy.
In oduc ion 5
Posi ioning he esea ch in he IT sec o esul s om he ongoing in o ma ion
e olu ion which s eng hens he signi icance o in o ma ion in he de elopmen
o he global economy. De elopmen o he IT sec o may o e an oppo uni y
o build he capaci y o companies om his sec o o he long- e m c ea ion o
hei alue (wi h bene i s o hei sha eholde s) and inspi ing challenges (wi h
bene i s o hei employees and he business en i onmen ).
Chap e 3 p esen s he me hodology o he esea ch, he manne in which
he esea ch p ocess was conduc ed, he me hods, esea ch ools, da a analysis,
and me hods o scien i ic in e ence. The inspi a ion o unde aking empi ical
s udies de i es om he obse a ion o ac ual decision- making dilemmas o IT
sec o sha eholde s. As a consequence, ex ended in e iews based on he Delphi
me hod we e conduc ed wi h sha eholde s om he IT sec o and s akeholde s
o he economic en i onmen ( ep esen a i es o IT clien s), who comp ise
an expe eam ac i ely engaged in sha ing obse a ions, ema ks, iews, and
expe iences wi hin he scope o shaping a ela ionship be ween a sha eholde
and he alue o a company ope a ing in he IT sec o . The dilemma ela ed o
he iden i ica ion o he bes po en ial places/ a eas o impac o he sha eholde s
on he e ec i e c ea ion o company alue eme ged du ing he esea ch. The
p oposed iangula ion o esea ch me hods and da a sou ces is o alue, in he
con ex o an a emp o unde s and he ela ionships be ween sha eholde s,
alue- based managemen , and he ules o compe i ion in he IT sec o .
Chap e 4 desc ibes he esul s o empi ical esea ch ega ding he iden i i-
ca ion o places/ a eas o occu ence o he sha eholde s’ impac on he e ec -
i eness o company alue c ea ion, quali y o leade ship in IT companies; a
compa a i e analysis o a leade / sha eholde and a leade / hi ed manage in he
con ex o he e ec i eness o leading changes ha aim o build he long- e m
capaci y o a company o c ea e i s alue.
The inal pa o he chap e p esen s an assessmen o he ela ionship
be ween sha eholde s and he e ec i eness o alue c ea ion o IT companies in
ligh o he au ho s’ own s udies.
Chap e 5 p esen s model assump ions o he ins umen suppo ing sha e-
holde decisions. The second pa o he chap e p esen s heo e ical and p ac-
ical implica ions o he s udy. Using he manage ial ole o sha eholde s as
a ool o s a egic and ope a ional managemen and c ea ing he alue o an
IT company is concluded. Choices made by sha eholde s ela ed o he asks
pe o med o he company and a i udes owa ds i e sus he company’s abili y
o c ea e i s long- e m alue is discussed. Manage ype – a sha eholde – en e-
p eneu o an in ap eneu e sus he e ec i eness o alue c ea ion in he IT
sec o is sho ly desc ibed. The inal conclusion conce ns he leade ship skills
o sha eholde s- en ep eneu s e sus he e ec i eness o alue c ea ion o an
IT company.

6 In oduc ion
Re e ences
Ba ne - Page, E. and Thomas, J. (2009). Me hods o he syn hesis o quali a i e
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Ca lsson, R. (2001). Owne ship and alue c ea ion. S a egic co po a e go e nance in
he new economy. New Yo k: Wiley, p. 176.
Demse z, H. (1983). The s uc u e o owne ship and he heo y o he i m. Jou nal o
Law and Economics, 26, 375– 390.
Dyduch, W., Chudziński, P., Cy e , S., and Zas empowski, M. (2021). Dynamic capabil-
i ies, alue c ea ion and alue cap u e: E idence om SMEs unde Co id- 19 lockdown
in Poland. PLoS ONE, 16(6), e0252423. h ps:// doi.o g/ 10.1371/ jou nal.pone.0252 423
Hecking, S. and Ta azon Rodon, M.A. (2002). The ela ion be ween sha eholde alue
o ien a ion and sha eholde alue c ea ion. Bella e a: Uni e si a Au onoma de
Ba celona Depa amen d’Economia de I’Emp essa, pp. 35– 42, on- line access: 10
Oc obe 2019.
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om he global economic c isis. In: G. Radosa lje ić (Ed.), Con empo a y issues
in economics, business and managemen – EBM 2014. K aguje ac: Uni e si y o
K aguje ac – Facul y o Economics.
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objec i e unc ion. Business E hics Qua e ly, 12(2), 235– 256. h ps:// doi.o g/
10.2307/ 3857 812
Lich a ski, J. (2000). The ela ions be ween heo y and p ac ice in imp o ing o ganiza-
ion and managemen in a company. A gumen a Oeconomica, 1– 2(9), 77– 88.
Mo ck, R., Shlei e , A., and Vishny, R.W. (1988). Managemen owne ship and ma ke
alua ion: An empi ical analysis. Jou nal o Financial Economics, 20, 293– 315.
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Uni e si y P ess.
DOI: 10.4324/9781032650845-2
1 Sha eholde in a company s.
he long- e m capaci y o he
company o c ea e i s alue
1.1 Sha eholde and s akeholde : a e iew o co po a e go e nance
Co po a e go e nance is ecognised as one o he mos impo an issues in he
business wo ld (Lough ey, Keay, & Ce ioni, 2008) and is he co e o business
and in es men . I has a e y wide scope and co e s all he ea u es o he way
ha s akeholde s in a company ela e o one ano he (P en ice & Holland, 1993).
Fa a (1993) said ha i is a subjec which in ol es conside a ion o “ he legi -
imacy o co po a e powe , co po a e accoun abili y and s anda ds by which
he co po a ion is o be go e ned and by whom”. Nea ly all de eloped and
de eloping coun ies ha e adop ed co po a e go e nance egula ions o issued
new company laws (T icke , 2015).
The in oduc ion o co po a e go e nance in o Anglo- Saxon heo y and
p ac ical discussion in economics, managemen , inance, law, and poli ics was
ela ed o he g owing impo ance o he new social phenomenon associa ed
wi h he inc eased complexi y o he ac i i ies o p ima ily s ock companies,
which we e desc ibed by means o concep s a he ime, as in he pionee wo k
o A. Be le and G. Means in 1932 (Be le & Means, 1932). Co po a e go e nance
esul s om he sepa a ion o he inancing and managemen o a company’s
ac i i ies. In he na owe sense, since he days o A. Be le and G. Means, i has
been claimed ha i esul s om he sepa a ion o owne ship and managemen
(Mesjasz, 2013). Cu en ly, he main cause o he p oblems e e ed o as co -
po a e go e nance is he sepa a ion o isk a ising om company inancing om
managemen (Shlei e & Vishny, 1997). Owne s o sha eholde s, i.e. hose who
bea isk, wish o gain he oppo uni y o in luence i s ope a ions independen ly
o he manage s whom hey ha e hi ed.
Co po a e go e nance concen a es on he policy o con olling and guiding
a i m. Speci ically, i ocuses on he s uc u es and p ocesses o go e nance
(Adeyeye, 2010). The e a e di e en heo ies conce ned wi h co po a e go e n-
ance, o ins ance, sha eholde alue heo y and s akeholde alue heo y, s ew-
a dship heo y, and enligh ened sha eholde alue (ESV), which was ecen ly
adop ed in he UK wi h he Company Ac 2006 (CA, 2006).
8 Sha eholde s. he long- e m capaci y o he company
A business o ganisa ion is a coali ion o di e se in e es s (Mi chell,
Agle, & Wood, 1997). The concep de ined by A. Rappapo as he sha e-
holde alue app oach means ha he ocus in en e p ise managemen and
a choice o an ac ion s a egy is based on he c i e ion o sha eholde alue
(Rappapo , 1995). The main goal, he e o e, is o maximise sha eholde
alue. The measu e o assessmen is inc eased sha eholde weal h exp essed
by inc eased company alue. The concep o s akeholde alue de i es
om he model o he coali ion o R.M. Cye and J.G. Ma ch in 1963. An
impo an obse a ion o s akeholde heo y is ha o ganisa ions a e pa o a
b oade sys em ha includes bo h business and social in e ac ions. Acco ding
o his concep , he objec i e o he company and a he same ime he
means o achie ing he eo a e, o he same ex en , he in e es s (o en
con lic ing) o i s pa ne s (Pos e al., 2002). The measu e o e alua ion is
he sa is ac ion o all s akeholde s.
Bo h concep s ha e ad an ages as well as disad an ages (Rappapo , 1999,
2006; Lazonick & O’Sulli an, 2000; Engelen, 2002). The ad an age o he
sha eholde alue concep is he unambiguous, measu able objec i e o he
company, which is he es ima ed, discoun ed ee cash low o owne s and
c edi o s minus he ma ke alue o he deb o he discoun ed ee cash low
belonging only o owne s (Skoczylas, 2011). I s olume makes i possible o
compa e di e en s a egies and hus choose he mos ad an ageous, om his
poin o iew, he di ec ion o company de elopmen . Ad oca es o maximising
sha eholde alue ea p o i s ha he co po a ion gene a es as ewa ds o
c i ical economic unc ions ha , allegedly, sha eholde s pe o m and wi hou
which hese esiduals would no be possible. Sha eholde e u ns a e ega ded
as incen i es o wai ing and isk bea ing. In ano he e sion, hey a e seen
as ewa ds o sha eholde moni o ing o manage s (Lazonick & O’Sulli an,
2000). The economic a gumen o making dis ibu ions o sha eholde s is an
a gumen conce ning he e iciency o he eplacemen o co po a e con ol
o e he alloca ion o esou ces and e u ns wi h ma ke con ol – acco ding
o he logic o sha eholde alue heo y, i co po a e manage s canno alloca e
esou ces and e u ns o main ain he alue o he sha eholde s’ asse s, hen he
“ ee cash low” should be dis ibu ed o sha eholde s who can hen alloca e
hese esou ces o hei mos e icien al e na i e uses (Lazonick & O’Sulli an,
2000). Engelen (2002) highligh s ha owne ship desc ibes and p esc ibes a ce -
ain se o social ela ions su ounding he objec ha is supposedly “owned”.
Owne ship cons i u es a ela ionship be ween he owne and o he agen s and
dema ca es ela ional igh s ins ead o absolu e ones. In ha sense, owne ship
does no so much conce n hings o objec s as ela ions. P ope y does no say
so much “ his is mine” as “I can do his wi h i and no ha , whe eas you can
do ha and no his”. W. Skoczylas (2011) belie es ha a clea ocus on sha e-
holde alue c ea ion can only be a sou ce o long- e m success i hei demands
a e maximised when he objec i es o o he s akeholde s in e es ed in he
Sha eholde s. he long- e m capaci y o he company 9
company’s ac i i ies a e maximised. The e o e, i equi es equal ea men o
all s akeholde s in e es ed in he u u e o he company, i.e. sha eholde s, man-
age s, o c edi o s. Sha eholde s in es hei capi al and bea he isk o losing
i . They a e also he las , a e cus ome s, employees, supplie s, coope a o s,
c edi o s, and he s a e, o pa icipa e in he amoun o he su plus. Sha eholde s
also ha e he s onges incen i e o manage esou ces so ha he company can
achie e a compe i i e ad an age in he long e m. The basis o decision- making
lies in he planning p ocess.
The d awback is ha socie y and he a ious goals o manage s and owne s
(agency heo y) app o e he assump ions o sha eholde alue only o a limi ed
ex en . Unlike he concep o sha eholde alue, he s akeholde alue concep
ea s a company as a public ins i u ion which also bea s social and poli ical
esponsibili y. Fo his eason, all s akeholde g oups mus be in ol ed in he
s a egic planning p ocess.
The ocus on alue c ea ion ha has ecen ly ma e ialised in bo h he heo y
and p ac ice o business managemen has spa ked discussions abou he en i ies
se ed by an en e p ise and a emp s o de e mine whe he an en e p ise should
coun e balance he in e es s o all ela ed en i ies (s akeholde s) o o ac o
he bene i o i s sha eholde s (Rappapo , 1998). In esponse, wo models o
business ope a ion ha e been dis inguished:
• he inancial model, whe e he goal o ope a ion o an en e p ise is o inc ease
he alue o sha eholde s ( he sha eholde alue pe spec i e); he e, he en e -
p ise is ea ed as an ins umen used o gene a e income o he sha eholde s;
• he social model, adop ing he s akeholde alue pe spec i e; he e, a
business is pe cei ed as a join en e p ise, whe e he supplie s o capi al,
knowledge, capaci y, labou , and se ices coope a e as equals wi h a iew o
accomplishing success oge he . The abo e leads o wo pe spec i es in he
ope a ion o businesses:
• sha eholde in e es ocus – cha ac e is ic o he economies o he Uni ed
S a es and G ea B i ain ( he so- called Anglo- Saxon model);
• ocus on he in e es s o di e se en i ies engaged in he ope a ion o an
o ganisa ion – cha ac e is ic o he economies o coun ies such as Ge many,
F ance, and Japan ( he so- called con inen al model) (W ońska, 2004; Blai ,
1995; Yoshimo i, 1995).
Depending on he pe spec i e adop ed, he expec a ions o g oups o in e es
unde lie he business s a egy and adop ion o a speci ic pe spec i e o com-
pany alue c ea ion wi h espec o di e se expec a ions among in e es ed
g oups: consume s wan compe i i e p ices and high quali y; employees wan
high wages, good wo k condi ions, and s abili y o employmen ; supplie s wan
low isk and a high a e o e u n, while he wide communi y wan s high sub-
sidies o he en i onmen and cha i y ac ions. As a esul o hese disc epancies,
16 Sha eholde s. he long- e m capaci y o he company
main p emise o he de eloped manage ial heo ies o he i m, which a e an
a emp o explain he unc ioning o co po a ions which ope a e on oligopol-
is ic ma ke s.
The concep o Be le and Means (1932) emphasised he sepa a ion
o owne ship om managemen in a company. In his concep , R. Ma is
supplemen ed he manage ial heo y o he i m wi h a ai ly de ailed ana-
lysis o he company’s inancial policy and included a isk elemen in he
manage ial decision- making and he p e ious expe ience o he company in
conduc ing isky ac i i ies, e.g. in he implemen a ion o a new p oduc on he
ma ke (Rogalska, 2014).
Manage ialism conside ed a di e en goal o business unc ioning han he
adi ionally adop ed one, namely maximising he alue o p o i . The au ho s
o manage ial heo ies we e con inced ha companies achie e he di e en ly
de ined goals o hei manage s. In he assump ions which unde pin hese ends,
he main ole o a manage esul s om he g owing impo ance o p o essional
managemen in companies and om he dispe sion o owne ship in inc easingly
complex o ganisa ions ( he sepa a ion o he oles o an owne , an en ep eneu ,
a manage , and a cus ome ). Manage s can play he ole o he en ep eneu s, as
much as be only echnoc a ic adminis a o s. E ec i e business managemen is
he esul o leade ship oppo uni ies, lea ning manage ial skills, me hods and
echniques, bu also mo i a ion (o lack he eo ) o e ec i ely use he company’s
esou ces (e.g. in he case o poo owne supe ision, he lack o a manage
ma ke , and so on).
1.2 Sha eholde as manage and/ o leade – di e en oles and
me hods o ac ion
In he li e a u e, he e ms leade and leade ship (Cuco ić, 2016; G aham, 1988;
Jacobs, 1970; Ka z & Kahn, 1978; Kibo , 2004; Kożusznik, 2002; Robe s,
2005; Zaleznik, 1989) a e widely used nex o he e ms manage and execu i e.
Al hough hey a e o en used in e changeably, hey do no mean he same. In
a sense, hey e lec he e olu ion o he pe cep ion o he main subjec o he
managemen p ocess and he asks se o i . Acco ding o J. Penc’s concep , a
manage is a pe son employed o manage, o pe o m all he unc ions using all
o selec ed esou ces o achie e all o pa o he goals o he o ganisa ion (Penc,
2002). On he o he hand, a leade is a pe son who is able o in luence (a ec ) he
beha iou o o he people wi hou using coe ci e measu es and who is accep ed
by hem as a leade (G i in, 2004; G zesiak, 2022; Zabolo niaia, Cheng, &
Dacko- Pikiewicz, 2019). He o she is a “pe son wi h suppo e s” (D ucke ,
2006). Leade ship is de ined as he abili y o “lead” mo e o less nume ous
suppo e s (Koźmiński & Jemielniak, 2011). James MacG ego Bu ns (2003)
explains leade ship as “empowe ing engagemen wi h ollowe s, ha emains
leade - cen ic” (Szczepańska- Woszczyna, 2021).

Sha eholde s. he long- e m capaci y o he company 17
Acco ding o Cou o (2015) “an ini ia i e, whe he e ec i e o ine ec i e, is
leade ship as long as i is aken on behal o sha ed alues and he common good”.
Manage s a e – nex o subo dina es – one o he pa ies in he managemen p o-
cess connec ed by he ela ionship o powe and submission, while he pa ies o
leade ship a e leade s and hei suppo e s, be ween whom he e is a ela ionship
o in luence and subo dina ion no based on coe cion (Kożusznik, 2005). The
main di e ence be ween manage s and leade s lies in he dispa a eness o hei
oles and asks as well as he compe encies needed o pe o m hem (Table 1.1).
Table 1.1 Manage and leade – di e en oles and me hods o ac ion
Manage Leade
Manage – a pe son wi h o mal
au ho i y and a posi ion esul ing
om he nomina ion, being a o mal
au ho isa ion om he owne o
dispose o he company’s esou ces,
i.e. o manage i ;
Leade – bo h o mal and in o mal; a he ,
a ce ain abili y, skill o ea u e o
uni ing and mo i a ing people o ac ,
de elop, gi e di ec ion, and lead;
Focuses on sys ems and s uc u e;
manages unning p ocesses, ocuses on
obse a ion o esul s, compa es hem
wi h goals and co ec s de ia ions;
Focuses on people; se s a dis an
and ambi ious goal and mobilises
subo dina es o ollow his di ec ion;
Se s policy and s a egy; Ag ees on alues – leade ship h ough
inspi a ions;
The ollowing p ocesses a e he
manage s’ domain o ac i i y: (1)
planning and budge ing, ocusing
on de ining goals in he sho e m,
(2) o ganising and s a ing, c ea ing
o ganisa ion s uc u e and esou ce
alloca ion, (3) con olling and p oblem
sol ing by moni o ing compliance o
esul s wi h p e ious plans;
Th ee p ocesses a e he domain o
ac i i y: (1) es ablishing di ec ions
by de eloping he ision, (2) aligning
people o he o ganisa ion’s ision
h ough communica ion, (3) mo i a ing
and inspi ing employees o ac despi e
obs acles hey may encoun e , h ough
empowe men ;
P e e s wo king wi h people, bu wi h
minimal emo ional in ol emen ;
communica es by sending ambiguous
signals; employees pe cei e hem as
enigma ic, manipula i e;
A ac s and a ouses in e es ; add esses
o he s di ec ly, in ui i ely, and
empa he ically;
Ac ions based on con ol; se s pa ame e s,
c ea es con ol ules and p ocedu es;
Builds us ; c ea es ules suppo ing
employees’ p o essional de elopmen ;
Asks: how? and when?; Asks: wha ? and why?;
Accep s s a us quo; a oids isk; In oduces changes; akes he isk i he
oppo uni ies which a ise seem o be
p omising;
Resul s: o de , consis en ac ions; Resul s: change, inno a ion;
Feels pa o he o ganisa ion. Feels sepa a ed om he o ganisa ion.
Sou ce: Own s udy based on Ko e (1990); Zaleznik (1992).
18 Sha eholde s. he long- e m capaci y o he company
A manage should p ima ily manage ope a ional p ocesses, while he ask o a
leade is o se ambi ious goals and o mobilise and mo i a e subo dina es o
ollow his di ec ion (Kos e a, Kownacki, & Szumski, 2000).
Manage s pe o m managemen unc ions. These include de ining goals,
o ganising wo k, ensu ing adequa e mo i a ion and communica ion, analysing
he o ganisa ion’s ac i i ies, and imp o ing s a quali ica ions. Acco ding o
he abo e concep , manage s pe o m hei asks by se ing company goals,
speci ying agmen a y goals o each a ea o he s a egic goal, deciding wha
ac ions o ake o achie e hese goals, mobilising employees o wo k e ec i ely,
and p o iding hem wi h necessa y in o ma ion abou s a egic plans – and a e
awa e ha he company’s success depends on hei pe o mance. Manage s
o ganise wo k while c ea ing adequa e s uc u es. They speci y he necessa y
ac ions, decisions, and ela ionships, classi y he wo k, di ide i in o ac i i ies
and g oup subo dina es in o o ganisa ional uni s, and hese oge he wi h asks
in o o ganisa ional s uc u es. They selec people o whom hey en us he ask
o managing uni s and o asks ha mus be pe o med. They mo i a e and
in o m people esponsible o asks and c ea e a eam. They use awa ds o good
employees, c ea e condi ions o hei de elopmen and imp o emen , and lay
he poo ones o . They in oduce inno a ions, c ea e a knowledge- based pa ne
o ganisa ion, and an icipa e he u u e. They also measu e and e alua e and se
e alua ion measu es. They analyse pe o mance, assess and in e p e i , and
in o m subo dina es and supe io s alike o he esul s o he analyses (D ucke ,
1994, 119– 126). Leade ship, on he o he hand, occu s when, h ough leade s,
suppo e s s i e o goals ha ep esen alues and mo i a ions ele an o
bo h he goals o he g oup o he o ganisa ion. The a o leade ship is based
on he abili y o see and achie e common goals, ex ac he po en ial o o he
people, and di ec he alen s, knowledge, and abili ies o he g oup owa ds
p ede e mined esul s (M ówka, 2005). An e ec i e leade can be compa ed o
an excellen selec o who co ec ly chooses he people wi h whom he o she is
o wo k, is able o eliably assess hei p og ess a wo k and apply app op ia e
mo i a ional sys ems. He o she is a nego ia o who sol es eme ging p oblems
and sugges s solu ions. He o she is also an in eg a o , ha monising he goals and
ac i i ies o a ious g oups in he p ocess o change in he company. A signi i-
can ole in he discussion on he di e ences be ween leade ship and manage-
men was played by A. Zaleznik’s publica ion, in which he au ho , no ing he
impo ance o he con ibu ion o bo h manage s and leade s o he unc ioning
o he o ganisa ion, emphasises hei di e si y, om pe sonal mo i a ion o he
way o hinking and ac ing. In 1977, when A. Zaleznik published he a icle
Manage s and leade s: A e hey di e en ?, he adi ional iew o managemen
ocused on o ganisa ional s uc u es and p ocesses, while he iew o leade -
ship de elopmen ocused, in pa icula , on building compe encies, con ol, and
balance o powe . Such a iew, acco ding o A. Zaleznik, bypassed impo an
leade ship elemen s, inspi a ion, ision, and passions o people, hanks o whom
Sha eholde s. he long- e m capaci y o he company 19
o ganisa ions achie e success. Acco ding o A. Zaleznik, manage s ocus on
main aining s abili y and he s a us quo, pe o ming du ies, exe cising powe ,
and achie ing goals, while leade s ocus on changing and sea ching o new
solu ions, unde s anding people’s belie s and gaining hei commi men .
Nume ous au ho s ha e de o ed hei e o s o he compa ison o manage s
and leade s, bu he conclusion is ha hey a e no a kind o subs i u e. A man-
age and a leade ha e many common ai s, bu a he same ime he e a e sig-
ni ican di e ences be ween hem, and each o hese managemen g oups has
hei own ad an ages and disad an ages; as A. Zaleznik has opined, i canno be
s a ed ha ei he o hem is be e . Despi e many di e ences, ai s, unc ions,
and peculia i ies appea ing in heo y, one should exp ess he belie ha bo h
g oups a e conside ed necessa y in he p ac ice o economic li e. (Szczepańska-
Woszczyna, 2021).
Va ious managemen concep s – om F ede ick Winslow Taylo o Cha les
Ba na d, o ep esen a i es o he Human Rela ions school, o con empo a y
concep s o New Public Managemen o he S a egic Pe o mance Managemen
Sys em — ha e de ined manage ial unc ions, emphasised e e newe aspec s
o an o ganisa ion, and equipped manage s wi h he knowledge and ools o he
e ec i e implemen a ion o he goals imposed on hem (Gó ski, 2009).
The quali y o ac ions o p o essional manage s is de e mined by nume ous
ac o s, in pa icula compe ence, which plays an essen ial ole. When looking
o he model o a sha eholde in capi al companies, he au ho s decided o
e iew he li e a u e in he con ex o manage ial compe ence, in pa icula
he ca alogue o manage ial and pe sonali y ai s. The concep o compe ence
appea s in he wo k o Robe Whi e (1959) as “a skill acqui ed in he deepes
sense (…), di ec ed, selec i e and pe sis en ac ion aken (…) because such
ac ion assumes an inna e need o manipula e he en i onmen ”.
D.C. McClelland (1973) indica ed compe ence as he key ca ego y o
o ecas ing employee esul s, while R. Boya zis (1982), an expe on o ganisa-
ional beha iou and psychologis , de ined compe ence as a capaci y, a basic and
p ima y ea u e and a cha ac e is ic ha o e s e ec i e and/ o be e ul ilmen
o p o essional du ies. The indi idual ange o compe ence e lec s he po en ial
o a gi en pe son: compe ence was iden i ied wi h he ea u es o a manage who
pe o ms his/ he wo k e y well. Compe ence encompasses mo i es, pe sonal
ai s, skills, mode o hinking abou onesel , one’s social ole, and he esou ces
o knowledge ha a gi en pe son uses – while being awa e o ha ing such
ea u es o no . Elena An onacopoulou and Louise Fi zge ald (1996) belie e
ha o a manage o be compe en , hey need o ha e a numbe o ea u es and
cha ac e is ics, hanks o which he abili ies held and he in e nalised knowledge
can be ansla ed o e icien ac ion. The p ope le el o compe ence allows o
he e icien pe o mance o manage ial oles and simul aneously makes i pos-
sible o mee he special business goals o an en e p ise. Summing up a ious
app oaches and de ini ions e e ing o he compe ence s uc u e o manage ial
20 Sha eholde s. he long- e m capaci y o he company
pe sonnel, i may be assumed ha i consis s o ing edien s such as knowledge,
skills, pe sonali y, expe ience, and s ances ( he concep ual con en o indi idual
ing edien s is p esen ed by Szczepańska- Woszczyna, 2021; Ma elli, Tondo a,
& Hoge, 2005).
Knowledge comp ises elemen s such as educa ion, o eign languages, and
yea s o se ice. Skills a e mani es ed in e icien managemen , use o he
acqui ed knowledge o managemen , il e ing he in o ma ion om he en i on-
men , con lic esolu ion, eam managemen , and delega ion o powe s. S ances
include eadiness o acqui e new knowledge, o lea n and o imp o e, asse i e-
ness, openness o o he people, and managemen s yle (Szczepańska- Woszczyna
& Dacko- Pikiewicz, 2014).
Managemen compe encies a e a combina ion o he manage ’s p o essional
knowledge, skills ob ained, expe ience, cha ac e is ics, as well as he p ope
app oach and mo i a ion o ac . Fo he manage o be compe en , he mus ha e
nume ous cha ac e is ics and a ibu es, hanks o which i is possible o ans-
la e skills and knowledge in o e ec i e ac ion. A p ope le el o compe encies
allows one o e ec i ely ul il managemen oles, and a he same ime achie e
he company’s de ined business oles (An onacopoulou & Fi zge ald, 1996).
P o essional knowledge, he skill o making p ope decisions a he app o-
p ia e ime, coope a ion, expe ience, as well as obse ance o he ules o e hics
and cul u e play a e y impo an ole nowadays in ega d o managemen com-
pe encies (Ku owska- Pysz, 2014; Szczepańska- Woszczyna, 2014). A combin-
a ion o hese elemen s ensu es au ho i y, which allows one o compe en ly
manage a e y di e si ied s uc u e and cul u e. Rakowska and Cicho zewska
(2016) and Si ko- Lu ek and Jakubiak (2014) no e ha compe encies gene ally
co e knowledge, skills, and app oaches, meaning ha a compe en manage
will wan o, and be able o, posi i ely use knowledge and skills gained, hanks
o a sui able app oach and pe sonal cha ac e is ics. This se o componen s o
compe encies needs o be supplemen ed wi h alues which, in he opinion, con-
s i u e he basis o he mode n manage ’s unde s anding, assessmen , and sensi-
isa ion o ano he indi idual (Moczydłowska, 2012).
The p ocess o shaping manage ial compe encies is de e mined by changes in
he business en i onmen and he condi ions o he labou ma ke . Fac o s which
de e mine he p o ile o manage ial compe encies include:
• mo ing away om he adi ional o ganisa ion o companies which p e ailed
in he 20 h cen u y (a high deg ee o cen alisa ion and o malisa ion, mul i-
le elling, a high deg ee o wo k specialisa ion, s ong o mal hie a chical
bonds, ocus on he e alua ion o indi idual pe o mance, and he ins u-
men al ea men o a pe son);
• mo ing away om he adi ional ole and unc ions o a manage , shaping a
company manage as a eam leade o ganising, mo i a ing, and coo dina ing
his o he wo k, using his o he own ac ual compe encies, as well as he
Sha eholde s. he long- e m capaci y o he company 21
compe encies o his o he colleagues in he pu sui o he mission, s a egy,
goals, and asks o he company;
• shaping he mode n ypes o o ganisa ions which a e sui able o he cu en
and u u e condi ions o he unc ioning o he company.
J. Collins poin s o i e co e le els in manage ial de elopmen ha can be he
inspi a ion o and pa h o manage ial de elopmen , and hus p o ide guidance
o managemen s uc u es in de eloping he manage ial po en ial o com-
pany manage s (Collins, 2007). A le el 1 manage is me ely a highly capable
indi idual (good knowledge and o ganisa ion); le el 2 – a con ibu ing eam
membe (helps he eam o achie e be e esul s); le el 3 – a compe en man-
age (o ganises people and esou ces o achie e goals). A le el 4 manage is an
e ec i e leade who e okes commi men and pu sues a ision. A le el 4 execu-
i e is de ined by J. Collins as making he ansi ion om a good leade o a g ea
one (manage ), who is cha ac e ised by a men ali y o he o de o ques ions.
Acco ding o his concep , he le el 5 manage asks himsel who (wi h whom)
will accomplish asks and goals a he han wha ( he ask lis ), which clea ly
dis inguishes hem om lowe le els mo e ocused on asks o hemsel es a he
han on he en i onmen o he manage and his o he po en ial. A le el 5 man-
age can build las ing powe by combining humili y wi h s eng h and de e min-
a ion. A simila concep is p esen ed by J. Maxwell, who de ines he indi idual
le els as a posi ion (le el 1 – you a e he boss), pe mission (le el 2 – you ha e
buil ela ionships, you a e liked), p oduc ion (le el 3 – people ollow he boss,
because he/ she ge s hings done), employee de elopmen (le el 4 – he de elop-
men o he eam h ough he ac ion o he boss), and he pinnacle (le el 5 – big
company, happy people) (Maxwell, 2013).
In o de o unde s and he sha eholde model, a e iew o manage ial oles is
aluable. F om a heo e ical poin o iew, a manage is a pe son who conduc s
he managemen p ocess by pe o ming manage ial unc ions, planning and
con olling, and making decisions (Zbicho ski, 1997). In simple e ms, he wo k
o manage s comes down o decision- making, eam managemen , and he con-
inuous imp o emen and adap a ion o o ganisa ions o changes in he en i -
onmen (Nogalski & Śniadecki, 2001). In he 1970s, H. Min zbe g conduc ed
a s udy o U.S. manage s who we e pe cei ed a ou ably by hei supe io s,
dis inguishing h ee g oups o oles mos o en pe o med by manage s, namely
in e pe sonal, in o ma ional, and decisional oles (Min zbe g, 1973). In he in e -
pe sonal ole, he manage , as a ep esen a i e o he company, pe o ms ep e-
sen a i e asks ( he igu ehead); as he leade , he o she in luences employees
(mo i a ion, inspi a ion), and as he liaison, he o she main ains ela ions
be ween he ex e nal (business en i onmen ) and in e nal (company) wo lds.
In he in o ma ional ole, he manage seeks aluable in o ma ion o he com-
pany ( he moni o ), dis ibu es i o decision- make s ( he dissemina o ), and, i
necessa y, pe o ms he unc ion o he company’s spokespe son. In decisional

