Academic literature on the topic 'Shareholder value creation'
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Journal articles on the topic "Shareholder value creation"
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Lichtenstein, Scott, and Pat Dade. "The Shareholder Value Chain: Values, Vision and Shareholder Value Creation." Journal of General Management 33, no. 1 (September 2007): 15–31. http://dx.doi.org/10.1177/030630700703300102.
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Business now almost universally accepts that the primary management task is value creation. The impact of leaders’, directors' and executives' personal values in the value creation process has been largely ignored in the literature. This paper seeks to redress the current situation by proposing that the needs and values of leaders and executives drive the vision, goals and strategies to create shareholder value. Yet, while most directors and senior managers will be at ease with pushing the organisation farther and faster in the creation of new methods to create more shareholder value, this is creating dis-ease amongst other directors, executives and the organisations' operator who have different values. This disease potentially stymies leaders' and boards' ability to create more value for shareholders. By understanding the values dynamic and asking different questions, boards and leaders can motivate the culture to create more value. The objective of this paper is to build on previous executive values research by examining the impact of how the values of one executive value group translate into methods of creating shareholder value and proposing the linkage between leaders values and shareholder value. First, a theoretical background is provided. Next, the results of empirical research into executive values are briefly reviewed and combined with data and insights from proprietary market research to discuss how the needs and values of one executive value group impact on strategic leadership factors driving shareholder value creation methods. This is followed by proposing a conceptual framework illustrating the linkages between leaders' values and shareholder value creation with propositions. Conclusion and implications are drawn and finally limitations and areas for further research are provided.
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Gounder, Chitra Gunshekhar, and M. Venkateshwarlu. "Shareholder Value Creation: An Empirical Analysis of Indian Banking Sector." Accounting and Finance Research 6, no. 1 (February 14, 2017): 148. http://dx.doi.org/10.5430/afr.v6n1p148.
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This study investigates the importance of economic value added for the shareholders’ value maximization. Economic value added (EVA) is a value based performance measurement tool that helps to settle down the management decision regarding creation of shareholders value. Very few literatures are found regarding creation of shareholder values in banks. Sample of 40 Indian commercial listed Banks and panel data are used for the period of 2001 to 2015, the empirical findings for Public limited banks and overall Indian banks revealed that there is a positive and significant relationship between shareholder’s value maximization and EVA but in case of Private limited banks, DPS was found to have significant relationship with shareholder value. The Higher the value of EVA, higher shareholders value .The finding shows significant support for EVA and DPS, but it was found that EVA is not efficiently used for Analysis and decision making regarding creation of value. Thus it is suggested to focus on criteria of EVA for analyzing shareholder’s value of banks.
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Sharma, Dr Asha. "Shareholder Value Creation in Tata Consultancies Ltd." Paripex - Indian Journal Of Research 3, no. 4 (January 15, 2012): 26–28. http://dx.doi.org/10.15373/22501991/apr2014/7.
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Hall, John Henry. "Industry-specific determinants of shareholder value creation." Studies in Economics and Finance 33, no. 2 (June 6, 2016): 190–208. http://dx.doi.org/10.1108/sef-08-2014-0155.
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Purpose Prior studies on determinants of shareholder value creation have reported conflicting and sometimes confusing results. In this study, to obtain more refined and industry-specific results regarding variables determining shareholder value creation, an analysis was performed focusing on different categories of firms or industries. Design/methodology/approach Two dependent and 11 independent variables were applied to five different industries to obtain the best set of significant value drivers of shareholder value creation for a particular industry. Findings Market value added (MVA) is a better indicator of shareholder value created compared to a market adjusted return. Accounting-based variables (EPS, ROA and NOPAT) are superior to economic-based variables (EVA and ROCE) in explaining shareholder value creation, but results differ, depending on the dependent variable chosen as shareholder value creation measure. For each industry, there is a unique set of variables that determine shareholder value creation; the industrial goods industry has seven significant value drivers, namely, EPS, NOPAT, ROCE, the Spread, EVA, EBEI and REVA, whilst for the food and beverages industry, there were only two significant value drivers (EPS and ROA). Originality/value These findings imply that management, analysts and shareholders should, depending on the specific industry in which their firm operates, take into account a more specific set of variables when making their financial decisions, including compensation or reward structuring.
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Flesch, A. "Shareholder value creation using asset yield swap contracts." Acta Oeconomica 59, no. 3 (September 1, 2009): 261–88. http://dx.doi.org/10.1556/aoecon.59.2009.3.1.
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In this paper, I investigate the shareholder value creation potential of a particular combination of corporate risk and capital structure strategies for a non-financial company. I examine the size of shareholder added value when the company increases its financial leverage while keeping its credit rating constant by hedging its asset yield volatility. Ross (1996) shows that by reducing the asset yield volatility of the company, its debt capacity can permanently be increased, which can create 10–15% additional value for shareholders. With the help of my model, I develop an alternative approach to quantify this impact on shareholder value with better calibration characteristics. Uniquely in the technical financial literature, I derive the shareholder value creation potential from the mean-reversion parameters of the asset yield process. Also, I define the optimal structure of swap-basket needed for efficient hedging of industrial asset yield process, and analyse the sensitivity of shareholder added value to the term and transaction costs of applied swap contracts.
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Kumaran, Sunitha. "Shareholder Value Index for Saudi Banks." International Journal of Financial Research 8, no. 4 (September 14, 2017): 196. http://dx.doi.org/10.5430/ijfr.v8n4p196.
