The central task of contemporary strategic management is to look for sources of value and to achieve above- average firm performance. The effective implementation of a value creation strategy requires a comprehensive approach, including the creation of a systemic management structure aimed at...

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...