Superior Performance Through Value-based Management

Andreas Bausch, Michael Hunoldt and Lars Matysiak
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Andreas Bausch: Jacobs University, Schiller University of Jena
Michael Hunoldt: Schiller University of Jena
Lars Matysiak: Schiller University of Jena

Chapter 2 in Handbook Utility Management, 2008, pp 15-36 from Springer

Abstract: Abstract Value-based management provides managers with tools and techniques supporting the development and implementation of value-creating strategies. It further offers incentives which encourage managers to realize only those strategies which create value. In this chapter we present a brief overview of four important concepts of value-based management and of their popularity among the DAX-23 companies. Because of its extreme importance we then portray the EVA/MVA concept of Stern/Stewart in more detail. Moreover, we outline selected applications and techniques of value-based management with reference to strategy development,mergers & acquisitions, and performance management. We substantiate our theoretical discussion with an empirical analysis of the value creation of the DAX-23 companies. Lastly, we evaluate German utility companies’ EVAs and compare them to EVAs of Austrian and Swiss utilities.

Keywords: value-based management; superior performance; EVA (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1007/978-3-540-79349-6_2

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