Value Based Management with Corporate Social Responsibility
Oxford University Press, Aug 19, 2009 - Business & Economics - 208 pages
As the first decade of the 21st century winds down we have seen a sea change in society's attitudes toward finance. The 1990s can best be described as the decade of shareholder supremacy, with each firm trying to outdo the other in their allegiance to shareholder value creation, or as it came to be known, Value-Based Management (VBM). No one seemed to question this culture as the rising firm valuations translated into vast wealth creation for so many. Three significant economic events have reshaped how the public feels about an unbridled devotion to VBM and have defined the last decade: the dot.com bubble in 2000, the infamous accounting scandals of 2001, and the collapse of the credit markets in 2007-2008. In all three of these events the CEOs were portrayed as reckless and greedy and Wall Street went from an object of admiration to an object of scorn. The first edition of this book, Value Based Management: The Corporate Response to the Shareholder Revolution was written to help explain the underpinnings of Value-Based Management. At the time of its publication, few questioned whether the concept was the proper thing to do. Instead, the debate was focused on how to implement a VBM program. With this new second edition, the authors look at VBM after having seen it through good times and bad. It is not their intent to play the blame game or point fingers. Nor is it their intent to provide an impassioned defense of VBM. Instead they provide an academic appraisal of VBM, where is has been, where it is now, and where they see it going.
What people are saying - Write a review
We haven't found any reviews in the usual places.
Other editions - View all
annual balanced scorecard behavior believe bonus book value calculation CFROI chapter company’s value compensation plan computing corporate social responsibility cost of capital create value customers debt decisions determine dividends Drucker earnings per share economic profit economic value added employees Enron equal equity equivalents evaluation example firm value firm’s firm’s cost firm’s free cash firm’s operations fixed assets free cash flow future cash flows GAAP Herman Miller incentive compensation incentive pay increase invested capital long-term management’s managerial mance measure and reward ment million NOPAT opportunity cost owners perspective present value problem profits after taxes rate of return residual income return on invested ROIC shareholder value simply Sony stakeholder theory Stern Stewart stock options strategy success Table Team Members tion valuation value creation value drivers value maximization value-based management value(s)-based management VBM metric VBM program VsBM Whole Foods Market