22 Sha eholde s. he long- e m capaci y o he company
oles, he manage shows he en ep eneu ’s ins inc (seeking oppo uni ies,
making changes), alloca es esou ces o e ec i ely achie e goals ( he esou ce
alloca o ), while imp o ing he o ganisa ion’s s uc u es, and pe o ms con-
cilia ion and nego ia ion unc ions ( he nego ia o ). Acco ding o P.F. D ucke ,
addi ionally, he oles played by manage s a e changing, and as a esul , he
sou ces o mo i a ion and job sa is ac ion a e changing, oo. The s udy shows
ha a way a manage plays a ole in he o ganisa ion depends on pe sonali y
ai s, quali ica ions and skills, managemen s yle, social s a us, o ole ance
(D ucke , 1994).
The wo k o manage s is conside ed mos o en h ough he p ism o manage ial
unc ions, whe e wo g oups can be dis inguished, namely in e nal unc ions
ela ed o managemen ac i i ies wi hin he eam and ex e nal unc ions ela ed
o asks pe o med by managemen ac i i ies ou side he eam (Lachiewicz,
1994). The li e a u e poin s ou ha eam managemen equi es conside able
ac i i y and en ep eneu ship in ac ion, which leads o he belie ha manage ial
wo k is associa ed wi h speci ic pe sonali y p edisposi ions, alen , and p o es-
sional quali ica ions. A he same ime, managemen wo k is cha ac e ised by
he conside able complexi y o he ac i i ies pe o med, he a iabili y o hei
cou se, and he di icul y o p og amming he eo (Lachiewicz, 1994).
The changing economy, he g owing ole o echnology, global in e -
o ganisa ional ne wo ks, and changes in o ganisa ional beha iou esul ing om
he gene a ional change among employees a e he easons why many o he
managemen me hods used oday ha e los hei aison d’ê e. This also means
he necessi y o changing manage s’ wo k and hei app oach o managemen
because, al hough hei ole will no change, he way hey will play ha ole is
changing. The only aspec ha loses i s aison d’ê e is gi ing ins uc ions and
s aying ou side he eam. Mode n manage s will ha e o se di ec ions and be
exempla y leade s, pa ing he way o hei employees’ success. This is because
he key o success will no be he success o he manage bu o he eam he o
she leads (Szczepańska- Woszczyna, 2021).
The adi ional no ms o he e ical s yle o managemen p ac ised in he
20 h cen u y, e e ed o as Managemen 1.0 – which is pa icula ly cha ac e -
is ic o en e p ises wi h hie a chical s uc u es (such as uni o med se ices) –
ha e become obsole e in he con ex o he knowledge- based economy. This
pa adigm o managemen was de eloped on he basis o he con ic ion ha
a manage should con ol he pe o mance o he employees using quali y
s anda ds (McDonald, 2011, 798). In esponse o he challenges o dynamically
de eloping wo k i ualisa ion, open- sou ce wo k p ac ices, he ques ioning
o hie a chical managemen , Y- gene a ion alues, he global ma ke , and he
impe a i e o sus ainable business, he concep o Managemen 2.0 was c ea ed
in he 21s cen u y, he keywo d o which is inno a ion (McDonald, 2011, 797).
I is being de eloped wi h a iew o c ea e ( a he han con ol) an en i onmen
ha will suppo he c ea i i y and inno a ion o employees.
Sha eholde s. he long- e m capaci y o he company 23
The obse a ion o manage s’ and owne s’ beha iou in IT companies
indica es, in e ms o he oles assumed by sha eholde s, he need o ake he
pe iod o hei implemen a ion in o accoun . The po en ial impac o he eme -
gence o a new business scena io as a ac o which implies a change o ole
(o en in he sho - o medium- e m) has been obse ed. In he ele an li -
e a u e and in e iews wi h IT sec o ep esen a i es, gene a o s ( igge s) o
such business scena ios as inancial c isis, nego ia ion o key (b eak h ough)
con ac s, leading signi ican changes in he company o egaining epu a-
ion can be obse ed. The sho - e m managemen o an en e p ise bea s he
cha ac e is ics o in e im managemen . The impo ance o he oles o in e im
manage s in he IT sec o is e idenced by esea ch conduc ed by he In e im
Manage s Associa ion (SIM), whe e he IT sec o cons i u es he second mos
equen in e im manage engagemen . Companies epo missing compe en-
cies, o ganisa ional change, and es uc u ing, which oge he accoun o mo e
han 60% o cases, as a p ima y eason o he applica ion o in e im man-
agemen . In he ca ego y o company size, hose wi h up o 250 employees
accoun ed o 55% o he use o he concep o in e im managemen , which
is he jus i ica ion o such a high posi ion o he IT sec o , whe e mos com-
panies a e in he SME g oup. H. Dźwigoł makes a simila claim, a he same
ime emphasising ha in e im managemen is a solu ion ha is used in c isis,
which equi es e y di icul decisions, mainly ela ed o he es uc u ing o
he company (Dźwigoł, 2018). A he same ime, acco ding o A. Baczyńska, in
di icul business scena ios, he e a e s onge di e ences be ween manage ial
and leade ship a i udes.
A e iew o he ele an li e a u e indica es he impo ance o speci ic skills,
expe iences, o pe sonal quali ies o a manage , sha eholde , which can e ec -
i ely con ibu e o making be e decisions. Poin ing o manage ial ma u i y,
A. Kozak s a es ha a ma u e manage is e e ed o as a pe son who is p i-
ma ily a ma u e man (Kozak, 2011). This is a pe son who success ully pu sues
se goals, doing so wi h high le els o de e mina ion. A ma u e manage is also
a pe son wi h a sense o sel - iden i y, which, en iched by he s eng h o he
in ellec ual po en ial o a manage , enables him o he o manage he eam well
and achie e he goals. A ma u e manage should also be cha ac e ised by a
heal hy pe sonali y, which is desc ibed in R.E. F anken’s publica ion as a homo-
geneous pe sonali y, wi h an objec i e iew o onesel , being ac i e in his o
he immedia e en i onmen (F anken, 2012). A manage wi h heal hy pe son-
ali y is a con iden and p edic able pe son. J. Zamo ski e iewed he c i e ia
o he ma u e pe sonali y o he manage , which include openness o gaining
expe ience, lack o de ensi e a i ude, awa eness cha ac e ised by accu acy
and cla i y, uncondi ional sel - es eem in an au onomous a he han eac i e
way, ela ionships wi h o he people which a e ha monious, ocus on in ui ion
a he han in e ence, a choice o expe iences which acili a e he de elopmen
o lexibili y and he abili y o adjus a i udes in he u u e (Zamo ski, 2003).
24 Sha eholde s. he long- e m capaci y o he company
Acco ding o G. Allpo , ma u i y is a mani es a ion o cu iosi y abou he wo ld
(Allpo , 1988). The manage wi h his ai is cha ac e ised by openness o new
expe iences. Imma u i y, on he o he hand, is cha ac e ised by he manage ’s
de ence o only his o he own ideas, he dominance o he logic o “I am igh ”.
A ma u e manage is able o speci y and pu sue dis an plans in he u u e, which
is impo an in business. Ma u i y also mani es s i sel in how a manage builds
ela ionships wi h people om his o he en i onmen ; ela ionships ocused
on espec ing di e si y amongs colleagues. Building close, wa m ela ionships,
ea ing each pe son as aluable and unique, and commi men o building deep
ela ionships a e he cha ac e is ics o a ma u e manage . An impo an aspec in
manage ial ma u i y is emo ional s abili y. Resis ance o s ess ul si ua ions and
hei accep ance, sel - accep ance, and he exp ession o eelings wi hou ea o
judgmen a e ea u es ha acili a e sa e y in a eam managed by he manage
(Kozak, 2011).
The impo ance o pe sonal b and as impo an manage ial compe ency is
also highligh ed. Following L. de Che na ony’s p oposal o unde s and he
b and, a pe sonal b and can be conside ed an iden i iable pe son, ep esen ing
he las ing alues ecognised by he ecipien as hose ha bes mee his o he
needs. In his pe spec i e, i is impo an o iden i y a speci ic pe sonal b and
and alues ha a e aluable om he poin o iew o he b and’s cus ome (de
Che na ony, 2003; W óblewski & G zesiak, 2020; G zesiak, 2017). T. Pe e s
adop s, as i s s a ing poin , he s a e in which each indi idual has a pe sonal
b and. Ob iously, no e e yone manages i consciously, consis en ly, and
e ec i ely (Rampe sad, 2010). The dis inc ion o mula ed by P. Mon oya
and T. Vandehey can be used o unde s and he essence o he b and concep
and he impo ance o building he eo (Mon oya & Vandehey, 2009). Pe sonal
b anding can be seen no only as a way o p omo ing people who pe o m
public oles (poli icians, a is s, celeb i ies) bu also as an essen ial componen
o an in angible asse o an en e p ise, i he pe sonal b anding can be di ec ly
ela ed o he company’s b and (own company – pe sonal b and o he en ep e-
neu , o he – pe sonal b and o he employee). In e ms o managemen , b and
is one o he mos impo an in angible esou ces, which o en de e mines he
compe i i eness and g ow h oppo uni ies o he company. Since o many
yea s b and managemen has been domina ed by so- called co po a e b anding,
which equi es he in ol emen o all i s membe s in he building he eo , i
can be said ha o ganisa ions need employees, people wi h s ong pe sonal
b anding (Ko le , 2003).
The ele an li e a u e add esses he issue o he impac o he pe sonal b and
o he sha eholde (in pa icula in he posi ion o he P esiden / CEO) on he
alue o he company. Co e a eas whe e he s eng h o he CEO’s pe sonal
b and is analysed include au hen ici y, cou age in aking isks, consis ency o
ision and managemen s yle, cohe ence o decla ed and espec ed alues, and
e ec i eness in communica ion wi h s akeholde s.
Sha eholde s. he long- e m capaci y o he company 25
1.3 Sha eholde s in he c ea ion o company alue
A unique ask o sha eholde s is he ac i e c ea ion o alue (Ca lsson, 2001).
Such an app oach may be a kind o obliga ion o sha eholde s as ac i e
pa icipan s in economic and social li e. The de e minan s o he company’s
de elopmen can be di ided in o (Mi ek):
• ex e nal ac o s, which include he in e na ional en i onmen ( he globalisa-
ion o he economy, he libe alisa ion o ma ke s), he na ional en i onmen
( he le el o economic g ow h, he inno a i eness o he economy), and he
local en i onmen (composed o sec o al ac o s),
• in e nal ac o s, which include compe i i e po en ial (including angible
esou ces, in angible esou ces, and compe i i eness o p oduc s and se -
ices) (Mi ek & Miciuła, 2012).
I is possible o shape ex e nal ac o s h ough ac i i ies wi hin indus y asso-
cia ions and g oups o en ep eneu s, which can build a eas o asks pe o med
by he sha eholde . Sha eholde s ha e he la ges sha e in he a ea o in e nal
ac o s ha di ec ly a ec he compe i i eness o he company. The e ec i e-
ness o hese ac i i ies may be in luenced by ac o s shaping he po en ial o
he sha eholde (o g oup o sha eholde s), in pa icula hose iden i ied by
J. Ka pacz, such as hei knowledge, skills, and pe sonal ac o s (Ka pacz, 2011).
The company’s p o- de elopmen app oach, implemen ed h ough he sea ch o
compe i i e ad an age o aking a highe isk han i s compe i o s in pu suing
s a egies o changing business models, leads o he sea ch o he s eng h and
di ec ions o he in luence o sha eholde s on shaping and suppo ing such s a-
egic choices. As S. Hecking and M.A. Ta azon Rodon poin ou , i is possible
o iden i y se e al key de e minan s and hei in luence on he le el o sha e-
holde o ien a ion in he con ex o suppo ing he de elopmen and c ea ion o
he sha eholde alue o ien a ion (Hecking, Ta azon, & Rodon, 2002). In hei
opinion, ac o s ha a e di ec ly ela ed o decisions o a i udes o sha eholde s
include a mode a e di idend policy aimed a company in es men needs, willing-
ness o make long- e m in es men s aimed a building an elemen o compe i i e
ad an age o adjus ing o ma ke equi emen s (which o ces he sha eholde s’
pa ien a i ude in an icipa ion o esul s, while educing he sho - and medium-
e m bene i s o owne ship). A he same ime, hey indica e a i udes and skills
such as lexibili y in app oaching long- e m p ojec s and in es men s, openness
o isk- aking (o en highe han compe i o s), building and suppo ing (mo i -
a ing) he po en ial o colleagues, skil ul ecogni ion o oppo uni ies in syne -
gies be ween companies h ough pa ne ships o capi al in es men s.
R. Ca lsson p oposed an app oach o shaping he ela ionship be ween he
sha eholde and company alue h ough a deg ee o openness o isk. Based on
he assump ion ha he sou ce o business de elopmen is a cyclical s a egic
32 Sha eholde s. he long- e m capaci y o he company
manage wi h an i on is , send hei companies plunging o he bo om, and he
cul u e o a “supe - he d” c ea ed by eams o specialis s wi h high IQ gene a es
un ai me hods o ope a ion, leading o ic o y a all cos s and he app op ia e
inancial ewa d (He e nan, 2015). The symp oms o a leade ship c isis ha e
been slowly pene a ing public awa eness o se e al yea s now. Insigh ul
obse e s o he unc ioning o companies a e s a ing o unde mine he s e eo-
ype o an o de ly o ganisa ion wi h a dominan model: managemen de e mines
he ision, ou lines he ac ion plan, and makes su e ha employees implemen i .
M. He e nan’s inqui y p o es ha a igid hie a chy is des uc i e o an o gan-
isa ion. Ideas o imp o emen , new solu ions o old p oblems, and c ea i e
in en ions do no usually magically appea a one’s desk, in a p ede e mined
pe iod, in a mind i ed om e e yday wo k. In he cul u e o he “supe - he d”,
a ailabili y is uelled by manage s who, by hei example o con inuous eadi-
ness and absolu e de o ion o he company, encou age ollowe s (Szczepańska-
Woszczyna, 2021).
The condi ions ha lead o he o ganisa ional con ex o he sha eholde in lu-
ence a e a combina ion o p ocesses wi hin he o ganisa ion ha esul om
in e nal and ex e nal dynamics. I can be assumed ha success ul inno a ion is
he e ec o many ac o s, including:
• s a egies based on sys em hinking;
• in e nal and ex e nal communica ion sys ems, he c ea i i y o manage s
and employees, hei abili y o lea n and use aci knowledge esou ces, he
openness and abili y o manage s o accep and implemen employees’ ideas,
incen i es and p essu e, and a a ou able a mosphe e;
• no esis ance o changes (a i udes owa ds isk, no el ies, pa icipa ion in
decisions).
Among he main elemen s which o m he con ex o he sha eholde in lu-
ence in shaping he po en ial o capi al companies, pa icula a en ion should
be paid o he ole played by o ganisa ional s uc u e, o ganisa ional cul u e, and
s a egy. These elemen s a e c ucial in he p ocess o main aining (o eco e ing)
o ganisa ional balance, which occu s in e e y o ganisa ion (Koźmiński &
Obłój, 1989).
The o ganisa ional s uc u e de e mines he dispe sion o con ol and espon-
sibili y in he o ganisa ion, and he c ea ion o eams, coo dina ion, and di -
ision o asks be ween o ganisa ional uni s and employees in he o ganisa ion.
I assigns employees hei place in he o ganisa ion and also includes in e pe -
sonal ela ionships and he na u e o au ho i y. In dynamic e ms, he s uc u e
is unde s ood as a sys em which consis s o sequences o p ocesses s uc u ed in
ime ha cons i u e he company; i de ines unc ional connec ions as well as he
ci cula ions o supply, ma e ial, and in o ma ion s eams. The c ea ion o o gan-
isa ional s uc u es ha make in e - o ganisa ional sha ing o knowledge and

