Modelos EVA e GVA e criação de valor para o acionista: relações, limitações e complementaridades

Abstract

Most organizations are rich in data available however these data are incomplete, defective or too out-of-date to be useful in making rapid, well informed decisions about the future. At the same time, the pace of change is accelerating and the environment in which firms must operate is becoming less predictable and more competitive. Lack of correct information or without the correct focus, combined with rapid change, difficulty the definition of clear and the same objectives for the all company. Generating the relevant information for decisionmaking is only the first step in the process of strategic planning. The most difficult part isdevising successful strategies that are going to give a company its competitive edge in the marketplace. Value Based Management - VBM thus places the interests of owners of companies back in the centre of decision-making. This in turn means those investors can rely on more than just the instruments of corporate governance to protect them from the possible conflicts of interest arising from the split between ownership and management. What investors want to know is not just how the company performed in the past but how it is likely to perform in the future, and this is highly correlated with the quality of its management and its strategic capability. It is one thing to say that companies ought to be managed for shareholder value but quite another to try to provide guidance on the best way of achieving this. VBM is not about applying a prescribed set of tools or processes but a management model that seek creating competitive advantage in the marketplace. It is about more than the headline performance measures. It is a holistic management approach that encompasses redefined goals, redesigned organizational structures and systems, align the strategic and the operational goals and gives directions for human resource practices. The focus on strategicplanning is one of the hallmarks of VBM. These models begin with strategy and ends with financial results. Successful strategies dont just happen, they are not the result of good fortune or individual genius. Instead, they are the end product of a structured and disciplineddecision-making process.