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This paper aims to examine the shareholder value efficiency and build a Shareholder Value Index for Saudi banks between 2010 and 2014. Shareholder value efficiency is measured using value based performance metrics and binary logistic regression model was adopted to develop the Shareholder Value Index for Saudi banks. The Shareholder Value Index developed provides the probability of a bank’s competence to create/erode shareholders' wealth. The study finds that Economic Value Added (EVA) is the value-based performance metric that comes closer than any other to capture the true Economic Profit and the market performance (Market Value Added) of banks. Positive EVA of most of the commercial banks denote that they are more Shareholder value efficient than Islamic banks. High Market Value Added (MVA) represents a highly positive outlook of the investors on the Saudi banks' performance. Value creation is significantly linked to high Net Operating Profit After Tax and a low cost of capital. The most significant observation is that not all banks with highest capital employed are the highest value creators. The Shareholder Value Index developed indicate that majority of Saudi banks demonstrate a higher probability of shareholder value creation. Few Islamic banks showed a less probability of wealth creation for the period of study and are predicted to improve the shareholder value creation ability through their aggressive strategy in the future.
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Mastilo, Zoran, Vladimir Zakić, and Goran Popović. "Value Creation Concept In Stakeholder And Shareholder Economies." Applied Economics and Finance 4, no. 2 (February 6, 2017): 155. http://dx.doi.org/10.11114/aef.v4i2.2200.
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In the financial theory it is common to make distinction between two types of corporate value creation concept: shareholder value and stakeholder value. In shareholder systems, also known as Anglo-American concept, institutional investors, who usually own small percentages of companies' shares, exert significant influence over managers. In major stakeholder systems, marked as Continental concept, influence is shared between large shareholders, employees, customers and suppliers. The aim of this paper is to analyze influence of globalization processes and economic crises on value creation theory and practice.
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Cuervo García, Álvaro, and Luisa Reyes-Recio. "The substitution effect between managerial control mechanisms and its effect on the creation of value in reference to firm diversification." Corporate Ownership and Control 5, no. 1 (2007): 382–96. http://dx.doi.org/10.22495/cocv5i1c4p6.
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This paper aims to investigate the relationships between two governance mechanisms such as active shareholder control and the board of directors, as well as their effect on the creation of value for the shareholder, using firm diversification strategy as the moderating variable. These relationships indicate the existence of a substitution effect between both governance mechanisms, with a more inactive board in firms with large shareholders. On the other hand, the analysis of governance mechanisms and firm diversification strategy indicate the positive effect of shareholder concentration on the creation of value for shareholders in non-diversified firms and, the positive effect of the board of administration on the creation of value for shareholders in diversified firms
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Dhani Laksana, Rio, and Viviana Mayasari. "The Impact of Market Value Added to Shareholder Value: Evidence from Indonesia Firms." SHS Web of Conferences 86 (2020): 01029. http://dx.doi.org/10.1051/shsconf/20208601029.
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Presently financial experts developed the new concept as a value-based measure of performance in the creation of shareholder value. Market value for shareholders are among the most important goals of firms and owners The purpose of this study is to obtain empirical evidence of Economic Value Added (EVA) affects shareholder value by the method of Market Value Added (MVA) The research using non-financial companies listed on the Stock Exchange from 2013-2017. The result is support that the Economic Value Added (EVA) positive effect on shareholder value or in other words, the higher EVA is the higher shareholder value. The larger the company greater shareholder value and Leverage negative effect on shareholder value as measured using the method of MVA.
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Zakic, Vladimir. "Creating values for stakeholders as a goal of a modern corporate enterprise." Zbornik Matice srpske za drustvene nauke, no. 144 (2013): 467–81. http://dx.doi.org/10.2298/zmsdn1344467z.
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The goal of this paper is to present a comparative analysis of two value creation concepts applied in most developed countries: Anglo-American concept of shareholder value creation and the Continental model of stakeholder value creation. In shareholder systems, also known as Anglo-American model, shareholders exert dominant influence. In major stakeholder systems, marked as Continental model, influence is shared between large shareholders, employees, customers and suppliers. The aim of this paper is to analyze the impact of globalization and economic crisis on the goals of corporate enterprises, which have largely led to convergence of two opposing value creation concepts.
Dissertations / Theses on the topic "Shareholder value creation"
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Elali, Wajeeh. "EVA and shareholder value creation : an empirical study." Thesis, University of Westminster, 2007. https://westminsterresearch.westminster.ac.uk/item/91xv0/eva-and-shareholder-value-creation-an-empirical-study.
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In recent years, a variant of residual income often called Economic Value Added (EVA)' or Economic Income (EI) has become a popular concern in academia and business communities. This study investigates the general hypothesis that EVA is more highly associated with shareholder wealth and firm values than are traditional performance measures. Two commonly used value-based performance metrics namely, Total Shareholder Return (TSR) and Tobin's Q are also considered to highlight the valuerelevance of EVA vis-a-vis these measures in predicting shareholder wealth. Using a sample of panel data of around 12,000 firm-year observations taken from the Stem Stewart 1000 EVA/MVA database and the DATASTREAM file over the period 1991-2002, this study finds compelling evidence that shareholder value is a function of EVA. This study also provides evidence consistent with the notion that EVA outperforms other traditional performance measures in explaining shareholder wealth. Valuerelevance tests reveal EVA to be more highly associated with shareholder wealth than TSR and Tobin's Q. The incremental tests also suggest that EVA possesses the largest explanatory power (or information usefulness) over TSR and Tobin's Q. These results conclusively support the claims made by EVA proponents and further support the potential usefulness of the EVA metric for internal and external performance.