Sha eholde s. he long- e m capaci y o he company 33
esou ces possible is a key elemen o companies, p o iding he oppo uni y
o make s a egic decisions, esol e con adic ions, and ac i ely and e ec -
i ely coo dina e he inno a ion p ocess (Olson, Walke J , & Rueke , 1995).
Manage s ha e he oppo uni y o in luence he inno a ion o an o ganisa ion by
di ec ly con olling he o ganisa ional s uc u e. The o ganisa ional s uc u e is a
mul idimensional cons uc , examined in e ms o a ious sub- dimensions such
as o malisa ion, cen alisa ion, specialisa ion, unc ional di e si y, and hie -
a chical ( e ical) di e si y (Damanpou , 1991), as well as a iables ela ed o
esou ces, p ocesses, and cul u e. O ganisa ions di e acco ding o hie a chical
o de , ela ionships be ween supe io s and subo dina es, e c. S anda disa ion
and specialisa ion, which a ise wi h an inc ease in he size o an o ganisa ion,
lead o g ea e e iciency, bu in exchange o igidi y and bu eauc a isa ion.
O ganisa ional cul u e, which many au ho s conside c ucial, is he ac o
ha de e mines p ocesses in an o ganisa ion (Jassowalla & Soshi al, 2002;
Loewe & Dominiquini, 2006; Lyons, Cha man, & Joyce, 2007; Chang & Lee,
2007; Lau & Ngo, 2004). In o de o success ully implemen changes o adop
echnological solu ions, companies mus ul il ce ain condi ions in e ms o
hei in e nal beha iou and ex e nal ela ionships. The elemen s o cul u e ha e
an impac on p ocesses in an o ganisa ion h ough socialisa ion and coo din-
a ion (Tesluk, Fa , & Klein, 1997). O ganisa ional cul u e ocused on sp eading
beha iou s which suppo o ganisa ion is a sou ce o no ms, alues, and ways
o conduc and hinking ha will suppo he p ocess o inno a ion c ea ion. The
communi y o no ms and alues c ea es a s ong social and in e nal balance,
which consequen ly also s abilises he o ganisa ion in he ma e ial dimension.
The c ea ion o cul u e is associa ed wi h he ac i i y o manage s – “leade s o
change”, c ea i e people able o in eg a e people a ound he mission, and a ec
he a ional and emo ional sphe e o employees (Zbiegień- Maciąg, 1999).
Resea ch by Ru h Alas e al. (2011), conduc ed in Es onian companies
om he elec ic- elec onic, machine, and e ail indus ies, conce ned he
ela ionships be ween o ganisa ional cul u e, leade ship, and he inno a i e
clima e; i was ound ha he ype o o ganisa ional cul u e de e mines a ious
leade ship beha iou s, including hose which c ea e an inno a i e clima e.
Agnieszka Zak zewska- Bielawska (2014) s udied he impo ance o o gan-
isa ional cul u e as a ac o in he de elopmen o high- ech companies; she
s a ed ha , in high echnology companies, he impo ance o o ganisa ional
cul u e inc eases along wi h he inc ease in hei abili y o c ea e and imple-
men inno a ions, while he ea u es o o ganisa ional cul u e which suppo
de elopmen include lexibili y, open communica ion and us , coope a ion,
and app ecia ing di e si y.
Kim S. Came on and Robe E. Quinn belie e ha a change in cul u e is a
mus in iew o he dynamics o change in he o ganisa ion. They a gue ha
s abili y is mo e o en unde s ood oday as a sign o s agna ion, and companies
which a e no e ol ing a e conside ed ossi ied. The change in he o ganisa ion
34 Sha eholde s. he long- e m capaci y o he company
mus be ollowed by a change in he o ganisa ional cul u e, and manage s mus
be p omo e s o hese changes, p o ided ha a change in cul u e also en ails
pe sonal change, a deep change in hei a i udes (Came on & Quinn, 2006).
O ganisa ional cul u e is insepa able om s a egy. Cul u e ollows s a egy,
including s a egic decisions on business expansion; inno a ion and pe -
sonnel s a egies shape a i udes and hus change alues and no ms. Howe e ,
he in luence o cul u e on s a egy is equally impo an . Cul u e can also be
c ea ed h ough he p ocess o ac ion. He e, he impac is also bidi ec ional.
O ganisa ional cul u e also has a signi ican impac on he unc ioning o a
company’s ope a ing sys ems and he way i s s uc u es a e o ganised, including
he deg ee o lexibili y wi hin s uc u es, he lexibili y o communica ion
channels, he ex en o he decen alisa ion o powe , he numbe o le els in he
o ganisa ion hie a chy, he scope o manage ial con ol, and indi idual/ g oup
decision- making (A ms ong, 2008).
1.5 T ans o ma ion o a sha eholde ole in ligh o company
de elopmen
One o he models o company g ow h ha cap u es he ole o he owne is
he model o he i e phases o o ganisa ional g ow h. The basic assump ion o
L. G eine ’s model is o obse e he e olu iona y phases du ing he company’s
g ow h (G eine , 1998). These phases a e cha ac e ised by s abili y and a s eady
g ow h a e. The co e assump ion o he i e- phase model also includes he
pe iods o o ganisa ional p oblems ha o ce adical ac ion.
Acco ding o he c ea o o he model, he du a ion o he s eady g ow h phase
a ies om ou o eigh yea s, p o ided ha he ex e nal en i onmen is s able
and c i ical p oblems inside he company do no occu . This pe iod is ollowed
by a pe iod o u bulen changes in he applica ion o managemen me hods,
p o en models ha u n ou o be w ong in he case o company’s g ow h. The
g ow h phase a he beginning o he company’s li e is g ow h h ough c ea i i y.
The i s c isis, i.e. he leade ship c isis, occu s when a business managemen
c isis akes place. The eme gence o a leade gi es he company he oppo uni y
o en e he g ow h s age h ough guidelines. Ano he c isis, called he c isis o
au onomy, occu s when i is necessa y o sepa a e powe in he company. A his
poin , i he quali y o decisions aken by he lowe managemen imp o es, he
company en e s he g ow h phase h ough delega ion. In his phase, a phase o
con ol c isis occu s, caused by a sho age o in o ma ion ha employees a a
highe le el o he company ha e. In o de o o e come his, mechanisms a e
in oduced designed o coo dina e ac ions a he a ious le els o he company
and he o ganisa ion is in oduced in o he g ow h s age h ough coo dina ion.
As he company g ows, a c isis o bu eauc acy akes place. Ano he known
phase o g ow h is eamwo k, which allows o he be e use o he coo din-
a ion o company employees.
Sha eholde s. he long- e m capaci y o he company 35
Ano he g ow h model is p oposed by L.L. S einme z, and i is called he
model o c i ical s ages o small business g ow h (S einme z, 1969). Like
in he L. G eine ’s model, g ow h s ages and c isis momen s ha e also been
dis inguished he e. S age 1 is he di ec supe ision o he company owne
o e employees, who, h ough his o he expe ience, builds ela ionships wi h
cus ome s and also akes ad an age o ma ke oppo uni ies, which esul s in
he company’s success. As he company g ows, he eme gence o addi ional
p oblems o h ea ening compe i ion esul s in he owne ’s pe cep ion o
lack o con ol o e he company. A his poin , he i s c i ical poin comes,
he momen which de e mines he de elopmen o collapse o he company.
De e mina ion and in oduc ion o new me hods in he company help o e come
he c isis. I can be obse ed he e how he sha eholde g ea ly in luences com-
pany de elopmen , how impo an hei ole ( asks) is. S age 2 o his model
is supe ised supe ision. A his s age, employees con ol o he colleagues
and goal- o ien ed managemen me hods a e in oduced. The o e o p oduc s
o company cus ome s is also changing. In his phase, an en ep eneu is he
pe son who manages, in oduces me hods o moni o company indica o s.
The c i ical poin occu s when he company has abou 300 employees. The
easons include making spec acula decisions by he owne , lack o con ac o
subo dina es wi h he owne , esul ing in beha iou con a y o he in e es s o
he company, lack o esponsibili y o unsuccess ul p ojec s, igh a all cos s
o he success o he company, which esul s in inc eased cos s o he company
and he eme gence o ade unions’ changing ela ions be ween employees and
he owne o wo se. The in oduc ion o mechanisms ha allow o con ol,
ensu ing he independence o he company om he powe o he owne , is a
ac o ha acili a es he indi ec con ol s age. S age 4, called he di isional
o ganisa ion, is cha ac e ised by he p o essional managemen o he company
by p o essional manage s. A his s age o company de elopmen , he en ep e-
neu does no ac as he head o he company bu pe o ms con ol unc ions
wi hou ope a ional managemen .
N.C. Chu chill and V.L. Lewis join ly de eloped a model based on di e en
assump ions. This is a model o he i e s ages o small business g ow h. In
his model, g ea e emphasis has been pu on he ini ial s age o he company’s
ope a ion, and he deg ee o i s g ow h is conside ed in e ms o he di e si y
and complexi y o he o ganisa ion’s ope a ion (Lewis & Chu chill, 1983). The
s ages in he p oposed model a e exis ence, su i al, success, ake- o , and he
inal s age is esou ce ma u i y. R. Ca lsson also poin s o he impo ance o he
ans o ma ion o he ole o sha eholde s, which, wi hin he company’s manage-
men s uc u es, indica e hose who a e in he a ea o supe ision – boa d (in o -
ma ional oles) and execu i e managemen (decisional and in e pe sonal oles).
He a gues ha sha eholde s who ac as managemen boa ds (which co esponds
o he in o ma ional ole) should p o ide a weal h o expe ience, manage isk,
o ha e a holis ic pe spec i e. In u n, hose who ac as execu i e managemen
36 Sha eholde s. he long- e m capaci y o he company
(co esponding o decisional and in e pe sonal oles) should be cha ac e ised
by high pe sonal ene gy, cou age o ake new challenges and execu i e skills
(Ca lsson, 2002). C. Zook and J. Allen (2017) also iden i ied he ypes o c ises
in he a ious phases o he company’s li e cycle. The i s one, o e load, is he
c isis o losing he momen um ha manage s who wan o change hei own
business in a sho pe iod o ime expe ience. The second c isis, called s all-
ou , e e s o a sudden slowdown in he de elopmen o he company by c e-
a ing many o ganisa ional laye s in he company h ough i s apid de elopmen .
This is one o he mos di icul c ises o a company, which mos companies
a e unable o cope wi h. Ano he c isis, ee all, is when he company wi h
he w ong business model has comple ely s opped g owing. This is one o he
mos dange ous s ages o he company, in which manage s ge he imp ession
o lack o con ol o e he company. As he au ho s emphasise, hese mos dan-
ge ous s ages o he company a e o eseeable and a oidable. The au ho s also
conduc ed an analysis aimed a e i ying he iew ha success, bo h in e ms o
he bene i s o he ounde ’s men ali y, he measu e o he in e nal s eng h o
he company and i s cul u e, as well as bene i s esul ing om he company’s
economies o scale – he ex e nal measu e o he company, leads o sus ainable
g ow h. C. Zook and J. Allen call he p ocess ha leads o his g ow h a jou ney
no h om he land o ebel s a - ups o he wo ld o ma u e ebels.
In he con ex o he ans o ma ion o ounding oles in companies,
P. D ucke ’s iew is aluable, which s a es ha company alue can inc ease
p o ided ha high- quali y manage s a e educa ed in he company, and his
equi es he ocus o sha eholde s on shaping successo s as well as he po en-
ial o di ec collabo a o s. He also adds ha building company alue equi es
building a op- class managemen eam long be o e a new en u e eally needs
such manage s and be o e i can a o d i . This unambiguously gi es a hin o
cu en and u u e sha eholde s ega ding he equi ed a i udes o a eas o con-
cen a ion o hei ac i i y. I is he e o e possible o see ha he immedia e
en i onmen o he sha eholde helps o e come u he challenges, and a he
same ime may de e mine he company’s po en ial o make he igh choices,
c ea ing oppo uni ies o e ec i e and long- e m c ea ion o company alue.
The issue o he ounde ’s men ali y in he company’s choices, and shaped
h ough o ganisa ional cul u e, s ongly indica es he app oach o sha eholde s,
especially ounde s, o planning hei long- e m engagemen in he company.
This app oach is s ongly e lec ed in he decisions made by he leade s o global
echnology companies, who openly in o m he ma ke abou hei long- e m
app oach and exp ess his in hei oles and asks o hei companies. This is pa -
icula ly e iden in he ac ions o Michael Dell (Dell, Dell Technologies, ac i e
in manage ial oles in he company (g oup) since 1984), N. Robe Hamme
(Comm aul , ac i e in manage ial oles om 1998 o 2018), and Bill Ga es
(Mic oso , ac i e in manage ial oles om 1976 o 2006) while ans o ming
hei ole in companies.
Sha eholde s. he long- e m capaci y o he company 37
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48 Value-based managemen
whe he such an objec i e does no con lic wi h he objec i es o company
s akeholde s. The issue has been ho oughly in es iga ed by esea che s, and
empi ical esea ch, in e alia, by T. Copeland, T. Kolle , and J. Mu in (2000),
demons a ed ha inc eased sha eholde alue is no con a y o he objec i es
o o he s akeholde s. Inc easing hei alue, good companies gene a e highe
alue o employees, cus ome s, supplie s, manage s, and he s a e ( axes, eco-
nomic g ow h indices). Thus, he e is a posi i e co ela ion be ween company
sha eholde s and s akeholde s.
As esea ch is conduc ed in he IT sec o , i applies s a egic and ope a ional
managemen me hods due o he high compe i i eness o he sec o and he s ong
impac o inno a ion on he long- e m posi ion o he company. In addi ion, he
g owing ole o he dependence o mos sec o s o he economy on in o ma ion
echnology p o ides IT companies wi h s ong g ow h dynamics and a he same
ime con ibu es o cons an ly g owing expec a ions om supplie s, and hus om
hei sha eholde s, who a e o ced o ake on new challenges, accep new de el-
opmen p ojec s and new isks. Thus, he economic en i onmen a ec s bo h he
business model and he assessmen o ROI o in es o s (sha eholde s), whe e
company alue becomes one o he measu es. Taking hese ac o s in o accoun and
obse ing ma ke pa icipan s, i can be seen ha VBM is one o he leading man-
agemen concep s in he analysed sec o . A e iew o he li e a u e gi es g ounds o
s a ing ha VBM means making s a egic, ope a ional, and in es men decisions o
inc ease company alue. I also means se ing goals o he company, esponding o
he company’s pe o mance and, abo e all, maximising sha eholde alue.
In o de o ensu e inc eased company alue in he long e m, alue d i e s
should be applied, which a e closely ela ed o VBM. Thei iden i ica ion, in o-
duc ion o managemen , and moni o ing oge he wi h op imal managemen
esul in inc eased company alue. Then he basic condi ion ha , acco ding
o he concep o A. Rappapo , VBM should sa is y, i.e. he maximisa ion o
alue, is me . Following his h ead, M. Ma cinkowska (2000, 23) p oposes he
ollowing di ision o alue d i e s:
1 ac o s ela ed o inancial s a emen s (balance shee ): un egis e ed asse s,
unde alued asse s, syne gy e ec , cos o capi al, p o i abili y, isk, and
g ow h,
2 ac o s un ela ed o inancial s a emen s (o - balance):
a ex e nal ac o s: loca ion, access o na u al esou ces, esou ce con ol,
weak compe i ion, monopolis ic posi ion, in as uc u e de elopmen , and
owne s;
b in e nal ac o s: human capi al, in ellec ual capi al, o ganisa ional cul u e,
ision, mission, s a egy, loyal cus ome s, p oduc , inno a ion, know- how,
esea ch, de elopmen and quali y, b and, adema ks, in o ma ion, da a,
in o ma ion sys ems, s a egic alliances, me ge s, acquisi ions, en i on-
men al impac , e ec i e ad e ising, and public ela ions.

Value-based managemen 49
VBM equi es he de elopmen o a measu emen ool ha could answe
he ques ion o sha eholde alue c ea ed o e a gi en pe iod. A undamen al
measu e o sha eholde alue c ea ion is conside ed o be EVA p oposed by
S e n S ewa d & Co. in 1982. Acco ding o A. Cwyna and W. Cwyna (2004),
his measu e was based on he c i icism o accoun ing p o i and o he accoun ing
p o i - based adi ional measu es.
EVA is based on a model ha assumes ha he amoun o income gene a ed
should exceed he amoun o he isk incu ed, and i s co e alue ac o , as
emphasised by J. Jeżak (2010), is he so- called economic income. EVA was also
c i ically analysed by T. Dudycz (2005), who poin s ou ha he alue o EVA
depends on he in es ed capi al (IC). A he same ime, he managemen boa d
can manipula e u u e g ow h by inc easing he cu en alue o EVA a he
expense o educing i in u u e in es men s (Nowicki, 2018).
The combina ion o balance ( inancial) and o - balance me hods is an
impo an ac o in he c ea ion o company alue in he con ex o he
componen s o business models. One example is he ela ionship be ween EVA
and in ellec ual capi al alua ion and managemen models (Mou i sen, 1998).
Resea che s a e sea ching o he alua ion me hods o in ellec ual capi al, in
pa icula du ing esea ch in o knowledge- based companies as an al e na i e
me hod o o he me hods o company alua ion.
Ano he ool o measu ing alue c ea ion is MVA p oposed by T.A. S ewa
as a me hod o measu ing in ellec ual capi al. This me hod assumes ha in el-
lec ual capi al is he di e ence be ween he ma ke alue and he book alue o
he company (Kicińska, 2006, 199).
In he li e a u e, in addi ion o he MVA me hod, he ma ke - o- book a io
(MV/ BV) is men ioned (S aniewski & Szczepankowski, 2012, 2) in he con ex
o he alua ion o in ellec ual capi al, which is also e e ed o as he indica o
o in ellec ual capi al company sa u a ion (U banek, 2004, 183). The p esen ed
p inciple o MV es ima ion (exp essed by he o mula: MV = IC + BV) is a
consequence o he ac ha when selling a company, he ollowing a e subjec -
i ely p iced: cus ome loyal y, b and knowledge, o long- e m ading con ac s.
While managemen heo is s de ine his di e ence as in ellec ual capi al, in
inancial accoun ing his di e ence is called “goodwill”. The di e ence a ising
om he acquisi ion o sale o a company is de ined by he accoun ing ules as
goodwill and is ecognised in he buye ’s balance shee .
In he p ac ice o MVA applica ion, he ollowing o mula is used:
MVA = V − K
whe e K is he alue o capi al in es ed by owne s and c edi o s in ope a ing
asse s.
T adi ional inancial indica o s based on accoun ing da a do no ake in o
accoun all ac o s a ec ing goodwill. VBM c ea ed he need o addi ional
50 Value-based managemen
measu es o assess company pe o mance. The measu es o inc ease in he
alue o a company a e MVA and EVA. The capi al in es ed in ope a ing asse s
includes he book alue o long- e m deb ( he book alue o his deb is app oxi-
ma ely equal o i s ma ke alue D), he adjus ed book alue o equi y Ke, i.e.
K = D + Ke. MVA is de ined as a su plus o he company ma ke alue o e he
alue o he capi al in es ed in he company. MVA is he di e ence be ween he
alue o he o al cash in lows ha all sha eholde s could ob ain by wi hd awing
hei capi al om he company and he amoun hey had p e iously in es ed by
pu chasing sha es issued and ein es ing p o i .
The ela ionship be ween he ma ke alue o in es ed capi al (V) and i s
ca ying amoun (K) can be p esen ed by means o he so- called economic
balance. This is a “s a emen which shows he s a e o capi al and ne ope a ing
asse s acco ding o hei ma ke alue” (Duliniec, 2011, 70– 71). The balance is
used in managing he capi al in es ed in he company. The economic balance is
exp essed by he o mula (Duliniec, 2011, 70– 71):
Ve + Vd = V = K + MVA
whe e
Ve – he ma ke alue o equi y, i.e. he cu en ma ke p ice o one sha e
mul iplied by he numbe o all issued sha es, Vd – he ma ke alue o he
o eign capi al, i.e. he ma ke alue o he in e es - bea ing deb ; Vd can only
be de e mined i i is lis ed on a s ock exchange o an o e - he- coun e ma ke ;
V – he ma ke alue o he company; i is he sum o he ma ke alue o equi y
and o eign capi al, in pa allel i is he ma ke alue o he ne ope a ing asse s,
K – balance shee alue o he in es ed capi al.
A he same ime, he MVA me hod is c i icised by some esea che s who
belie e i is w ong o de ine in ellec ual capi al as a di e ence in ma ke
and book alue, as i should be de ined as highe alue. Fi s , acco ding o
J. Mou i sen (2003), in ellec ual capi al canno be he alue o he di e ence
in ma ke and book alue, since all changes in accoun ing policy would a ec
i s alue. The book alue o he componen s o he balance shee depends,
in e alia, on he me hod used o alue asse s and liabili ies, which conse-
quen ly makes he alue o in ellec ual capi al dependen on he accoun ing
policy adop ed in he company. Ano he sho coming o MVA is ha book
alue is based on his o ical cos , which is upda ed a he balance shee da e,
which means ha i s alue may di e om cu en asse alue (Kicińska,
2006, 206).
In he li e a u e, he e is a s ong cu en app oach o measu ing MVA in
ela ion o EVA. As J. Jeżak (2001) poin s ou , MVA is a su plus o he com-
pany ma ke alue o e he book alue o he sha e capi al. He adds ha he e
is a close link be ween EVA and MVA in he sense ha he EVA a io always
e e s o a speci ic pe iod ( ), cu en o u u e. The e o e, he assessmen o
Value-based managemen 51
a company’s abili y o c ea e alue added by he capi al ma ke depends on
he de elopmen o economic alue- added indica o s in he u u e. The sum
o he discoun ed alues o EVA indica o s, which he company, acco ding o
i s de elopmen plans, is expec ed o achie e in he u u e, de e mines MVA.
A condi ion o he co ec ness o he abo e equa ion is he assump ion abou
he e ec i eness o he capi al ma ke , i.e. ha sha e p ices co ec ly e lec
all in o ma ion on he e ec s o he company’s u u e ac i i ies. Acco ding
o A. Cwyna and W. Cwyna , his measu e may also se e as an ex e nal
measu e o he assessmen o manage ial pe o mance by in es o s and he
capi al ma ke . Acco ding o M. Kacp zyk, M. Ruch e , and R. Wolski (2009),
he e is a ela ionship be ween EVA and MVA, whe e he alue o MVA is
equal o he sum o he discoun ed EVA. I sha eholde s expec he posi i e
EVA in u u e, his means ha company alue will inc ease by EVA. The e o e,
he o al alue o he company is equal o he sum o he discoun ed u u e
EVA and he cu en MVA. The ela ionship be ween MVA and EVA shows he
expec ed esul s o in es o s’ p o i s esul ing om he in es men in sha es
issued by he company. MVA is used o assess he managemen boa d’s ac i -
i ies by he ma ke . I i is posi i e, i indica es he company’s in es men in
i s asse s. On he o he hand, he managemen boa d’s wo k is assessed by
sha eholde s based on EVA. EVA is a good ool o his pu pose because i is
no ela ed o he sha e p ice, bu i akes in o accoun ope a ional and inancial
managemen .
The e iew o he li e a u e on he app oach o measu ing company e ec -
i eness by means o inancial measu es indica es a wide se o a ios used in he
measu emen p ocess. This app oach s ongly hampe s he long- e m assessmen
o companies, aking in o accoun he iews o esea che s who poin o he
dynamics o he business en i onmen as a key eason. This leads o a mul i-
dimensional look a he issue o measu ing he e ec i eness o company alue
c ea ion.
K. Obłój a gues ha he su i al o he company o a pe iod o mo e han
h ee yea s should be assessed as a success o ounde s- sha eholde s. This iew
can be e idenced by da a on he su i al scale o companies, which shows
ha only 18% o companies a e likely o su i e in he i s h ee yea s since
hei es ablishmen . Consequen ly, companies wi h a leng hy ack eco d o
ac i i y on he ma ke , in pa icula hose wi h ela i ely low sha e capi al, mus
be assessed as hose which ha e c ea ed alue e ec i ely o e he long e m.
This led o he sea ch o such measu es ha would allow o al e na i es o
inancial me hods o measu es de ined by he p inciples o he inancial ma ke ,
me hods o alue es ima ion ha will allow o he supplemen a ion o he in e -
ence p ocess ega ding he company’s abili y o c ea e alue in he long e m.
In his con ex , i is also aluable o pay a en ion o he iews exp essed by
J. Hausne (2017) on he app oach o he impo ance o angible and in angible
asse s in companies. He poin s ou ha in new echnology companies (and
52 Value-based managemen
such a g oup includes IT companies), whe e he issue o de elopmen is mo e
impo an han he issue o g ow h, he ela ionship be ween angible and in an-
gible asse s and hei in e dependence play an impo an ole in he long- e m
co po a e s a egy. He also s esses ha in angible asse s o en accoun o mo e
han 80% o company alue. Acco ding o his concep , only companies whe e
in angible asse s, which also include employees, a e ea ed subjec i ely, and
sha eholde s and managemen boa ds c ea e oppo uni ies o de elopmen and
inc ease hei chances o long- e m c ea ion o company alue. This leads o a
si ua ion whe e a signi ican pa o company alue is no included a all in he
company’s balance shee , which makes i e y di icul o assess hei eal alue
o esea che s, in es o s, and capi al ma ke s. This app oach is de ined in he
concep o he company- idea.
Th ough in- dep h in e iews wi h en ep eneu s and ep esen a i es o
sec o s which inance and in es in en i ies in he IT sec o , W. Mu as (2022)
made an a emp o de elop a simpli ied alua ion model, based on ac o s (in
pa icula hose ela ed o in ellec ual capi al), which a e no di ec ly isible in
he inancial s a emen s o companies, and in he opinion o he in e iewees,
a e impo an in he eal alua ion o companies. The analysis shows ha he
app oach o in es men unds is domina ed by he di ision o ac o s in o hose
ela ed o u u e e en s ( he u u e) and pas e en s ( he pas ). The au ho ’s p o-
posal o he model o alua ion o IT companies in e ms o o - balance ac o s
(in ellec ual capi al) is shown in Table 2.1.
In he opinion o expe s, i is impo an o iden i y de e minan s ha educe
company alue, and o en e en block in es men s. Acco ding o expe s, key
de e minan s include he epu a ion o sha eholde s and co po a e epu a ion, in
pa icula in explici and implici a eas, and iden i ied a he s age o es ima ing
company alue by audi ing he en i y and sha eholde s. A he same ime, he
condi ions o he use o he abo e model ha e been ag eed and hey conce n
he ype o acqui e o he company. I conce ns he alua ion o he company
in o de o main ain i s business con inui y, u he de elopmen aimed a alue
c ea ion, assuming ha he acqui e de e mines and implemen s a con olling
model ele an o i s business ac i i y and lea es ope a ional ac i i ies o com-
pany ep esen a i es (managemen boa d). The model does no ake in o accoun
indi idual ac o s pe aining o he signi ican s a egic objec i es o he acqui e
(e.g. elimina ion o a compe i o , ime p essu e ela ed o cap u ing he ma ke
o employees o con ac s).
The analysis indica es di e ences in he le el o men ali y o he inancial
in es o and he na u al pe son (in pa icula he ounde ). The le el o expec ed
alua ion o companies, he ime o he manne o ob aining income om
holding co po a e igh s a e ac o s o which he s eng h (meaning) he eo is
signi ican ly di e en o he ypes o in es o s (owne s). In he sha eholde ’s
pe spec i e, expec a ions o bene i s in e ms o hei olume a e shaped by
pe sonal needs, and in he case o an in es men und, i is he ul ilmen o
Value-based managemen 53
obliga ions owa ds i s sha eholde s. These dis inguishing ea u es may be a
guideline o sha eholde s on he sea ch o highe bene i s om co po a e igh s
han be o e.
By adop ing he model o “so ” alua ion based on he u u e (75 %) and
he pas (25%), i can be assumed ha in he al e na i e mixed alua ion model
p oposed (compa ed o alua ion by means o inancial measu es), he ela ion-
ship be ween he ac o s esponsible o he shaping he eo is as ollows:
wp = kw + EBITDA * wb * [wdm]
Table 2.1 Model o alua ion o IT companies in e ms o o - balance ac o s (in ellec-
ual capi al)
Pe iod o
analysis
Ca ego y o
capi al
Iden i ica ion o he de e minan s o
company alue
Sha e
(weigh ) o
es ima ion
FUTURE Human capi al Managemen po en ial (independence,
expe ience, leade ship) and sha eholde
mo i a ions (excessi e and unjus i ied
di e si ica ion o asse s while main aining
ac i i y in he company)
12.5%
Team po en ial (mo i a ion, b a e y,
knowledge and skills, scale (size) o he
eam)
12.5%
S uc u al
capi al
O ganisa ional cul u e ( ocused on
coope a ion, s a egic enewal, cou age,
cus ome ocus)
10%
Quali y o cus ome po olio (le el o
di e si ica ion, pe manen con ac s)
10%
Elemen s o compe i i e ad an age ( alue
added and he size o he ba ie o
achie ing his alue by compe i o s, le el
o inno a ion)
25%
Po en ial o scale he company’s o e
(se ices, p oduc s)
5%
PAST Human capi al Repu a ion o sha eholde s (business e hics) 5%
S uc u al
capi al
Abili y o achie e ope a ional and s a egic
objec i es (e idence o s a egy and
ope a ional objec i es)
10%
B and epu a ion ( ecogni ion, ma ke
ela ions, ac i i ies in acco dance wi h
applicable law)
5%
O he : ac i i y in he a ea o CSR (including
epo ing), company awa ds which
build he posi ion o a eliable pa ne ,
company ce i ica ions
5%
Sou ce: Mu as (2022).

