"With this edition, Martin, Petty, and Wallace continue to push the envelope on corporate valuation, governance, and social responsibility. With today's economic challenges, considering the interests of all stakeholders is paramount to the success of the firm. Maximizing shareholder value in isolation is no longer socially acceptable. The authors get it right with thought provoking theories on value-based management that is supported by extensive empirical evidence and practical applications."--J. Douglas Ramsey, Vice President & CFO, EXCO Resources, Inc.
"In the popular mind, the single-minded pursuit of shareholder value by public companies is bad news for labor and local communities, and a prescription for reducing social welfare. The authors of this book qualify that view by showing how a strategy of enlightened value maximization depends on significant and thoughtful investment in other corporate "stakeholders," including employees and local institutions."--Don Chew, Editor of Morgan Stanley's Journal of Applied Corporate Finance
"This book is a very well written summary of the practical applications of 'value-based management,' and its many real benefits. The authors do not shy from a discussion of conflicting points of view, potential shortcomings, and implementation barriers, which makes it extremely valuable for the corporate practitioner, board member, or senior executive who wants to know more about this essential subject matter."--Bennett Stewart, Founding Partner of Stern Stewart, and currently CEO of EVA Dimensions
"In the midst of a global crisis of capitalism and the desire to sort out the role of profits and principles, the introduction of values-based management is timely and relevant. Martin, Petty, and Wallace demonstrate that doing well and doing good are not only not incompatible; they can be complementary and mutually reinforcing. This important book gives business and society a tool for measuring and managing value with values. It provides a needed framework and empirical analysis that offers guidance on how we can --and should-- drive for long-term shareholder value creation while also growing the pie larger and better for the stakeholders and larger society that the firm serves."--Ira A. Jackson, Dean and Professor of Management, Drucker School of Management, Claremont Graduate University
"This is the best literature I have seen on the real connection between a corporation's social conscience and the enhancement of shareowner value. In the post Enron/WorldCom business climate this is an important, fact-driven, and comprehensive guide to the impact Corporate Social Responsibility has on the bottom line as well as an enlightened guide to winning compensation practices. My wish is that it could be read by every American executive responsible for creating shareowner value."--Royce Caldwell, retired Vice-Chairman and Chief Operating Officer, AT&T
John D. Martin holds the Carr P. Collins Chair in Finance in the Hankamer School of Business at Baylor University where he teaches in the Baylor EMBA programs. Over his career he has published over 50 articles in the leading finance journals and served in a number of editorial positions including the co-editorship of the FMA Survey and Synthesis Series for Oxford University Press.J. William Petty is Professor of Finance and the W.W. Caruth Chairholder of Entrepreneurship at Baylor University, where he teaches an undergraduate and graduate course in entrepreneurial finance. He has published in a number of academic journals, is a co-author on several leading textbooks, and is currently serving as director of a business angel network.James S. Wallace is Associate Professor at The Peter F. Drucker and Masatoshi Ito Graduate School of Management at The Claremont Graduate University. Prior to his career in academics, Professor Wallace worked in public accounting and in industry with a Fortune 500 Company.