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Hecking, Stephan Maria. "The relation between schareholder value orientation and shareholder value creation." Doctoral thesis, Universitat Autònoma de Barcelona, 2002. http://hdl.handle.net/10803/3950.
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Greyling, Christoffel Jacobus Coetzer. "Value-based management : shareholder value creation and management / Christoff Greyling." Thesis, North-West University, 2010. http://hdl.handle.net/10394/4780.
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The objective of this study is to evaluate the value drivers that drive the value of companies, as reflected in the share-prices. Through this study, the aim is to draw conclusions on the aspects that drive the share-price of companies. A detailed literature study was performed on the value-creation process that takes place in a company. The literature study has a significant focus on Value-Based Management and the elements that should be considered when evaluating the manner in which companies create shareholder value through the operational activities that are performed. Through applying the principles of value-based management, the management of companies should maximise the value-created for shareholders by utilising company resources in the most effective and efficient way possible. Valuebased management should not be seen as a once-of initiative, but should be ingrained in the day-to-day operating and management activities of companies. The objective of applying value based management principles in a company should be to enhance the value of financial assets through the optimisation of the real assets of the company. Value is created in a company when the company can maintain a return on capital that is greater than the cost of capital. Through the literature study several value-drivers were identified that influence the shareholder value-creation process and that should be managed optimally. These value-drivers have been identified to be (1) sales growth, (2) cash profit margin - earnings before interest, tax, depreciation and amortisation (EBITDA), (3) cash tax rate, (4) working capital, (5) capital expenditure, (6) WACC- the risk and inflation adjusted weighted average cost of capital, and (7) the competitive advantage period. The competitive advantage period is defined as the time during which a company has a positive net present value when discounted at the WACC. Any actions that the management of a company can take to optimise these value-drivers will have a positive effect on the value created for shareholders. The link between shareholder value-creation and share-price was investigated in the literature study. It was found that different factors influence share prices and that some have nothing to do with the company itself, but more with investor sentiment about the economy as a whole and other socio-political factors. The empirical study was based on analysing key value-drivers and financial ratios that were identified during the literature study, in order to establish the relationship between company value-creation and the share-price. The data sample that was used in the empirical study consisted of 55 publicly listed companies that had a net asset value of one billion rand (R1, 000,000,000) or more in 1998. This data sample parameter was chosen in order to consider companies in the empirical study that have significant market presence in the respective industries, sectors and sub-sectors. The time horizon of the empirical study was over a 1 0-year period, from 1998 to 2007. The relationship that exists between the dependent variables of (1) Average Share Price (ASP) and (2) Year-End Share Price (YESP) and the independent variables of (1) net assets, (2) turnover, (3) trading profit, (4) operating profit, (5) profit before interest and tax, (6) Net Operating Profit After Tax (NOPAT), (7) retained profits, (8) free cash flow, (9) Economic Value-Added (EVA), (1 0) Earnings Per Share (EPS), (11) Cash Flow Per Share (CFPS), (12) the price earnings ratio, (13) operating assets, (14) Return On Assets (ROA), and (15) Return On Equity (ROE) were analysed during the empirical study. These dependent and independent variables were chosen based on the insights gained through the literature study and was identified as appropriate to formulate conclusions on the relationship that exists between shareholder value-creation and share-price. The distributions of the above-mentioned variables are discussed in detail and distribution figures are provided to contextualise the spread of the variables and provide background on the data that was used in the empirical study. Although the study of the variables was conducted over a 1 0-year period, from 1998 to 2007, distribution figures for the years 1998 and 2007, are depicted and discussed in order to provide a comparison of the changes that took place over the 1 0-year period.
Due to the nature of the variables analysed during the empirical study, the Spearman Rank Correlation Coefficient is used to measure the relationship that exists between the dependent and independent variables. The Spearman Rank Coefficient is a factor model that explains complex phenomena through a small number of basic causes or factors. Given the relative large number of shares available on the share market, the estimation of dependent, share-price variables cannot be performed without simplification to dimensionality, therefore the use of the Spearman Rank Coefficient. The coefficient of correlation between the dependent and independent variables was calculated for the each of the years over the 1 0-year period and the applicability to explain the relationship between shareholder value-creation and share-price was analysed. Through the statistical analyses and the interpretation of the results, it was concluded that earnings per share and cash flow per share are the most appropriate indicators for estimating the relationship that exists between shareholder value-creation and the share-price as reflected on the share market.Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.
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Hodgson, Victoria Louise, and n/a. "Linking Marketing to Shareholder Value in Listed and Non-Listed Markets." Griffith University. School of Marketing, 2004. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20040116.094444.
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In this thesis it is recognised that marketing has a dual role to satisfy both customer and shareholder objectives. The issue of shareholder value creation of marketing is an important and immediate agenda for marketing executives, management and academics. To date, marketers have not been able to adequately quantify and measure shareholder value creation through marketing assets and marketing expenditure. This has led to a dilution of marketing power and influence in the boardroom with management tending to treat marketing as discretionary expenditure and not as an asset. Academics have responded with conceptual models that relate marketing assets back to shareholder value, generally through cash flow or sales models. The creation of shareholder value through marketing assets and expenditure is then conceptualised and tested empirically. The conceptual model builds on the theory of agency and incomplete markets setting to illustrate the flow effects through marketing assets to shareholder value. The conceptual model also demonstrates that marketing expenditure can have stock and/or flow impacts on shareholder value. Flow effects are indirect effects that are mediated through sales, cash flows, and earnings and can be either temporary or longer term. It is concluded that in listed markets stock prices are the general surrogate for shareholder value, and risk adjusted earnings are the appropriate surrogate in non-listed markets. The thesis then empirically illustrates and tests the relationships between marketing communications expenditure on two data sets representing firms in listed and non-listed settings. The empirical results reveal that marketing expenditure does play an important role in the creation of shareholder value and that stock and flow effects are both present. Knowledge of the various empirical impacts from marketing across firm size, industry and listed and non-listed market settings observed in this thesis should prove highly valuable for marketers and managers. Finally, a conceptual understanding by marketers of the financial metrics that are required to be influenced in order to increase shareholder equity will provide greater clout in negotiations with management and boards of directors.