54 Value-based managemen
whe e, wp – company alue; kw – equi y; EBITDA – ope a ing p o i be o e
in e es , axes, and dep ecia ion; wb – indus y indica o (o en in e p e ed
in s ock alua ions as mul iple p o i s and depends on he po en ial o he IT
subsec o whe e he company ope a es); wdm – so de e minan ec o .
Thus, he indica o me hod, wi h he use o he EBITDA indica o , is eliable
and achie ed h ough he use o so managemen me hods and gi es g ounds
o use in he alua ion o p i a e companies and hose which a e no lis ed
on he s ock exchange. This model s ongly e e s o he model p oposed by
L. Ed insson (1997), which akes in o accoun he dis ibu ion o he company
ma ke alue – hese a e inancial and in ellec ual capi al ac o s, di ided in o
s uc u al capi al and human capi al ac o s. The abo e desc ibed au ho ’s o i-
ginal p oposal o es ima ing he e ec i eness o alue c ea ion o an IT com-
pany can be an inspi a ion and di ec ion o u he esea ch in o es ima ing he
alue o companies which ope a e in he IT sec o as a ep esen a i e o mode n
economic sec o s.
2.2 The IT sec o in s a egic economic de elopmen
The impo ance o conduc ing esea ch in he in o ma ion echnology sec o
is suppo ed by a p og essi e in o ma ion e olu ion, which s eng hens he
signi icance o in o ma ion in he de elopmen o he global economy. Hence,
an inc easing numbe o p oposals o dis inguish he ou h sec o o he
knowledge- based economy, namely he acquisi ion, p ocessing, and p o ision
o in o ma ion (ad anced se ices) eme ge. The p ope ypology o IT se ices
as a speci ic subsec o belonging o he g oup o ad anced se ices sec o ( o
business) is aluable. Today he goals o in o ma ion and communica ion ech-
nology (ICT) de elopmen a e one o he mos impo an a eas o e o s o
bo h business owne s, who ha e al eady highly app ecia ed he bene i s o digi -
isa ion o hei ac i i ies, and he go e nmen ha has an app op ia e in en . The
IT sec o is classi ied in a g oup o mode n sec o s o he economy, which oday,
and in pa icula in he ollowing yea s, will signi ican ly con ibu e o he c e-
a ion and implemen a ion o inno a ions a he le el o p ocesses, p oduc s, and
se ices. Such posi ioning o he IT sec o can p o ide oppo uni ies o hei
sha eholde s and employees (and o he s akeholde s) in he con ex o p ospec s
o building he capaci y o IT companies o c ea e hei alue in he long e m ( o
he bene i o hei sha eholde s) and inspi ing challenges ( o he bene i o hei
employees and he business en i onmen ). Such a combina ion can encou age
s ong coope a ion be ween sha eholde s and co- wo ke s, aking in o accoun
oppo uni ies in de elopmen domains and pe sonal inancial goals. A he same
ime, he achie emen o he ambi ious goal o c ea ing company alue and
dynamic pe sonal de elopmen equi es cou ageous and wise decisions aken
by sha eholde s, manage s appoin ed by hem, and co- wo ke s ollowing hei
isions. In u n, high compe i i eness in he IT sec o o ces hei pa icipan s,
Value-based managemen 55
bo h leade s and pa ne s, o cons an ly sea ch o he elemen s o compe i i e
ad an age. Consequen ly, i becomes possible o such ules and condi ions
o compe i ion in he IT sec o , due o a s ong ocus on inno a ion, o p o-
ide imp o ed solu ions o he economy and, a ce ain in e als, o implemen
upda ed business models using mode n echnologies. In echnological e ms, he
IT sec o p o ides a ca alogue o in o ma ion and knowledge (by eplacing he
collec ed da a) om indi idual business p ocesses, ensu ing hei ci cula ion,
suppo ing decisions, and au oma ing epe i i e ac i i ies. F om he pe spec i e
o he ecipien s o IT se ices, echnology companies b ing signi ican changes
in he con ex o building new possibili ies o he implemen a ion o business
p ocesses o channels o eaching and coope a ing wi h cus ome s, while enab-
ling hei measu emen . The condi ion o a las ing compe i i e ad an age o
mode n companies is he e o e he abili y o consis en ly pe cei e and de elop
he IT po en ial in a as e and cheape manne and wi h highe alue added han
compe i o s do. The adap a ion o IT goals o business goals is no only a ma e
o achie ing a compe i i e ad an age bu also de e mining he su i al o he
o ganisa ion. Al hough he impo ance o IT in c ea ing a compe i i e ad an age
is widely discussed, in p ac ice i is di icul o iden i y and assess all he bene i s
achie ed h ough IT.
Fo companies unc ioning in he condi ions o global compe i ion, wi h a
high le el o unce ain y and ma ke chaos, he co e success and su i al ac o
is o ha e an e ec i e and e icien business model ha , on he one hand, ensu es
con inui y o unning a business and i s g ow h and de elopmen a he same
ime, and, on he o he hand, enables he implemen a ion o s a egies based on
he use o oppo uni ies (Sobińska, 2015). I assumes se e al business models
in he company. Each o hem has i s own a ionale, and companies compe e by
means o inno a i e business models, no only inno a i e p oduc s o se ices.
The engine o change in he con ex o c ea ing new business models is p i-
ma ily ICT and, as i de elops, be e and mo e e ec i e ools o exchanging,
di using, and de eloping o ganisa ional knowledge h ough expanding ne wo ks
o ela ions and business en i onmen coope a ion eme ge. As a esul , he IT
eams o mode n o ganisa ions a e inc easingly dependen on ex e nal supplie s
(cus ome s), ha dwa e and so wa e manu ac u e s, elecommunica ions se ice
p o ide s, o cloud compu ing se ice p o ide s. The skil ul use o IT esou ces
can de e mine he ma ke success o companies in each sec o . O ganisa ions
should he e o e pay a lo o a en ion and e o o imp o e IT managemen ,
which equi es he cons an adap a ion o he ange o p ocesses and se ices o
cu en needs, capabili ies, and cons ain s.
The e iew o he li e a u e and he au ho s’ own obse a ions indica e a high
sha e o he applica ion o IT solu ions in he implemen a ion o he company’s
de elopmen s a egies (including he implemen a ion o digi al ans o m-
a ion), planning and implemen a ion o new business models based on mode n
echnologies, which c ea es new a eas o he de elopmen o IT companies
56 Value-based managemen
and hei u he de elopmen . This, in u n, esul s in a u he inc ease in he
sha e o IT companies in he local economy (measu ed in GDP). C.K. P ahalad
and M.S. K ishnan conduc ed in e es ing esea ch in o IT supplie s in India,
he leade in p o iding IT se ices in he ou sou cing model, which shows an
unambiguous end (P ahalad & K ishnan, 2010). Acco ding o he esea ch, he
impac o adding alue in he economy (and p o ided by IT companies) o e
he long e m was iden i ied. Acco ding o esea che s, he decision- making
measu es o companies ( he ecipien s o he IT sec o ) in he 1980s we e a
cos c i e ion, and he alue p o ided by he IT sec o was he main enance o
IT sys ems and applica ions. In he 1990s, he decision- making c i e ion was
supplemen ed wi h quali y (a p o ided se ice), and a he same ime, suppo
o he e iciency o business p ocesses became an added alue. In u n, since he
beginning o he 21s cen u y, he decision- making c i e ion o cos and quali y
has been g adually supplemen ed wi h echnological ma u i y and he abili y o
c ea e inno a ion, and he expec ed e ec s (adding alue) ha e been ex ended
by pa icipa ion in esea ch and de elopmen p ojec s (R & D) and da a ana-
lysis. This leads o he conclusion ha inno a ion s a egies equi e app op ia e
quali ica ions and ha he abili y o dynamically selec alen om a ound he
wo ld o mee he needs o speci ic asks can become a sou ce o compe i i e
ad an age o companies in many sec o s o he economy. Global companies
ocus hei a en ion on ma ke s such as India and China due o hei apid g ow h
and access o alen . On he o he hand, ansna ional co po a ions such as Ta a
G oup, ICICI, and In osys ocus on Wes e n ma ke s. I can be no ed, he e o e,
ha he sea ch o alen is no limi ed only o low- cos ma ke s, bu i co e s he
whole wo ld and i s main mo i e is no longe jus cos s, e.g. Indian companies
o e ing IT se ices in he ield o so wa e de elopmen . Al hough a he begin-
ning hei ad an age was based on low pe sonnel cos s, hey began o build an
ad an age based on quali y and inno a ion o e he yea s and while gaining
expe ience and con inuously imp o ing p ocesses. The spec acula inc ease in
expo s o his b anch indica es he eme gence o compa a i e ad an ages o he
economy, which, in he case o his ype o ac i i y, in ol e he a ailabili y o
speci ic human capi al, i.e. highly quali ied pe sonnel (Glapiński, 2018).
A he same ime, he e iew o consul ing epo s indica es ha he alue o
companies is shaped h ough new in o ma ion echnologies. Acco ding o IT
expe s, ou co e a eas o alue deli e y a e iden i ied, namely company e i-
ciency, inc eased agili y, shaping new p oduc s and se ices, and upda ing and
building new business models. As a consequence, i is possible o implemen
a new pa adigm o he managemen o a da a- d i en company. This iew is
s ongly in line wi h he digi al ans o ma ion end, which, when implemen ed
by cloud compu ing, big da a, a i icial in elligence, and 3D p in ing e ec -
i ely changes in e nal p ocesses and he quali y o coope a ion wi h cus ome s,
and also acili a es business model upda es. A he same ime, i is inc easingly
Value-based managemen 57
ecognised ha he e ec i e applica ion o compu e science (especially he
indica ed ends) equi es s ong change leade s, who will no only lead he
changes in a hough ul way bu also will do so in building he unde s anding and
mo i a ion o colleagues. Acco ding o N. Ha alska, business ep esen a i es
obse e ha digi al ans o ma ion will change he na u e o indus ies and gi e
hem new oppo uni ies o g ow h. A he same ime, digi al ans o ma ion is a
big challenge, as e idenced by he nume ous ailu es o he unde aken p ojec s
(se en ou o en p ojec s ail). A he same ime, only 34% o esponden s asked
whe he o ganisa ions analyse non- echnological social, economic, en i on-
men al, legal, and egula o y a eas o a la ge ex en while wo king on he ans-
o ma ion ga e a posi i e esponse (Ha alska, 2019). Acco ding o IDC esea ch
i m, global expendi u e on digi al ans o ma ion eached $1.8 illion in 2022,
which is 50% mo e han o e he p e ious i e yea s. Companies p ima ily
in es in echnologies such as he In e ne o Things (IoT), cloud compu ing,
Big Da a and Business In elligence, and Machine Lea ning. Digi al ans o m-
a ion is inc easingly called he mos impo an ci ilisa ion mega end o ou
ime. No only he economic bu also social consequences o hese changes
become he subjec o ad anced esea ch p ojec s o he Eu opean Commission
o p og ammes implemen ed unde he auspices o he Wo ld Economic Fo um
in Da os.
In o de o unde s and cu en changes, i is wo h going back almos hal
a cen u y o he wo ks o Al in To le , an Ame ican w i e , sociologis , and
u u ologis . His and his wi e’s Heidi publica ions en i led “Fu u e Shock”
(1970) and “The Thi d Wa e” (1980) iden i ied echnology as one o he un-
damen al ac o s o ci ilisa ion and social change, signalling he coming hi d
wa e o undamen al changes o ou ci ilisa ion. The i s , ag a ian wa e
ans o med humani y om collec o s and hun e s o a me s and b eede s. The
second, qui e ecen wa e is indus ialisa ion and he wo ld o mass p oduc-
ion, mass media, mass educa ion, and mass communica ion. In ecen yea s,
we ha e been s ongly expe iencing he hi d wa e o ci ilisa ion changes and
he dawn o a new e a. To le desc ibed i as pos - indus ial, and he adjec i e
“digi al” is inc easingly used, especially wi h ega d o echnology ha d i es
hese changes. Nume ous p edic ions which p e iously e oked disbelie a e
now ob ious o us. In u n, K. Schwab, he ounde and chai man o he Wo ld
Economic Fo um, called he eme ging challenges he ou h indus ial e olu-
ion. The i s and second indus ial e olu ions a e he d i e s o indus ialisa-
ion, leading o he indus ial phase o he ag a ian phase. The ou h e olu ion
is bo n on he ounda ions o he hi d indus ial e olu ion and will esul in he
c ea ion o new social and economic pa adigms o he hi d pos - indus ial e a.
O ganisa ional and echnological changes cha ac e ising he ansi ion be ween
hese phases a e e e ed o as he digi al ans o ma ion due o he dominan
impo ance o digi al echnologies.
64 Value-based managemen
a company o be a alue- d i en company, which is de ined as building he
ma ke posi ion and e iciency, hanks o clea ly decla ed alues. And in his
end, a ela ional app oach, ocused on long- e m coope a ion, esponsibili y
o obliga ions, and coope a ion in he sea ch o alue as he co e alues o
he company, is an oppo uni y o high- ech companies o c ea e hei alue in
he long e m.
The obse a ion o he IT sec o indica es ha he ela ional app oach is
gaining impo ance, as can be inc easingly seen in he choices made by clien s,
in pa icula whe e he goal is long- e m coope a ion and he e is a willing-
ness o sha e po en ial bene i s in he u u e. Howe e , his equi es hones y in
ela ionships and eadiness o long- e m commi men , which, in some way, is
con adic o y o he oppo unis ic app oach. Changes can also be obse ed in
he app oach o he ecipien s o he o e o IT companies, who a e inc eas-
ingly willing o coope a e wi h companies in he IT sec o , building a ma gin o
mis akes, bu a he cos o building pa ne ships and syne gies, which will be
used in subsequen join ini ia i es.
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DOI: 10.4324/9781032650845-4
3 The sha eholde ’s ole in alue
c ea ion o IT sec o companies
Resea ch me hodology
3.1 Me hodology o empi ical esea ch: applied app oach and esea ch
me hods
The speci ic na u e o indi idual sciences de e mines he choice o adequa e
scien i ic me hods, such as induc ion, hypo he ical- deduc i e me hods, and
deduc ion (Lisiński, 2013; Such & Szcześniak, 1999). This leads o he di e -
en ia ion o me hods used in empi ical sciences and me hods applied in o mal
sciences. In line wi h S. Nowak’s iew, induc ion me hods a e applied in empi -
ical sciences, whe e managemen science belongs. In induc ion me hods, so-
called obse a ion s a emen s, equen ly based on he indi idual and in ui i e
opinions o he esea che , play a decisi e ole (Nowak, 2012). Gene alisa ions
a e o mula ed in his model based on empi ical s udies and adop he o m o
concep s, p oposals, and explana ions, which simul aneously ensu es hei eli-
abili y and uni e sali y (Czakon, 2006).
The basic ask o esea ch me hods is o e icien ly sol e he scien i ic
p oblem ha is being add essed. The esea che ’s ask in he p ocess o choosing
he me hodology is o accoun o bo h he easibili y aspec (in he selec ed
a ea o esea ch) and o ensu e he unequi ocal e i ica ion o esea ch hypo h-
eses. Hence, he chosen me hods should ensu e objec i i y (independence om
ci cums ances and he esea che ), eliabili y ( ep oducibili y), and accu acy
( esul s ha do no gi e ise o doub s). A he da a compila ion s age, quali y
me hods (which p o ide answe s o he ques ion “why?”) and quan i y me hods
(which p o ide esponses o he ques ions: “how much?” and “how o en?”) a e
dis inguished.
The esea ch p ocess is he consequence o a logical analysis di ided in o
esea ch s ages. The pe o mance o ac ions based on speci ic esea ch ules and
p ocedu es is o key signi icance o he quali y o he esea ch p ocedu e, wi h
a simul aneous c i ical app oach o assump ions and con inuous e i ica ion and
con ol o he p ocess. The pu pose o hese ac ions is o p ocu e esul s o he
analysed phenomena which will ully and eliably e lec he examined eali y.
Hence, he nex s age is he choice o de ailed esea ch me hods.
68 The sha eholde ’s ole in alue c ea ion o IT sec o companies
Some esea che s pos ula e an inc eased sha e o quali a i e me hods in he
esea ch on managemen sciences. The p ojec ed and pos ula ed de elopmen o
in e p e i e me hods s ems om he possibili y o p o iding he esea che wi h
an answe o he ques ion o “why”. Quali a i e esea ch is mo e explana o y
han conclusi e. I is used o desc ip i e and na a i e ep oduc ion o a ce ain
elemen o eali y (Sil e man, 2013) and o explaining, decoding, o sea ching
o meanings o indi idual phenomena. The main p emises o he applica ion o
quali a i e esea ch a e building a new heo y, cap u ing he li e expe iences o
indi iduals and in e p e ing such expe iences, and a comp ehensi e unde s anding
o cause- and- e ec ela ions (G aebne , Ma in, & Roundy, 2012).
One o he in e p e i e me hods is case s udy esea ch. Acco ding o J. Dul
and T. Hak (2007), a case s udy is esea ch whe e a selec ed case o a small
numbe o cases se in an ac ual, daily con ex o unc ioning a e subjec ed o a
quali y analysis. W. Czakon (2015) claims ha a case is “an indi idual esea ch
objec examined on accoun o a speci ic pu pose, si ua ed in a speci ic place
and ime, in obse ance o he ci cums ances ha a e ele an wi h espec o
i ”. This de ini ion highligh s he con ex uali y o a case s udy by adop ing an
assump ion abou he high impac o si ua ional de e minan s and ea u es o
he en i onmen o an en i y in he o m o he inal conclusions in he esea ch.
Case s udy analysis is one o he me hods widely used in managemen science.
I s speci ici y i s wi h he idiog aphic esea ch app oach and he quali a i e con-
ex o scien i ic esea ch, allowing a he same ime o a p ecise desc ip ion o
selec ed phenomena in a complex o ganisa ional eali y. Case s udy allows o a
e y de ailed desc ip ion and analysis o he examined phenomenon on accoun
o a signi ican numbe o a iables and dependences among hem. Such a
desc ip ion and analysis a e o en much mo e comp ehensi e and accu a e han
hose ob ained h ough quan i a i e esea ch (Ma ejun, 2012a).
In he con ex o esea ch me hods used o compile in o ma ion abou a gi en
subjec , he au ho s see he jus i iabili y o applying he Delphi me hod (heu -
is ic me hod), whe e he pa icipan s ep esen a selec ed social o p o essional
g oup. The g oup o ms a panel o expe s om a gi en a ea. The heu is ic
me hod elies on an assump ion ha he accu acy o g oup opinions is highe
han ha o indi idual expe s. A mo e in- dep h look in o he pu pose o he
echnique makes i possible o no e ha he Delphi me hod is designed o acili-
a e s uc u ed g oup communica ion in o de o ga he a consensus o expe
opinions in he ace o complex p oblems, expensi e endea ou s, and unce ain
ou comes. The p inciples o he me hod a e ha mo e minds a e be e han a
single mind, and – when used as a o ecas ing ool – ha s uc u ed g oup e o s
lead o mo e accu a e o ecas s han uns uc u ed ones (G ime & W igh , 2016).
Acco ding o M. Wójciak (2015), in- dep h and excep ional expe knowledge in
a gi en ield may compensa e o he igno ance and lack o knowledge o o he
expe s who a e expe ienced in o he a eas. I he expe s a e p ope ly chosen,
he e ec o opinion balance will be c ea ed, which is o special signi icance in
The sha eholde ’s ole in alue c ea ion o IT sec o companies 69
he Delphi me hod, whe e consis ency o opinions, de ined by he me hodology
and he decisions o he esea ch au ho , is sough (Rogalska, 2010). S. Sudoł
(2016) na ows down he co e o p oceedings in he Delphi me hod o se -
e al poin s, which encompass ques ions o he g oup o expe s asked by he
esea ch manage , he compila ion o answe s, along wi h in e ac ion by means
o sha ing he esea ch esul s as pa o he g oup and seeking a join opinion.
As a esul o he esea ch p ocess he esul s and conclusions ecei ed a e a
p oduc o he collec i e, i.e. a eam o expe s. In line wi h he unde lying p em-
ises o he me hod, he da a sough om he expe s a e subjec ed o a s a is ical
analysis, which encompasses he designa ion o measu es o loca ion o he
pu pose o assessing he consis ency o expe s.
The esea che s indica e he applica ion o he Delphi me hod o es ima e he
ime ange o occu ence o pe o mance o he examined phenomena o speci ic
s a es. Howe e , acco ding o S. Sudoł, he Delphi me hod may also be applied
in he analysis o he exis ing eali y. Hence, he Delphi me hod e ains i s uni-
e sal cha ac e , and limi ing i s applica ion only o he examina ion o he u u e
is unjus i ied. I may be applied o s udies in he a ea o social li e, he economy,
science, and echnology. M. Ma ejun (2012b) claims ha he Delphi me hod
ul ils he c i e ia o applica ion in he esea ch p ocess and esea ch a eas such
as he iden i ica ion and analysis o ac o s in he gene al de elopmen o an
en e p ise, p oblems on he unc ional, p ocess, o esou ce le els, and man-
agemen dilemmas on he s a egic, ac ical, and ope a ional le els. Howe e ,
speci ic ad an ages and disad an ages o his me hod a e also discussed. The
ad an age o his esea ch app oach is he possibili y o he syne gis ic use
o he knowledge and expe ience o expe s o sol e p oblems o which no
answe s a e cu en ly a ailable. Ne e heless, he unwillingness o economic
p ac i ione s o ake pa in su eys may pose a h ea .
The obse a ion o he economic en i onmen leads one o he conclusion
ha he pa adigms o o ganisa ional managemen unde go dynamic changes
in he cou se o ime. This is isible in bo h he implemen a ion and e olu-
ion o en e p ise managemen me hods and in scien i ic dispu es conduc ed in
pa allel. On he heo e ical le el, concep ualisa ion is dominan , while in he
milieu o p ac i ione s, ope a ionalisa ion is. Wi h he speci ic ins umen s a
hei disposal, esea che s look o op imum me hods o scien i ic esea ch in
o de o espond o s a egic ques ions o managemen . These ins umen s a e
se , among o he s, in quan i a i e and quali a i e esea ch, case s udies, expe i-
men al esea ch, and simula ion esea ch based on iangula ion and longi udinal
s udies. A gumen s in a ou o applying longi udinal s udies in managemen
sciences emphasise ha esea ch de o ed o he dynamics o o ganisa ional and
managemen p ocesses should, by i s na u e, be longi udinal. In such esea ch,
sea ching o mechanisms o change becomes impo an o unde s anding he
p ocess, ins ead o de e mining he s age o de elopmen (Kimbe ly, 1976;
Mille & F iesen, 1982; S ańczyk- Hugie , 2014). Acco ding o A. Jabłoński

70 The sha eholde ’s ole in alue c ea ion o IT sec o companies
(2016), i is e y di icul o d aw conclusions abou he ope a ion o an o gan-
isa ion by looking a snapsho s om s udies o a ious o ganisa ions. In he
cogni i e con ex , i is mo e aluable o look a some o hem in ope a ion, o
see how hei componen s depend on one ano he om he pe spec i e o hei
ini ial and inal posi ion. This allows one o cap u e he changing and s a ic
elemen s alike; e e y esea che needs such knowledge. Companies’ abili y o
manage business con inui y, including hei abili ies ela ed o s a egic e i al
o es uc u ing, is acqui ing special signi icance which should con ibu e o
ensu ing he con inued c ea ion o company alue.
In he au ho s’ opinion, he iangula ion o esea ch me hods and da a sou ces
is o alue in he con ex o an a emp o unde s and he sha eholde dependen-
cies, company alue managemen , and he e ms o compe i ion in he IT sec o .
Simul aneously, he ole o sha eholde s wi h espec o he long- e m c ea ion
o company alue does no ha e he na u e o a one- o assessmen (limi ed
exclusi ely o a poin in ime) o a e aged o a speci ic pe iod o analysis. Such
an app oach would no allow one o cap u e impo an aspec s o sha eholde
impac such as he ans o ma ion o hei ole. The choices made wi h espec
o he esea ch p ocedu e in he con ex o he p oposed esea ch p oblem and
he objec i es o he s udy a e p esen ed in Table 3.1.
Table 3.1 Basic in o ma ion abou he p ocess o empi ical esea ch
A ea o esea ch p ocess Resea ch cha ac e is ics
Me hodological model Induc ion logic (quali a i e esea ch) as dominan
Resea ch app oach –
comp ehensi e (hyb id)
app oach
Nomo he ic Idiog aphic
Resea ch sample – da a
iangula ion
Pu pose ul sample Pu pose ul sample
Resea ch analysis Quali a i e (in e p e i e) Quali a i e (in e p e i e)
Resea ch sampling
(da a compila ion) –
esea ch me hod
iangula ion
Delphi me hod
( eam o 30
expe s)
Con en
analysis
(li e a u e
sou ces)
Case s udies o i e IT
sec o companies
Resea ch ools and
echniques
Ques ionnai e
su ey and
ollow- up
in e iew
Analysis o
en ies
Ques ionnai e su ey
wi h an in- dep h
in e iew, analysis
o company
documen a ion, and
longi udinal s udies
Resea ch me hods (da a
analysis)
In ui i e in e ence
(in e p e i e analysis)
wi h elemen s o s a is ical
analysis
In ui i e in e ence
(in e p e i e analysis)
wi h elemen s o
s a is ical analysis
Sou ce: Au ho s’ own s udy.
The sha eholde ’s ole in alue c ea ion o IT sec o companies 71
Simul aneously, he choice o he heu is ic me hod is con i med by he
ac i e p esence o one o he co- au ho s in he IT sec o and di ec access o
people o high epu e and au ho i y in he sec o , which allows o he s udy o
be conduc ed in a mode ensu ing eliabili y in he con ex o he choice o he
g oup o expe s.
Cap u ing he phenomena in a long ime ho izon, he iden i ica ion o ac o s
subjec o change, and hei impac on he examined ela ionship may cons i-
u e a agmen o new knowledge and hus o e a be e unde s anding o he
esea ch p oblem. A he same ime, he case s udy c ea es possibili ies o in-
dep h in e iews, which will o e a mo e e icien solu ion o he esea ch
p oblem han ca ying ou a limi ed (in e ms o he esea ch a ea) s udy on an
ex ensi e g oup o companies (s a is ical sample app oach).
The wo k has been o ganised in se e al s ages and p oduced a esea ch model
and ools ha allow o he commencemen o p ope empi ical esea ch:
• an o e iew o he li e a u e pe aining o he ypology o sha eholde s and
hei signi icance in en e p ises, company alue, and a discussion o he IT
sec o and i s p ospec s;
• an o e iew o he iews o economic p ac i ione s on he p oblems ela ed o
he ole o sha eholde s and challenges ela ed o company de elopmen , c e-
a ion o company alue, ope a ional and s a egic managemen – an o e iew
o scien i ic publica ions was ca ied ou , along wi h pape s, in e iews, and
mul imedia commen s, o e iew o collec i e epo s abou he IT ma ke
and i s pa icipan s;
• he iden i ica ion o ea u es o publicly held IT companies (sha eholding
s uc u e, inancial esul s, capi alisa ion o companies, epo publica ions)
in he con ex o ela ions o changes in he sha eholding s uc u e and com-
pany capi alisa ion – an in- dep h analysis o 25 companies lis ed on he main
loo and on he NewConnec ma ke was made, along wi h he iden i ica ion
o he ole o sha eholde s and any changes in he capi alisa ion o companies,
including he a ailable public in o ma ion o he pe iod o he las i e yea s.
An analysis o changes in s ock exchange indexes was also made (including
WIG- INFO, which belongs o he IT sec o ) in co ela ion o changes in he
capi alisa ion o he analysed IT companies;
• in e iews wi h a g oup o expe s as pa o he pilo s udy – an in- dep h
in e iew was pe o med, based on a ques ionnai e su ey comp ising 14
diagnos ic ques ions pe aining o he ole o sha eholde s in companies and
hei impac on long- e m alue c ea ion, dis ibu ed o a g oup o 22 expe s;
• he analysis o he iews o IT sec o pa icipan s (sha eholde s, ecipien s,
company manage s): he pe o mance o ee- o m in e iews (seeking
opinions) abou he ole o sha eholde s, he s ances mani es ed by hem,
ac ions aken om he pe spec i e o employees o companies in he IT
sec o , manage s (ou side o he sha eholding s uc u e), ep esen a i es o
72 The sha eholde ’s ole in alue c ea ion o IT sec o companies
global supplie s o key clien s o IT se ices. The s udy encompassed 80
people wi h whom di ec con e sa ions we e held du ing indus y mee ings
o ia elephone.
A he subsequen s ages, he concep ualisa ion and ope a ionalisa ion o he
concep o sha eholde impac on he e iciency o alue c ea ion in an en e -
p ise we e unde aken. The p oblem e e ed o he sec o o IT companies. The
objec s o he s udy we e companies om he IT sec o ope a ing in e na ionally,
and ul illing he c i e ia o he company ca ego y, while hei sha eholde s ul il
he c i e ia o he sha eholde ypology ca ego y (Tables 3.2 and 3.3).
Conside ing he ac ha he in e p e i e me hod was applied in he esea ch
p ocedu e, an in- dep h o e iew o IT sec o companies in he con ex o he
Table 3.2 Basic c i e ia o he esea ch sample in he ca ego y o companies
Assessmen
c i e ion
De ini ion o minimum equi emen s
Se ice sec o The company is classi ied and p o ides se ices o manu ac u es
p oduc s ha belong o he ca ego y o IT se ices and/ o ela ed
se ices as pa o i s co e business.
Good
go e nance
model
The company con i ms, ia i s binding co po a e documen s o
decla a ions o senio o icials, ha managemen mechanisms
a e applied, wi h a deg ee o use o mode n me hods and
managemen concep s in managemen .
Company
du a ion
The company is classi ied as ma u e, i.e. ul illing he c i e ion o
p esence on he ma ke o a minimum o i e yea s.
Company size De ini ions o he assessmen o company size we e adop ed (in he
mic o- , small- , medium- sized, and la ge ca ego ies) on he basis
o inancial da a (ne e enues and balance shee o al) and he
numbe o employees, in compliance wi h he legal basis. The
s udy includes companies ul illing he c i e ion o company size
such as SME (small- and medium- sized) and la ge companies.
Place in he
supply ( alue)
chain
Companies pa icipa ing in he alue chain in he ollowing
places: p oduce (sys ems, so wa e, ha dwa e), dis ibu o
( inancial and logis ics pa ne o he o e o a global
p oduce ), in eg a o ( e- sale o a p oduce ’s o e as
a comme cial pa ne , sys em design se ices, sys em
implemen a ion, sys em main enance), IT se ice p o ide
(compe ence se ices, sys em managemen , aining se ices),
and addi ionally (as a o m o ope a ion) s a - ups (new
companies wi h an inno a i e business model o inno a i e
p oduc s/ se ices).
Fo m o
owne ship
P i a e company: limi ed liabili y company, limi ed liabili y
company limi ed pa ne ship, join s ock company. Publicly held
company: join s ock company.
Sou ce: Au ho s’ own s udy.
The sha eholde ’s ole in alue c ea ion o IT sec o companies 73
iden i ica ion o such cases whe e he impac o sha eholde s is ela i ely clea
and he e is a s ong o ien a ion owa ds alue managemen om a long- e m
pe spec i e – o he neglec o such an app oach – is o he essence.
A he same ime, aking in o accoun he applica ion o heu is ic me hods ( he
Delphi me hod), an elemen o he esea ch p ocess was he choice o p inciples
and selec ion o he membe s o he expe g oup (Table 3.4).
The p o ile o he po en ial expe was quali ied o he expe g oup i no
ewe han one condi ion was me in a gi en g oup (acco ding o he expe
sampling ac o s column, i.e. CBD, CMO, CAZ). Nex , he expe g oup ha
ul illed he basic accep ance c i e ia was selec ed (Table 3.8).
The ini ial lis o candida es o he g oup o expe s included o e 120
people. A s udy o he business en i onmen was also unde aken, encompassing
clien s and he ecipien s o IT companies’ p oduc s and se ices. Acco ding o
his classi ica ion, a posi ion c i e ion was assumed (KS), as was an expe ience
c i e ion (KD), unde s ood as he pe iod o ac i i y on he IT ma ke . The pos-
i ion c i e ion was de ined as he ole o a eam di ec o / IT di ision o a membe
o he managemen boa d, while in e ms o he expe ience c i e ion, a pe iod o
no sho e han i e yea s was designa ed wi h espec o coope a ion wi h IT
supplie s. As a esul o he p ocess o selec ing expe s being ca ied ou in his
way, he numbe o expe s was inc eased o 30 pe sons (Table 3.5). The selec ed
eam o expe s comp ises bo h ou s anding ep esen a i es o he IT sec o who
wo k in i s - a e en e p ises and e icien ly c ea e hei alue, as well as opinion
leade s o en quo ed in he indus y p ess.
The inspi a ion o aking up empi ical s udies de i es om he obse a-
ion o ac ual decision- making dilemmas aced by IT sec o sha eholde s. The
Table 3.3 Basic c i e ia o he esea ch sample in he ca ego y o sha eholde ypology
Assessmen
c i e ion
De ini ion o minimum equi emen s
App oach o
pa icipa ion in
managemen
An ac i e sha eholde , i.e. pe o ming ac ual manage ial oles
(decision- making, in e pe sonal, in o ma ion)
Du a ion o
in es men
A sha eholde (o s ockholde ) wi h long- e m goals, i.e. has
wo ked a he company o no less han i e yea s
Le el o co po a e
igh s held
A majo i y sha eholde , a dominan sha eholde , o a mino i y
sha eholde (whe e, in he opinion o company manage s o
o he sha eholde s, a signi ican con ibu ion is made by he
sha eholde o inancial, ela ional, o p oduc capi al)
Economic en i y
app oach
A pe son (o a legal en i y wi h a dominan co po a e igh o a
na u al pe son) o a g oup o pe sons/ en i ies coope a ing wi h
a iew o accomplishing a join s a egic objec i e, namely he
long- e m c ea ion o company alue.
Sou ce: Au ho s’ own elabo a ion based on he li e a u e e iew.
80 The sha eholde ’s ole in alue c ea ion o IT sec o companies
Table 3.6 Re iew o li e a u e ela ed o he o ma ion o he ela ionship be ween own-
e ship and company alue: he gene al app oach
Li e a u e e iew Key iews on he o ma ion o he ela ionship be ween
owne ship and company alue
Ca lsson (2001)
Schumpe e (1975)
The sou ce o en e p ise de elopmen is s a egic enewal,
which is a ec ed by ma ke des uc ion (c ea i e
des uc ion = incessan enewal) and skil ul comp ehension
he eo by an en e p ise wi h lea ning compe ence (lea ning
cen e). Simul aneously, se ing his ela ionship in mo ion
equi es e icien decisions o a company headed by an
owne (sha eholde ). Thus, R. Ca lsson iden i ies he impac
o an owne ia ma ke ela ions, company skills, and
owne s ances (iden i ying he app oach o isk and isk
managemen as being o key impo ance).
Ka pacz (2011) The eedom o an en ep eneu ’s ac ions is conduci e o
s a egic enewal, which e icien ly leads o he c ea ion o
company alue om a long- e m pe spec i e. In e ms o
de e minan s shaping he ela ionship wi h he eedom o he
en ep eneu ’s ac ions, Ka pacz poin s o hose ela ed o he
en ep eneu ’s po en ial (owne , ac i e sha eholde ) and he
company’s po en ial as complex componen s. The measu es
o he en ep eneu ’s po en ial a e he le el o knowledge,
skills, and pe sonal quali ies o he en ep eneu .
Lee and Rye (2003)
Mo ck Shlei e , and
Vishny (1988)
The owne ship s uc u e o en e p ises is an endogenous
a iable wi h espec o he e iciency o company alue
c ea ion. Simul aneously, Mo ck, Shlei e , and Vishny show
di e en indings. Such obse a ions highligh he holis ic
na u e o he issue o he ela ionship be ween he owne (in
he case o esea che s, a ocus on owne ship s uc u e) and
he e iciency o alue c ea ion.
Schumpe e (1934) By means o he heo y o economic de elopmen ,
J. Schumpe e indica es he ole o a sha eholde
(en ep eneu ) who – as he company’s inne o ce – makes a
g ea e con ibu ion o economic de elopmen han ex e nal
ac o s.
Min zbe g (1973) Th ee g oups o oles ha a e mos o en pe o med by
manage s: decision- making (dis ibu ion o esou ces,
managemen o dis up ions), in e pe sonal (leade , connec o
be ween he in e nal and he ex e nal wo ld), and in o ma ion
( ep esen a i e, supe ision).
Neh ing (ed.) (2007)
S ankiewicz (2002)
The o al po en ial o a company is p ima ily de e mined by
ce ain cause- and- e ec dependences occu ing among i s
indi idual componen s. Such dependences equi e p ope
coo dina ion. Thus, he manage (in pa icula o small- and
medium- sized en e p ises), he owne o he sha eholde
should e icien ly use he exis ing componen s o he
po en ial (causes) o gua an ee he bes possible condi ion o
such componen s in he u u e (e ec s).
Sou ce: Au ho s’ own s udy based on he li e a u e e iew.

