In Search of Shareholder Value [antikvár]

FOREWORD Change is in the air. Within the last decade or so, most companies have seen the rapid transformation of their business and the climate in which they operate. Globalization, technological change and the increasing sophistication of the markets mean that as we approach the new millennium, successful companies are under pressure as never before: if they do not adapt to the new climate, they perish. They are finding that product excellence is no longer sufficient, nor is it enough to focus on profit alone. The key to success today is the simultaneous delivery of superior returns on capital, sustainabk growth rates and the proactive management of risk. We at Price Waterhouse are not standing apart from this process.We have a long and successful history of financial analysis and assurance work that has adapted itself to, and transcended, a multitude of market and technology changes. The way we perform our services may have changed over the years -manual processes have become automated, for example - but the core business of giving credibility and clarity to the information and systems that we examine or implement has not changed. The provision of credible financial and management information is, and always has been, a necessary precondition for sound business decisions and access to financial markets. But that's not all. We are fond of stating that Price Waterhouse is more than just a financial services firm; rather it is in the business of 'solving complex problems for top companies'. This means, among other things, that we aim to focus on our clients' priorities and make the most of our capabilities to maximize value for them. In other words, we exist so that our clients can reach their full potential. This is where shareholder value comes in. Our well-managed clients are on a relentless quest for value; in their businesses they want to create, preserve and realize value for owners, investors and employees. To progress in this quest, they need the latest and most effective techniques of business strategy and analysis - techniques that enable them to ensure that capital is not squandered but is used wisely. Shareholder value analysis provides just such an approach. That is why we have developed our ValueBuilder™ process which is proving its worth in helping top companies in a variety of fields to improve their performance. It is doing this by offering companies analysis and strategies that facilitate value creation and enhance communication and reporting - and by establishing appropriate ways of rewarding their employees when their targets are met.