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041 _afre
042 _adc
100 1 0 _aSaïas, Maurice A.
_eauthor
700 1 0 _a Greffeuille, Jean
_eauthor
245 0 0 _aStratégie et création de valeur
260 _c2009.
500 _a33
520 _aStrategy: 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.
786 0 _nRevue française de gestion | 196 | 6 | 2009-11-12 | p. 113-130 | 0338-4551
856 4 1 _uhttps://shs.cairn.info/revue-francaise-de-gestion-2009-6-page-113?lang=fr&redirect-ssocas=7080
999 _c852365
_d852365