The sha eholde ’s ole in alue c ea ion o IT sec o companies 81
(Con inued)
Table 3.7 Re iew o li e a u e ela ed o he o ma ion o he ela ionship be ween own-
e ship and company alue: he speci ic (na ow) app oach
Li e a u e e iew Key iews on he o ma ion o he ela ionship be ween owne ship
and company alue
Zak zewska-
Bielawska
(2009)
Acco ding o he au ho , some o he mos impo an ea u es
o a small en e p ise manage a e a manage ’s engagemen ,
desi e o success, desi e o g ow and abili y o make sac i ices,
ma ke demand o a p oduc o se ice o e ed and manage ial
compe ence (and high- le el p o essional quali ica ions),
indi idual men al and physical p edisposi ion and pe sonali y,
he accomplishmen o goals, posi i e pe sonal quali ies,
os e ing posi i e mo i a ion o alue and pe sonal signi icance
as well.
Ca lsson (2001)An owne ’s (sha eholde ’s) app oach o isk and abili y o manage
shape he company’s capaci y o unde s and he ma ke , and hus
o c ea e oppo uni ies o he s a egic enewal o he company.
The key managemen skills iden i ied by he esea che s a e
isk managemen , ope a ional managemen (mo i a ion,
c isis managemen , choice o associa es), c ea ion and
implemen a ion o ideas and ision (along wi h he
de elopmen o o ganisa ional alue and a cul u e suppo ing
de elopmen ), and he de elopmen o a s ong ins i u ional
posi ion o a company.
Hall (2012) The esea che s, looking o concep ualise sha eholde s’ impac
on alue managemen , indica e key a eas whe e sha eholde s’
impac is ealised. They iden i y a eas such as a company’s
in es men p io i ies ( esul ing om he sha eholde s’
app oach), lexibili y in company managemen ules, mode a e
di idend policy, an exclusi e ocus on company g ow h in he
con ex o i s de elopmen , openness o new isks, cos con ol,
and sea ching o compe i i e edges as an elemen o s a egy.
Schumpe e (1934)
Lang ish Gibbons,
E ans, and
Je ons (1972)
J. Schumpe e lis ed he ollowing undamen al ea u es o an
en ep eneu : leade ship skills, dynamism, and a cons uc i e
app oach, ac ing agains se iews. This iew is supplemen ed
by J. Lang ish, who claims ha a manage is a pe son whom
40% o he success o a company depends on.
Hecking (2002) The esea che s no e ha he ac o s di ec ly ela ed o he decisions
o s ances o sha eholde s include mode a e di idend policy
accoun ing o he company’s in es men needs, eadiness o
make long- e m in es men s aimed a building an elemen o
compe i i e ad an age o aligning wi h ma ke equi emen s
(in he au ho ’s opinion, his calls o pa ience on he pa o
sha eholde s in e ms o wai ing o he esul s, a he same
ime educing sho - and mid- e m p o i s om p ope y igh s),
lexibili y in app oaching long- e m p ojec s and in es men s,
openness o isk (o en a a highe le el han ha o compe i o s),
building and suppo ing (mo i a ing) employees’ po en ial,
skil ully cap u ing oppo uni ies in syne gies among en e p ises
and hose pu sued ia pa ne ships o capi al in es men s.
82 The sha eholde ’s ole in alue c ea ion o IT sec o companies
• he signi icance o business ma u i y in key choices made (choice o
associa es, ules o mo i a ing hem, ype o s a egic o ien a ion, ype o
o ganisa ional cul u e).
A he same ime, he expe s aised he signi icance o unde s anding he
company’s po en ial and he alue con ibu ed he eby o clien s’, he man-
age s’, and he sha eholde s’ capaci y o sel - e lec (in he a ea o decisions
Li e a u e e iew Key iews on he o ma ion o he ela ionship be ween owne ship
and company alue
Zook and Allen
(2016)
The esea che s de ined he concep o he ounde ’s men ali y,
desc ibing hose ea u es o he manage (sha eholde / ounde )
which, when p omo ed and cul i a ed in an en e p ise,
signi ican ly a ec he p ese a ion o dynamics and agili y o
an en e p ise, pe manen ly shaping i s cul u e and con ibu ing
o he p ese a ion o he abili y o cyclical s a egic enewal,
which is conduci e o he long- e m e icien c ea ion o alue.
C. Zook indica es he signi icance o manage s’ and owne s’
ac i i ies pe aining o he enewal o a ebellious s ance (bold
mission, insu gency), owne s’ app oach ( ocus on ac ion), o
on line obsession (suppo , expe imen a ion).
Obłój (2010) K. Obłój indica es he concep o dominan company logic, a
speci ic cogni i e map o manage s (a se o belie s, alues,
and il e s), which ac s as a na iga o in he complex wo ld o
excess in o ma ion.
Mole and Mole
(2010)
The po en ial o en ep eneu s is e ealed in he ac ions hey ake,
ela ed o sea ching o , c ea ing, and using oppo uni ies and
chances ha eme ge.
Like and Mo gan
(2006)
Abo e all, he esea che s indica e he signi icance o aking a
long- e m pe spec i e among ac o s shaping highly e icien
companies. This leads o he eplacemen o sho - e m and
di ec p o i s wi h he app oach o con inui y (a long- e m
pe spec i e), which is conduci e o he cons uc ion o ela ions
wi h sha eholde s and a ocus on clien s.
Szczepańska-
Woszczyna
(2021)
In o de o be e icien , a manage who c ea es alue h ough
inno a ions should mani es compe ence wi hin he scope
o c ea i e p oblem sol ing, be able o wo k concep ually,
and possess manage ial compe ences. A he same ime,
such a manage mus be able o combine managemen and
coo dina ion o wo k wi h people in such a way as no o
supp ess he employees’ c ea i i y – bu , on he con a y, o
ein o ce i o he g ea es possible deg ee. An inno a i e
manage equi es h ee le els o compe ence: p ospec i e
hinking, diagnosis o he p esen , and p oblem esolu ion,
including, in pa icula , handling changes.
Sou ce: Au ho ’s own elabo a ion based on he li e a u e e iew.
Table 3.7 (Con inued)
The sha eholde ’s ole in alue c ea ion o IT sec o companies 83
made and pe sonal alues con ibu ed o he company) o eadiness o “com-
pa e hemsel es” o compe i o s (on he le el o he company’s esul s and oles
o sha eholde s), pe sonal b and, as well as pa ience when i comes o wai ing
o he e ec s o he designa ed s a egic goals. The signi icance o he powe
o a “manda e” o implemen sho - e m asks (manage ial oles pe o med)
as pa o new business challenges on he pa o sha eholde s as compa ed o
ou sou ced manage s was also indica ed.
I was assumed ha he concep ualisa ion o sha eholde impac on he e i-
cien c ea ion o company alue in he IT sec o should be de ined in e ms o
wo key pa hs o making such an impac (Figu e 3.1).
Figu e 3.1 In e p e a ion o he iden i ied pa hs o sha eholde s’ impac on IT companies
in he con ex o he e icien c ea ion o company alue.
Sou ce: Au ho s’ own elabo a ion based on he li e a u e e iew and own pilo s udies.
84 The sha eholde ’s ole in alue c ea ion o IT sec o companies
In he i s pa h o sha eholde impac on he e icien c ea ion o company
alue p oposed abo e, he essence is he designa ion o he manage ial ole
pe o med by he sha eholde in a company as he cause, while he e ec is he
le el o e iciency o company alue c ea ion measu ed by he adop ed alue
c ea ion measu es. Simul aneously, he cause- and- e ec implica ion p oposed
in his way o e s ex ensi e possibili ies o sea ching o he ac o s ha may
shape he o ce and di ec ion he eo , which i s he p oposed gene al (holis ic)
app oach o shaping he ela ionship be ween sha eholde s and company alue
managemen .
In he second p oposed pa h o he impac , he essence is he designa ion o
ac ions aken by he sha eholde s o he s ances adop ed by hem wi h espec o
he company as a cause ha po en ially shapes he e icien alue c ea ion o a
company om a long- e m pe spec i e, unde s ood as an e ec o sha eholde s’
ac ions. In he opinion o he au ho , such an app oach o said dependence i s
well in o he na ow app oach.
Hence, bo h he holis ic app oach (manage ial ole) and he na ow app oach
(sha eholde asks and s ances) we e aken in o accoun in he s udies.
The applied esea ch app oach di e s om ha p oposed by A. Rappapo
(1998) and he app oaches o sha eholde alue c ea ion a iously ep esen ed
in he li e a u e, which indica e ac o s such as inc eased sales, imp o ed p o -
i abili y, e icien ax a e, he cos o capi al and he size he eo , and in es -
men capi al as alue d i e s. In he app oach aken in his discussion, he alue
d i e s a e he owne s (sha eholde s) o companies, who – by means o he
designa ed pa hs o exe ing hei impac – shape he e icien c ea ion o com-
pany alue.
In he in e iews ca ied ou wi h ep esen a i es o economic p ac ice, he
e olu ion o he ole o a sha eholde was also indica ed, bo h wi h espec o
he du a ion and he dynamic de elopmen o a company, along wi h ma ke
changes ( echnological ends, s a egy upda es and new business models,
p e e ences, and business equi emen s o clien s in ela ion o he IT sec o ).
Such an app oach may be an elemen o he new knowledge which con ibu es
o he p ocess o decisions made in e ms o he ans o ma ion o he ole o
sha eholde s in companies om he IT sec o .
3.2 Concep ualisa ion and ope a ionalisa ion o he esea ch model o
he gene al app oach
The s age o ans o ma ion o he decision- making p oblem in o a esea ch
p oblem deli e ed e idence o he complexi y o he issue as a whole. The
esea ch p ocess, accoun ing o he c i ical o e iew o li e a u e, nume ous
in e iews wi h IT sec o ep esen a i es and he ini ia ed pilo s udies, p o ided
he basis o o mula ing he ini ial assump ions o he esea ch model desc ibing
The sha eholde ’s ole in alue c ea ion o IT sec o companies 85
he ela ionship be ween sha eholde s (wi h manage ial ole as he cause) and
he e iciency o company alue c ea ion (as he e ec ). The emphasis was
placed on sea ching o he di ec and unequi ocal dependence o sha eholde s
and he ole played by hem, as well as he capaci y o an IT company o c ea e
i s alue om a long- e m pe spec i e.
Relying on he accomplishmen s o esea che s and nume ous e iews wi h
ep esen a i es o he IT sec o , a desc ip i e and simpli ied concep o he
p esen a ion o he esea ch model was sough , which desc ibes he ela ionship
be ween he sha eholde and company alue in he mos holis ic way possible.
The sea ch o s a egic enewal (as a sou ce o building compe i i e ad an age)
was adop ed as he sou ce o alue c ea ion, which is jus i ied in he wo ks and
iews o Ca lsson (2001), Obłój (2017), Jabłoński (2013), and Ka pacz (2011).
The s a egic enewal o he company’s po en ial is an e ec o u ilising he
oppo uni ies o in oduce changes o he cu en layou o esou ces. These
changes depend on he size o he po en ial a he disposal o an o ganisa ion
and he impac o ex e nal o ces s imula ing no only he le el o such po en-
ial bu also he mode o i s use. Hence, i is possible o conclude ha hese
de e minan s may belong o he ex e nal en i onmen , and may be ela ed o
he pe son ac ing as he en ep eneu and he economic en i y ope a ed by said
en ep eneu (a company) (Lich a ski & Ka aś, 2003). J. Ka pacz (2011) lis s he
ollowing de e minan s o s a egic enewal o en e p ise po en ial ( o small-
and medium- sized en e p ises): ex e nal (exogenous), de ined by he de e -
minism o he compe i i e en i onmen , mani es ed by he impac o business
pa ne s and compe i o s on he company; and in e nal (endogenous), de ined by
he knowledge, skills, and pe sonal quali ies o he owne managing a company
(de ined as he en ep eneu ’s po en ial) and an o ganised se o angible and
in angible esou ces used o conduc business ac i i y.
The e iew o e e ence books shows ha he o ma ion o a gi en depend-
ence (manage ial ole o a sha eholde – company alue c ea ion) is a ec ed by
ac o s ela ed o:
• sha eholde s and hei pe sonal po en ial (Ka pacz, 2011), business ma u i y
(Baczyńska, 2018), app oach o isk (Zak zewska- Bielawska, 2009), pe sonal
b and (G zesiak, 2018), app oach o isk (Ca lsson, 2001), ma ke capi al
(Ca lsson, 2001), and ision o ma ion (Ca lsson, 2001);
• en e p ise and i s o ganisa ional cul u e (Obłój, 2017), he owne ’s men ali y
wi h espec o he company’s choices and i s cul u e (Zook & Allen, 2017),
he capaci y o implemen ing changes and inno a ion (Ca lsson, 2001;
K. Szczepańska- Woszczyna, 2021), leade ship (Szczepańska- Woszczyna,
2015), and he po en ial o immedia e en i onmen o he en ep eneu /
sha eholde s (Ru ka, 2001);
• he ma ke and exis ing c ea i e dis up ions (Ca lsson, 2001).

86 The sha eholde ’s ole in alue c ea ion o IT sec o companies
The abo e- men ioned ac o s we e supplemen ed wi h addi ional ones,
indica ed by he ep esen a i es o economic p ac ice as pa o he pilo s udy.
The mos equen ac o s impac ing he s eng h and he di ec ion o he ela-
ionship we e he isiona y app oach o he manage s, he ules o compe ing on
he ma ke (new ma ke c ea ion, joining an exis ing ma ke ), ma ke po en ial
(powe o ecipien s), consis ency o goals in he sha eholding s uc u e (and
mu ual us and suppo ), mode a e di idend policy, he le el and ype o cap-
i al con ibu ed ( inancial, ela ional, compe ence), and he pe sonal po en ial
o di ec associa es o a sha eholde (sha eholde en i onmen ) co- sha ed (o
handed o e o) ou sou ced manage s as pa o he di ision o igh s. In u n,
ollowing he s udies o D. Kahneman, en ep eneu s indica e ha he ac i -
i ies ha hey pe o m o he sake o a company signi ican ly a ec he e ec s
isible in he company, o a deg ee no lowe han 80% o o e all impo ance.
En ep eneu s a e con inced ha he company’s a e is en i ely in hei hands.
The e is no doub ha hey a e mis aken, as he esul s o hei ac ions depend
on he ac ions o companies, as well as he condi ions o compe i ion on he
ma ke and ma ke changes. A he same ime, he esea che p o es ha people
a e p one o o e es ima ing hei skills in o de o cope wi h speci ic challenges
(Kahneman, 2011).
Following D. Kahneman’s iews, one can ind indica ions o dependence
be ween he po en ial o an en ep eneu (sha eholde ) and an en e p ise (com-
pany) in e e ence ma e ial. En ep eneu s play a signi ican ole because hey
impac a ious ac o s ha de e mine he du a ion o a company o a ying
deg ees om a long- e m pe spec i e (D ucke , 2012). The in e ac ion be ween
he po en ial o an en ep eneu (sha eholde ) who manages a company and his
in e nal en i onmen (an o ganised se o angible and in angible esou ces),
as well as he compe i i e en i onmen , is mani es ed in ac ions (Gudko a,
2015). Simul aneously, he e is eedback be ween he po en ial o en ep eneu s
and he ac ions which hey ake. Hence, ac ions depend on he po en ial a he
disposal o a gi en en ep eneu a a gi en momen , and his in u n changes
unde he impac o eedback pe aining o he ac ions aken (Boya zis, 1991).
A he same ime, some o he p oblems ela ed o he ope a ion o a company
ollow om he cha ac e is ics o an en ep eneu . Tha is why – as esea che s
s ess – i would be good i he en ep eneu s we e no only awa e o his ac
bu also used such impac o mul iply hei po en ial. To his end, i is impo an
o en ep eneu s o “ egula ly e lec on hemsel es and lis en o wha o he s
ha e o say”. Only a signi ican ailu e makes hem ques ion wha hey ha e
p e iously done o hough (Obłój, 2004). Such pos ula es a e also no ed by
expe ienced sha eholde s ( o ming a g oup o expe s as pa o one’s own ini ial
s udies), who indica e he high le el o signi icance o he capaci y and abili y
o sel - e lec (wi h espec o one’s decisions) and eadiness o con inually
ques ion he alues con ibu ed by onesel as a sha eholde o he cons uc ion o
a company’s capaci y o de elopmen and hus a long- e m capaci y o alue
The sha eholde ’s ole in alue c ea ion o IT sec o companies 87
c ea ion ( agmen o an in e iew wi h Zbigniew Szka adnik, owne and p esi-
den o he managemen boa d o one o he la ges ICT companies in Poland).
The esea che s no e ha in small- and medium- sized en e p ises whe e he e
is no di ision in o manage ial oles and accoun abili ies, he owne (o en he
dominan sha eholde ) mus make decisions pe aining o bo h he p esen se o
ci cums ances and he u u e (Szczepańska- Woszczyna, 2014). In such a case, i
is easy o all in o a ap: gi en he excessi e bu den a ising om cu en a ai s,
he en ep eneu is no able o make s a egic decisions o makes hem oo la e.
A way o a oid his ap is o sepa a e he a eas o igh s and accoun abili ies o
ope a ing di ec o s (Ru ka, 2001). They also no e ha an en ep eneu managing
a company no only exe s signi ican impac on he o ma ion o i s po en ial
bu is also mo e bound o i han an ou sou ced manage . Tha is why he is
g ea ly in en on no ha ing his own asse s and hose o his company educed;
on he con a y, when an oppo uni y eme ges, he a emp s o inc ease hem.
A p oposal o he concep ualisa ion o he esea ch model o he ela ion-
ship be ween he manage ial ole o a sha eholde and company alue c ea ion
is p esen ed in Figu e 3.2.
The signi ican dependence o ac o s on he pa o he en ep eneu (sha e-
holde ) and he en e p ise on he capaci y o said en e p ise o ca y ou s a egic
Figu e 3.2 Demons a i e ou line o he esea ch model o he ela ionship be ween he
manage ial ole o a sha eholde and company alue c ea ion – he gene al
(holis ic) app oach.
Sou ce: Au ho ’s own elabo a ion.
88 The sha eholde ’s ole in alue c ea ion o IT sec o companies
enewal is also indica ed by J. Ka pacz. Ka pacz (2011) concludes ha he
s a egic enewal o he po en ial o small- and medium- sized en e p ises is
de e mined by he po en ial o a pu pose ully o ganised se o angible and
in angible esou ces used by he en ep eneu o conduc business ac i i y, he
po en ial o he en ep eneu s, and he eedom o hei ope a ion. In u n, R.
Ca lsson (2001) poin s ou he impac o c ea i e des uc ion, ollowing he
iews o Schumpe e . Ca lsson claims ha in oduc ion o a new, enewed o e
o an en e p ise may change he ules o a ma ke game, whe e new en i ies con-
que he ma ke and o he s disappea .
In e ec , when desc ibing he dependence o he manage ial ole o a sha e-
holde and he e iciency o alue c ea ion o an IT company, he ollowing
g oups o ac o s (diagnos ic a iables) shaping he examined ela ionship may
be indica ed:
• he po en ial o sha eholde s (PA), such as he pe sonal po en ial o
sha eholde s, hei business ma u i y, sha eholde s’ code o conduc , hei
app oach o isk, sha eholde s’ capi al ( inancial, ela ional, p oduc ), he
mode o hinking o sha eholde s, in es o ela ions, and pe sonal b and;
• he po en ial o he company (PS), such as he po en ial o he sha eholde s’
en i onmen (di ec associa es), he po en ial (capaci y) o he company o
in oduce changes (s a egic enewal), he p esence o he owne ’s men ali y
in selec ed companies (and i s o ganisa ional cul u e), he ype and quali y
o leade ship in he company, he logic o company managemen , and o he
balance shee and o - balance shee ac o s;
• he po en ial o he ma ke (PR), such as he ma ke ’s pu chasing po en ial,
elemen s o compe i i e ad an age o he company, and he ules o com-
pe ing in he sec o .
The concep ual cons uc s p oposed o he pu pose o concep ualising
and ope a ionalising he esea ch models, such as he sha eholde s’ po en ial
(PA), he company’s po en ial (PS), and he ma ke po en ial (PR), a e aimed a
ensu ing legibili y and explici ness in he iden i ica ion o a g oup o ac o s and
he ea u es assigned o hem (diagnos ic a iables) and a e used exclusi ely o
he pu pose o o ganising he esea ch p ocess.
Table 3.8 p esen s ope a ional de ini ions (quo ed di ec ly acco ding o he
esea che s o as in e p e a ions de i ed on ha basis) o he ea u es s udied
(diagnos ic a iables).
To o malise he esea ch model, ou ca ego ies o a iables we e used; he
i s ca ego y ac s as a dependen a iable wi h espec o he second. The a i-
able ha was explained was he dependen a iable. In u n, he a iable ha
was used o explain he alue o he dependen a iable was he independen
a iable. The emaining wo ca ego ies comp ise he in e ening a iables
(media o s and mode a o s) and con ol a iables (Zak zewska- Bielawska, Lis,
The sha eholde ’s ole in alue c ea ion o IT sec o companies 89
(Con inued)
Table 3.8 Concep ual de ini ions applied in he esea ch model
Name o he
s udied ea u e
Ope a ional de ini ions o he ea u es s udied (diagnos ic
a iables)
Sha eholde ’s
po en ial
The app oach p oposed by J. Ka pacz (2011) was used, whe eby
he sha eholde ’s po en ial comp ises his knowledge, skills,
and pe sonal quali ies.
Sha eholde ’s
capi al
I was assumed ha he capi al con ibu ed by he sha eholde
comp ises he ollowing ypes o capi al: inancial, ela ional,
and p oduc (know- how) capi al.
In es o ela ions I was assumed ha he measu e is he le el o he sha eholde s’
capaci y o se join goals and suppo he managemen boa d
in he implemen a ion o s a egic goals.
Sha eholde ’s
en i onmen
Unde s ood as he le el o po en ial (pe sonal, as de ined o he
sha eholde ’s po en ial) o he immedia e associa es o he
sha eholde , supplemen ed by he o e ed (gua an eed) le el
o join liabili y o pe o mance o he en us ed ope a ional
asks and s a egic goals.
Business ma u i y Unde s ood as he iden i ied le el o a sha eholde ’s skills
and exp essed in he ollowing domains: awa eness (among
o he s, liabili y and sense o impac ), unde s anding he
goals, building ela ionships, de ining hem, and applying
me hods o ask pe o mance. The au ho ex ended he abo e
app oach o he aspec o he le el o expe ience in he
implemen a ion o asks ela ed o in es men ac i i y and
managemen , which led o he di ision o business ma u i y
in o wo subg oups: manage ial ma u i y and in es o
ma u i y.
Sha eholde ’s
pe sonal b and
I was assumed ha he powe o a b and is de e mined by he
ecognisabili y o sha eholde s in he milieu o s akeholde s
in he ollowing domains: compe ence (le el o expe ise
esul ing om knowledge and expe ience) and eliabili y
(con i ma ion in ac ion).
Visiona y
compe ence
I was assumed ha he powe o isiona y compe ence is he
sha eholde ’s capaci y o shape he ision and o inspi e bo h
he s akeholde s (in pa icula associa es) and sha eholde s,
as a measu e o compe ence and eliabili y (con i ma ion in
ac ion).
Sha eholde ’s
ole
The iews o H. Min zbe g (1973) we e adop ed, which indica e
ha a sha eholde in an en e p ise pe o ms manage ial
oles: in e pe sonal, decision- making, and in o ma ion.
Sha eholde ’s
app oach o
isk
The app oach o K. Jajuga (2007) was adop ed in he app oach
o isk, whe e a e sion o isk (as a alue on one side o he
app oach o isk axis), indi e ence and inclina ion o isk (a
he o he end o he axis) a e dis inguished.
Sha eholde ’s
mode o
hinking
The iews o C. Dweck (2017) we e adop ed, whe e indi iduals
(people) a e classi ied in wo ex eme ca ego ies (ag eed
mode o hinking and p ospec i e hinking).
96 The sha eholde ’s ole in alue c ea ion o IT sec o companies
(M28), sha eholde s’ app oach o isk (M29), sha eholde s’ capi al (M30),
sha eholde s’ mode o hinking (M31), in es o ela ions (M32), sha eholde s’
pe sonal b and (M33), sha eholde s’ isiona y compe ence (M34) – and inde-
penden a iables on he company side (en e p ise) – such as sha eholde s’
en i onmen (Z21), he company’s po en ial o changes (Z22), he owne ’s
men ali y in ac ions aken by he company (Z23), leade ship in he company
(Z24), and he logic o managemen in he company (Z25) – was p oposed.
A po en ial ela ionship was indica ed be ween each a iable on he sha eholde
side ( a iables ma ked M) and each a iable on he company side (ma ked Z).
Howe e , elabo a ing on he issue o p epa a ion o a esea ch model p oposal
as a concep by means o which o desc ibe and se ou he ules o ela ionship
o ma ion, a u he in- dep h analysis o po en ial ela ionships iden i ied among
a iables in he esea ch model was made. I was assumed ha he a iables
ela ed di ec ly o he sha eholde would o m a g oup o media ing a iables,
while he ones ela ed o he company, he ma ke , and choices would ac as
media o s o he analysed ela ions (Gao e al., 2010). Fu he mo e, po en ial
addi ional accompanying a iables we e no ed in he model – desc ibed as
weigh s (w1, w2), which simul aneously mode a e he alue d i e s o basic
a iables (ma ked as Z and M), ela ed o he sha eholde , he company and he
ma ke (w1 weigh s), and he s a egic choices made (w2 weigh ). The esul ing
esea ch model is a heo e ical cons uc , and as a p oposal o desc ibing he
esea ch p oblem h ough he applica ion o esea ch a iables and hei mu ual
ela ions, i may p o ide inspi a ion o u he di ec ions o esea ch.
In e ence indica o s a e equen ly applied in empi ical managemen science
s udies. The use o a se o ques ions ins ead o a single ques ion allows one o
be e cap u e he in en ions o he esponden . E e y indica o in he s udy may
be ea ed as a a iable, bu no e e y a iable is an indica o . Only measu able
a iables a e indica o s, i.e. empi ically accessible. Acco ding o J. Juszczyk
(2018), measu able a iables may only be assigned o non- measu able a iables
ia ope a ionalisa ion. Hence, non- measu able a iables a e indica o a iables,
meaning ha hey can be measu ed only wi h he use o o he a iables, he so-
called desc ip o s, which in u n a e di ec ly measu ed and e e o he obse ed
ea u es o an i em. Acco ding o J. Ka pacz (2011), he solu ion mos equen ly
applied in he measu emen o non- obse able no ional cons uc s – and such
a e he cons uc s in his esea ch p oblem – a e summa y scales. Due o his,
i is possible o build indica o s ope a ionalising he de ini ions o hese ca -
ego ies, hanks o he cons uc ion o measu ing ools elying on he Like scale
and used in he ques ionnai e su ey. The applica ion o a scale o his ype in
measu emen ools equi es he use o s a emen s as pa o a gi en s a emen
indica o which is cha ac e ised by he in ensi ica ion o a ea u e desc ibed by
such an indica o . No s anda d me hods o measu ing he impac o he ole o a
sha eholde on he c ea ion o alue o an en e p ise ope a ing in he IT sec o
ha e been o mula ed o da e. Hence, he deg ee o s a is ical da a agg ega ion

