Driving Shareholder Value: Value-Building Techniques for Creating Shareholder Wealth

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9780071359580: Driving Shareholder Value: Value-Building Techniques for Creating Shareholder Wealth

BusinessWeek and Harvard Business Review tout value-based management as the benchmark for creating and enhancing shareholder value. Numerous industry-leading companies embrace VBM. Now Driving Shareholder Value travels to the heart of VBM, providing approaches, perspectives, and strategies managers can use to implement VBM for better decisions and maximized shareholder wealth. The authors’ one-of-a-kind value creation framework—complete with dozens of useful worksheets, checklists, case studies, and more—draws on current practices plus 25 years of VBM lessons, including: *The four guiding principles of VBM activities *Five steps to institutionalizing VBM *An integrative VBM framework—complete with step-by-step examples

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From the Back Cover:

The Step-by-Step Guidebook to Benchmarking Today's Best Value-Based Management Approaches

"Finally, a 'how to' book that is not mired in impractical theory. Morin and Jarrell offer a forceful work, using empirical evidence, to demonstrate that strategy does create value­­debunking some of the widely-held value destroying myths along the way. This is a groundbreaking book that is reflective of today's dynamic business environment. Anyone wanting to drive shareholder value, public or private, can find practical advice. I will recommend it to all of my clients."

­­Rick Wimmer, Partner, Ernst & Young

"This complete description of Value Based Management from strategic analysis through its 'recipe for success' for effective implementation provides essential knowledge for corporate management, and clearly demonstrates why the 'M' in VBM stands for 'Management' rather than simply 'Metrics'."

­­Mark C. Ubelhart, VBM Practice Leader, Hewitt Associates LLC

"Using both established and new techniques of analysis, Driving Shareholder Value describes how companies can increase stockholder value. Case studies and examples add to the readability and clarity. Morin and Jarrell's VBM framework ties it all together: corporate strategy, financial structure, and performance measurement/incentive compensation to explain in clear, understandable language how to create stockholder value."

­­John B. McKinnon, Corporate Director and Former President, Sara Lee Corporation

"Value-Based Management is key to developing successful organizations at all levels­­from seed-stage companies to mature businesses­­and entrepreneurs, managers, and investors must understand how to create value to survive. Driving Shareholder Value is a practical enterprise-wide approach for creating, measuring, and maintaining value across all levels of an organization. Morin and Jarrell have presented managers and directors with the specific game plan for creating value within a company. Their VBM framework should become the guiding principle for employees and managers at all levels. The real options perspective in particular holds enormous potential for evaluating venture capital transactions."

­­John Ciannamea, Senior Managing Director, Longleaf Venture Fund

"Thanks to an unprecedented wave of takeovers, shareholder activism, and global competition, corporate America has become acutely aware of the importance of creating value for shareholders."

From the very first sentence in Driving Shareholder Value, authors Roger Morin and Sherry Jarrell make their positions crystal clear: If you don't fully exploit the wealth creation possibilities of your corporation, someone else will­­and their tactics could leave you on the outside looking in.

Far from being abstract and inaccessible, Driving Shareholder Value translates today's most prevalent and proven Value-based management theories into practical, concrete tools and approaches for implementing a shareholder value orientation throughout any organization. The only book that guides corporate strategy with valuation techniques, it incorporates the best features of strategic, financial, and institutional approaches into an integrative, coherent framework for determining how companies are governed, executives are paid, and business strategies are implemented and evaluated.

"There is no magic bullet for corporate success. VBM is more a single framework for targeting those business decisions that consistently add economic value­­both immediate and long-term­­to your company."

It only makes sense that, in order to become a successful VBM company, you must first benchmark your efforts against the VBM leaders. Driving Shareholder Value looks inside the strategic files of General Electric, PepsiCo, Abbott Labs, and other long-term value creators for guidance on:

  • How to remove emotion from the equation--and look at your company from the perspective of the corporate raider
  • Using the right tool for every type of business challenge, from compensation and capital budgeting to operations and strategy
  • Implementation of proven, state-of-the-art-valuation methods, including cash flows to equity, adjusted present value, and real options strategic analysis

Value-based management will continue to drive company profits and productivity well into the twenty-first century, and executives at every level will be increasingly judged by their ability to make consistent, value-maximizing decisions. Let Driving Shareholder Value show you how today's leaders are successfully integrating VBM into their company structures­­leading to better productivity, better quality and, ultimately, superior financial performance for their companies.

About the Author:

Roger A. Morin, Ph.D., is a professor in Georgia State University's Robinson College of Business Administration. Dr. Morin has lectured at Wharton, Dartmouth, and the University of Montreal School of Business, and has over a quarter century of experience in executive training and corporate consulting for dozens of clients, including AT&T, Bell South, and PriceWaterhouse. His work has appeared in numerous journals, including Journal of Finance, Journal of Business Administration, International Management Review, and Financial Review.

Sherry L. Jarrell, Ph.D., is assistant professor of finance and economics at Wake Forest University's Babcock Graduate School of Management. In Dr. Jarrell's ten years of MBA education experience, she has been a professor or lecturer at Columbia University, Emory University, Georgia State University, Indiana University, Southern Methodist University, and the University of Chicago. A popular lecturer for organizations across the country, she also has written and reviewed for numerous publications including Journal of Business, Financial Management, Quality Managers Journal, Financial Practice and Education, and Harvard Business School Press.

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