European Business Schools Librarian's Group
ESSEC Working Papers,
ESSEC Research Center, ESSEC Business School
No DR 09013: Création de valeur, 10 ans après…
Nicolas Mottis () and Jean-Pierre Ponssard ()
Additional contact information
Nicolas Mottis: ESSEC Business School, Postal: Avenue Bernard Hirsch - BP 50105, 95021 CERGY PONTOISE Cedex, FRANCE
Jean-Pierre Ponssard: Ecole Polytechnique, Postal: 91128 PALAISEAU Cedex, FRANCE
Abstract: Value based management was considered as the major managerial innovation of the nineties: managers were to supposed to be turned into owners through redesigned compensation packages including value creation metrics such as EVA and the like, increased influence of shareholders on firms’ strategies… Ten years later it is about time to come back. This article indeed revisits a study made at the time by the authors on the implementation of VBM and analyzes the evolutions observed since then. It identifies the main achievements such as the better management of assets and cost of capital, and the difficulties encountered in the alignment of managers’ compensation on market value. It discusses the current trend towards more operational performance indicators in that respect.
Keywords: Governance; Incentives; Value Creation
17 pages, December 2009
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