Value Based Management with Corporate Social Responsibility

As the first decade of the 21st century winds down we have seen a sea change in society's attitudes toward finance. The 1990s can best be described as the decade of shareholder supremacy, with each firm trying to outdo the other in their allegiance to shareholder value creation, or as it came to be known, Value-Based Management (VBM). The first edition of this book, published in 2000, was written to help explain the underpinnings of VBM. At the time of its publication, few questioned the concept. With this new second edition, the authors take a clear look at VBM after having seen it through this tumultuous decade. It is not their intent to play the blame game or point fingers. Nor do they provide an impassioned defense of VBM. This book is an academic appraisal of VBM, where it has been, where it is now, and where they see it going.

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.