Value Imperative: Managing for Superior Shareholder Returns PDF
Preview Value Imperative: Managing for Superior Shareholder Returns
$40.00 Moving beyond the strategies that man¬ agers have employed to create share¬ holder value — now the standard for business performance — management experts James McTaggart, Peter Kontes, and Michael Mankins reveal their power¬ ful 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 imagi¬ nation in management plans that pre¬ vents real changes and consequences. They provide a systematic approach to "value based management" that elimi¬ nates these weaknesses, offering proven strategies for managing large, complex companies to consistently produce superior results for stockholders. Building on more than 16 years of con¬ sulting 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 objec¬ tive 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 man¬ agement 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 strate¬ gies that substantially improve competi¬ tive 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 Digitized by the Internet Archive in 2018 with funding from Kahle/Austin Foundation https://archive.org/details/valueimperativemOOmcta_O THE VALUE IMPERATIVE THE VALUE IMPERATIVE Managing for Superior Shareholder Returns James M. McTaggart Peter W. Kontes Michael C. Mankins THE FREE PRESS New York London Toronto Sydney Tokyo Singapore Copyright © 1994 by The Free Press All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the Publisher. The Free Press A Division of Simon & Schuster Inc. 1230 Avenue of the Americas New York, N.Y. 10020 Printed in the United States of America printing number 6 7 8 9 10 Library of Congress Cataloging-in-Publication Data McTaggart, James M. The value imperative: managing for superior shareholder returns/ James M. McTaggart, Peter W. Kontes, Michael C. Mankins. p. cm. ISBN 0-02-920670-7 1. Corporations—Valuation. 2. Corporations—Finance. I. Kontes, Peter W. II. Mankins, Michael C. III. Title. HG4028.V3M38 1994 658.15'54—dc20 93-50555 CIP To Bill Alberts
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