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Value Imperative By James M. McTaggert

Value Imperative
by James M. McTaggert

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Moving beyond the strategies that managers have employed to create shareholder value, three corporate finance experts reveal their powerful framework for the systematic day-to-day management of shareholder value. They also dispel many of the "value myths" that can skew a company's strategy.
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Value Imperative Summary

Value Imperative: Managing for Superior Shareholder Returns by James M. McTaggert

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.

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Value Imperative Reviews

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.

About James M. McTaggert

James M. McTaggart is the chairman of Marakon Associates, an international management consulting firm founded in 1978.

Table of Contents


Introduction: The Value Imperative


1. The Governing Objective

2. The Potential for Value Creation

3. Value Based Management


4. Linking Market and Management Values

5. Financial Determinants of Value Creation

6. Strategic Determinants of Value Creation


7. The Strategic Position Assessment

8. Competitive Strategy

9. Participation Strategy

10. Corporate Strategy


11. Institutional Value Drivers

12. Governance

13. Strategic Planning

14. Resource Allocation

15. Performance Management

16. Top Management Compensation


Making Value Creation a Core Competence

Appendix A: Valuation

Appendix B: Profitability Measurement





About the Authors

Additional information

Value Imperative: Managing for Superior Shareholder Returns by James M. McTaggert
James M. McTaggert
Used - Very Good
Simon & Schuster
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us.