The current financial crisis has caused many of us to question the motives and actions that drive the business world, even the basic notion that firms should be run so as to maximize shareholder value has come under increasing scrutiny. Very simply, the failures of some of our nation's most venerable financial institutions has called into question the very premise of Value based Management (VBM). Moreover, lavish CEO compensation coming a time when rank and file employees, suppliers and other stakeholders of these corporations are suffering has produced public outrage. In this book the authors provide an up-to-date look at Value Based Management and find that the underlying concept is as sound today as ever.
John Martin holds the Carr P. Collins Chair in Finance in the Hankamer School of Business at Baylor University where he teaches in the Baylor EMBA programs. Over his career he has published over 50 articles in the leading finance journals and served in a number of editorial positions including the co-editorship of the FMA Survey and Synthesis Series for the Oxford University Press. J. William "Bill" Petty is Professor of Finance and the W.W. Caruth Chairholder of Entrepreneurship at Baylor University. James S. Wallace is an Associate Professor at The Peter F. Drucker and Masatoshi Ito Graduate School of Management at The Claremont Graduate University. Prior to his career in academics, Professor Wallace worked in public accounting and in industry with a Fortune 500 Company. He has done consulting work with numerous companies in multiple industries.
Show moreThe current financial crisis has caused many of us to question the motives and actions that drive the business world, even the basic notion that firms should be run so as to maximize shareholder value has come under increasing scrutiny. Very simply, the failures of some of our nation's most venerable financial institutions has called into question the very premise of Value based Management (VBM). Moreover, lavish CEO compensation coming a time when rank and file employees, suppliers and other stakeholders of these corporations are suffering has produced public outrage. In this book the authors provide an up-to-date look at Value Based Management and find that the underlying concept is as sound today as ever.
John Martin holds the Carr P. Collins Chair in Finance in the Hankamer School of Business at Baylor University where he teaches in the Baylor EMBA programs. Over his career he has published over 50 articles in the leading finance journals and served in a number of editorial positions including the co-editorship of the FMA Survey and Synthesis Series for the Oxford University Press. J. William "Bill" Petty is Professor of Finance and the W.W. Caruth Chairholder of Entrepreneurship at Baylor University. James S. Wallace is an Associate Professor at The Peter F. Drucker and Masatoshi Ito Graduate School of Management at The Claremont Graduate University. Prior to his career in academics, Professor Wallace worked in public accounting and in industry with a Fortune 500 Company. He has done consulting work with numerous companies in multiple industries.
Show morePART I: VALUE BASED MANAGEMENT, CORPORATE SOCIAL RESPONSIBILITY, AND THE PURPOSE OF THE CORPORATION ; PART II: THE FINER DETAILS OF VALUE BASED MANAGEMENT AND CORPORATE SOCIAL RESPONSIBILITY ; PART III: VBM APPLICATIONS ; EPILOGUE: WHERE WE ARE NOW ; ENDNOTES
John D. Martin holds the Carr P. Collins Chair in Finance in the
Hankamer School of Business at Baylor University where he teaches
in the Baylor EMBA programs. Over his career he has published over
50 articles in the leading finance journals and served in a number
of editorial positions including the co-editorship of the FMA
Survey and Synthesis Series for Oxford University Press.
J. William Petty is Professor of Finance and the W.W. Caruth
Chairholder of Entrepreneurship at Baylor University, where he
teaches an undergraduate and graduate course in entrepreneurial
finance. He has published in a number of academic journals, is a
co-author on several leading textbooks, and is currently serving as
director of a business angel network.
James S. Wallace is Associate Professor at The Peter F. Drucker and
Masatoshi Ito Graduate School of Management at The Claremont
Graduate University. Prior to his career in academics, Professor
Wallace worked in public accounting and in industry with a Fortune
500 Company.
"With this edition, Martin, Petty, and Wallace continue to push the
envelope on corporate valuation, governance, and social
responsibility. With today's economic challenges, considering the
interests of all stakeholders is paramount to the success of the
firm. Maximizing shareholder value in isolation is no longer
socially acceptable. The authors get it right with thought
provoking theories on value-based management that is supported by
extensive empirical
evidence and practical applications."--J. Douglas Ramsey, Vice
President & CFO, EXCO Resources, Inc.
"In the popular mind, the single-minded pursuit of shareholder
value by public companies is bad news for labor and local
communities, and a prescription for reducing social welfare. The
authors of this book qualify that view by showing how a strategy of
enlightened value maximization depends on significant and
thoughtful investment in other corporate "stakeholders," including
employees and local institutions."--Don Chew, Editor of Morgan
Stanley's Journal
of Applied Corporate Finance
"This book is a very well written summary of the practical
applications of 'value-based management,' and its many real
benefits. The authors do not shy from a discussion of conflicting
points of view, potential shortcomings, and implementation
barriers, which makes it extremely valuable for the corporate
practitioner, board member, or senior executive who wants to know
more about this essential subject matter."--Bennett Stewart,
Founding Partner of Stern
Stewart, and currently CEO of EVA Dimensions
"In the midst of a global crisis of capitalism and the desire to
sort out the role of profits and principles, the introduction of
values-based management is timely and relevant. Martin, Petty, and
Wallace demonstrate that doing well and doing good are not only not
incompatible; they can be complementary and mutually reinforcing.
This important book gives business and society a tool for measuring
and managing value with values. It provides a needed framework
and empirical analysis that offers guidance on how we can --and
should-- drive for long-term shareholder value creation while also
growing the pie larger and better for the stakeholders and
larger
society that the firm serves."--Ira A. Jackson, Dean and Professor
of Management, Drucker School of Management, Claremont Graduate
University
"This is the best literature I have seen on the real connection
between a corporation's social conscience and the enhancement of
shareowner value. In the post Enron/WorldCom business climate this
is an important, fact-driven, and comprehensive guide to the impact
Corporate Social Responsibility has on the bottom line as well as
an enlightened guide to winning compensation practices. My wish is
that it could be read by every American executive responsible
for
creating shareowner value."--Royce Caldwell, retired Vice-Chairman
and Chief Operating Officer, AT&T
|
Ask a Question About this Product More... |
|
