Governo delle aziende e creazione di valore: da una prospettiva finanziaria ad una prospettiva economico-sociale

"Value creation" is an expression that assumes a strong symbolic meaning with reference to the whole process generating value, i.e. the process which starts with value management, and ends with the measurement and communication of value created. But the question is: which "value" has to be considered? Moreover, in which perspective such a "value" has to be managed, measured, and communica-ted? The questions are relevant and, in our opinion, they are also interrelate: a different perspective in which value is considered determines a different concept of value and, consequently, determines a modification of the whole process of management, measurement and communication of value. Our strong conviction, that comes from the observation of the changes in the eco-nomic scenarios, is that value creation is moving from a financial perspective to an economic-social perspective. Therefore, we believe that the concept of value is also changing and that current theories are no longer adequate. On the other hand, we need to clarify what is the link between value creation, corporate governance (of all companies: profit and non-profit, public and private) and economic development. Starting from the historical framework, and considering its current evolution, some considerations and reflections are carried out with reference to: 1) the economic and legal context that has determined the widespread concept of value in the fi-nancial perspective; 2) the crisis of the financial market that has recently determi-ned the transition from the financial perspective to the economic-social perspecti-ve; 3) the opportunity to refer to this different concept of value by interpreting the sustainable economic development.