| Titre | Stratégie et création de valeur | |
|---|---|---|
| Auteur | A. Saïas Maurice, Greffeuille Jean | |
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Revue | Revue française de gestion |
| Numéro | no 196, août-septembre 2009 La création de valeur en stratégie | |
| Page | 113-130 | |
| Résumé anglais |
Strategy: creating value for shareholders.
In the midst of one of the most severe economic crises since 1929, corporations urgently need to revisit their strategic mindset. Relative corporate performance on the financial markets will discriminate even more the winners from the losers. In difficult times, with the volatility of markets, shareholders value creation, measured by TSR, becomes a tough challenge, the focus of all strategic actions. The first component, the “fundamentals”, generates the cash flow, the basis for survival and the fuel to lead the industry consolidation or to finance new opportunities. The second is related to the cash flow use: retention, reinvestment or distribution? The third component, the “Multiples” will be the hardest to manage. Indeed, making the investors dream when the financial markets keep them awake at night is not an easy task. Source : Éditeur (via Cairn.info) |
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| Article en ligne | http://www.cairn.info/article.php?ID_ARTICLE=RFG_196_0113 |