The sha eholde ’s ole in alue c ea ion o IT sec o companies 97
and he ype o sou ce ha gene a es ac o s in luencing he ela ionship, i.e. he
sha eholde , company alue, and he IT sec o , we e adop ed as he c i e ia o
hei classi ica ion.
The indica o classi ica ion c i e ion is he deg ee o da a agg ega ion which
esul s in a di ision in o analy ical indica o s (cha ac e ised by a low- and medium
deg ee o measu emen agg ega ion) and syn he ic indica o s (cha ac e ised by
a high deg ee o measu emen agg ega ion). In he cou se o he esea ch p o-
cess, syn he ic and analy ical indica o s which make i possible o desc ibe and
measu e he model we e p oposed. The high- le el syn he ic indica o s a e:
• indica o s o he powe and po en ial o sha eholde s, hei ela ionships,
app oaches and business expe iences, and he a ibu ed co po a e igh s,
which we e ma ked “PA” in he esea ch model,
• an indica o o he powe and po en ial o he company and he angible and
in angible asse s o which i is comp ised, de ining he company alue, which
was ma ked “PS” in he esea ch model,
• a ma ke po en ial indica o o he company’s p oduc s and se ices and
ma ke compe i ion condi ions, which was ma ked “PR” in he esea ch model.
As a consequence, i is possible o apply medium- le el syn he ic indica o s,
whe e each o he esea ch a iables is an independen indica o (e.g. a “ isiona y
compe ence indica o ” – PAW), agg ega ing o adequa e high- le el indica o s
(e.g. sha eholde s’ po en ial – PA).
In he cou se o he empi ical s udy (conduc ed by means o case s udies,
acco ding o he Delphi me hod), he designa ion o a iables was applied (wi h
he excep ion o he designa ion o he di ec ion o agg ega ion) as he designa-
ion o indica o s o he sake o he legibili y o indi idual s udies.
3.3 Concep ualisa ion and ope a ionalisa ion o he esea ch model o
he na ow app oach
In he cou se o p io esea ch, i was de e mined ha he occu ence o depend-
ence among he asks pe o med by he sha eholde s o he sake o he company
o he s ances adop ed wi h espec he e o (as he cause), shaping he powe and
he di ec ion o e icien alue c ea ion o a company (as he e ec ), is possible.
In he cou se o he analysis o he esea ch p oblem, such an app oach ocused
on he selec ed ac o s shaping he e iciency o c ea ion was called he na ow
app oach (as opposed o he p e iously desc ibed b oad and holis ic ela ionship
be ween a sha eholde and company alue c ea ion).
Following his h ead o hough , he iden i ica ion o ac ions and asks
pe o med by he sha eholde s o he company’s sake, which p o ides hem
wi h an adequa e (acco ding o he sha eholde ’s knowledge, skills, o will-
powe ) le el o engagemen o a s ance adop ed wi h espec o he company,
98 The sha eholde ’s ole in alue c ea ion o IT sec o companies
may become an equally signi ican and aluable p oposal by means o which o
de e mine he pu pose o he wo k.
Nume ous indica ions o selec ed s ances o ac ions ini ia ed by he owne s and
manage s a e pe cei ed by esea che s, which may con ibu e o he o ma ion
o company alue, ei he os e ing oppo uni ies o i o signi ican ly deg ading
i . Table 3.10 shows he esul o a syn hesis o iews o esea che s ha a e
Table 3.10 Re iew o esea ch issues add essed in he con ex o impac o ac ions and
s ances o owne s and manage s on company alue managemen in ligh o
he li e a u e e iew
Lis o esea ch issues Re iew o esea che s add essing he
indica ed esea ch issue
Sha eholde s’ ocus on long- e m
company de elopmen
Hecking and Ta azon- Rodon (2002);
Zak zewska- Bielawska (2009); Like
and Ross (2018)
Openness o isk Ca lsson (2001); Zak zewska- Bielawska
(2009)
Supplie s o capi al o en e p ise
de elopmen
G uszecki (1994)
Openness o new oppo uni ies, sea ching
o hem, c ea i e inno a ion
Ka pacz (2011); Rakowska and Si ko-
Lu ek (2000); Obłój (2017)
Mo i a ion o build one’s “own kingdom”
o conque
Schumpe e (1995)
Leade ship Zak zewska- Bielawska (2009); Hawkins
(2002); Zabolo niaia Cheng, and
Dacko- Pikiewicz (2019)
Openness o changes, c ea i i y, and
implemen a ion o inno a ions
Zak zewska- Bielawska (2009); Zamo ski
(2003); Szczepańska- Woszczyna
(2021)
Readiness o con inuous lea ning and
pe sonal de elopmen
P ahalad (1998)
Common goals o manage s and owne s Zak zewska- Bielawska (2009)
High s anda ds o conduc P ahalad (1998)
De elopmen o o ganisa ional cul u e Obłój (2017); Kos e a and Koźmiński
(1995)
Building wise (e icien ) syne gies wi h
o he business en i ies
Obłój (2017)
Suppo o cyclical s a egic enewal
(add essing ma ke changes and
sea ching o compe i i e ad an age)
Ka pacz (2011); Obłój (2017)
Resol ing con lic s and p oblems Caccia o i (2012); Cloke, Goldsmi h, and
Cloke (2000)
Hones y and openness in company
managemen
Zak zewska- Bielawska (2009)
Au hen ic engagemen , manage ial
obus ness
Zak zewska- Bielawska (2009); Wood u e
(1991); Boya zis (1982)
Con ol o cos o e enue ela ionship Hecking (2002)
The sha eholde ’s ole in alue c ea ion o IT sec o companies 99
dominan and allow o inclusion in he concep ualisa ion and ope a ionalisa ion
o he esea ch model.
The mos equen ly lis ed ac ions o owne s and sha eholde s o he sake
o a company and s ances adop ed wi h espec he e o included leading key
changes, he con ibu ion and cons uc ion o ela ional capi al, he cons uc ion
o comp omise cul u e as pa o he sha eholding s uc u e in he con ex o
building common goals, as well as openness in ela ions suppo ed by au hen ic
engagemen in he ac ions pe o med. A he same ime, he signi icance o
unde s anding he company’s p ospec s on he ma ke was indica ed, as was he
capaci y o sel - e lec ion pe aining o one’s own ole and a ea o ac ions in
he company (How do I o can I con ibu e o he c ea ion o company alue?), he
abili y o hink in e ms o company- based ca ego ies and no exclusi ely in he
con ex o one’s own (o en sho - e m) goals, o gua an ee a long- e m pe spec-
i e o accomplishing goals o no icing (and aking decisions ha suppo he
Lis o esea ch issues Re iew o esea che s add essing he
indica ed esea ch issue
Owne ’s men ali y in company choices
(and i s o ganisa ional cul u e) ia
an a e sion o bu eauc acy and
complexi y, en o cing liabili y among
collabo a o s, bold mission, and s ong
ocus on clien s
Zook and Allen (2016)
Fo ma ion o he immedia e en i onmen ,
s imula ion o de elopmen o o he s,
os e ing posi i e mo i a ion
Zak zewska- Bielawska (2009);
A ms ong (2000); A ms ong and
Ba on (2005); Hecking (2002)
Owne s’ capaci y o sel - e lec ion and
hei unde s anding o he company’s
p ospec s
Baczyńska (2018); Zamo ski (2003);
Obłój (2004)
Loyal y o owne s and manage s o he
company
Wood u e (1991); Boya zis (1982);
Hecking (2002)
Se ing long- e m goals and choice
o p io i ies conduci e o company
de elopmen
Lumpkin B igham, and Moss (2010)
Pa ience in accomplishing business goals Zak zewska- Bielawska (2009); Obłój and
Sengul (2012)
Emo ional ma u i y o manage s and
s ess esis ance
Lu hans (2002); Zak zewska- Bielawska
(2009); Baczyńska (2018)
Pe sonal b and Lang ish, Gibbons, E ans, and Je ons
(1972); De Che na ony and Segal- Ho n
(2003); Ca lsson (2001); G zesiak
(2018)
Sou ce: Au ho ’s own elabo a ion based on he li e a u e e iew.
Table 3.10 (Con inued)
100 The sha eholde ’s ole in alue c ea ion o IT sec o companies
managemen boa d) ma ke oppo uni ies and gua an ee he b and o he company
wi h he pe sonal b and o s akeholde .
Simul aneously, he pa hs o sha eholde s o exe an impac on he e i-
cien c ea ion o company alue, in pa icula by accep ing and assigning
adequa e p io i ies o he asks pe o med o he company, o m a s ong pa
o he p axeological app oach. Acco ding o L. on Mises (1949, 1960), eco-
nomics is s ongly ela ed o he gene al heo y o human ac ion. Following
his discussion, i may be concluded ha i p axeology is an a p io i and
deduc i e science, e bal deduc ion esul ing om he obse ed assump ions
is a cogni i e me hod. I , in u n, such assump ions a e conside ed ce ain,
hen by c ea ing axioms, hey allow o he adop ion o he axiom o human
ac ion as ob ious (Ro hba d, 1973; Bowley, 1949; Hu chinson, 1973). In u n,
in he con ex o he p esen ed esea ch p oblem, his leads o he conclu-
sion ha he sha eholde s become engaged in conscious ac ions o accom-
plish he goals hey ha e se . The men al a gumen e ealed he possibili y
o cons uc ing a esea ch model desc ibing he implica ions o sha eholde s’
choices (Figu e 3.3).
As a consequence o he li e a u e e iew, a syn hesis o he esea che s’
iews supplemen ed wi h he esul s o he esea che s’ own ini ial (pilo )
s udies, a signa u e p oposal o a “ca alogue o asks” and a “ca alogue o
s ances” o sha eholde s was p oposed. The compiled ca alogues we e applied
in he esea ch ools as diagnos ic a iables (Table 3.11).
3.4 P emises o ins umen s suppo ing sha eholde decisions
To p epa e a concep o a p o o ype ins umen suppo ing sha eholde s’
decisions in he con ex o he ole pe o med o he company’s bene i , i
was necessa y o es ablish a me hod allowing o he applica ion o esul s
Figu e 3.3 Implica ions o sha eholde s’ choices in he con ex o shaping he company’s
capaci y o long- e m alue c ea ion.
Sou ce: Au ho s’ own elabo a ion based on li e a u e e iew.
The sha eholde ’s ole in alue c ea ion o IT sec o companies 101
(Con inued)
Table 3.11 Lis o diagnos ic a iables o he esea ch model (“ca alogue o asks” and
“ca alogue o s ances”) – he na ow app oach
Name o
ca alogue (g oup
o a iables)
Desc ip ion o diagnos ic a iable Designa ion
o diagnos ic
a iable*
Ca alogue o
asks
Building a ne wo k o ela ions ( ela ional capi al) zd1
Obse ing he economic en i onmen and asking
wha should be changed in he company o
imp o e compe i i eness
zd2
Supply o inancial capi al zd3
Taking in e es in opinions abou he company zd4
No icing eme ging oppo uni ies and ac ing o ake
ad an age o hem (analysis o ma ke ends and
compe i o s’ ac ions)
zd5
Supe ising he cos and e enue ela ionship zd6
Rec ui ing alen ed manage s and associa es zd7
Sea ching o own successo s zd8
S imula ing he immedia e en i onmen o
associa es o help hem de elop, main aining
hei high engagemen in e ms o accep ing new
challenges
zd9
Building he ecognisabili y o he company’s
b and by building a gua an ee o us in he
company
zd10
Ensu ing di e si y in managemen zd11
Ac ing as he nego ia o (a bi e ) in c isis si ua ions zd12
Renewal o ebellious s ance (bold mission,
insu gency)
zd13
Owne ’s app oach ( ocus on ac ion, s ong
concen a ion, a e sion o bu eauc acy)
zd14
F on line obsession (suppo , expe imen a ion) zd15
Ongoing de elopmen o he pe sonal po en ial o
a sha eholde ( o unde s and he su ounding
wo ld and he ules go e ning i be e )
zd16
De eloping leade ship in he company (cha isma ic
leade ship in he con ex o he ole o he
managemen boa d and dis ibu ed as pa o HR
eams)
zd17
Building a s ong o ganisa ional cul u e based on
heal hy p inciples, allowing i o las and o g ow
zd18
Ca alogue o
s ances
Loyal y h ough long- e m engagemen in he
obliga ions accep ed wi h espec o he company
ps1
Readiness o pu he company’s goals abo e
pe sonal goals (shaped by he company’s goals)
ps2
Abili y o ekindle one’s own passion o new
challenges
ps3
Mee ing obliga ions owa ds s akeholde s ps4

102 The sha eholde ’s ole in alue c ea ion o IT sec o companies
om a ious case s udies. By means o he ex ac ion o ea u es o diagnos ic
a iables, i was possible o wo k ou such measu es ha allowed o he pe -
o mance o compa a i e analyses, he p ocess o conclusion and hei imple-
men a ion in he cons uc ed ins umen (p ognos ic ool). When a emp ing o
no malise he esea ch pe iods, decisions we e made abou he use o g oups
o mode a ing a iables o each examined case, in e ms o he company’s
po en ial and he ma ke po en ial, iden i ied a he s age o concep ualisa ion
and ope a ionalisa ion o he esea ch model (as pa o he gene al app oach).
A he same ime, he a iable o sha eholde s’ po en ial was applied as
equi alen o he “company po en ial” (PS) a iable and he “ma ke po en-
ial” (PR) a iable as mode a ing a iables ins ead o he media ing a iable,
as indica ed in he model o shaping he dependence o he sha eholde ’s ole
and he e icien c ea ion o company alue. Such an app oach is jus i ied o
he simpli ica ion o he adop ed model and he goal o he s udy ha was
se . A g aphic ep esen a ion o he upda ed esea ch model is p esen ed in
Figu e 3.4.
As a consequence o he a angemen s abo e, an upda ed (no malised in
he con ex o sou ce da a) esea ch model o he pu pose o compa a i e
analyses (a emp s o shape gene alisa ions om case s udies) and he p epa -
a ion o a p o o ype o an ins umen suppo ing he sha eholde s’ decisions,
accoun ing o he diagnos ic a iables, was applied (Table 3.12). The p oposed
model e ains i s alidi y as a signi ican imp o emen on he esea ch model
desc ibing he na ow app oach (“ca alogue o asks” and “ca alogue o s ances”
o a sha eholde ).
Name o
ca alogue (g oup
o a iables)
Desc ip ion o diagnos ic a iable Designa ion
o diagnos ic
a iable*
Readiness o e i y own iews (logic o
unde s anding he economic en i onmen ) and
capaci y o adjus own iews and ac ions
ps5
High le els o men al and physical esis ance ps6
Open mani es a ion o us in associa es ps7
Focus on he ongoing de elopmen o he en e p ise
(company)
ps8
Pa ience in wai ing o esul s combined wi h
consis ency o asks pe o med and obliga ions
ps9
Sou ce: Au ho s’ own elabo a ion based on he li e a u e e iew and own pilo s udies.
No e
* Fo he p oposed a iables, he Like ( i e- poin ) scale was adop ed as he esea ch ool.
Table 3.11 (Con inued)
The sha eholde ’s ole in alue c ea ion o IT sec o companies 103
(Con inued)
Figu e 3.4 Simpli ied ou line o he upda ed esea ch model accoun ing o he
ela ionships be ween asks pe o med by sha eholde s and he s ances
adop ed by hem – na ow app oach.
Sou ce: Own s udy based on he concep ualisa ion and ope a ionalisa ion o he esea ch model.
Table 3.12 Lis o a iables in he upda ed esea ch model: na ow app oach
Type o diagnos ic a iable Desc ip ion o diagnos ic a iable
Auxilia y (in o ma ion)
a iable
Obse a ion index (op ional)
Auxilia y (mode a ing)
a iable – al e na i e
app oach
S age o company de elopmen * (ca ego ical
a iable – class)
Auxilia y a iables
(mode a ing in he model)
Le el o agg ega e esea ch a iable Sha eholde s’
Po en ial** (no included in he p ognos ic model)
Le el o agg ega e esea ch a iable Company
Po en ial***
Le el o agg ega e esea ch a iable Ma ke
Po en ial**** (no included in he p ognos ic
model)
Independen a iables (basic) G oup o a iables X1– X18 (nume ical a iable)
Dependen a iables (basic) Y a iable (MVA) (ca ego ical a iable – class)
Sou ce: Own s udy based on he concep ualisa ion and ope a ionalisa ion o he esea ch model.
No es
* Nominal scale: en ep eneu ship, g ow h, ma u i y (including s abilisa ion), and decline and
e i al (including ans o ma ion).
104 The sha eholde ’s ole in alue c ea ion o IT sec o companies
Including he supplemen a y s udies in he esea ch p ocedu e (apa om
he examina ion o he s eng h and di ec ion o dependence o diagnos ic
a iables indica ed in he esea ch model) ha a e ela ed o he quali y ana-
lysis o condi ions o shaping he sha eholde – company alue ela ionship
p o ides new e idence o he p ocess o d awing scien i ic conclusions. In
pa icula , he pe o mance o a compa a i e analysis o a manage / sha e-
holde and an ou sou ced manage wi h espec o he business challenges
iden i ied (business scena ios) in he con ex o he impac on he e iciency
o long- e m c ea ion o company alue is a aluable esea ch issue. Such
an app oach also unde lies he p emise ha he loca ion o he s udy in he
Polish IT sec o esul s in he ac ha companies ul illing he SME c i-
e ia a e a de ini e majo i y o companies ope a ing in he sec o , whe e
he manage ial oles a e pe o med by hei co- owne s. An o e iew o he
esea ch me hods and ools, including simpli ied cha ac e is ics, is p esen ed
in Table 3.13.
In he p ocess o empi ical s udies, an expe sample was selec ed and
pa icipan s’ accep ance was sough o coope a ion as pa o such s udies; cyc-
lical mee ings we e held, along wi h elephone con e sa ions and elec onic co -
espondence, he pu pose o which was o compile opinions abou he p esen ed
esea ch issue. Gi en he high complexi y o he esea ch p oblem, he b oad
ange o he esea ch ools and he limi ed a ailabili y o pa icipan s, he pe iod
o da a compila ion exceeded 12 mon hs. Each pa icipan was in i ed o gi e an
opinion on mo e han 100 diagnos ic ques ions, usually du ing se e al sessions
o mee ings and con e sa ions, which simul aneously inspi ed he au ho o
engage in u he in- dep h s udies.
** Fi e- poin Like scale (1 – e y low, 5 – e y high), whe e he le el was es ima ed as he a i h-
me ic mean o independen a iables o he esea ch model, assigned o he g oup o a iables
“Sha eholde s’ Po en ial”.
*** Fi e- poin Like scale (1 – e y low, 5 – e y high), whe e he le el was es ima ed as he a i h-
me ic mean o independen a iables o he esea ch model, assigned o he g oup o a iables
“Company’s Po en ial”.
**** Fi e- poin Like scale (1 – e y low, 5 – e y high), whe e he le el was es ima ed as he a i h-
me ic mean o independen a iables o he esea ch model, assigned o he g oup o a iables
“Ma ke Po en ial”.
I no answe s allowing o he es ima ion o he agg ega e a iable we e o hcoming, hen he alue
o he a iable was es ima ed du ing he in e iew wi h he esponden as pa o he simpli ied s udy
wi h he applica ion o a compa a i e scale in ela ion o he immedia e compe i o s (also wi h he
applica ion o a i e- poin Like scale, whe e 1 – de ini ely lowe han ha o he compe i ion, 5 –
de ini ely highe ).
Table 3.12 (Con inued)
The sha eholde ’s ole in alue c ea ion o IT sec o companies 105
Table 3.13 O e iew o applied esea ch ools along wi h hei cha ac e is ics: own empi ical s udies
Da a compila ion
me hod
Resea ch issue Resea ch ool Cha ac e is ic o designed esea ch ool
Delphi me hod (a eam
o up o 30 expe s)
Iden i ica ion o a
sha eholde ’s ole in he
IT sec o
Ques ionnai e
su ey
(diagnos ic
ques ions)
In o al, 12 main ca e e ia ques ions we e applied ha equi ed
o de ing he answe s on a i e- deg ee Like scale (1– 5) o a
bipola scale
(applied in supplemen a y s udies)
No ional
de ini ions – c i ical
app oach and assessmen
o he IT sec o ’s
po en ial
In o al, i e main ca e e ia ques ions we e applied ha equi ed
o de ing he answe s on a i e- deg ee Like scale (1– 5)
o he es ima ion o signi icance (weigh ) o he indica ed
cha ac e is ics
(applied in supplemen a y s udies)
Analysis o he ela ionship
be ween sha eholde s
and he company’s
capaci y o long- e m
alue c ea ion
In o al, 16 main ca e e ia ques ions we e applied ha equi ed
o de ing he answe s on a i e- deg ee Like scale (1– 5) o a
bipola scale
(applied in supplemen a y s udies in and esea ch models o
“Manage ial ole” and “Ca alogue o asks”/ ”Ca alogue o
s ances”)
Company case s udy
(ne - o- logy) and
subsequen case
s udies o ou IT
companies
Analysis o he ela ionship
be ween sha eholde s
and he company’s
capaci y o long- e m
alue c ea ion
Ques ionnai e
su ey
(diagnos ic
ques ions)
Ten chap e s we e used wi h he main diagnos ic ques ions (in line
wi h he indica ed g oups o diagnos ic a iables in he esea ch
model) con aining o e 100 diagnos ic ques ions measu ing he
applied measu es (s eng h o he esea ch a iable)
(applied o esea ch models “Manage ial ole” and “Ca alogue o
asks”/ “Ca alogue o s ances”)
Sou ce: Own s udy based on he planned and comple ed p ocess o empi ical s udy.
newgen pd
112 Sha eholde s s. e iciency o alue c ea ion in IT companies
The s udy was di ided in o esea ch issues, wi h wo o h ee in e ac ions
be ween he esea che and he expe . This mode o s udy pe o mance gua -
an eed e ec i eness, a high le el o engagemen , and he con inued in e es o
expe s. A signi ican ad an age o he esea ch p ocess was aking he esul s
in o accoun and holding discussions wi h selec ed ep esen a i es o he expe
g oup abou he esul s ecei ed, which o e ed conside able suppo in he
p ocess o he analysis o esul s and scien i ic easoning. A he same ime,
i p o ided an elemen o delibe a ion and in- dep h conside a ion, bo h o he
au ho s and he ep esen a i es o he g oup o expe s.
The esul s o he s udy we e p ocessed wi h he use o desc ip i e s a is ics
(measu es o loca ion and measu es o a ia ion) o each o he diagnos ic
ques ions included in he empi ical s udy. A b oad pe spec i e o he IT sec o
was adop ed o e e y ques ion (ca ego y o loca ion in he supply chain in
he IT sec o ), as was a long- e m assessmen ho izon (ca ego y o longi u-
dinal s udies) no sho e han 10– 15 yea s (o i e yea s in excep ional cases),
calcula ed o bo h companies and hei sha eholde s.
Taking in o accoun he me hodological es ic ions wi h espec o he appli-
ca ion o he esul s o he expe g oup in he p ocess o analysing he esul s,
he o mula ion o gene alisa ions and he e i ica ion o esea ch hypo heses,
he adop ed esea ch me hod was e i ied wi h espec o he le els o com-
pliance o he expe opinions (as sou ces o empi ical da a). Simul aneously,
he complexi y and b ead h o he s udies equi ed a sample o he e i ica-
ion o esul s. In he con ex o he alidi y o he issues add essed, as well as
he numbe o diagnos ic ques ions applied, he au ho s chose wo a eas ha
may allow o he o mula ion o opinions in he con ex o he e i ica ion
o he le el o compliance. The da a sou ced om he expe s we e subjec ed
o a s a is ical analysis encompassing he de e mina ion o measu es o loca-
ion and he e alua ion o he compliance o a gi en opinion. The mos e-
quen ly applied measu es o loca ion a e posi ion measu es, i.e. he median
and he mode. Following he opinion o M. Cieślak, expe compliance may
be cha ac e ised by means o measu es o a ia ion. The choice o he measu e
o assess he compliance o expe opinions is made depending on he scale on
which he expe s’ s a emen s a e measu ed. I s ong scales we e used, i.e. an
in e al scale o a a io scale, he in e - qua ile ange is used o assess he com-
pliance ( o he i s and hi d qua ile) (Cieślak, 1997). To assess he compli-
ance o expe opinions, he au ho s included s udies unde aken acco ding o a
na ow app oach o he o ma ion o sha eholde s’ impac and company alues
in he p ocess o e i ica ion (sha eholde s’ asks and s ances in he con ex o
sha eholde s’ impac on e icien alue c ea ion). To his end, a s a is ical ana-
lysis was unde aken.
The au ho s assumed ha he esponden s’ opinions we e complian i
he a e age in e - qua ile dis ance did no exceed 1.00 (20% o he alue on
he measu emen scale used). Fo he ela ionship be ween sha eholde s and he

