The Value MindsetReturning to the First Principles of Capitalist Enterprise
A groundbreaking book on building long-term wealth for stakeholders As creator of the Wealth Added Index (WAI), Stern Stewart's Erik Stern has become a beacon for creating shareholder value within the current storm of corporate malfeasance and poor performance. The Value Mindset shows readers how to develop this way of thinking by blending individual manager incentives with the proper corporate structure and the willingness to pursue value discipline over the long term. Filled with practical concepts that have proved themselves in the real world, this book shows readers how they can transform a company into an organization that can deliver value and returns to its shareholders. The Value Mindset helps readers develop this mindset-as well as implement it-by detailing the metrics that are necessary for any manager to measure and monitor value creation within the firm. Erik Stern (London, UK) is a Senior Vice President at Stern Stewart & Co., based in London. He has designed and implemented programs for companies in several industries in the United States and Europe. Mike Hutchinson (London, UK) is a Vice President at Stern Stewart & Co., based in London. He worked previously for the BBC and the Consumers' Association.
Preface. Acknowledgments. Introduction. PART ONE: VALUE MINDSET. 1. A Revolution in Value. 2. The Efficiency of the Market. 3. Other People’s Money. 4. Corporate Governance in Crisis. 5. Back to Basics. 6. Introduction to Incentives. 7. Growing Value. 8. Focus on Value. 9. The Mindset of Success. PART TWO: STRATEGIC RECONFIGURATION—UNLEASHING HIDDEN VALUE. 10. Configuring Companies. 11. Changing Organizational Architecture. 12. Strategic Reconfiguration in Theory. 13. Strategic Reconfiguration in Practice. 14. The Growth of Content. 15. The Benefits of Strategic Reconfiguration. PART THREE: FINANCIAL ARCHITECTURE—CHALLENGING EXISTING THINKING. 16. Paying for Size. 17. Acquisitions. 18. Outcomes as Real Options. 19. Divestments. 20. Initial Public Offerings. 21. Financing Issues. PART FOUR: MOTIVATING MANAGERS AND EMPLOYEES TO DELIVER VALUE. 22. Awarding Decision Rights. 23. Fixed Pay and Incentives. 24. Balancing Incentives. 25. Do Options Encourage Value Creation? 26. The Value of Variable Pay. 27. Franchising as a Value Mindset. 28. Share Options. 29. Motivating All Employees to Create Value. 30. The Benefits of Variable Pay. PART FIVE: TAKING STRATEGIC RECONFIGURATION FURTHER—THE PUBLIC SECTOR. 31. The State We’re In. 32. How Did the State Grow So Large? 33. Let Us Build Up a Decent World. 34. Reconfiguring Global Relations I. 35. Reconfiguring the State. 36. Reconfiguring Global Relations II. PART SIX: CONCLUSION. 37. Opportunity for All. 38. A Final Word. Appendix Miscellaneous Industries. Index.
“…this thought-provoking book is a worthy addition to the bookshelf.” (Financial Director, July 2004) “…has much to say that is sensible and profound.” (Financial Times, 27th May 2004)
ERIK STERN is managing director of European operations and a senior vice president at Stern Stewart & Co., based in London. He has designed and implemented EVA® programs for companies in industries throughout the United States and Europe. Erik coauthored the EVAluation report on cascading EVA to shop-floor employees, The Capitalist Manifesto, and has written for a range of publications, including the Financial Times and Sunday Times in the UK, Berlingske Tidende in Denmark, El Mundo in Spain, and The Marker in Israel. Erik has appeared on TV, including Sky Business News and Bloomberg. He has an MBA from the University of Chicago and a BA from Brown University. MIKE HUTCHINSON is a professional writer who worked previously as vice president, marketing, for Stern Stewart & Co. in Europe, as well as for the BBC and Consumers’ Association. He has written for a range of publications throughout Europe and the UK, including the Financial Times, Sunday Times, and the Mirror, and has appeared on TV. He has an MA from Trinity College, Cambridge.
The value mindset is a revolutionary concept, in that it returns to the very roots of capitalism–the concept of investing in order to generate a return based on the risk taken. Yet today, goal-seeking and self-imposed targets compromise the real quest for value in thousands of companies and public sector organizations around the world. As creator of the Wealth Added Index (WAI)–a performance metric that allows you to manage all aspects of value–Stern Stewart's Erik Stern has become a beacon for creating shareholder value in the current storm of corporate malfeasance and poor performance. In The Value Mindset: Returning to the First Principles of Capitalist Enterprise, Stern and coauthor Mike Hutchinson show you how to develop this way of thinking and the willingness to create value over the long term, whatever your role within an organization. Working in finance is not a prerequisite–all individuals have the potential to create lasting value. The Value Mindset takes the principles behind the creation of value, including those that underpin Economic Value Added (EVA®), further than they have ever been taken before. Through real-world success stories, such as those of Isadore Sharp of the Four Seasons hotel chain and the late Roberto Goizueta of Coca-Cola, you'll gain a firm understanding of how companies should strategically reconfigure to release hidden value. Such reconfiguration goes well beyond outsourcing and demands a complete reassessment of the idea of the company. The Value Mindset will help you focus more fully on value creation, whether you work in the private or public sector. Topics discussed include: An introduction to the value mindset Strategic reconfiguration Financial architecture–challenging existing thinking Motivating managers and employees to deliver value Taking strategic reconfiguration further–the public sector It's natural to shun change, especially cultural change in business, because it brings with it the unknown–but the world is changing and you must be ready to change with it or face being left behind. Filled with practical concepts that have proven themselves time and again, The Value Mindset reveals how, as a manager or employee, you can transform your company into an organization that can deliver value as well as returns to shareholders. And in the wider world, a value mindset is the means for voters to transform their governments and for governments to deliver value to their voters, at a time when both are a source of continued dissatisfaction.
Praise for The Value Mindset "What to focus on and what not to focus on is at the heart of successful strategies. Stern and Hutchinson attack much of the current orthodoxy and propose a simple, yet hard-to-sustain, discipline that could reshape companies, industries, and nations. Their thesis and its scope are bold and will undoubtedly generate productive debates within and across many constituencies." –Harry L. Davis Roger L. and Rachel M. Goetz Distinguished Service Professor of Creative Management, University of Chicago "A thought-provoking book, that is as much about the politics of management as it is about the finance. The ideas build on the principles of economic value added, using simple market solutions to better motivate management and employees of companies." –Julian Franks Professor of Finance, London Business School The value mindset is a revolutionary concept that returns to the very roots of capitalism. It can help you–as a manager or an employee–transform your company into an organization that can deliver value as well as returns to its shareholders. As creator of the Wealth Added Index (WAI)–a performance metric that allows you to manage all aspects of value–Stern Stewart’s Erik Stern has become a beacon for creating shareholder value in the current storm of corporate malfeasance and poor performance, and in The Value Mindset, Stern and coauthor Mike Hutchinson show you how to develop this way of thinking and the willingness to create value over the long term–whatever your role within an organization. Filled with real-world success stories and practical concepts that have proven themselves time and again, The Value Mindset will help you integrate a value mindset approach into your organization–so you can create real value where it matters most.
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