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THE VALUE IMPERATIVE: MANAGING FOR SUPERIOR SHAREHOLDER RETURNS
 
 
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THE VALUE IMPERATIVE: MANAGING FOR SUPERIOR SHAREHOLDER RETURNS [Hardcover]

ETC. JAMES M. MCTAGGERT (Author)
4.0 out of 5 stars  See all reviews (6 customer reviews)

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Book Description

Moving beyond the strategies that managers have employed to create shareholder value -- now the standard for business performance -- management experts James McTaggart, Peter Kontes, and Michael Mankins reveal their powerful new framework for the systematic, day-to-day management of shareholder value. The authors attack head-on the fundamental weaknesses in current management practices, namely, the stranglehold that budgeting has over strategic planning and the lack of imagination in management plans that prevents real changes and consequences. They provide a systematic approach to "value based management" that eliminates these weaknesses, offering proven strategies for managing large, complex companies to consistently produce superior results for stockholders.

Building on more than 16 years of consulting experience with many of the largest and best-known companies in North America, Europe, and Australia, the authors delineate the fundamental principles of value creation, as well as the primary obstacles. Starting with the principle that "cash flows drive value," McTaggart, Kontes, and Mankins show how to create a single governing objective that will enable managers to make decisions most likely to increase the company's competitive, organizational, and financial strength. Building on the objective of maximizing shareholder value, they outline the value based management framework that directly links a company's strategies and organization to its value in capital markets. Using real-world examples, they describe how to develop business and corporate strategies that substantially improve competitive position and increase market value, often within only two to five years. And as most large companies lack the internal processes necessary to manage for value on a sustained basis, the authors show managers how to build the five key processes that are institutional value drivers: governance, strategic planning, resource allocation, performance management, and top management compensation. Mastering these capabilities is fundamental to the ongoing, consistent creation of shareholder value over time.

All companies, the authors argue, inherently possess an enormous potential to create higher value for their shareholders. With hundreds of examples of companies that have successfully employed the beliefs, principles, and practices of value based management, this book shows general managers how to generate superior returns and realize their business's full value potential.

Ingram

Moving beyond the strategies that managers have employed to create shareholder value, three corporate finance experts reveal their powerful framework for the systematic day-to-day management of shareholder value. They also dispel many of the "value myths" that can skew a company's strategy.
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We believe that all companies, especially publicly owned companies, should be managed to create as much wealth as possible. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

6 Reviews
5 star:
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3 star:    (0)
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4.0 out of 5 stars (6 customer reviews)
 
 
 
 
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5.0 out of 5 stars The Bible, Feb 11 2003
By 
Robert B. Graber "Voracious Reader" (Salem, OR United States) - See all my reviews
(REAL NAME)   
This review is from: THE VALUE IMPERATIVE: MANAGING FOR SUPERIOR SHAREHOLDER RETURNS (Hardcover)
I consider this book the bible of all books on value creation and how to achieve it. It is eminently practical and should be on every financial practitioner's bookshelf. I also recommend reading it annually. It is a wonderful compliment to the other value-based managment books in the market which tend to go long on theory. They're also excellent; but this combines value-based managment and strategy superbly.
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4.0 out of 5 stars A Timeless Shareholder Value Introduction, Feb 22 2001
This review is from: THE VALUE IMPERATIVE: MANAGING FOR SUPERIOR SHAREHOLDER RETURNS (Hardcover)
A good introduction to shareholder value -- despite its age. If Marakon Associates ever decides to update and revise the edition, I have a few suggestions: (1) add more graphical representations of the concepts, including strategic models; (2) add more case studies to the appropriate sections, and (3) provide a clearer description of the shareholder value calculations (particularly the cost of capital). If these critisisms don't deter you, you'll find "The Value Imperative" to be a helpful guide. As an independent consultant specializing in shareholder value, I would also recommend Young and O'Byrne's "EVA and Value-Based Management" as well as Marin and Petty's "Value Based Management."
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4.0 out of 5 stars Good for understanding how to create shareholder value, Jan 11 2001
By 
"borlind" (Toronto, Ontario Canada) - See all my reviews
This review is from: THE VALUE IMPERATIVE: MANAGING FOR SUPERIOR SHAREHOLDER RETURNS (Hardcover)
Good ideas for day-to-day management to manage value as well as big ideas for strategy. There were interesting section on how budgeting strangles strategic planning and what to do with about it. I think this is a great book for executives managing large companies in mature industries. It shows how to focus on value creation at every level of the organization. It gave advice on how to take action and achieve results.
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