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Value Based Management [Hardcover]

John D Martin
4.3 out of 5 stars  See all reviews (3 customer reviews)

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Book Description

Nov. 7 2000 0875848001 978-0875848006 1
Companies that either diminish firm value or destroy it far outnumber Wall Street's wealth-creating superstars-and investors hate it. To respond to growing pressures to put shareholder value creation at the top of the agenda, today's leaders are increasingly turning to a powerful set of tools for value based management.

The corporate world's most significant and effective response to the shareholder revolt, value based management (VBM) allows financial managers to plan, monitor, and control a firm's operations in ways that enhance shareholder value. This timely book-based on the authors' research and on an extensive study of firms that have successfully implemented VBM systems-provides the first objective, field-tested synthesis of the most popular models in use today: the free cash flow method, the economic value added/market value added (EVA/MVA) method, and the cash flow return on investment approach (CFROI). Pointing to the lessons learned by VBM adopters in a wide variety of industries, the authors outline the advantages and disadvantages of each model, and guide managers in electing, implementing, and operating one that best fits their organization.

At its essence, value based management involves transforming behavior in a way that encourages employees to think and act like owners. Laying the foundation for building a capital-market-focused measurement and reward system that ties employee-level performance to owner-level rewards, this book will help today's leaders establish a continuous cycle of value creation that benefits all stakeholders of a company.


John D. Martin is Professor of Finance and the Carr P. Collins Chair of Finance at the Hankamer School of Business, Baylor University. J. William Petty is Professor of Finance and the W.W. Caruth Chair of Entrepreneurship at the Hankamer School of Business, Baylor University.

Value Based Management is part of the Financial Management Association Survey and Synthesis Series.
Http://www.fma.org



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Review

"Martin and Petty have written the clearest, most up-to-date book yet on value based management. They cut through the hype to focus on the link between operational and financial choices and shareholder value. I highly recommend this book to corporate managers focused on approaches to corporate value creation."--Tim Opler, Principal, WR Hambrecht and Co.

"Martin and Petty effectively explain for the corporate financier why maximizing shareholder value is not the same as maximizing earnings per share. This is a book for anyone looking to add value to their business, no matter what the circumstances." --Donald Chew, Partner, Stern Stewart and Co., and editor of the Bank of America Journal of Applied Corporate Finance

"By integrating real-world examples with academic literature, Martin and Petty highlight the promises and perils of value based management in a detailed yet comprehensible manner. This book will appeal to anyone interested in understanding innovations in corporate practice as managers pursue the goal of enhancing shareholder value."--Stuart L. Gillian, Research Economist, TIAA-CREF Institute and Former Associate Chief Economist, United States Securities and Exchange Commission

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Customer Reviews

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Most helpful customer reviews
3.0 out of 5 stars book review May 2 2014
Format:Hardcover|Verified Purchase
Bit dated and heavy going but a great resource regardless. If you are strong financially, you will get a lot out of this book.
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5.0 out of 5 stars VBM for Starters March 23 2001
Format:Hardcover
Martin's book is an excellent introduction to the practice of Value Based Management. Although it is far from being an MBA type book, it explains the basics and shows some good examples. Maybe the strongest point of the book is the comparison of several approaches used by the biggest consulting companies sponsoring VBM: Stern Stewart's EVA versus BCG's and McKinsey's measures. When you're ready to climb another step, the best choice is Young and O'Byrne's "EVA and Value Based Management". It goes deep in details of implementation of EVA based systems, is comprehensive and technically advanced and also give pros and cons of the measure.
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5.0 out of 5 stars T-H-E Value Based Management Guide Feb. 22 2001
Format:Hardcover
This book, along with Young and O'Byrne's "EVA and Value-Based Management," are perhaps the only two books you really need to develop a comprehensive understanding of shareholder value and value based mangement. In fact, the book is almost equivalent to completing MBA-level coursework in both corporate finance and competitive strategy (relax, the book is far more exciting). If you've been thinking of implementing -- or have already implemented -- a value based management program, you should add this book to your library... soon.
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Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com: 4.5 out of 5 stars  2 reviews
16 of 17 people found the following review helpful
5.0 out of 5 stars VBM for Starters March 23 2001
By Jose Guilherme Souza - Published on Amazon.com
Format:Hardcover
Martin's book is an excellent introduction to the practice of Value Based Management. Although it is far from being an MBA type book, it explains the basics and shows some good examples. Maybe the strongest point of the book is the comparison of several approaches used by the biggest consulting companies sponsoring VBM: Stern Stewart's EVA versus BCG's and McKinsey's measures. When you're ready to climb another step, the best choice is Young and O'Byrne's "EVA and Value Based Management". It goes deep in details of implementation of EVA based systems, is comprehensive and technically advanced and also give pros and cons of the measure.
0 of 1 people found the following review helpful
4.0 out of 5 stars Ugh July 6 2012
By rPringle - Published on Amazon.com
Format:Hardcover|Verified Purchase
I bought the book to read for extra credit. This book isn.t for the beginning reader. Make sure you have time to understand the concepts if you ever plan to use them or explain them
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