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Hodgson, Victoria Louise. "Linking Marketing to Shareholder Value in Listed and Non-Listed Markets." Thesis, Griffith University, 2004. http://hdl.handle.net/10072/367168.
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In this thesis it is recognised that marketing has a dual role to satisfy both customer and shareholder objectives. The issue of shareholder value creation of marketing is an important and immediate agenda for marketing executives, management and academics. To date, marketers have not been able to adequately quantify and measure shareholder value creation through marketing assets and marketing expenditure. This has led to a dilution of marketing power and influence in the boardroom with management tending to treat marketing as discretionary expenditure and not as an asset. Academics have responded with conceptual models that relate marketing assets back to shareholder value, generally through cash flow or sales models. The creation of shareholder value through marketing assets and expenditure is then conceptualised and tested empirically. The conceptual model builds on the theory of agency and incomplete markets setting to illustrate the flow effects through marketing assets to shareholder value. The conceptual model also demonstrates that marketing expenditure can have stock and/or flow impacts on shareholder value. Flow effects are indirect effects that are mediated through sales, cash flows, and earnings and can be either temporary or longer term. It is concluded that in listed markets stock prices are the general surrogate for shareholder value, and risk adjusted earnings are the appropriate surrogate in non-listed markets. The thesis then empirically illustrates and tests the relationships between marketing communications expenditure on two data sets representing firms in listed and non-listed settings. The empirical results reveal that marketing expenditure does play an important role in the creation of shareholder value and that stock and flow effects are both present. Knowledge of the various empirical impacts from marketing across firm size, industry and listed and non-listed market settings observed in this thesis should prove highly valuable for marketers and managers. Finally, a conceptual understanding by marketers of the financial metrics that are required to be influenced in order to increase shareholder equity will provide greater clout in negotiations with management and boards of directors.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
School of Marketing
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Gerber, Anton. "The relationship between internal value drivers and shareholder value : JSE listed mining companies investigated / A. Gerber." Thesis, North-West University, 2008. http://hdl.handle.net/10394/2658.
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The primary goal of a publicly traded company is to maximise the wealth of its shareholders. This implies that the management of the firm, as agents of the owners, has to manage the firm in such a manner as to create value from every decision taken. Value-based management (VBM) is a management strategy aimed at achieving shareholder wealth creation and is based on the effective management of a set of internal value drivers to maximise wealth creation. The primary objective of the current study is to investigate the quantification of the relationship between internal value drivers and shareholder wealth creation in the Mining sector of JSE listed companies in South Africa. In order to achieve this, the internal value drivers were identified from literature, the necessary financial data was collected and the value drivers as well as actual shareholder wealth were quantified. Revenue growth, operating profitability, capital requirements and weighted average cost of capital (WACC) were identified as the value drivers while total shareholder return (TSR) was identified as the actual shareholder wealth creator. For the purpose of the current study, WACC was excluded from the analysis. By application of linear regression, it was found that revenue growth and operating profitability have a positive, statistically significant effect of TSR. After analysing the effect size, it is however concluded that the effect is not practically significant. These findings concur with similar research in the field of VBM.Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.
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Menke, Matthias. "Value creation of private equity funds in the banking industry /." Frankfurt, M. : PE-Verl. für Wirtschaftsinformationen, 2008. http://d-nb.info/992880432/04.
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Nel, Lindi. "Value-based management : an application in North West regional pharmacies / L. Nel." Thesis, North-West University, 2012. http://hdl.handle.net/10394/9807.
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Value based management is a process that can be used to determine a business’s value drivers. It attempts to determine how the drivers link to value creation, and then break down the value drivers into achievable activities that can be pursued by employees.
Due to strict medicine pricing regulations in the country, it is becoming increasingly difficult for pharmacy businesses to stay profitable. This study set out to develop a value based management framework that could be used by pharmacy management in order to maximise value creation in the business and help ensure its survival despite the strict pricing regulations. Secondary objectives were to contextualise the term “value based management”, to identify the value drivers in a pharmacy business and to determine the extent to which value based management and its principles are being applied in pharmacies in the North West region of South Africa.
The research study began in the literature where the term “value based management” was introduced and a literature study was done to conceptualise the term by investigating why value based management and value creation were important. Value based management metrics, the components of value based management; and key success factors for the implementation of value based management principles were investigated. A further literature study was done to identify possible value drivers in a pharmacy business.
An empirical study was conducted among registered pharmacists in the North West region of South Africa. Using the value drivers identified in the literature study as constructs, a questionnaire was designed to explore participants’ level of exposure to (and knowledge of) value based management as well as the extent to which the principles of value based management were being applied at the pharmacy businesses where participants were employed. Analysis of the responses showed the questionnaire to be reliable and valid. The results of the study highlighted that many respondents’ lack knowledge regarding the constructs (value drivers), cost price in the dispensary and cost of wages. Constructs (value drivers) that were better understood included product mix in the front shop and debtors’ control. Constructs (value drivers) that were best managed at the pharmacies where participants were employed, were cost price in the front shop and stock control. Constructs (value drivers) that were not as thoroughly managed were sales growth in the front shop and cost of wages.