Sha eholde s s. e iciency o alue c ea ion in IT companies 113
e icien c ea ion o company alue in he na ow app oach (ca alogue o asks,
ca alogue o s ances) in he esea ch model a esul below 1.00 was ecei ed,
which p o es ha he esponden s’ iews a e complian . Wi h espec o he
assessmen o compliance, Z. Bobowski oices a simila opinion, claiming ha
a le el o a ia ion below 25% should be conside ed low (Bobowski, 2004).
Gi en he esul s o empi ical s udies, he au ho s es ima ed he a i hme ic mean
and he s anda d de ia ion o each o he esea ch ques ions. Such an app oach
allows o he assessmen o he le el o a ia ion in applying he a ia ion
coe icien , de ined as he quo ien o s anda d de ia ion om he sample and
he a i hme ic mean o he sample (K ysicki, Ba os, Dyczka, K ólikowska, &
Wasilewski, 2006). In he con ex o empi ical s udies, he sample is a g oup o
expe s who assess a quali y (diagnos ic ques ion). As mani es ed by J. Mucha, i
he a ia ion coe icien is wi hin he ange o 0%– 20%, i may be assumed ha
he le el o a ia ion among he esul s is low, o he ange o 20%– 40% i is
a e age, and abo e 40% i is high (Mucha, 1994). Following his app oach, he
au ho s e i ied he le el o a ia ion o andomly selec ed diagnos ic ques ions
(no less han 30% o he esea ch ques ions). F om he au ho s’ iewpoin , he
le el o compliance o he expe s’ opinions, ob ained du ing he empi ical
s udies wi h he use o he Delphi me hod, o e s a basis o assuming ha he
le el o compliance is high. This is con i med by he a ia ion esul s (Vś ) ha
a e a a “low” le el ( alues wi hin he ange o 0.07– 0.16), whe e, in u n, he
maximum alue does no exceed 0.36 (a e age) o each o he analysed esul s
o diagnos ic ques ions.
As a consequence o he p ocess o e i ica ion o expe compliance, he
au ho s assumed ha he esul s ob ained make i possible o deem he ou comes
o empi ical s udies aluable and eliable in e ms o applica ion in he p ocess
o scien i ic easoning.
Sha eholde s in manage ial oles
In line wi h he iews o H. Min zbe g, in he con ex o he asks pe o med and
powe s held, manage ial oles may be assigned o h ee key a eas: decisional,
in e pe sonal, and in o ma ional (Min zbe g, 1973). In he expe s udy, he sig-
ni icance o manage ial oles in he IT sec o was de e mined as being a high
(sec o o la ge en e p ises, le el 4.46 on a i e- poin Like scale) and mode a e
(SME sec o , le el 3.58) le els. These da a co obo a e p io assump ions o
he au ho s abou he necessi y o ex ending he esea ch a eas o he na ow
app oach (concep ualisa ion o he esea ch model, Chap e 3), which indica es
he asks pe o med by he sha eholde s o he bene i o he company o
s ances adop ed wi h espec o he company. I is also supplemen ed by business
scena ios and compa a i e analyses o manage s (ca ego ies o capi al links wi h
he company). A he same ime, he high le el o expe s’ (manage s’) app oach
o managemen is a aluable obse a ion, wi h sepa a ion o managemen a eas
114 Sha eholde s s. e iciency o alue c ea ion in IT companies
h ough manage ial oles in la ge en e p ises, which may es i y o he high le el
o ma u i y o he IT sec o .
Following his ail o hough , he au ho s e i ied whe he he iden i ica ion
o manage ial oles ha esul om new business scena ios pe o med by he
sha eholde s in companies in he sho e m is also signi ican in he con ex
o company alue c ea ion. The esul s ob ained may con i m he conclusion
pe aining o he ma u i y o he Polish sec o o la ge IT en e p ises, whe e
he p ac ice o sepa a ing manage ial a eas by holding manage ial oles in bo h
sho - and long- e m ho izons ends o be p edominan . In u n, in he SME
sec o , he model o dynamic changes in manage ial oles as a esul o adjus -
men o new challenges and si ua ions was applied mo e o en han in la ge
en e p ises.
In he cou se o he s udies, he au ho s also e i ied whe he a sha eholde ’s
manage ial ole (in line wi h H. Min zbe g’s heo y) in a company mus be
clea ly de ined in he con ex o i s impac on he company’s capaci y o alue
c ea ion om a long- e m pe spec i e o de ined ypes o companies ( he com-
pany size c i e ion). The esul s show ha :
• la ge companies wi h a highe le el o ma u i y clea ly s i e o p o es-
sionalise manage ial oles (unde s ood as he sepa a ion o managemen
a eas);
• lexibili y in he adop ed manage ial oles is essen ial – mee ing he sho -
e m objec i es se in new business scena ios (o ganisa ional challenges,
ex e nal ci cums ances) as a ac o conduci e o building he agili y equi ed
o su i al in a dynamic business en i onmen .
A he same ime, he au ho s e i ied whe he he absence o clea ly
de e mined manage ial oles pe o med by a sha eholde does no ad e sely
a ec alue c ea ion o business and o ganisa ional scena ios. In cases whe e
he manage ial ole has no been clea ly iden i ied, he scena io app oach o
he a eas and ca ego ies o accoun abili y (scope o manage ial compe ence)
shows a a ie y o dependences, bo h wi h espec o company size and acqui ed
expe iences:
• in la ge en e p ises, he le el o compliance wi h he hesis (i.e. he lack o
clea speci ica ion o he ole does no ad e sely a ec he capaci y o alue
c ea ion) is assessed as being a a low o e y low le el, which shows ha , in
la ge en e p ises, impo ance o manage ial oles is signi ican in he con ex
o e icien alue c ea ion;
• in he case o SMEs, i posi i e expe iences o manage s’ associa es (4.08
on a i e- poin Like scale) and a high le el o compliance o sha eholde s’
objec i es (3.46) a e p esen , hen lexibili y in he o ma ion o manage ial
oles pe o med by he sha eholde s, along wi h he speci ica ion o he scope
Sha eholde s s. e iciency o alue c ea ion in IT companies 115
o manage ial compe ence (e.g. an o ganisa ional a ea in an en e p ise) may
be o alue o he company when i comes o building i s ope a ional agili y.
As a side no e, he au ho s also s udied he speci ic dependence a ec ing he
decisions on keeping a sha eholde wi hin he s uc u e o a company’s manage-
men o ou side o i as a ela ionship o dependence o wo ac o s: he le el
o compliance o he managemen boa d’s objec i es (and modes o conduc )
and he amoun (whe he inancial capi al o es ima ed company alue) ha a
sha eholde has in es ed in a gi en company. The s udy was conduc ed in he
o m o b ains o ming, and a ce ain ecommenda ion o he sha eholde s was
o mula ed, which may in luence he ini ial decision pe aining o he ules o
choosing manage ial oles in a company. The s udy o e s a p emise o eaching
he conclusion ha , oge he wi h an inc ease in he scale o in es men s in
a company, he sha eholde s’ ocus on assuming s ong manage ial oles
(decisional, in e pe sonal) is g owing; i is mode a ed by he le el o compliance
o objec i es (bo h on he sha eholde le el and mani es ed by he managemen
boa d ha was appoin ed). I his le el is high, he sha eholde s a e mo e eady
o sha e he a eas o managemen wi h o he s.
Change o sha eholde s’ manage ial oles in a company: ba ie s and
ac o s conduci e o change
The iden i ica ion and analysis o he s eng h o ba ie s o he in oduc ion
o changes by he sha eholde s and he ac o s ha mo i a e hem o decide
on a change ha e been shown o be alid in he con ex o he analysis o he
impac o manage ial oles assumed by sha eholde s on he e iciency o long-
e m company alue c ea ion. In he cou se o he s udy, he au ho s e i ied he
s eng h o he impac o ac o s (on he pa o a sha eholde and desc ibed as
business scena ios) on he po en ial dis up ion o a company’s ( o he SME ca -
ego y) capaci y o alue c ea ion when a sha eholde decides no o change his/
he ole. I was no ed in he cou se o he s udy ha :
• a change o manage ial oles by sha eholde s (in he SME sec o ) was
combined wi h he sea ch o he poin a which such a change inc eases he
company’s po en ial o e icien ly c ea e i s alue (o slow down he speed o
i s deg ada ion);
• he impac o change o he manage ial in o ma ional ole assumed by he
sha eholde s was he weakes (mos o en de ined as low).
The signi icance o he impac o a change o oles – manage ial, in e pe sonal,
and decisional – in he con ex o company alue c ea ion was es ima ed on a
simila le el, which may o e a p emise o posi ioning he in e pe sonal ole in
he IT sec o on a pa wi h he manage ial decisional ole. Such an opinion also
116 Sha eholde s s. e iciency o alue c ea ion in IT companies
seems o be con i med by he iew ha in he echnology and se ice sec o s,
people and hei alen s a e he key esou ce, while HR managemen poses a sig-
ni ican challenge o manage s. The signi icance o human capi al in company
alue c ea ion is highligh ed by a numbe o au ho s. The key igge s o he
change o he ole, in he con ex o p ese ing he company’s oppo uni ies o
alue c ea ion ha he sha eholde s should accoun o , include de e io a ion o
heal h (4.91 on a i e- poin Like scale), ailu e o unde s and he cu en ules
o compe i ion in he sec o (4.45), exhaus ing he known me hods o manage-
men (in pa icula wi h espec o he decisional ole), and he de e io a ion o
one’s pe sonal b and (in pa icula wi h espec o he in e pe sonal ole).
The au ho s also in es iga ed he s eng h o ba ie s o a change in man-
age ial oles in he con ex o consequences o omissions o ailu e o no ice
he necessi y o he decision pe aining o such a ole change ( alue deg ad-
a ion, s a egic d i ). High and e y high le els o ba ie s ela ed o pe sonal
conce ns and con ic ions we e obse ed in he cou se o he s udy: nobody is
going o handle he company’s business be e (4.41 on a i e- poin Like scale),
a low le el o us in associa es and he di ec en i onmen o he sha eholde
(3.50). A clea ba ie , and a he same ime a limi a ion o he decisional a ea,
was he sha eholde ’s s ong posi ion as a leade wi h a clea pe sonal b and
(4.41) and ea ing he company as a “ ounding a he ” (4.59). When compa ed
ac oss SMEs and la ge en e p ises, a highe le el o ba ie s was ound in SMEs
(one le el highe on a i e- poin Like scale) wi h one excep ion e e ing o he
obse ance o con iden iali y as i pe ains o he modes o conduc ; in such a
case, he ba ie is highe o la ge en e p ises. Simul aneously, he esponden s
indica ed ha he highes impac o ba ie s in he con ex o a company’s cap-
aci y o c ea ing i s alue e e s o hese ac o s ha a e s ongly ela ed o he
un ul illed asks (du ies) o shaping he pe sonal po en ial o di ec associa es
(no successo s – le el 4.18), which is pa icula ly isible in SMEs.
In he cou se o he s udy, i was also no ed ha he ans o ma ion o he
manage ial ole may be a ool o s a egic and ope a ional managemen on he
pa o he sha eholde s. Hence, an assessmen o ma ke expe iences (man-
agemen p ac ices) was made wi h espec o he change o manage ial oles
by he sha eholde s. The au ho s e i ied whe he he e was an ac ual (no only
o mal, bu also wi h espec o he le el o demons a ed compe ence) change
o manage ial oles ul illed by sha eholde s in IT companies. The esul s show
a mode a e (a e age) le el o ac ual ans o ma ions o manage ial oles held by
he sha eholde s.
Wi h a iew o u he iden i ying he ans o ma ion o manage ial oles (o
he absence he eo ), an a emp was made o assess he equency o posi i e
e ec s o he ans o ma ion o manage ial oles (by sha eholde s) and scena ios
whe e he absence o such a ans o ma ion does no educe he company’s e i-
ciency in e ms o long- e m alue c ea ion. The esul s ob ained may o e a
basis o he conclusion ha he ans o ma ion o he manage ial ole ansla es
Sha eholde s s. e iciency o alue c ea ion in IT companies 117
o a signi ican h ea o he company’s abili y o e ain i s capaci y o alue
c ea ion in he u u e. An obse a ion was made du ing he ini ial s udies ha
he e is a lowe isk o change – in pa icula in he SME sec o – when he ans-
o ma ion o manage ial oles is made wi h he use o di ec associa es a he
han sea ching o candida es on he ma ke and appoin ing hem o manage ial
posi ions (in pa icula he successo s o sha eholde s).
A he same ime, i was no ed ha in some cases he absence o he ans-
o ma ion o he ole does no necessa ily ha e o educe he company’s cap-
aci y o e icien and long- e m alue c ea ion. The key aspec s lis ed by he
esponden s included he leade ’s abili y o sha e decisional powe s (3.50 o
SMEs and 4.14 o la ge en e p ises on a i e- poin Like scale) and he s ong
isiona y compe ence o he sha eholde , combined wi h us in he abili y
o mee obliga ions (3.77 in SMEs and 4.23 in la ge en e p ises). A he same
ime, he esponden s s essed ha in case no ans o ma ion was iden i ied on
he le el o a manage ial ole wi h a simul aneous clea di ision o du ies and
sha ing o liabili y, such a ans o ma ion may be he i s s ep owa ds he ull
ans o ma ion o manage ial oles in he u u e.
The key conclusion ha ollows om he da a compiled is ha ans o m-
a ion is necessa y in companies; i conduc ed e icien ly (well- p epa ed and
communica ed), i may signi ican ly a ec he company’s long- e m capaci y
o alue c ea ion.
4.2 Sha eholde s in he con ex o alue c ea ion
The alue o a company ope a ing in he IT sec o
When looking o de e minan s shaping company alue in he con ex o he
place o an IT company in he supply chain, he au ho s e i ied he s eng h
o impac o he iden i ied g oups o ac o s ( inancial, ma ke ing, in angible)
on long- e m company alue c ea ion. The s onges impac o inancial ac o s
is isible in IT dis ibu o s (0.6 on a scale om 0.00 o 1.00, whe e 1.00 is he
o al o he speci ied g oups o ac o s) and p oduce s (0.4), which de e mined
he dominan sha e o he ac o in he company’s capaci y o alue c ea ion. In
u n, in companies ha deli e added alue, he in angible ac o was p edom-
inan ( o a s a - up, he le el was 0.7, while o an IT p o ide i was 0.6, and
o an in eg a o 0.5). F om he au ho s’ iewpoin , his is a alid obse a ion
ha may o e he sha eholde s a guide o which ac o s a e mos conduci e o
building he company’s capaci y o alue c ea ion.
IT sec o : cu en s a us and p ospec s
When a emp ing o assess he condi ion o he IT sec o and he di ec ions o
u he ans o ma ion, he ways in which he po en ial (abili y o accep new

118 Sha eholde s s. e iciency o alue c ea ion in IT companies
challenges) and he compe i i e posi ion o companies would change we e e i ied
by aking a compa a i e app oach o he ca ego y o posi ion in he supply chain
in he IT sec o (and s age o ope a ion: s a - up) in he nex h ee o i e yea s.
In he assessmen o expe s, he IT sec o is cu en ly unde going a ho -
ough ans o ma ion which will be e e mo e in ense in he coming yea s. In
Chap e 2 o his pape , he au ho s p esen ed he ans o ma ion cycle o an IT
company om a e- selle (pa ne o global supplie s, limi ed o a comme cial
ep esen a i e) o he ole o a s a egic pa ne , an ad ise and a supplie o se -
ices in IT p ojec s (s a egic se ice p o ide [SSP]).
In he cou se o he s udy, low de elopmen po en ial was no ed o ha d-
wa e supplie s, in con as o he good p ospec s o hose IT companies ha a e
in en on deli e ing IT as a se ice in hei business models and s a egic choices
(4.00 on a i e- poin Like scale), o e ing ad ice (4.17) and da a dis ibu ion
(4.39), oge he wi h supplie s o applica ions (3.89). This iew was con i med
by s udies on which o he iden i ied models o IT companies (sys em p oduce ,
eselle , VAR, so wa e house, da a sou ces, CSP, SSP, hyb id company clien –
IT supplie ) inc ease he company’s chances o building long- e m alue in he
nea es u u e ( h ee o i e yea s). The dominan model is ha ela ed o man-
agemen and da a supply (da a sou ces – 4.28, which is consis en wi h he ype
o ac i i y, namely ha o a da a dis ibu o ) and se ice p o ision (CSP – 3.94,
and SSP – 4.06).
Sha eholding in he IT sec o : cu en s a us and p ospec s
A look in o he u u e is also o he essence, in e ms o a eliable esolu ion
o he esea ch p oblem in he con ex o IT companies, by in es iga ing he
ollowing ques ion: which alues should IT companies con ibu e o he eco-
nomic en i onmen ? as well as enqui ing abou hei sha eholde s: who should
be he u u e sha eholde in he IT sec o ?
In he opinions o expe s, he a eas o ac i i ies ha a e p edominan o
cu en sha eholde s in IT companies ( alid a he ime o p epa a ion o he
esea ch p ocess) a e as ollows: a sha eholde gua an ees ela ionships (le el
3.72 on a i e- poin Like scale) and inno a i e ideas (3.83). In he u u e, he
abo e- men ioned a eas o ac i i y will emain p edominan , ye he a ea o lead-
e ship will ha e g ea e po en ial o exe ing a g owing impac in he con ex
o he e icien c ea ion o company alue (cu en le el 3.06, u u e – 3.83).
The abo e obse a ion may o e inspi a ion o sha eholde s as o he a eas
on which hey should ocus hei pe sonal ac i i ies and a eas ha hey should
delega e o o he economic ope a o s o di ec associa es. A he same ime, he
esponden s no ed ha he limi ed ole o capi al supplie s is alid in he cu en
mac oeconomic si ua ion ( he wide a ailabili y o deb capi al and inancing
wi h he use o in es men unds o he assessmen pe o med in 2019). I he
cen al banks change hei app oach, his ac o , namely capi al supplie s, may
Sha eholde s s. e iciency o alue c ea ion in IT companies 119
mode a ely inc ease hei signi icance o a le el exceeding 3.00 (on a i e- poin
Like scale).
Sha eholde s in he con ex o alue c ea ion: he na ow app oach o he
esea ch model (ca alogue o asks)
When examining he o ma ion o dependence be ween he e iciency o long-
e m alue c ea ion and he ac i i ies ( asks) pe o med by he sha eholde s o
he bene i o he company, an a emp was made o de e mine he s eng h o
his ela ionship.
In he ca alogue o asks, he ollowing ac ions o a manage / sha eholde
we e iden i ied and designa ed as independen a iables: building a ne wo k o
ela ions ( ela ional capi al); obse ing he economic en i onmen and asking
wha should be changed o imp o e compe i i eness ( o unde s and he business);
aking in e es in opinions abou he company; no icing eme ging oppo uni ies
and ac ing o ake ad an age o hem (analysis o ma ke ends and compe i o s’
ac ions); supe ising he ela ionship be ween cos s and e enue; ec ui ing al-
en ed manage s and associa es; sea ching o one’s own successo s; s imula ing
he immedia e en i onmen o associa es o help hem de elop, main aining
high le els o engagemen in e ms o accep ing new challenges; building he
ecognisabili y o he company’s b and; no icing nega i e pe spec i es o he
company; ensu ing di e si y in managemen ; ac ing as he nego ia o (a bi e ) in
c isis si ua ions; he enewal o a ebellious s ance (bold mission, insu gency);
he owne ’s app oach ( ocus on ac ion, s ong concen a ion, an a e sion o bu -
eauc acy); on line obsession (suppo , expe imen a ion); he ongoing de el-
opmen o he pe sonal po en ial o a sha eholde , de eloping leade ship in he
company (cha isma ic leade ship in he con ex o he ole o he managemen
boa d and dis ibu ed as pa o human esou ce eams); and building a s ong
o ganisa ional cul u e based on heal hy ules allowing i o las and o g ow.
The esul s ob ained show ha he s eng h o impac (o he asks pe o med
on he e iciency o alue c ea ion) is highe in SMEs ( o he majo i y o he
iden i ied ac ions) han in la ge en e p ises, which leads o he conclusion ha
SME sha eholde s mus mani es a highe le el o igilance and engagemen in
hei asks so as no o o e look signi ican decisional momen s, as well as con-
inually sea ching o and con ibu ing alue o he en i onmen o associa es
and he po en ial o he company. The highes le el o signi icance o ac ions
aken, in he con ex o building he company’s capaci y o alue c ea ion,
was indica ed o ac ions such as he obse a ion o he economic en i onmen
and asking wha should be changed in he company o imp o e compe i i e-
ness (le el 4.09 in SMEs and 3.59 in la ge en e p ises on a i e- poin Like
scale), building a s ong o ganisa ional cul u e (4.09 in SMEs and 3.45 in la ge
en e p ises), no icing eme ging oppo uni ies (4.14 in SMEs and 3.73 in la ge
en e p ises) and ac o s ela ed o he ounde ’s men ali y (4.14 in SMEs and
120 Sha eholde s s. e iciency o alue c ea ion in IT companies
3.77 in la ge en e p ises) in he choices made by he company ( on line obses-
sion, enewal o a ebellious s ance, he owne ’s app oach), he ec ui men o
manage s (4.23 in SMEs and 4.04 in la ge en e p ises), and ensu ing di e si y in
managemen (3.95 in SMEs and 4.05 in la ge en e p ises).
Sha eholde s in he con ex o alue c ea ion: business scena io app oach
The au ho s also analysed business scena ios in which sha eholde s should
emain wi hin he managemen s uc u e (in manage ial oles, e en wi h a
limi ed a ea o accoun abili y) in o de o p ese e he company’s capaci y
o alue c ea ion (o o hal ing he deg ada ion o such alue). Fu he mo e,
unique momen s we e sough in he li e o companies and sha eholde s which
a ec – whe he posi i ely o ad e sely – he company’s capaci y o c ea e i s
alue om a long- e m pe spec i e. The ollowing business and o ganisa ional
scena ios we e lis ed in he s udy: he s ong pe sonal b and o he sha eholde
in in e nal ela ions (manage s’ and employees’ us in he company); he s ong
pe sonal b and o he sha eholde in ex e nal ela ions (s akeholde s’ us in
he company); he sha eholde ’s unique abili y o lead; planned o conduc ed
p ocesses o acquisi ion o o he en i ies ha a e signi ican o he company; and
isiona y s ances p esen ed by he sha eholde (con i med by he en i onmen ).
Assuming ha a sha eholde pe o ming a manage ial ole and he company’s
capaci y o alue c ea ion om a long- e m pe spec i e cons i u e a posi-
i e app oach, he g ea es likelihood o success comes when a sha eholde
is a isiona y and he ounde o he company and he name o he company
is equen ly ela ed o his/ he name (e.g. Michael Dell). This is pa icula ly
clea in he con ex o an ex e nal pe sonal b and (4.17 on a i e- poin Like
scale), as well as a gua an ee o us wi h espec o acquisi ions (4.22) o la ge
en e p ises, whe e i eaches highe le els han in SMEs. This esul s om he
le el o engaged capi al, he scale o challenges and liabili ies, which is o en
highe by an o de o alue han in SMEs. The signi icance o a high le el o
unique change managemen compe ence (leade ship) was also no ed o bo h
ca ego ies o companies. A he same ime, i was obse ed ha he s onges
deg ading impac wi h espec o he company occu s when a sha eholde wi h
limi ed knowledge o he IT sec o assumes a managemen ole (3.83 in SMEs
on a i e- poin Like scale). Such esul s we e con i med by he obse a ions o
expe s, who lis ed nume ous cases o ailing companies whe e such a scena io
was pu sued o an ex ended pe iod o ime.
Sha eholde s in he con ex o alue c ea ion: he na ow app oach o he
esea ch model (ca alogue o s ances)
Wi h espec o he ca alogue o s ances as he independen a iable o he s udied
ela ionship, he ollowing s ances o a manage / sha eholde we e iden i ied
Sha eholde s s. e iciency o alue c ea ion in IT companies 121
and s udied: loyal y h ough long- e m engagemen in he obliga ions accep ed
wi h espec o he company; pa ience in e ms o wai ing o esul s combined
wi h he consis ency o asks pe o med and obliga ions; he eadiness o pu he
company’s goals abo e one’s pe sonal goals (shaped by he company’s goals);
ocus on he ongoing de elopmen o he en e p ise; he abili y o ekindle
one’s own passion o upcoming challenges; he open mani es a ion o us in
associa es which, a he same ime, o ms a model o s ances in an o ganisa ion
a e e y le el; mee ing obliga ions owa ds s akeholde s; he eadiness o e i y
one’s own iews (logic o unde s anding he economic en i onmen ) and he
capaci y o adjus one’s own iews and ac ions; and high le els o men al and
physical esis ance.
Based on he compa a i e app oach (acco ding o he size o he company),
a highe le el o impac o he s ances iden i ied (by one le el on a i e- poin
Like scale) on he e icien c ea ion o company alue was no ed in SMEs as
compa ed o la ge en e p ises. The esul s a ou a iew ha sha eholde s in
SMEs mus demons a e a highe le el o igilance, engagemen , and lexibili y
in assuming (adjus ing) hei s ances wi h espec o he company, so as no o
miss signi ican decisional momen s, as well as con inually con ibu ing alue o
he en i onmen o associa es and he company’s po en ial. The highes le el o
signi icance o he s ances adop ed was indica ed wi h espec o hose ela ed
o pa ience in e ms o wai ing o esul s combined wi h he consis ency o
asks pe o med and obliga ions (4.8 on a i e- poin Like scale), eadiness o
pu he company’s goals abo e one’s pe sonal goals (4.54), mee ing obliga ions
owa ds s akeholde s (4.29) o ocusing on he ongoing de elopmen o he
en e p ise (4.13).
4.3 Manage s in he IT sec o : en ep eneu s o in ap eneu s
When pe o ming a compa a i e analysis o asks execu ed by a manage , whe he
an in ap eneu o an en ep eneu , he scena ios ha – ollowing a e iew o
he ele an li e a u e, as well as in e iews wi h economic p ac i ione s – we e
iden i ied as he mos impo an in he con ex o sol ing he esea ch p oblem
we e aken in o accoun .
The s udy e i ied which o he iden i ied ac ions (ca alogue o asks) aken
by he manage as pa o he assumed manage ial oles (limi ed o decisional
and in e pe sonal oles) ha e a highe s eng h o impac on (a e conduci e o)
he long- e m c ea ion o company alue i hey a e pe o med by an en ep e-
neu o an in ap eneu , who assume he same manage ial ole in an en e p ise
(simul aneously ha ing simila le els o pe sonal po en ial, which is he sum o
one’s knowledge, skills, and pe sonal quali ies).
The empi ical da a ob ained con i m he conclusions d awn om he e iew
o e e ence books (pe aining o an ex ensi e pe spec i e o economic sec o s)
ha in he IT sec o i is also possible o indica e hese ac ions ( asks pe o med)
128 Sha eholde s s. e iciency o alue c ea ion in IT companies
enowned pe sonal b and in he sec o . As a consequence, he au ho s we e able
o s a e con iden ly ha he da a compiled in line wi h he adop ed esea ch p o-
cess, as well as he analysis and in e p e a ion he eo wi h he use o s a is ical
me hods, may o e eliable e idence o he ini ia ion o scien i ic easoning o
he pu pose o he esea ch hypo heses ha we e pu o wa d. Simul aneously,
he scope o he esea ch and he p emises accomplished o he p ocess o sci-
en i ic easoning may o e aluable inspi a ion o con inue such s udies as pa
o he p esen ed esea ch p oblem.
4.4 Manage ial oles o company sha eholde s s. e icien company
alue c ea ion: case s udy
Basic p emises o empi ical s udies pe o med as case s udies
Taking in o accoun he na u e o he esea ch p oblem and he p oposed cou se
(idiog aphic app oach, in e p e i e analysis – case s udy), he basic esea ch
ools (a ques ionnai e su ey) we e p epa ed and supplemen ed wi h addi ional
diagnos ic ques ions o he pu pose o an in- dep h in e iew.
The goal was o ensu e he highes possible eliabili y o he s udy; o
ha eason, i was unde aken wi h he pa icipa ion o bo h company owne s
(sha eholde s, s ockholde s) and hei long- e m employees in o de o com-
pile in o ma ion ha was signi ican o he cou se o he esea ch p ocess. In
his way, i was possible o assess he diagnos ic a iables lis ed in he esea ch
model om he pe spec i e o di e en obse e s. This app oach seems con-
sis en wi h he app oach p oposed by D. Babińska, whe e he eco dings o
in e iews may o m a aluable sou ce o in o ma ion o he e ec i e imp o e-
men o u he esea ch ools, while simul aneously ul illing he equi emen s
o a co ec ly pe o med esea ch p ocess (Babińska, 2003). Table 4.1 con ains
a desc ip ion o he cou se o he esea ch p ocess o he case s udy.
The au ho s we e pa icula ly in e es ed in examining he cause- and- e ec
ela ionship wi h espec o he manage ial oles aken on by he company
sha eholde s and he e icien c ea ion o company alue, measu ed by changes
in ma ke alue added (MVA) in acco dance wi h a longi udinal app oach du ing
he en i e pe iod o ope a ion.
Wi h espec o he esea ch issues a ising om he holis ic app oach o he
o ma ion o he ela ionship be ween he sha eholde and company alue,
he mode o assessmen o he s eng h o quali ies a ibu able o he sha eholde
(“sha eholde s’ po en ial”), he company (“company’s po en ial”), and
he ma ke (“ma ke po en ial”) was adop ed, elying on es ima ion by he
sha eholde s and, i possible, supplemen ed wi h ep esen a i es o op execu i es
(sha eholde s’ en i onmen ). As pa o he es ima ion o alues o diagnos ic
a iables, a compa a i e c i e ion was applied, whe eby he esponden s unde -
ake benchma king wi h hei closes compe i o s. A i e- poin Like scale was

