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Management - Shareholder Value Management / - Analysis (SVA) 

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28 December 2006

An Analysis of Shareholder Agreements Shareholder agreements govern the relations among shareholders in pivately-held companies, such as joint ventures or venture capital-backed firms. We provide an economic explanation for the use of put and call options, pre-emption rights, catch-up clauses, drag-along rights, demand-rights, and tag-along rights in shareholder agreements. pdf-file  
Approaching the next level of shareholder value management Why is traditional shareholder value management falling short today? The new approach: focus on the business fundamentals and on the enterprise’s total factor productivity (E-TFP) August 2002  
Building shareholder value by building a culture of risk awareness Protecting shareholder value by ensuring that a company’s risks are competently managed is an important responsibility of any Chief Executive Officer (CEO), a responsibility that is increasingly acknowledged by the appointment of a Chief Risk Officer (CRO). pdf  
Corporate Risk Management as a Lever for Shareholder Value Creation Firm value is influenced in many direct and indirect ways by financial risks, which consist of unexpected changes of foreign exchange rates, interest rates and commodity prices. This paper presents a comprehensive review of positive theories and their empirical evidence regarding the contribution of corporate risk management to shareholder value.   
Creating Shareholder Value This paper examines some common fallacies as to how the market values companies, in particular "short termism," the preoccupation with accounting earnings and corporate stereotyping. It then examines what does drive shareholder value and the role playing by "value management" management systems. pdf-file  
Customer Satisfaction How important is customer satisfaction for long term shareholder value? Pdf-file  
Economic Value Added and the Measurement of Financial Performance This book chapter considers the measurement of financial performance. It introduces the concept of economic value added, which uses the same discount rate developed for capital budgeting. Pdf  
Economic Value-Added: A Review of the Theoretical and Empirical Literature This paper attempts to provide a synoptic survey of EVA’s conceptual underpinnings and the comparatively few empirical analyses of value-added performance measures. Special attention is given to the GAAPrelated accounting adjustments involved in EVA-type calculations.   
Financial Incentives ... ... Resolve the Shareholder Value puzzle. The Role of Leverage in Incentives. Pdf file  
Human Capital As a Lead Indicator of Shareholder Value Human Capital Index®: Watson Wyatt's new 2001/2002 Human Capital Index report shows for the first time a cause and effect relationship between superior HR practices and business performance.  
Interpreting Measures of Shareholder Value How should shareholder value statistics be interpreted?  
Maximising Shareholder Value - Achieving clarity in decision-making This briefing is an attempt to draw attention to the context, tools, techniques and philosophy of managing for shareholder value, or value-based management (VBM) as it is sometimes known. Like other management concepts, managing for value has been adapted by companies to suit their circumstances. There can be no “one size fits all” model.  
Maximizing Shareholder Value Focus on captive insurance companies   
Maximizing Shareholder Value at the Private Company    
Projects for Shareholder Value - The Influence of Project Managers This paper analyses what impact the three traditional measures of project success, (time, cost and functionality), have on the eight value drivers, and hence what impact project managers have on the success of their companies through the successful delivery of their projects.   
Recognizing Macroeconomic Fluctuations in Value Based Management Value Based Management (VBM) has become a common tool for ex ante and ex post evaluation of corporate strategies and projects from the perspective of shareholder wealth maximization (SWM). Pdf-file 2001  
Shareholder value and the clash in performance measurement: are banks special ? This paper analyses the information content of traditional and innovative performance indicators in the light of creating SHV within the banking industry. Pdf-file  
Shareholder Value Index For the global automotive industry, prepared by PwC  
Striving for Shareholder Value What is SV? How do firms practice SV? Where to from here?  
Systemic Value Added: an alternative to EVA as a residual income model This work presents a notion of residual income called Systemic Value Added (SVA). It is antithetic to Stewart’s (1991) EVA, though it is consistent with it in overall terms: a project’s Net Final Value (NFV) can be computed as the sum of capitalized EVAs or as the sum of uncapitalized SVAs.   
The conflict with other stakeholders A mild though interesting debate can also often be witnessed about the conflict of shareholder interests with those of other stakeholders.  Interesting because there is no real conflict between maximizing shareholder value and the benefit to the other stakeholders.  
The Holy Grail of Shareholder Value Measurement Few dispute the value of EVA as a performance measure, but some companies think that other metrics correlate more closely with long-term shareholder returns. Here are the pros and cons of the most commonly used metrics.  
Trading the corporate portfolio A systematic approach to buying and selling assets can deliver superior shareholder returns. Pdf-File 177 KB  
Value Drivers Intangible Assets  Do We Need a New Approach to Financial and Management Accounting? - A Blueprint for an Improved Management System. Pdf-file 526 KB  
What Drives Shareholder Value? Many corporate executives still focus on quarterly earnings figures as a key driver of stock market values.  Stock market values are driven by real corporate performance, as compared to market benchmarks. The key relationship is whether the money entrusted to corporate management earns a higher return than the owners can get elsewhere.  
You Can't Spot Serious Shareholder Value? Check Your Paradigms!  Policies (the way things are done) are key constraints to better profits and improved SVA and many need to be changed. Some examples show how policies from the past are blocking businesses from earning much better SVAs   




Stakeholder Management
by Dagmar Recklies
Today, all players in business face the interest and the impact of different people and groupings. Especially larger corporations have to care not only for the needs of their direct owners, but also of various other groups, like employees, public interest groups like environmental organizations, strategic partners, journalists or public monitoring bodies. Therefore, all businesses operate within a complex system of interests and influences. Management has to assess and evaluate these external forces - called stakeholders - in order to adjust them with corporate objectives.
This article explains the concept of stakeholder management and how to identify stakeholders and to assess their impact.



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Status: 03. Juli 2015