Management Links
MANAGEMENT: Shareholder Value

"Profitability is the Key to Value. If You've Got it, Flaunt It. If You Don't Have It, Get It (business strategy). If You Can't Get It, Get Out (capital strategy)."

--- Bill Fruhan, Professor of Finance, Harvard Business School, author of: Financial Strategy: Studies in the Creation, Transfer, and Destruction of Shareholder Value.

Growth in Total Return to Investors 

1919 - Michigan Supreme Court ruled, in Dodge vs. Ford Motor Co., in favor of shareholder primacy, that "A business corporation is organized and carried on primarily for the benefit of the stockholders. The powers of the directors are to be employed for that end." Henry Ford and company  directors had decided not to pay a dividend, despite substantial retained earnings, substantial profits in the particular year, so that the money could be spent on plant expansion, Ford industrial system could be expanded for the general benefit of society. Court ruled that reason was not directed at the profit of the company, not a basis for refusing to pay a dividend.

Harold Bierman, Jr. (2001). Increasing Shareholder Value: Distribution Policy, a Corporate Finance Challenge. (Boston, MA: Kluwer Academic Publishers, p.). Corporate profits; Income distribution; Investments--Valuation; Corporations--Finance; Stockholders.

Andrew Black, Philip Wright, John E. Bachman; with John Davies (2000). In Search of Shareholder Value: Managing the Drivers of Performance. (New York, NY: Financial Times/Prentice Hall, 302 p. [2nd ed.]). Corporations -- Valuation; Corporations -- Investor relations; Investment analysis; Corporate governance.

Eleanor Bloxham (2003). Economic Value Management: Applications and Techniques. (Hoboken, NJ: Wiley, 342 p.). President (Corporate Governance Alliance). Economic value added--Management.

Peter J. Clark and Stephen Neill (2001). The Value Mandate: Maximizing Shareholder Value Across the Corporation. (New York, NY: AMACOM, 330 p.). Corporate profits; Investments--Valuation; Corporations--Finance.

Al Ehrbar (1998). EVA: The Real Key To Creating Wealth. (New York, NY: Wiley, 234 p.). Senior Vice President, Stern Stewart & Co. Economic value added. Author presents revealing case histories of EVA success stories - Briggs &Stratton, the US Postal Service, and Coca-Cola, (from mediocrity to the number one wealth creator in the world with the addition of EVA).

William E. Fruhan, Jr. (1979). Financial Strategy: Studies in the Creation, Transfer, and Destruction of Shareholder Value. (Homewood, IL: R.D. Irwin, 301 p.). Professor of Finance (Harvard Business School). Corporations--Valuation--United States; Stocks--Prices--United States; Corporate profits--United States; Stock transfer--United States.

James L. Grant (2003). Foundations of Economic Value Added. (Hoboken, NJ: Wiley, 324 p. [2nd ed.]). Economic value added; Corporations--Valuation; Capital productivity; Profit; Investment analysis.

Allan A. Kennedy (2000). The End of Shareholder Value: Corporations at the Crossroads. (Cambridge, MA: Perseus Pub., 237 p.). Corporations--United States--Finance; Corporations--United States--Finance--Case studies; Stockholders--United States; Chief executive officers--United States; Chief financial officers--United States; Industrial management--United States--History; Corporate culture--United States--History.

Raymond L. Manganelli and Brian W. Hagen (2003). Solving the Corporate Value Enigma: A System To Unlock Shareholder Value. (New York, NY: American Management Association, 238 p.). Corporations--Valuation; Corporations--Growth; Corporations--Accounting; Strategic planning; Corporate profits.

James M. McTaggart, Peter W. Kontes, Michael C. Mankins (1994). The Value Imperative: Managing for Superior Shareholder Returns. (New York, NY: Free Press, 367 p.). Chairman, President, Vice President of Marakon Associates. Corporations -- Valuation; Corporations -- Finance.

Geoffrey A. Moore (2002). Living on the Fault Line: Managing for Shareholder Value in Any Economy. (New York, NY: HarperBusiness, 277 p. [rev. ed.]). Industrial management; Stocks--Prices; Competition.

Roger A. Morin, Sherry L. Jarrell (2001). Driving Shareholder Value: Value-Building Techniques for Creating Shareholder Wealth. (New York, NY: McGraw-Hill, 399 p.). Corporations--Valuation; Industrial management; Economic value added; Corporate profits; Corporations--Growth; Stocks--Prices; Stockholders.

Alfred Rappaport (1988). Creating Shareholder Value: A Guide for Managers and Investors. (New York, NY: Free Press, 205 p. [rev. and updated]. Professor of Accounting (Northwestern University). Corporations--Valuation; Stocks--Prices; Corporate profits; Investments--Accounting.

Mark C. Scott (1998). Value Drivers: The Manager's Framework for Identifying the Drivers of Corporate Value Creation. (New York, NY: Wiley, 261 p.). Corporations--Valuation; Corporate profits.

Adrian J. Slywotzky (1996). Value Migration: How to Think Several Moves Ahead of the Competition. (Boston, MA: Harvard Business School Press, 327 p.). Corporations--Valuation.

Roy C. Smith and Ingo Walter (1997). Street Smarts: Linking Professional Conduct with Shareholder Value in the Securities Industry. (Boston, MA: Harvard Business School Press, 351 p.). Securities industry -- United States.

Joel M. Stern and John S. Shiely, with Irwin Ross (2001). The Eva Challenge: Implementing Value-Added Change in an Organization. (New York, NY: Wiley, 250 p.). Economic Value Added

G. Bennett Stewart  III (1991). The Quest for Value: A Guide for Senior Managers. (New York, NY: HarperBusiness, 781 p.). Corporations--Valuation; Cash flow.

S. David Young and Stephen F. O'Byrne (2001). EVA and Value Based Management: A Practical Guide to Implementation. (New York, NY: McGraw-Hill, 493 p.). Economic value added; Corporations--Valuation; Capital investments--Decision making; Managerial economics; Industrial management.


Berkshire Hathaway Inc.: Shareholder Letters                                                                                                                                                     

CEO Warren Buffett's annual letters to the shareholders of the Berkshire Hathaway company, going back to 1977. These letters are considered essential reading by investors and frequently assigned as homework for business school students. Not searchable. Subjects: Buffett, Warren | Finance, Personal | Capitalists and financiers | Investments.


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