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Création de valeur, 10 ans après…

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Author Info

  • Mottis, Nicolas

    ()
    (ESSEC Business School)

  • Ponssard, Jean-Pierre

    ()
    (Ecole Polytechnique)

Abstract

Value based management was considered as the major managerial innovation of the nineties: managers were to supposed to be turned into owners through redesigned compensation packages including value creation metrics such as EVA and the like, increased influence of shareholders on firms’ strategies… Ten years later it is about time to come back. This article indeed revisits a study made at the time by the authors on the implementation of VBM and analyzes the evolutions observed since then. It identifies the main achievements such as the better management of assets and cost of capital, and the difficulties encountered in the alignment of managers’ compensation on market value. It discusses the current trend towards more operational performance indicators in that respect.

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Bibliographic Info

Paper provided by ESSEC Research Center, ESSEC Business School in its series ESSEC Working Papers with number DR 09013.

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Length: 17 pages
Date of creation: Dec 2009
Date of revision:
Handle: RePEc:ebg:essewp:dr-09013

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Postal: ESSEC Research Center, BP 105, 95021 Cergy, France
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Web page: http://www.essec.edu/
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Related research

Keywords: Governance; Incentives; Value Creation;

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References

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  1. Dial, Jay & Murphy, Kevin J., 1995. "Incentives, downsizing, and value creation at General Dynamics," Journal of Financial Economics, Elsevier, vol. 37(3), pages 261-314, March.
  2. Brian J. Hall & Jeffrey B. Liebman, 1998. "Are CEOs Really Paid Like Bureaucrats?," The Quarterly Journal of Economics, MIT Press, vol. 113(3), pages 653-691, August.
  3. Uri Gneezy & Aldo Rustichini, 2000. "A fine is a price," Natural Field Experiments 00258, The Field Experiments Website.
  4. Jensen, M.C. & Murphy, K.J., 1988. "Performance Pay And Top Management Incentives," Papers 88-04, Rochester, Business - Managerial Economics Research Center.
  5. Stephen F. O'Byrne & S. David Young, 2006. "Incentives and Investor Expectations," Journal of Applied Corporate Finance, Morgan Stanley, vol. 18(2), pages 98-105.
  6. Stephen Riceman & Steven Cahan & Mohan Lal, 2002. "Do managers perform better under EVA bonus schemes?," European Accounting Review, Taylor & Francis Journals, vol. 11(3), pages 537-572.
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Cited by:
  1. Nicolas Prat & Isabelle Comyn-Wattiau & Jacky Akoka, 2009. "Combining Objects with Rules to Represent Aggregation Knowledge in Data Warehouse and OLAP Systems," Post-Print hal-00551866, HAL.

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