Conclusions regarding the findings of the research study were presented and recommendations were made. The research study was evaluated opposite the primary and secondary objectives with the conclusion that both were achieved. Finally, recommendations for further research into value based management and the application of its principles in pharmacy businesses were proposed.Thesis (MBA)--North-West University, Potchefstroom Campus, 2013.
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Scheutz, Godin Axel. "Shareholder Value Creation in M&As : A Comparison of Different Industries in the OECD Member Countries." Thesis, Stockholms universitet, Företagsekonomiska institutionen, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-106471.
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The purpose of this study is to examine the value generated to shareholders due to the announcement of mergers and acquisitions (M&A) in different industries. Only deals between firms in the OECD member countries over the period 2004-2014 are analysed. The value is measured by calculating the cumulative abnormal return for event periods close to the announcement date. Cumulative abnormal returns is often used for measuring the impact of events on a stock price and reflect what investors believe will be the value from resulting synergies to shareholders. Only transactions between target and acquiring companies that are operating in the industrials, financial services, information technology and consumer staples industry are examined. Previous research is used to determine industry conditions affecting value creation and the expected value creation for each of the four industries is determined. This study find that returns for acquirers are distributed around zero percent. The mean cumulative abnormal returns for acquirers are negative for three of the four industries examined. The only positive abnormal return for acquirers is found in the financial services industry. Target firm shareholders receive positive returns in all industries. Target firm shareholders in the consumer staples and industrials industries receive on average statistically significant results above zero percent for a significance level of 5%. These industries have also the highest target returns.
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Bernardes, Gustavo Alexandre Gomes. "The relation between working capital, companies’ profitability and shareholder value creation: evidence from Brazilian listed industrial companies." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/24718.
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The main goal of this study was to evaluate to what extent working capital management - mesasured through the Cash Conversion Cycle - is related to a higher profitability and to a higher creation of value for the shareholders - measured through the Tobin’s Q. The central hypoteshis are that (1) firms' with lower Cash Conversion Cycle present higher profitability and (2) companies with lower Cash Conversion Cycle show higher value generation for shareholders. This study used a database extracted from Economática, with financial details from 46 different companies listed within the INDX (BM&FBOVESPA Industrials Index as of April 18th 2018), which represents the most representative traded stocks among industrial companies in Brazil. The regressions shown herein were built using the Panel Dataset Methodology, estimated on a quarterly basis from the period between 1986 to 2017, totaling 31 years. Regression analysis were made in order to assess the relation between variables, using both Multiple OLS (Ordinary Least Square) and Fixed Effects models. The results show strong evidences that industrial companies in Brazil that have a lower cash conversion cycle also present (1) higher profitability and (2) higher creation of value for its shareholders. Breaking down the Cash Conversion Cycle into its components (Days Sales Outstanding, Days Payables Outstanding, Days Inventory Outstanding), the study found negative and significant relation between profitability and generation of value with the Days Inventory Outstanding, suggesting that companies with lower average inventory days presents higher profitability and generates more value to shareholders. The results showed a positive and significant relation between the Days Payables Outstanding with both the Gross Operating Profit and Tobin’s Q, indicating that companies that have more extended payment terms present higher profitability and higher generation of value for the shareholders. The research also found a statistically significant negative relationship between the Days Sales Outstanding and the and the Tobin’s Q, suggesting that firms with lower average collection period shows higher creation of value. The study did not find a statistically significant relation between the DSO and the GPO.According to the research, from the three components of the cash conversion cycle, the Days Payables Oustanding was the one with the higher relation with both profitability and creation of value, followed by the Days Inventory Outstanding and Days Sales Outstanding.
O principal objetivo deste estudo foi avaliar em que medida a gestão do capital de giro - representada pelo índice Ciclo de Conversão de Caixa - está relacionada a uma maior lucratividade e uma melhor percepção de valor pelos acionistas e pelo mercado - medido pelo Q de Tobin. As hipóteses centrais são: (1) as empresas com menor Ciclo de Conversão de Caixa apresentam maior lucratividade e (2) as empresas com menor Ciclo de Conversão de Caixa apresentam maior geração e percepção de valor para os acionistas. Este estudo utilizou um banco de dados extraído do sistema Economática, com dados financeiros de 46 empresas listadas no Índice INDX (Índice do Setor Industrial da BM&FBOVESPA com data base de 18 de abril de 2018), que representam as ações mais representativas entre as empresas industriais no Brasil. As regressões aqui apresentadas foram construídas utilizando o método de dados em painel, cujos dados foram extraídos em uma base entre o período de 1986 a 2017, totalizando 31 anos. Análises de regressão foram feitas para estimar a relação entre as variáveis, usando os modelos de Mínimos Quadrados Ordinários (MQO) e Efeitos Fixos. Os resultados mostram fortes evidências de que as empresas industriais no Brasil que possuem um ciclo de conversão de caixa mais curto também apresentam (1) maior lucratividade e (2) maior criação e percepção de valor para seus acionistas. Através da quebra do Ciclo de Conversão de Caixa em seus componentes (Prazo Médio de Estocagem, Prazo Médio de Pagamento e Prazo Médio de Recebimento), o estudo encontrou relação negativa e significante entre lucratividade e geração de valor com o Prazo Médio de Estocagem, sugerindo que empresas com menor média de dias de estoque apresentam maior rentabilidade e geram maior percepção de valor para os acionistas. Os resultados também mostram uma relação positiva e significante entre o Prazo Médio de Pagamento tanto com o Lucro Operacional Bruto quanto com o Q de Tobin, indicando que as empresas que possuem prazos de pagamento mais alongados apresentam maior rentabilidade e maior geração e percepção de valor para os acionistas. A pesquisa também encontrou uma relação negativa estatisticamente significante entre o Prazo Médio de Recebimento e o Q de Tobin, sugerindo que as empresas com menor período médio de recebimento apresentam maior percepção de valor. O estudo não encontrou uma relação estatisticamente significante entre o Prazo Médio de Recebimento e o Lucro Bruto Operacional. De acordo com a pesquisa, dos três componentes do ciclo de conversão de caixa, o Prazo Médio de Pagamento apresentou a maior relação com rentabilidade e com a percepção e criação de valor, seguido pelo Prazo Médio de Estocagem e Prazo Médio de Recebimento.
