Holler New Metrics for Value-Based Management

Enhancement of Performance Measurement and Empirical Evidence on Value-Relevance
2010
ISBN: 978-3-8349-8400-5
Verlag: Betriebswirtschaftlicher Verlag Gabler
Format: PDF
Kopierschutz: Wasserzeichen (»Systemvoraussetzungen)

E-Book, Englisch, 217 Seiten, eBook

Reihe: Unternehmensführung & Controlling

Annette Holler introduces two new depreciation-adjusted value metrics. Furthermore, a case study illustrates the depreciation-related bias. A regression analysis adds to previous evidence on associations of value creation with stock returns and firm values.

Dr. Annette Holler completed her doctoral thesis under the supervision of Prof. Dr. Dirk Schiereck at the European Business School (ebs) at Oestrich-Winkel, Endowed Chair of Banking and Finance. She works as a strategic management consultant.

Zielgruppe

Research

Autoren/Hrsg.

Holler, Annette

Inhaltsverzeichnis

1;Foreword;7
2;Acknowledgments;9
3;List of Contents;10
4;List of Figures;13
5;List of Tables;15
6;Abbreviations;17
7;Symbols;19
8;1 Introduction;20
8.1;1.1 Motivation;20
8.2;1.2 Research Objectives;27
8.3;1.3 Structure of the Study;29
9;2 Fundamentals;31
9.1;2.1 Value-Based Management (VBM);32
9.2;2.2 Value-Based Performance Measures;46
9.3;2.3 The Economic Value Added (EVA®) Concept;74
9.4;2.4 Summary;90
10;3 Development of New Value-Based Metrics;92
10.1;3.1 Distortions of Residual Income Caused by Accounting Depreciation;92
10.2;3.2 Adjustment Techniques Using Figurative Economic Depreciation;101
10.3;3.3 Introduction of New Value-Based Metrics Using Economic Depreciation;115
10.4;3.4 Summary;122
11;4 Applied Methods for the Empirical Research;123
11.1;4.1 Review of Prior Value-Relevance Research;123
11.2;4.2 Development of the Empirical Study Design;138
11.3;4.3 Summary;165
12;5 Results;166
12.1;5.1 Case Study;166
12.2;5.2 Regression Analysis;188
12.3;5.3 Summary;203
13;6 Discussion;205
13.1;6.1 Implications;205
13.2;6.2 Limitations;206
13.3;6.3 Outlook;207
14;References;208
15;Appendix;222

Fundamentals.- Development of New Value-Based Metrics.- Applied Methods for the Empirical Research.- Results.- Discussion.

Über Autor(innen)

Dr. Annette Holler completed her doctoral thesis under the supervision of Prof. Dr. Dirk Schiereck at the European Business School (ebs) at Oestrich-Winkel, Endowed Chair of Banking and Finance. She works as a strategic management consultant.