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The current financial crisis has caused many of us to question the motives and actions that drive the business world. Even the basic notion that firms should be run so as to maximize shareholder value has come under increasing scrutiny. Simply put, the failures of some of our nation's most venerable financial institutions have called into question the very premise of value-based management (VBM). Moreover, by being paid out at a time when rank-and-file employees, suppliers, and other corporate stakeholders are suffering, excessive CEO compensation has produced public outrage. This book provides an up-to-date look at value-based management and finds that the underlying concept is as sound today as ever. One finding, however, is that, as initially practiced, VBM was often short sighted and thus needs to evolve if it is to continue to flourish. In particular, this book promotes a marriage of traditional VBM with the growing trend toward corporate social responsibility (CSR), a combination termed value(s)-based management. The case is made that CSR is much more than a feel-good concept; rather, it can make good business sense if practiced in a strategic manner. Ultimately, the book concludes that evidence supports the finding that, by embracing a program of corporate social responsibility, a firm can make the pie bigger, thus providing a win-win situation in which both the shareholders and other stakeholders benefit.
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