Books on the topic "Shareholder value creation"
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Basu, Debashis. Face value, creation, and destruction of shareholder value in India. Mumbai: KenSource, 2003.
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Adrian, Payne, and Ballantyne David, eds. Relationship marketing: Creating shareholder value. Oxford ; Burlington, MA: Elsevier Butterworth-Heinemann, 2002.
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McDonald, Malcolm. Marketing and finance: Creating shareholder value. Hoboken: Wiley, 2013.
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Value based management: Developing a systematic approach to creating shareholder value. New York: McGraw-Hill, 1998.
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Boquist, John A. The value sphere: Secrets of creating & retaining shareholder wealth. Bloomington, IN: Value Integration Associates, 2000.
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Boquist, John A. The value sphere: Secrets of creating & retaining shareholder wealth. Bloomington, IN: Value Integration Associates, 2000.
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Structuring mergers & acquisitions: A guide to creating shareholder value. 5th ed. New York: Wolters Kluwer Law & Business, 2011.
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Structuring mergers & acquisitions: A guide to creating shareholder value. 3rd ed. New York: Aspen, 2007.
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Structuring mergers & acquisitions: A guide to creating shareholder value. 4th ed. New York: Aspen Publishers, 2009.
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Peter, Hunt. Structuring mergers & acquisitions: A guide to creating shareholder value. 2nd ed. New York, N.Y: Aspen Publishers, 2004.
Find full textBook chapters on the topic "Shareholder value creation"
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Menyah, Kojo. "Shareholder Value Creation." In Encyclopedia of Corporate Social Responsibility, 2141–49. Berlin, Heidelberg: Springer Berlin Heidelberg, 2013. http://dx.doi.org/10.1007/978-3-642-28036-8_109.
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Heinemann, Bernd, and Thomas Augat. "Shareholder Value Orientation: Not a Question of Whether, but How." In Value Creation, 11–26. Weinheim, Germany: Wiley-VCH Verlag GmbH & Co. KGaA, 2008. http://dx.doi.org/10.1002/9783527612246.ch2.
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Kilroy, Denis, and Marvin Schneider. "Creative Thinking and the Value Creation Mindset." In Customer Value, Shareholder Wealth, Community Wellbeing, 81–95. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-54774-9_5.
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Fiordelisi, Franco, and Philip Molyneux. "Why Study Shareholder Value Creation in European Banking?" In Shareholder Value in Banking, 1–8. London: Palgrave Macmillan UK, 2006. http://dx.doi.org/10.1057/9780230595927_1.
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Lundqvist, Mats A., and Karen Williams Middleton. "Sustainable Wealth Creation beyond Shareholder Value." In Innovative Approaches to Global Sustainability, 39–62. New York: Palgrave Macmillan US, 2008. http://dx.doi.org/10.1057/9780230616646_3.
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Fu, Xiaoqing Maggie, Yongjia Rebecca Lin, and Philip Molyneux. "Bank Efficiency and Shareholder Value in Asia Pacific." In Bank Competition, Efficiency and Liquidity Creation in Asia Pacific, 72–95. London: Palgrave Macmillan UK, 2015. http://dx.doi.org/10.1057/9781137533845_4.
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Stella Richter, Mario, Maria Lucia Passador, and Cecilia Sertoli. "Benefit Corporations: Trends and Perspectives." In The International Handbook of Social Enterprise Law, 213–31. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-031-14216-1_11.
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AbstractThis chapter frames the recent rise and vibrant growth of the phenomenon concerning benefit companies in the broader context of the general trend of a re-thinking of corporate purpose, shareholder welfare, shareholder theory, enlightened shareholder value, as well as corporate social responsibility.After tracing this framework, the present study particularly focuses on the necessity (or advisability) of a regulatory initiative regarding benefit companies and, if so, for which purposes. According to the authors, the point is to decide whether it is necessary to pass a law on benefit societies to be able to steer the management of the companies towards pursuing the dual purpose (i.e., a specifically determined social interest after balancing the selfish shareholder interest and that of other parties).In conclusion, the authors believe that, except in those cases where benefit corporations contribute to the creation of shareholder wealth, it is hard to imagine them being used in a numerically meaningful way.
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Walter, Ingo. "Universal Banking: A Shareholder Value Perspective." In Creating Value in Financial Services, 53–83. Boston, MA: Springer US, 2000. http://dx.doi.org/10.1007/978-1-4615-4605-4_4.
