Creation and Destruction of Shareholder value in India
"This is an uncommon book on a common topic written in a readable and racy style. The little understood, but widely, used cliche; shareholder value has been demystified with a detailed and perceptive analysis of several companies. Many myths are convincingly exploded and the real meaning of shareholder value has been brought out very well. Being the first of its kind this book will be of immense value to capital market players, intermediaries, corporate executives and all those interested in the theory and practice of shareholder value." - GV Ramakrishna, former Chairman Securities Exchange Board of India and former Chairman Disinvestment Commission
Deregulation, competition, rising importance of equity markets, increased availability of financial information and corporate governance. All these have created a new imperative for companies: maximising shareholder value. But what really drives value?
Why do two equally profitable companies command vast differences in value ?
Why are family-owned businesses and state-owned businesses valued far lower than their "intrinsic worth" ?
Why is value-destruction so rampant ?
Why do CEOs make solemn resolutions to create value but are unable to deliver ?
Why have corporate restructurings failed to create value ?
Who influences value and what are their expectations ?
What has been the role of fund managers in value-destruction ?
Is there a link between value-creation and corporate governance or intangibles like brand equity or intellectual property ?
For the first time, here are the definitive answers to these and all such basic questions.
The path-breaking book - the first in India, and among the very few worldwide - describes the recent history of value destruction, identifies widespread misconceptions about value creation and presents insightful ideas. It is bound to surprise and enlighten anybody even remotely connected to the idea of shareholder value: businessmen, fund managers, individual investors, business consultants, investor-relations consultants, brokers, investment bankers, regulators, academics and students of management, market and finance.
The Author : Debashis Basu qualified as a Chartered Accountant and worked as a business journalist for 10 years between 1984-1994, in leading publications (Business India, Business World, Financial Express, Times of India and Business Today). He has also written popular weekly columns for Business Standard and The Economic Times between 1994-2000. Since 1994, he has been running an independent information-services and research firm. His first book was a 1992 bestseller The Scam, co-authored with Sucheta Dalal. The Scam was revised, expanded (to include the scandal of 2001) and republished by KenSource in 2001.
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