Value: The Four Cornerstones of Corporate Finance

Bill Dobbs · Huyett · Richard Koller · Tim McKinsey & Company Inc.

2020-07 · Gildan Media · Skaito Todd McLaren

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Value is intended to give managers an accessible and short guide to first the foundations and then the applications of corporate foundations. Not bogged down in math equations or heavy analysis, the book is a much more qualitative approach to what the authors consider a lost art. The first section discusses the four foundational principles of corporate finance: 1. Value is driven by growth, ROIC, and the sustainability of these; 2. Share price is driven by expectations for future performance; 3. Price is driven by the value conceived by others; and 4. One must use the pizza principal to decide whether value has really been created. The pizza principal says you can get more pizza by either making the pie bigger or by taking a share of other pies. The second section applies the theory of value creation to our economy. The authors argue that real value creation comes from innovation and competitive advantage, which manifests into high returns on capital and growth. In the third section of the book, the authors discuss ways to maintain and grow value through mergers, acquisitions, and portfolio management. The final section addresses how to ensure that your company has the right governance, performance measurement, and internal discussions to encourage value-creating decisions.

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Todd McLaren was involved in radio for more than twenty years before he left broadcasting for a full-time career in voice-overs, where he has been heard on more than 5,000 TV and radio commercials, as well as TV promos; narrations for documentaries on such networks as A&E, Discovery, and the History Channel, and films. He is also the narrator of numerous novels.