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Mikołajek-Gocejna, Magdalena. "Information Asymmetry Versus Investors’ Expectations and Creating Shareholder Value in Companies Listed on the Warsaw Stock Exchange." In Investor Expectations in Value Based Management, 177–217. Cham: Springer International Publishing, 2014. http://dx.doi.org/10.1007/978-3-319-06847-3_7.
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Blanc, Mathieu, Jean-Luc Chenaux, and Edgar Philippin. "Corporate Purpose: How the Board of Directors Can Achieve an Inclusive Corporate Governance Regime." In The International Handbook of Social Enterprise Law, 101–31. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-031-14216-1_6.
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AbstractLarge corporations are currently facing critical challenges after many financial crises and scandals, which led to a loss of public confidence. In addition, inequality, climate change, and new technologies create systemic risks for corporations. In that context, economic and legal scholars, as well as directors and regulators, extensively debate issues revolving around the “profit” of corporations as well as about the “purpose” of companies, a notion that is different from their mere “object.” In our view, the theory of the purpose-driven company could help overcome the never-ending dispute between the partisans of shareholders’ wealth maximization and the promoters of stakeholder governance. To materialize and implement the company’s purpose, missions, and core values, the board of directors (in engagement with shareholders) shall assess its impact on a broader social and economic environment. The identification and expression of the purpose will facilitate the company’s value creation and long-term business sustainability. The board of directors shall further take into consideration all stakeholders as well as define and identify the main purpose recipient (customers, employees, environment, etc.). Within this frame, the board of directors will act as both a corporate purpose guardian and a mediator of the various (potentially) conflicting interests held by the different constituencies.
Conference papers on the topic "Shareholder value creation"
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Ngongo Ngoy, Jody. "Financing Strategy, Shareholder Value Creation Over Firms Life Cycle." In 2008 4th International Conference on Wireless Communications, Networking and Mobile Computing (WiCOM). IEEE, 2008. http://dx.doi.org/10.1109/wicom.2008.2371.
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Siburian, Eveline, and Agustinus Yohanes. "Shareholder Value Creation Measurement Analysis in Healthcare, Materials, and Real Estate Industry in Indonesia." In Proceedings of the Asia Pacific Business and Economics Conference (APBEC 2018). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/apbec-18.2019.53.
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Dady, Johnathan Eugene. "Asset Lifecycle Management – The Digital Solution." In Offshore Technology Conference. OTC, 2021. http://dx.doi.org/10.4043/31034-ms.
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Abstract The challenges presented in the current market environment demand operational efficiency with low risk tolerance. Maximizing uptime and reducing unplanned events is paramount to preserve revenue. Asset Lifecycle Management (ALCM) is a strategy built to capitalize on the use of data analytics, superior system integration, and comprehensive condition assessments. This strategy is intended to produce significant benefits and maximize shareholder return through the optimization of maintenance, operations, and inventory. Traditional schedules of maintaining equipment can be replaced with automated analytics enhanced by equipment design knowledge and historical data. Developing technology enables a cost-effective means of applying this capability. Monitoring equipment condition and advanced analysis of equipment data compared to design parameters and historical performance provides valuable insight into the actual usage and lifecycle of the equipment. Design life utilization (usage) of critical load path drilling equipment can be determined by comparing how much work the equipment has done to how much work it was designed to do. This paper explores new methods of analyzing operational and equipment data, enabling the creation of robust usage models. These models are compared with the analysis of vibration, oil, fatigue, dimensional, and other physical inspection data. This empowers a comprehensive usage and condition monitoring paradigm that is data driven. Case studies performed on multiple drilling rigs proves extremely low usage and supports the deferral of traditional 5-year overhauls on this equipment. Modeling of normal operations is also explored, and a hook load model is created. The statistical analysis available from this operating model is compared to historical operational and maintenance records and proves to track an actual failure, thus substantiating value for anomaly detection if used real-time.
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"VALUE CREATION FOR SHAREHOLDERS IN SPANISH REAL ESTATE FIRMS, 1996-2007." In 15th Annual European Real Estate Society Conference: ERES Conference 2008. ERES, 2008. http://dx.doi.org/10.15396/eres2008_243.
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Mangantar, Maryam, Joubert B. Maramis, and Ivone S. Saerang. "A review of creating shareholder value through the financial management decision." In Proceedings of the 16th International Symposium on Management (INSYMA 2019). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/insyma-19.2019.16.
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Wolski, Rafal. "Creating value for shareholders by developers in comparison to other public companies." In 25th Annual European Real Estate Society Conference. European Real Estate Society, 2016. http://dx.doi.org/10.15396/eres2016_199.
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Gryzunova, Natalia V., Olga V. Romanchenko, Usmon S. Karimov, Fatimat D. Ulbasheva, and Elena I. Gromova. "Modern dividend policy strategies for sustainable socio-economic development." In Sustainable and Innovative Development in the Global Digital Age. Dela Press Publishing House, 2022. http://dx.doi.org/10.56199/dpcsebm.rucg6894.
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The present time needs additional drivers for economic growth and market stabilization instruments which could be represented by dividend and tax policies. The main priority today (not only in Russia, but worldwide) is stability. Many companies form target groups of minority, institutional and majority shareholders and investors and motivate their specific fiscal behavior towards the company. All of this requires financial and social innovations and dividend strategies. The purpose of the article is identification of dependence between the dividend policy, key company performance parameters and investment behavior of the public. Whereas in the past, according to the firm value theory, companies tried to extend capitalization of companies and thus increase the shareholders’ yield, presently shareholders are interested in creating a profitable dividend portfolio, since the returns on it have become comparable to deposits and bond investments. As far as the sources of income have changed, the tax policy is changing too. The financial behavior of market participants has changed; the disintermediation is fining off; further differentiation of tax and non-tax revenue rates has taken place. It is necessary to optimize the tax burden on investors, to differentiate them into financial groups and to ensure adequate dividend payments for each group.
