Evaluation of economic efficiency of enterprise activity from the shareholders’ perspective

It is proposed to determine the annual average total shareholder return (TSR) on the basis of the present value of the change in the market value of the shares and dividends for the period of the project life cycle. Mathematical model to predict the market value of the shares is created. Methodological approaches to the optimization of the ratio of dividend payments in the implementation of investment projects on the basis of maximization of the TSR are developed.