Sha eholde s s. e iciency o alue c ea ion in IT companies 129
applied whe e a alue o 3 means a compa able assessmen wi h he closes
compe i o s, whe eas alues o 1 and 2 mean a lowe assessmen o he diag-
nos ic a iables examined ( he quali ies e alua ed), while 4 and 5 a e highe
g ades.
When selec ing companies – and also sha eholde s – o he s udy, a emp s
we e made o make su e ha a he momen o he assessmen , he esponden s
had ex ensi e business expe ience and an ex emely ho ough unde s anding o
he ma ke .
The es ima ion o diagnos ic a iables (as pa o he diagnos ic ques ions
ha we e asked) was made in he o m o a di ec in- dep h in e iew and he
answe s gi en o he diagnos ic ques ions asked by he au ho s, along wi h he
independen wo k o he esponden s wi h he esea ch ool, ollowed by a dis-
cussion wi h he au ho s a e he comple ion o he wo k. I he es ima ion o
he diagnos ic a iable sepa a ely o each o he ounde s in he diagnos ic
ques ions was necessa y, he ask was pe o med by wo king ou an answe
du ing a b ains o ming session and de e mining a median alue (Wawak, 2012).
The dynamics o change in he alue o a diagnos ic a iable we e demons a ed
by applying e ospec i e s udy o he en i e pe iod o ope a ion di ided in o
Table 4.1 Desc ip ion o he case s udy p ocess
Iden i ica ion o he s ages
o he case s udy
Cha ac e is ics o he s ages o he case s udy
Fo mula ion o he
esea ch ques ion
Which oles o sha eholde s, ul illed ia manage ial
unc ions, asks pe o med o he company’s bene i ,
and s ances p esen ed wi h espec he e o, a ec he
e iciency o an IT company in e ms o building a
long- e m capaci y o c ea e alue be e han o he s?
Case sampling Indi idual case: ne - o- logy Sp. z o.o. and no ewe
han h ee supplemen a y case s udies o companies
ope a ing in he IT sec o
Lis o da a compila ion
ools
Ques ionnai e su ey as he basic ool, supplemen ed
wi h an in- dep h in e iew wi h s udy pa icipan s
Mode o compiling ield
s udies
Indi idual mee ings and con e ences wi h pa icipan s,
a ended by owne s ( ounde s, sha eholde s) o he
companies analysed, supplemen ed by employees ( o
he indi idual case)
Modes o da a analysis S a is ical es ing and in ui i e in e ence
Rules o o mula ing
gene alisa ions
Da a in e p e a ion, s a is ical da a analysis, and ini ia ion
o scien i ic easoning
App oach o con on a ion
wi h e e ence books
Sea ching o con i ma ion o conclusions in e e ence
books (based on p ima y and seconda y sou ces)
Closing o he s udy
(gene alisa ion)
Final conclusions and an a emp o o mula e
gene alisa ions (limi ed o he analysed cases)
Sou ce: Au ho s’ own elabo a ion based on he li e a u e e iew.
130 Sha eholde s s. e iciency o alue c ea ion in IT companies
pe iods o ac i i y indica ed by he company’s ounde s as ha ing been o
impo ance (in he con ex o he de ined esea ch p oblem). The analysis o he
esul s o es ima ion o he alue o indi idual diagnos ic a iables was used
o cons uc he key syn he ic indica o s. These indica o s we e de ined as he
a i hme ic mean o he alue o measu es o he diagnos ic a iables examined.
In his way, he adop ed measu es – co esponding o he dependen and inde-
penden a iables in he esea ch model – acili a e a emp s o d aw conclusions
om he case s udy.
Based on he esea ch model, a diagnos ic su ey was designed which
accoun s o he ac o s indica ed he ein (diagnos ic a iables), and adequa e
measu emen scales we e assigned as a esul . The su ey con ains a se o ca e-
e ia ques ions, ep esen ing en p oblems:
• in es iga ion o manage ial oles pe o med by he sha eholde s and, in he
concu en pe iod, by he sha eholde s’ en i onmen (managemen ), along
wi h an assessmen o hei pe sonal po en ial in he company;
• examina ion o he s eng h o ac o s shaping he “sha eholde s’ po en-
ial” (PA);
• examina ion o he s eng h o ac o s shaping he “company’s po en-
ial” (PS);
• examina ion o he s eng h o ma ke ac o s (PR);
• examina ion o he ca alogue o asks pe o med (“ca alogue o asks”) and
he s ances (“ca alogue o s ances”) adop ed by he sha eholde s – as he ou -
come o applying a na ow app oach – o measu e he s eng h and he di -
ec ion o dependence be ween sha eholde s and company alue, along wi h
addi ional issues (applied exclusi ely in indi idual cases):
• in es iga ion o choices made by he company;
• examina ion o he e iciency o he c ea ion o company alue – in com-
pa ison o o he companies (subjec i e assessmen );
• examina ion o he s eng h o ac o s shaping he choices o manage ial oles
o he sha eholde s in he company;
• examina ion o he signi icance o he impac o he sha eholde pe o ming
he ole o a leade o change (change leade ship) on he e iciency o he
changes in oduced;
• examina ion o he impac o he le el o business ma u i y o he sha eholde s
on he e iciency o company alue c ea ion.
Single case s udy: ne - o- logy Sp. z o.o.
C oss- sec ional cha ac e is ics o he analysed en i y
The s udy co e ed he ounde s (sha eholde s) o ne - o- logy in he con ex o
he e icien c ea ion o company alue wi h he use o a longi udinal app oach
Sha eholde s s. e iciency o alue c ea ion in IT companies 131
o he en i e pe iod o economic ac i i y o he company on he ma ke (i.e.
15 yea s). A he ime o esea ch, he company was ac i e on he ma ke and
was pu suing i s de elopmen s a egy en i led “s a egy 2020+ ” as con i med
by he esolu ions o he Gene al Sha eholde s’ Mee ing (GSM).
Basic in o ma ion abou ‘ne - o- logy Sp. z o.o.’:
Headqua e s (cu en s a us): Ka owice, Wa saw/ Poland
Fo m o ope a ion: limi ed liabili y company
Yea o ounda ion: 2004
Sha eholding s uc u e as o he da e o company inco po a ion: 52%/ 24%/
24%.
By means o in- dep h in e iews wi h he company’s ounde s, he en i e
pe iod o ope a ion o he company was di ided in o sho e pe iods. The c i-
e ia o such a di ision included inancial esul s ( alues, dynamics o changes),
changes in manage ial oles pe o med by he sha eholde s, and signi ican
economic (ex e nal) o o ganisa ional (in e nal) e en s esul ing in a signi i-
can (change o end, s ong c ea ion, o deg ada ion o alue) impac on he
e icien c ea ion o company alue. As a esul , he ollowing pe iods we e
dis inguished o ne - o- logy, which o e ed a empo al app oach o measu ing
he impac o sha eholde s on he e icien c ea ion o company alue: 2004–
2006, 2007– 2009, 2010– 2012, 2013– 2015, 2016– 2018, and inally 2019 ( he
yea o p epa a ion o he pape ). Based on he in e iews pe o med wi h he
company’s ep esen a i es, a e iew o he inancial esul s and an assessmen
o he e iciency o he s a egy pu sued, he s ages o de elopmen o he com-
pany we e assigned o he pe iods o ope a ion lis ed abo e.1 I was assumed ha
he yea s 2004– 2006 we e he pe iod o ini ial de elopmen ; he yea s 2007–
2009 we e a pe iod o g ow h; he yea s 2010– 2012 we e a pe iod o decline;
he yea s 2013– 2015 we e a pe iod o e i al; he yea s 2016– 2018 cons i u ed
ano he pe iod o g ow h; and 2019 was he beginning o he ma u i y phase.
In he analysed pe iods, he le el o employmen in he company anged om
six (2005) o 50 (2015) and up o 80 indi iduals (2019). The company’s annual
e enues anged om EUR 1.5 million (2005) o EUR 5 million (2009– 2012),
EUR 10– 12.5 million (2013– 2015) and up o EUR 31 million (2018).
ESTIMATION OF COMPANY VALUE
The es ima ion o company alue elied on he es ima ion o MVA. In line wi h
his app oach, i was assumed ha he sum o discoun ed economic alue added
(EVA) indica o s ha he company is mean o accomplish in he u u e, in line
wi h he plans i has adop ed, de e mines he MVA. A de ailed ques ionnai e
o he applied me hod o es ima ing he alue o a company is p esen ed in he
annex. Based on his, i was concluded ha in each o he analysed pe iods, he
company e icien ly gene a ed alue, ye on a signi ican ly di e en le el in
he dimension o he MVA ( om EUR 114,000 o EUR 325,000).
132 Sha eholde s s. e iciency o alue c ea ion in IT companies
The alue es ima ion pe o med o indi idual pe iods o ope a ion allows
o he de e mina ion o he MVA o he en i e pe iod o ope a ion (i.e. 2004–
2019), which amoun s o EUR 1,894,531, o e ing an a e age alue o o e
EUR 126,250 annually, assuming 15 accoun ing pe iods. The posi i e MVA
du ing he en i e pe iod o ope a ion p o es ha ne - o- logy e icien ly c ea es
MVA on a long- e m basis, inc easing he alue o he company and simul-
aneously p o iding a basis o dis ibu ing alue among he sha eholde s by
conduc ing a limi ed di idend policy.
Fo he sake o compa ison (wi h he ma ke ), an analysis o he WIG- INFO
index published by he Wa saw S ock Exchange was made in he esea ch
pe iods ha we e adequa e wi h espec o he case o ne - o- logy. Measu emen s
om 2004 o mid- 2019 showed posi i e changes in he index a a le el equal
o 55%. In a emp ing o compa e WIG- INFO and ne - o- logy, i was assumed
ha a compa ison o he pe iod o he las en yea s, i.e. 2009– 2019, may be o
alue (and gua an ee a mo e eliable conclusion). Wi h espec o his c i e ion,
he g ow h o he WIG- INFO index was almos 100%, while o ne - o- logy, he
g ow h amoun ed o 175% ( he e e ence alue was he sum o MVA o 2009
and inc eased alue o 2018). Hence, i may be assumed wi h due p udence ha
in he case o ne - o- logy, company alue c ea ion was mo e e icien han he
es ima ed a e age measu e o he WIG- INFO index o public companies.
IDENTIFICATION OF MANAGERIAL ROLES PERFORMED BY SHAREHOLDERS AND BY THE
SHAREHOLDERS’ ENVIRONMENT (MANAGEMENT) INCLUDING THE ASSESSMENT OF THEIR
PERSONAL POTENTIAL
The pa icipan s in he s udy – sha eholde s and people om he company’s
manage ial au ho i ies sepa a ely – we e asked diagnos ic ques ions wi h he
ollowing opinion inco po a ed he ein: he choice o manage ial oles pe o med
by he sha eholde s was op imal in he con ex o building he company’s cap-
aci y o long- e m alue c ea ion, aking in o accoun he company’s po en-
ial (in pa icula he sha eholde s’ en i onmen ) and he pe sonal po en ial
o sha eholde s (knowledge, skills, and pe sonal quali ies). Using a i e- poin
Like scale, he pa icipan s assessed he s eng h o compliance wi h he
opinion con ained in he ques ions acco ding o he ollowing scale: 1 – a e y
low le el o compliance, 2 – a low le el, 3 – an a e age le el, 4 – a high le el,
and 5 – a e y high le el.
Based on he da a compiled and he s a is ical analysis (a i hme ic mean and
mode), a highe le el o compliance was no ed wi h he opinion p esen ed in he
assessmen by he company’s manage s (di ec en i onmen o sha eholde s)
han in he assessmen by he sha eholde s hemsel es. A he same ime, a
clea ly lowe alue o assessmen was no iceable o he pe iod o 2010– 2015
han o he emaining pe iods o ope a ion. The analysis o he empi ical da a
shows ha in he indica ed pe iod, he e was a lowe le el o compliance o he
Sha eholde s s. e iciency o alue c ea ion in IT companies 133
sha eholde s’ goals in he con ex o u he di ec ions o he company’s de el-
opmen and he manage ial oles pe o med. Simul aneously, he i s e ec s o
he global inancial c isis became isible in he mac oeconomic en i onmen a
ha ime (2008– 2012). In he con ex o his esea ch p oblem, i should also
be no ed ha in spi e o a clea decline in he sui abili y o he choice o man-
age ial oles in 2010– 2012, he e was clea e idence o g ow h in he subse-
quen esea ch pe iods. In he assessmen o bo h he company’s ounde s and
manage s, he ul illing manage ial oles was signi ican ly highe (4.00 in he
assessmen o ounde s, 4.67 in he assessmen o company manage s) han he
ma ke p ac ice (3.00).
Re e ence books es i y o he exis ence o eedback be ween an en ep eneu
(sha eholde , s ockholde ) and he ac i i ies which he/ she pe o ms (Schjoed ,
2009). Hence, i may be assumed ha such a ela ionship also occu s be ween
he pe sonal po en ial o a sha eholde and he po en ial o a company whe e
he en ep eneu ul ils manage ial unc ions, in luencing he c ea ion o oppo -
uni ies and making use o hem, which leads o he c ea ion o company alue.
Following his opinion, he sha eholde s’ pe sonal po en ial ( o e e y sha e-
holde sepa a ely) and he sha eholde s’ en i onmen (company managemen )
we e examined wi h he applica ion o measu es o knowledge, skills, and
pe sonal quali ies. The s udy was pe o med e ospec i ely o he pe iods o
he company’s ope a ion. A i e- poin Like scale was applied as ollows: 1 – a
e y low (negligible) le el o po en ial (o he quali y s udied), 2 – a low le el
(pe cep ible de iciencies in quali y), 3 – an a e age le el (allowing o he e i-
cien applica ion o he quali y, ye no o e ing a signi ican base o building
an ad an age o e di ec compe i o s), 4 – a high le el o he quali y s udied,
allowing he company o sea ch o an ad an age o e compe i o s/ highe e i-
ciency, and 5 – an expe le el (unique), o e ing a signi ican ad an age. The
esul o he assessmen a ec ing he syn he ic index, de ined as he “pe sonal
po en ial” (o a sha eholde / sha eholde s’ en i onmen ) o each o he
measu es, was he a i hme ic mean o he es ima ed alues o he sha eholde s’
knowledge, skills, and pe sonal quali ies. Adop ing his me hod o agg ega ion
ollowed om he possibili y o agg ega ion o he esul s de i ed om he
Like scale (Walesiak, 1996).
The assessmen was pe o med in he ollowing p o essional a eas: adminis-
a ion and managemen o he company (adm), sales o IT se ices and p oduc s
(sale), and amilia i y wi h he company’s echnology and de elopmen o i s
o e (de ). The esul s ob ained om obse a ions led o he conclusion ha he
pe sonal po en ial o he company’s ounde s – and simul aneously he people
who pe o m manage ial oles in he company – signi ican ly di e ed in he
analysed pe iods o ope a ion. I should de ini ely be no ed ha he sha eholde s
ollowed he ules o assigning a eas o p o essional accoun abili y based on he
analysis o pe sonal po en ial. Conside ably mo e ex ensi e compe ence in he
adminis a i e a ea (adm) and sales and de elopmen (de ) was a ibu ed o

134 Sha eholde s s. e iciency o alue c ea ion in IT companies
people whose ele an knowledge o skills we e clea ly he bes . I may hus be
su mised ha p o essional c i e ia we e used in he choice o oles, elying on
he analysis o pe sonal po en ial.
An equally alid obse a ion is he posi i e dynamics o changes in he
pe sonal po en ial, which in he iew o esponden s g ew om 1.33 (on a i e-
poin Like scale) a he beginning o ope a ion o 4.00. In he au ho s’ iew,
his esul ed bo h om new expe iences acqui ed in he subsequen yea s o
ope a ion and a high le el o engagemen in asks ela ed o pe sonal de elop-
men , as indica ed by he esponden s.
To be e exp ess he pa icipa ion o sha eholde s in manage ial oles in
nume ical alues, he au ho s ans o med he le el o accoun abili y (pa ici-
pa ion o sha eholde s) in indi idual manage ial oles in he pe iods o business
ac i i y lis ed abo e. Pe cen age alues, which exp ess he ela ionship be ween
he pa icipa ion o sha eholde s (as indi iduals o a g oup o people) wi h
espec o all indi iduals who held a gi en ole in he company, we e applied in
he es ima ion. This means ha i pa icipa ion o less han 100% was lis ed o
a selec ed ole in a gi en pe iod, some o he compe ences esul ing om he
a ibu ed ole we e exe cised by indi iduals who we e no sha eholde s (in he
esea ch model, such indi iduals a e labelled he “sha eholde s’ en i onmen ”).
The esul s o such es ima ion a e p esen ed in Table 4.2.
The key obse a ion is a clea di ision bo h wi h espec o he manage ial
oles pe o med h oughou he en i e ope a ion and accoun abili y o p o es-
sional a eas in he g oup o sha eholde s. Taking he esul s o he s udy on
he sha eholde s’ po en ial in o accoun , a high le el o awa eness o s eng hs
and weaknesses was no ed and e lec ed in he di ision o manage ial oles and
a eas o accoun abili y ha po en ially gua an eed he mos sui able adjus men
o oles, especially be ween 2004 and 2006 and 2007 and 2009, in pa icula
he adjus men o he p o essional a eas o accoun abili y o sui one’s pe sonal
po en ial.
Table 4.2 Resul s o he s udy o sha eholde s’ pa icipa ion in manage ial oles om a
long- e m pe spec i e: case s udy o ne - o- logy
Resea ch
pe iod
2004– 2006 2007– 2009 2010– 2012 2013– 2015 2016– 2018 2019+
Decisional
ole
100% 100% 50% 50% 33% 33%
In e pe sonal
ole
100% 100% 100% 33% 33% 33%
In o ma ional
ole
100% 100% 100% 33% 33% 33%
Sou ce: Own s udy based on da a collec ed in he case s udy.
Sha eholde s s. e iciency o alue c ea ion in IT companies 135
Such an adjus men , in he iew o he sha eholde s, signi ican ly con ibu ed
o he c ea ion o de elopmen oppo uni ies o he company which sui ed i s
po en ial in he analysed pe iods. A he same ime, a g owing end o know-
ledge and skills in he p o essional a eas was no ed h oughou he en i e ope -
a ion o all p o essional a eas whe e g ow h (measu ed on a Like scale)
anged om 10% o 37% o he alue o assessmen in he pe iod o 2004– 2012
and exceeded 60% be ween 2004 and 2018. Hence, he au ho s concluded ha
he choice o manage ial oles was unde pinned by he le el o pe sonal po en-
ial iden i ied and de eloped h oughou he pe iod o ope a ion. This end was
jus i ied by he s udies pe o med in acco dance wi h he na ow app oach o
he esea ch model, whe e – wi h espec o he diagnos ic ques ion ela ed o
he le el o engagemen in pe sonal de elopmen (Ongoing de elopmen o he
pe sonal po en ial o a sha eholde – o unde s and he su ounding wo ld and
he ules go e ning i be e ) – i was clea ly no iceable ha his le el emained
abo e 3.33 (on a i e- poin Like scale) wi h an a e age o 4.03 o he en i e
esea ch pe iod, i.e. 2004– 2018. F om he au ho s’ iewpoin , his was con i med
in alks wi h o he ma ke pa icipan s, who claimed ha he ac o mos con-
duci e o such a si ua ion is wo k in he mode n echnology sec o , close o
(and in coope a ion wi h) global IT supplie s, which o e s an oppo uni y o
obse e hei decisions and mode o conduc , along wi h he consequences
he eo and a emp s o ollow hem. Mo e impo an ly, such a emp s o ollow
o he companies e e no only o decla a ions o will and in en ions bu also o
expe imen a ion and he possibili y o indi ec ly endo sing hei guidelines and
ecommenda ions. This was also con i med by he esul s o s udies on he diag-
nos ic ques ion: he choice o oles pe o med by he sha eholde s was op imal
wi h espec o he pe sonal po en ial (o sha eholde s), he goals se , and he
company’s po en ial in a gi en pe iod.
Based on he assessmen o he po en ial o manage ial oles ep esen ed by
he sha eholde s and he sha eholde s’ en i onmen , a clea ans o ma ion o
manage ial oles was no ed om a long- e m pe spec i e, ollowing he di ec-
ion om he sha eholde s o hei associa es (sha eholde ’s en i onmen ), wi h
he simul aneous p ese a ion o o a g adual inc ease in hei pe sonal po en-
ial. In he company which was he subjec o analysis, such a ans o ma ion
began be ween 2010 and 2012 and con inued o e he subsequen pe iods, wi h
a shi o decisional oles and decisional and in e pe sonal oles o he associa es
(sha eholde s’ en i onmen ) and a con inuous inc ease o hei po en ial, om
he le el o 2.83 (on a i e- poin Like scale) when pe o med exclusi ely by
he sha eholde s, o 3.56 when pe o med join ly, up o he le el o 4.50 when
p edominan ly pe o med by he associa es. A simila endency was obse ed
o he in e pe sonal ole which eached he le el o 3.3 (on a i e- poin Like
scale) when pe o med exclusi ely by he sha eholde s, while a e managemen
joined o ces wi h he associa es and pa ially delega ed esponsibili y o he
a ea o he al eady de eloped po en ial o in ap eneu s, he igu e g ew o 4.33.
136 Sha eholde s s. e iciency o alue c ea ion in IT companies
This may (including he es ima ion o changes in he ma ke alue added o
an en e p ise) lead o he conclusion ha he mode o selec ion o manage ial
oles by he sha eholde s and he ans o ma ion o oles we e conduci e o he
e icien long- e m c ea ion o company alue.
EXAMINATION OF THE STRENGTH OF FACTORS AFFECTING SHAREHOLDERS’ POTENTIAL,
COMPANY POTENTIAL, AND MARKET POTENTIAL
Following he esea ch model p oposed o he o ma ion o a ela ionship
be ween he manage ial ole o a sha eholde and he e icien c ea ion o
company alue based on a gene al (holis ic) app oach, ac o s ela ed o he
sha eholde s, he company, and he ma ke we e lis ed as po en ially a ec ing
he s eng h and he di ec ion o such a ela ionship. As pa o he case s udy,
he le els o hese ac o s we e s udied (in he esea ch model ep esen ed by
diagnos ic a iables) sepa a ely o each o he s udy pe iods by means o a
ques ionnai e su ey and in- dep h in e iews.
Bo h ounde s (company sha eholde s) and key manage s (sha eholde s’
en i onmen ) ook pa in he s udy. Es ima ion o he s eng h o he diagnos ic
a iable (as a measu e) was made wi h he use o a i e- poin Like scale, which
is o be in e p e ed as he s eng h o a quali y in an indi idual o g oup app oach
(a g oup o sha eholde s o sha eholde s’ en i onmen ), whe e 1 means a e y
low (negligible) le el o po en ial (o he analysed quali y), 2 – a low le el
(pe cep ible de iciencies in quali y), 3 – an a e age le el (allowing o he e i-
cien applica ion o he quali y, ye no o e ing a signi ican base o building
an ad an age o e di ec compe i o s), 4 – a high le el o he quali y analysed,
allowing he company o sea ch o an ad an age o e compe i o s/ highe e i-
ciency, and 5 — an expe le el (unique), o e ing a signi ican ad an age.
Whene e a bipola scale was used, i should be in e p e ed as he s eng h o he
ela ionship o he indica ed quali y alues (A, B), which means: 1 – a clea ly
(dominan ) alue (A) de ining he quali y o he a iable, 3 – equal, and 5 – a
clea ly dominan alue (B) de ining he quali y o he a iable.
The esul o he assessmen ha a ec s he syn he ic indica o (each o he
ac o s lis ed wi h espec o he sha eholde s) was an a i hme ic mean o each
measu e assigned o a gi en ac o (Table 4.3). Adop ing his me hod o agg e-
ga ion ollowed om he possibili y o agg ega ing he esul s ecei ed om he
Like scale.
The esul s (Table 4.19) show a e y high le el (o e 75%) o posi i e
dynamics o changes in he a iable desc ibing he “business ma u i y” o he
sha eholde s ( om 2.09 o 4.17 on a i e- poin Like scale), “pe sonal b and”
( om 2.09 o 4.09), an a e age alue o “sha eholde s’ po en ial” ( om 3.28 o
4.17), and “sha eholde s’ capi al” ( om 2.5 o 3.56) in he esea ch pe iods. In
u n, he g ea es decline e e ed o he a iable desc ibing “in es o ela ions”
( om 4.17 o 3.17 on a i e- poin Like scale) which, in he sha eholde s’
Sha eholde s s. e iciency o alue c ea ion in IT companies 137
Table 4.3 Summa y o he esul s o empi ical s udies o he es ima ion o he le el o diagnos ic a iables a ibu ed o sha eholde s and he
company: case s udy o ne - o- logy
Resea ch pe iod 2004– 2006 2007– 2009 2010– 2012 2013– 2015 2016– 2018 2019+
Fac o s a ibu ed o sha eholde s (PA)
Sha eholde s’ po en ial (M26) 3.28 3.67 3.45 3.67 4.17 4.22
Business ma u i y (M27) 2.09 2.59 2.83 3.5 3.75 4.17
Sha eholde s’ code o conduc (M28) 4.25 3.17 23.75 3.67 3.91
App oach o isk (M29) 4.17 43 3.84 3.84 3.67
Sha eholde s’ capi al (M30) 2.5 3.06 2.84 3.11 3.39 3.56
Sha eholde s’ mode o hinking (M31) 4.33 3.84 1.84 3.67 3.84 3.84
In es o ela ions (M32) 4.17 3.67 2.34 2.75 3.17 3.17
Pe sonal b and (M33) 2.09 3.34 2.59 3 4.09 4.09
Visiona y compe ence (M34) 2.00 3.00 2.33 3.33 3.67 3.67
Fac o s a ibu ed o he company (PS)
Sha eholde s’ en i onmen (Z21) 1.55 2.84 3.17 3.8 4.04 4
Company’s po en ial o changes (Z22) 2.5 3.13 2.67 3.25 3.63 4
Founde ’s men ali y (Z23) 4.22 3.78 2.89 3.67 3.89 3.67
Leade ship in he company (Z24) 3.42 3.42 1.84 3.42 3.84 3.92
Logic o managemen (Z25) 3.5 42.84 3.67 4 4
O he balance shee ac o s (Z20a) 1.67 2.67 1.67 1.67 2.83 3.17
O he o - balance shee ac o s (Z20b) 1.58 1.92 2.08 2.42 2.83 2.67
Sou ce: Own s udy based on he da a collec ed in he case s udy.
No e: The name o he diagnos ic a iable indica ed in he esea ch model was speci ied in b acke s (iden i ying he ac o ha a ec s he sha eholde s’ impac
on e icien company alue c ea ion as de e mined in he esea ch model).
newgen pd