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Prasad, Asim. "Risk and Challenges in Speedy Commencement of Natural Gas Supplies for Last Mile Consumer Connectivity Projects." In ASME 2013 India Oil and Gas Pipeline Conference. American Society of Mechanical Engineers, 2013. http://dx.doi.org/10.1115/iogpc2013-9843.
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Over the years the natural gas pipeline industry in India has witnessed significant growth in all three segments namely domestic gas production / gas import, development of pipeline infrastructure for gas transmission and actual usage by end consumers. This is manifested by the fact that in the last five years the gas consumption in the country has increased by over 50 %. Natural gas is the fuel of choice due to controllability and flexibility in use, low emission of CO2 and other pollutants, efficiency in transportation and distribution. Due to this, natural gas the cleanest fossil fuel is emerging as the most sought for fuel across the globe. Last Mile Consumer Connectivity are small pipeline projects that are executed to commence natural gas supplies to prospective customers who come forward to sign firm contractual agreement for commencing gas supplies. These projects are extremely important as the connectivity’s leading to start of commercial supplies by different segments of customers for diversified application generates revenue for the company apart from intensifying economic activities for wealth creation of shareholders. It is experienced that such projects encounters risks and challenges both in the internal and external environment which are either known-known, known-unknown or unknown-unknown. This retards the project progress leading to resource idling. The risks are in different areas related to gas marketing, project execution, operations, economic and regulatory risk. Such risks ultimately affect the company’s net profit, due to delay in commencement of commercial supplies. This in turn retards economic development and wealth creation of shareholders. Efforts has been made to draw and consolidate examples from the experience gained in execution of these projects with respect to the types of risks and challenges being encountered under different phases of value chain, situations, along with measures taken to counter the same. Even though such situations are encountered tactfully leading to successful commencement of gas supplies, the question still remains as to what are the best practices for speedy execution for these projects. The aim of this paper is to provide vivid description and insights into the different types of risks and challenges encountered under the Last Mile Connectivity Value Chain and the best practices adapted for speedy commencement of gas supplies to customers.
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Al Blooshi, Khaled, Hassan Mohammed, Khalid Yousef Al Awadhi, Pedro Carreiras, Maitha Harahish Al Mansoori, Waad Al Ameri, Mouza Sulaiman Al Houqani, et al. "Transformation Management Office as a Vehicle to Accelerate Digital Transformation." In Abu Dhabi International Petroleum Exhibition & Conference. SPE, 2021. http://dx.doi.org/10.2118/207222-ms.
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Abstract ADNOC has identified digital technology as a key enabler of sustainable value creation as it delivers its 2030 smart growth strategy. The Transformation Management Office (TMO) has been established to accelerate delivery of ADNOC's digital transformation, actively manage its digital portfolio, build digital capabilities, lead the digital empowerment of local talent and institute a ‘new way to operate’. By doing so, it supports ADNOC's ambition to be a data-driven organization, adopting new ways of working, and delivering greater value, while adapting swiftly to competitive threats to its core business. ADNOC's digital transformation is changing the way the organization operates. The adoption of digital technologies, including big data, Artificial Intelligence and Machine Learning and robotics will optimize production, improve efficiency, reduce risk and de-risk multibillion dollar projects. To achieve this requires a change of company culture across the full value chain. The decision to establish the Transformation Management Office was a recognition that ADNOC must evolve to meet the realities of the new energy era by adopting advanced digital technologies to ensure we remain resilient and agile, by making the most of our resources, enhancing our performance, empowering our people and delivering greater value for our shareholders, Abu Dhabi and the UAE.
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Agrawal, J. P. N., and S. P. Srivastava. "Methodology of Risk Management in Pipeline Projects." In ASME 2013 India Oil and Gas Pipeline Conference. American Society of Mechanical Engineers, 2013. http://dx.doi.org/10.1115/iogpc2013-9841.
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Organizations of all types and sizes face internal and external factors and influences that make it uncertain whether and when they will achieve their business objectives. The effect this uncertainty has on an organization’s objectives is “RISK”. In recent times all sectors of the economy have shifted focus towards the management of risk as the key to making organizations successful in delivering their objectives while protecting the interests of their stakeholders. Risk may be defined as events or conditions that may occur, and whose occurrence, if it does take place, has a harmful or negative impact on the achievement of the organization’s business objectives. The exposure to the consequences of uncertainty constitutes a risk. Organizations that are most effective and efficient in managing risks to both existing assets and to future growth will, in the long run, outperform those that are less so. Simply put, companies make money by taking intelligent risks and lose money by failing to manage risk intelligently. Risk management is the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives, whether positive or negative) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets, project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. Several risk management standards have been developed including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO standards. Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety. Risk management is a holistic, integrated, structured and disciplined approach to managing risks with the objective of maximizing shareholder’s value. It aligns strategy, processes, people & culture, technology and governance with the purpose of evaluating and managing the uncertainties faced by the organization while creating value. Broadly this paper deals with the objective of risk management along with identification, polarization, mitigation and governance of risks associated with pipeline projects. Further the criteria for assigning the probabilities and impact of an identified risk along with their classification based on its probability and impact are also incorporated in the paper.