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Management Development Programme on Managing Shareholder Value
Posted Date: 09 Apr 2008 Resource Type: News/Announcements Category: Conference and Symposium
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Posted By: Bala Member Level: Diamond
Rating:  Points: 3
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Management Development Programme on Managing Shareholder Value
(April 24-26, 2008)
Venue:
Tata Hall, IIMC Campus
Indian Institute of Management, Calcutta
Programme Director: Prof. Ashok Banerjee
INTRODUCTION:
The corporate world in India is going through a phase of re-discovering the importance of their masters (i.e., shareholders). There has been a paradigm shift in the mission of many Indian Companies from increasing market share to enhancing shareholder value. Corporate managers in India have started realising that to survive in the long run they have to keep shareholders in good humor. With the emergence of value-creating concepts like EVA and MVA, focus is now surely on value rather than on earnings or profit. A company may be enjoying numerouno position in terms of sales or profits, but it may not necessarily be creating maximum value for its shareholders. To create shareholder value growth is not a sufficient condition. What is more important is the question – growth at what cost? There are instances where a company has destroyed value by adding more businesses. It may be more prudent for a company to become leaner and thinner to enhance value.
A major debate in corporate finance is whether the capital structure of a company has any role to play in maximising shareholder wealth. If the debt-equity mix of a company is low, managers will be left with larger, discretionary cash flows and such large cash flows may tempt management to spend the cash on low-yielding projects. If cash flows are squandered away on unprofitable projects, shareholders’ interests would not be best served. Thus the existence of excess free cash flow increases the agency conflict resulting in higher agency costs. In many situations such cash flows are invested in the business to generate capacities to pursue growth and also economies of scale. With the objective of building up capacities (to become the market leader) companies often end up stretching themselves beyond the optimal level. A company is said to cross the optimal level when the return from the additional projects is not high enough to absorb the cost of capital. Managing shareholders value is, therefore, a continuous challenge.
PROGRAMME OBJECTIVES:
• To expose participants to the concept of shareholders value management and strategies for enhancing shareholders value.
• To expose participants to hands on computations of return, beta and cost of capital of various Indian Companies in manufacturing and service sector.
• To highlight the relationship between shareholders value and other stakeholders value.
• To emphasize the effectiveness of corporate governance in enhancing shareholders value.
PROGRAMME CONTENTS:
• Business valuation
• Relationship between shareholders value and market value.
• Economic Value Added (EVA) and Shareholder Wealth.
• Strategies for enhancing shareholders value.
• Role of Mergers and Acquisitions (M&A) in the value creation process.
• Customer value and shareholder value.
• Corporate governance and its effect in enhancing transparency in financial reporting.
PEDAGOGY:
The pedagogy will consist of lecture, case studies, exercises, computing, and discussion.
EXPECTED PROFILE OF PARTICIPANTS:
Middle and Senior Level Executives from public and private sector organizations working in the areas of Finance, Corporate Planning, and Marketing. The programme lays more emphasis in understanding corporate strategies in value based management systems. Hence, executives, directly or indirectly, involved with functions relating to corporate strategies would be benefited from this programme.
ACCOMMODATION:
The institute has state-of-the-art air-conditioned lecture rooms and comfortable air-conditioned boarding and lodging arrangements on single occupancy basis at Tata Hall for the programme participants.
VALUE INVESTMENT: Rs. 20,000 per participant
The fee includes teaching materials, tuition, on campus board and lodging. The fees are payable in advance by cheque or demand draft favouring “Indian Institute of Management, Calcutta” payable at Kolkata.
PROGRAMME DURATION:
The programme will run for three days from April 24-26, 2008.
PROGRAMME DIRECTOR:
Prof. Ashok Banerjee joined the Indian Institute of Management, Calcutta (IIM-C) as Professor (Finance and Control) in August 2004. Prior to joining IIM-C, he was a professor at IIM-Lucknow. He is a Postgraduate in Commerce from University of Calcutta and a qualified Chartered Accountant. He obtained his Ph.D. for his research on Economic Value Added as a Performance Measure.
Prof. Banerjee, had also taught at the School of Management, Asian Institute of Technology (AIT), Bangkok, Thailand in 2002. He has published many articles in various journals and business dailies. Prof. Banerjee has presented papers in various national and international conferences. He has also participated as resource person in various Management Development Programs. Besides teaching and research, Prof. Banerjee is actively involved in consulting. He can be reached at ashok@iimcal.ac.in.
For more details, visit http://www.iimcal.ac.in
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