Earnings less riskfree Interest Charge (ERIC) is a new residual income concept for Value Based Management (VBM), which … takes the true risk and time preferences of shareholders into account. In this paper management based on ERIC is discussed …, performance measurement, management incentives and decentralization are goal congruent with respect to market value. In a second …

Value Based Management (VBM) has become a common tool for ex ante and ex post evaluation of corporate strategies and … divestment decisions, ex post evaluation of management and their major strategic decisions, and bonus-systems. Traditional VBM … order for management to obtain better information for purposes of investment, divestment, and exposure management decisions …

We empirically study the use of value-based management systems in listed German firms and examine implications for … that value-based management systems become increasingly common. Specifically, in 2008 42% of our sample firms have … implemented such a system. In the empirical analysis, we find that firms that implement value-based management systems earn …

management of shareholder value. …

Der Beitrag fokussiert auf das wertorientierte Management und die daran anknüpfenden Kompensationsprogramme für Manager …. Unterstellt man dem Management ein den eigenen Nutzen maximierendes und möglicherweise opportunistisches Verhalten, so ist nicht … auszuschliessen, dass das Management die Ziele der Aktionäre nicht vollumfänglich verfolgt. Die Arbeit zeigt, dass die Wurzeln …