Driving
Shareholder Value
Value-Building Techniques for
Creating Shareholder Wealth
"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
corpora-don, someone else will and 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 value both immediate and long-term to 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 structures leading to better productivity,
better quality and, ultimately, superior financial performance for their companies.
About the Authors
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. He 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 lousiness
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 ofMBA 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.
396 pages