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Création de valeur, 10 ans après..

  • Nicolas Mottis

    (ESSEC - Département Comptabilité-Contrôle Gestion)

  • Jean-Pierre Ponssard

    (Department of Economics, Ecole Polytechnique - Polytechnique - X - CNRS)

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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File URL: https://hal.archives-ouvertes.fr/hal-00440010/document
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Paper provided by HAL in its series Working Papers with number hal-00440010.

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Date of creation: 2009
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Handle: RePEc:hal:wpaper:hal-00440010
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  1. Brian J. Hall & Jeffrey B. Liebman, 1998. "Are CEOs Really Paid Like Bureaucrats?," The Quarterly Journal of Economics, Oxford University Press, vol. 113(3), pages 653-691.
  2. 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.
  3. Jensen, M.C. & Murphy, K.J., 1988. "Performance Pay And Top Management Incentives," Papers 88-04, Rochester, Business - Managerial Economics Research Center.
  4. Joel M. Stern & G. Bennett Stewart & Donald H. Chew, 1995. "The Eva® Financial Management System," Journal of Applied Corporate Finance, Morgan Stanley, vol. 8(2), pages 32-46.
  5. 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.
  6. 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.
  7. Gneezy, Uri & Rustichini, Aldo, 2000. "A Fine is a Price," The Journal of Legal Studies, University of Chicago Press, vol. 29(1), pages 1-17, January.
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