Recognizing Macroeconomic Fluctuations In Value Based Management
AbstractValue Based Management (VBM) has become a common tool for evaluating corporate strategies and projects from the perspective of shareholder value maximization, and can be an important input for corporate compensation systems. But traditional VBM frameworks make no systematic effort to distinguish between changes in performance attributable to macroeconomic fluctuations beyond management's control and changes in performance that reflect the intrinsic competitive position of the firm. 2003 Morgan Stanley.
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Bibliographic InfoArticle provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.
Volume (Year): 15 (2003)
Issue (Month): 4 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1078-1196
Other versions of this item:
- Oxelheim, Lars & Wihlborg, Clas, 2002. "Recognizing Macroeconomic Fluctuations in Value Based Management," Working Paper Series 574, Research Institute of Industrial Economics.
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Lars Oxelheim & Clas Wihlborg, 1995. "Measuring macroeconomic exposure: The case of Volvo Cars," European Financial Management, European Financial Management Association, vol. 1(3), pages 241-263.
- Oxelheim, Lars & Wihlborg, Clas & Zhang, Jianhoa, 2008.
"Executive Compensation and Macroeconomic Fluctuations,"
Working Paper Series
746, Research Institute of Industrial Economics.
- Oxelheim, Lars & Wihlborg, Clas & Zhang, Jianhua, 2008. "Executive Compensation and Macroeconomic Fluctuations," Working Papers in Economics 301, University of Gothenburg, Department of Economics.
- Andrén, Niclas & Oxelheim, Lars, 2002.
"Exchange-Rate and Interest-Rate Driven Competitive Advantages in the EMU,"
Working Paper Series
2001/8, Lund University, Institute of Economic Research.
- Andrén, Niclas & Oxelheim, Lars, 2002. "Exchange-Rate and Interest-Rate Driven Competitive Advantages in the EMU," Working Paper Series 576, Research Institute of Industrial Economics.
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