Value-based Management

Glen Arnold is a lecturer in Finance and Value-based Strategy at Aston Business School, Birmingham. He is the author of the best-selling UK-based corporate finance textbook Corporate Financial Management, Glen has considerable experience teaching, researching and publishing in the areas of investment, corporate finance and strategy. Matt Davies is a Director of ATC Limited, a company which specialises in providing financial training and consultancy. Before that he spent six years as a member of the Finance and Accounting Group at Aston Business School, where his speciality was shareholder value and value-based management. Matt is coauthor of Shareholder Value, which was published by the Financial Times in 1997. He is currently researching the use of value-based management within top UK companies.

• Introduction (G. Arnold & M. Davies). THE STATE OF VBM KNOWLEDGE: THEORY AND EVIDENCE. Tracing the Development of Value-Based Management (G. Arnold). Value-Based Management in Practice: A Critical Review (M. Davies). CHALLENGING SHAREHOLDER WEALTH MAXIMISATION. A Minifesto for Corporate Myopia (C. Carter & S. Conway). Shareholder Wealth or Societal Welfare: A Stakeholder Perspective (S. Cooper). The Dialectics of Corporate Value Measurement (D. Crowther). APPLYING VALUE-BASED MANAGEMENT. The Cost of Capital and Shareholder Value (J. Rutterford). Value-Based Metrics as Divisional Performance Measures (G. Francis & C. Minchington). Behavioural Impediments to Value-Based Management (J. Byrd, et al.). Lessons from Practice: VBM at Lloyds TSB (M. Davies). Making Value-Based Management a Way of Life (L. Kamhi). Shareholder Value in Banking (P. Molyneux). MEASURING VALUE: SOME CRITICAL PERSPECTIVES. A Review of Accounting and VBM Alternatives (J. Forker & R. Powell). Approaches to Value-Based Performance Measurement (J. Drukarczyk & A. Schueler). VBM: A New Insight into the Goodwill Dilemma? (G. Owen). Does Accounting Practice Undermine Value-Based Measurement? (M. Whittington). Index.