We empirically study the use of value-based management systems in listed German firms and examine implications for firms' stock market performance. Using a novel, hand-collected data set covering 1,083 firm years from 2002 to 2008, we find that value-based management systems become increasingly...

Value Based Management (VBM) has become a common tool for ex ante and ex post evaluation of corporate strategies and projects from the perspective of shareholder value maximization (SVM). VBM-frameworks are designed to support investment and divestment decisions, ex post evaluation of management...

Im Rahmen wertorientierter Unternehmensführung gewinnen Erfolgsbeteiligungen immer größere Verbreitung. Besonders populär ist das EVA-Bonussystem, das auf dem Erfolgskonzept Economic Value Added von STERN STEWART & Co. beruht. In der vorliegenden Arbeit wird gezeigt, daß dieses Bonussystem...

Purpose - The paper investigates the market performance of strategic acquisitions for growth in the fifth and sixth merger waves and outlines the major determinants that affect the performance of acquiring companies in these most complex and most challenging corporate transactions....

This essay investigates the relationship between the internationalization of banks, profitability and shareholder value. We argue that in general internationalization has not contributed to profitability, and shareholders have not gained by investing in banks with more international activities....

Society's demands for individual and corporate social responsibility as an alternative response to market and distributive failures are becoming increasingly prominent. We first draw on recent developments in the psychology and economics of prosocial behavior to shed light on this trend, which...

The pressures to accommodate to the global standards of corporate governance (CG) for Japanese public companies had grown strong since the mid-1990s. A series of legal reforms has led to the formal imitation of the market oriented Anglo-American model which, however, was not accompanied by the...

Good corporate reputation is seen as one of the most valuable assets. It is believed to cause a multitude of favorable impacts within different stakeholder groups. As a consequence, a multitude of studies analyzed the relationship between corporate reputation and financial performance. However,...

Under the growing influence of economic normative thoughts (as for example the spread of shareholder value philosophy in the 1990s) and therefore under pressure to justify themselves, human resource management professionals are searching for concepts to measure the effects of their decisions and...

The financial services industry is „special“ in a variety of ways, including the fiduciary nature of the business, its role at the center of the payments and capital allocation process with all its static and dynamic implications for economic performance, and the systemic nature of problems...