Value Based Management with Corporate Social Responsibility

Hardcover | September 2, 2009

byJohn D. Martin, J. William Petty, James S. Wallace

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As the first decade of the 21st century winds down we have seen a sea change in society's attitudes toward finance. The 1990s can best be described as the decade of shareholder supremacy, with each firm trying to outdo the other in their allegiance to shareholder value creation, or as it cameto be known, Value-Based Management (VBM). No one seemed to question this culture as the rising firm valuations translated into vast wealth creation for so many. Three significant economic events have reshaped how the public feels about an unbridled devotion to VBM and have defined the last decade: the dot.com bubble in 2000, the infamous accounting scandals of 2001, and the collapse of the credit markets in 2007-2008. In all three of these events the CEOswere portrayed as reckless and greedy and Wall Street went from an object of admiration to an object of scorn. The first edition of this book, Value Based Management: The Corporate Response to the Shareholder Revolution was written to help explain the underpinnings of Value-Based Management. At the time of its publication, few questioned whether the concept was the proper thing to do. Instead, the debate wasfocused on how to implement a VBM program. With this new second edition, the authors look at VBM after having seen it through good times and bad. It is not their intent to play the blame game or point fingers. Nor is it their intent to provide an impassioned defense of VBM. Instead they provide anacademic appraisal of VBM, where is has been, where it is now, and where they see it going.

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As the first decade of the 21st century winds down we have seen a sea change in society's attitudes toward finance. The 1990s can best be described as the decade of shareholder supremacy, with each firm trying to outdo the other in their allegiance to shareholder value creation, or as it cameto be known, Value-Based Management (VBM). N...

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 an...

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Format:HardcoverDimensions:208 pages, 5.98 × 9.29 × 0.79 inPublished:September 2, 2009Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0195340388

ISBN - 13:9780195340389

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Table of Contents

Part I: Value-Based Management, Corporate Social Responsibility, and the Purpose of the Corporation1. The Purpose of a Corporation2. The Elements of Value-Based Management3. The Need to Measure What You Want to ManagePart II: The Finer Details of Value-Based Management and Corporate Social Responsibility4. Free Cash-Flow Valuation: The Foundation of Value-Based Management5. Pick a Name, Any Name: Economic Profit, Residual Income, or Economic Value Added6. Corporate Social Repsonsibility: Putting the S in Value(s)-Based ManagementPart III: VBM Applications7. Project Evaluation Using the New Metrics8. Incentive Compensation: What You Measure and Reward Is What Gets DonePart IV: Lessons We Have Learned9. Lessons LearnedEpilogue: Where We Are NowNotesReferencesIndex