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Value Imperative: Managing for Superior Shareholder Returns, by James M. Mctaggart
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Moving beyond the strategies that managers have employed to create shareholder value -- now the standard for business performance -- management experts James McTaggart, Peter Kontes, and Michael Mankins reveal their powerful 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 imagination in management plans that prevents real changes and consequences. They provide a systematic approach to "value based management" that eliminates these weaknesses, offering proven strategies for managing large, complex companies to consistently produce superior results for stockholders.
Building on more than 16 years of consulting 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 objective 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 management 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 strategies that substantially improve competitive 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 value on a sustained basis, the authors show managers how to build the five key processes that are institutional value drivers: governance, strategic planning, resource allocation, performance management, and top management compensation. Mastering these capabilities is fundamental to the ongoing, consistent creation of shareholder value over time.
All companies, the authors argue, inherently possess an enormous potential to create higher value for their shareholders. With hundreds of examples of companies that have successfully employed the beliefs, principles, and practices of value based management, this book shows general managers how to generate superior returns and realize their business's full value potential.
- Sales Rank: #1134308 in Books
- Published on: 1994-03-28
- Released on: 1994-03-28
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x 1.30" w x 6.12" l, 1.52 pounds
- Binding: Hardcover
- 367 pages
- ISBN13: 9780029206706
- Condition: New
- Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!
Review
Brian Pitman Chief Executive, Lloyds Bank Plc Ambitious in intent, meticulous in detail, and penetrating in analysis. Anyone who is serious about creating shareholder value will benefit from it.
John H. Dasburg President and CEO, Northwest Airlines The authors have uniquely balanced rigorous thinking with practical thinking. The result is a handbook on value creation. It is essential reading for business, labor, and government.
Anthony J. Carbone Group Vice President, The Dow Chemical Company Makes a compelling case for focusing on value creation at every level within the organization. This book goes beyond concept and theory by offering actionable plans to drive implementation.
Sir James Blyth Chief Executive, The Boots Company Plc This impressive new book lays out the framework for value creation with clarity and conviction. I have no hesitation in recommending this book to fellow chief executives.
From the Back Cover
Moving beyond the strategies that managers have employed to create shareholder value - now the standard for business performance - management experts James McTaggart, Peter Kontes, and Michael Mankins reveal their powerful 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 imagination in management plans that prevents real changes and consequences. They provide a systematic approach to "value based management" that eliminates these weaknesses, offering proven strategies for managing large, complex companies to consistently produce superior results for stockholders. Building on more than 16 years of consulting 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 objective 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 management 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 strategies that substantially improve competitive position and increase market value, often within only two to five years. And as most largecompanies lack the internal processes necessary to manage for value on a sustained basis, the authors show managers how to build the five key processes that are institutional value drivers: governance, strategic planning, resource allocation, performance management, and top management compensation. Mastering these capabilities is fundamental to the ongoing, consistent creation of shareholder value over time. All companies, the authors argue, inherently possess an enormous potential to create higher value for their shareholders. With hundreds of examples of companies that have successfully employed the beliefs, principles, and practices of value based management, this book shows general managers how to generate superior returns and realize their business's full value potential.
About the Author
James M. McTaggart is the chairman of Marakon Associates, an international management consulting firm founded in 1978.
Most helpful customer reviews
7 of 7 people found the following review helpful.
An excellent, down-to-earth guide for corporate managers
By A Customer
A lot of books have been published on value based management, or managing to maximize shareholder value, but this is the best I've seen on several counts. First, it emphasizes process throughout: taking the corporate manager from governing objective to the nitty-gritty of individual business units, and showing at each step how decisions should be made to produce the best possible return.
"Value Imperative" addresses some issues I haven't seen discussed sufficiently in other books of this genre: most specifically, how to produce top value when you're operating in a low-growth or no-growth industry, and precisely what sort of managerial compensation structure fits best into a VBM framework. In every case, the authors' prescriptions are logical and understandable. Most importantly, they encourage the reader to believe that their solutions and disciplines are doable - challenging, but achievable.
Some management books strangle on theory and mathematical analysis, but this one doesn't - another reason I liked it. The authors keep the math - solid and useful analytics - in the appendices, while, again, the main text emphasizes process at the human level. What one sees mainly by way of illustration are flow charts which help make the VBM approach clear.
Encouragingly, nothing they write here seems dated -- although it originally apeared in 1994, "Value Imperative's" lessons apply to companies facing a slower-growing economy (as we may be now)as well as those in a fast-growing environment.
This book would seem best for large companies in mature industries, rather than start-ups, although some of its lessons may be good for the latter as well. It contains a lot of good case study material, and should be especially useful to companies that are reevaluating their commitment to some lines of business, looking atpotential acquisitions or divestments, revamping their compensation policy, or considering pouring a lot of resources into aggressively growing a particular sector (it's especially critical of "patient money" and "economy of scale" arguments for growth).
Managers who want to read something about their practice that's solid, practical, and not faddish should take a look.
11 of 19 people found the following review helpful.
Bettered by new texts - for die hard dogmatic VBM fans only
By A Customer
Authored by three Marakon gurus and unfortunately the book does not hang together. After a fairly good first section laying out the principles of value creation, the authors then go overboard on the financial numbers and equations. Those who make it to the end will see the text lighten up with chapters on planning and corporate issues. I would recommend this book only to fans of the Marakon view of the VBM world. It is unbalanced in so far as it is not a comprehensive analysis of VBM, pluses and minuses. Equally it is merely a rehash of some traditional tools and techniques. Unless you are familiar with VBM, this is not the book to start with. A better way in is to assemble a view of VBM from a variety of authors including some of the original Rappeport stuff. At the same time journal articles are now showing how old and under-developed the Value Imperative is.
9 of 10 people found the following review helpful.
The Value Imperative is a WINNER!!
By A Customer
The Value Imperative offers a great framework for managing for value. This book should be read by all corporate executives. It starts with the fundamentals on how value is created and links value creation to business strategy. The authors vividly explain how business can create value by employing a number of different competitive strategies. The final part of the book pulls everything together and focuses on the role of the corporate center in managing various business units and allocating resources.
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