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Value-based management and the balanced scorecard are two of the most distinguished management concepts of the past decades. The main criticism levelled at value-based management is that it is rarely applied in business practice. By contrast, the balanced scorecard is mainly criticized for its insufficient integration into corporate strategy. The two concepts are occasionally described as competing business philosophies in management theory. This chapter offers an integrative view of value-based management and the balanced scorecard. The resulting ‘value-based scorecard’ incorporates the value-based business philosophy while creating a link between the scorecard and the ‘value–added’ corporate strategy. This minimizes a multitude of other critical aspects of both concepts. In light of this, it is recommended that both management theory and business practice further interpret or use the value-based scorecard presented in this study as a tool for value-based management.

The goal of this paper is to develop a model which may be used to demonstrate costs and benefits of risk management investments in the context of value-based management.

This paper answers the question of how to quantify changes in company value caused by risk management measures on a theoretical basis. First, a review of empirical studies allowing assertions about the cost and utility of risk management investments is presented. The results of these studies point to a nonlinear shape of the curve and form a basis for the development of a seemingly plausible cost/utility correlation.

In this paper, a model will be developed which can be used to demonstrate costs and benefits of risk management investments in the context of value-based management. It is assumed that at first, risk management expenditures without measurable monetary utility will have to be made. Furthermore, it is assumed to increase more than proportionally, then less than proportionally, until further investments in risk management activities yield only minimal increases in utility and cannot improve company value any further.

By inserting the yet-to-be-determined actual cost/benefit relationship for a company or industry sector into the EVA equation, it is possible to display the effects of risk management measures on the company value. This procedure is principally combinable with the analysis of other value-based control parameters, that is, the Discounted Cash Flow concept or the Cash Value Added methodology.

Risk management is increasingly gaining scientific and public interest, especially since the global financial crisis. Scientists and practical users espouse the benefits of risk management systems in this context. However, the extent to which investments in risk management systems can improve the value of a company remains still unclear.

We could determine that at first risk management expenditures will not result in a monetarily measurable benefit. The remaining slope of the curve is derived as increasing more than proportionally at first, then less than proportionally, until further investments into risk management activities yield almost no additional increase in benefits. In this paper, three different functions are offered to describe the shape of the curve identified. They differ in regard to their free parameters and hence in their flexibility of application. The higher flexibility of functions #2 and #3 is balanced by the disadvantage of increasing formal complexity, possibly leading to an increased effort for implementation and application.

To harness the relationships developed in this paper for practical use, further research should target the identification and empirical verification of dependencies between the parameters and principal company index values.

Sharing services increasingly extends beyond intraorganizational concentration of service delivery. Organizations have started to promote cooperation across their boundaries to deal with strategic tensions in their value ecosystem, moving beyond traditional outsourcing. This chapter addresses two research questions geared to the challenge of interorganizational shared services (ISS): why would organizations want to get and remain involved in ISS? And: what are the implications of ISS for (inter)organizational value creation?

The conceptual chapter reviews literature pertaining to ISS from public, commercial, and nongovernmental sectors. ISS is understood as a multistakeholder organizational innovation. In order to analyze ISS and conduct empirical research, we developed a taxonomy and research framework.

The chapter shows how ISS can be positioned in value chains, distinguishing vertical, horizontal, and hybrid ISS. It outlines ISS implications for developing business models, structures, and relationships. Success factors and barriers are presented that epitomize the dynamic interplay of organizational autonomy and interorganizational dependence.

The research framework offers conceptual ideas for theoretical and empirical work. Researchers involved in ISS studies may adopt strategic, strategic innovation, and organizational innovation perspectives.

ISS phases are distinguished to focus innovation management — initiation, enactment, and evaluation. Furthermore, insights are provided into processes and interventions aimed at making ISS a success for participating organizations.

Cross-sectoral perspective on ISS; taxonomy of ISS; research framework built on organization and strategic management literature.

The aim of this paper is to investigate the nature of public value in the context of Swedish public museum management and how it is created.

The museum context is introduced, and assumptions and principles underpinning new public management (NPM) and public value management, along with examples of applicability and implementation in museums, are presented. Three key issues of convergence and divergence within the theoretical framework – strategic orientation, accountability and performance – are identified and introduced as a gateway to the empirical findings and the ensuing discussion.

NPM-oriented values have become part of the strategic orientation of the museum sector. The results of this study show that there exist at least three conceptions of museum management that are based on two different strategic orientations, that is, accessibility and conservation, which also point to different conceptions of value.

Museum management can be seen as the management of tensions between conservation and accessibility and between customer orientation and stakeholder orientation towards the creation of museum value.

The findings will assist museum management determine not only what value is but also for whom it is valuable, taking into account both present and future generations.

The objective of this study is to investigate how country risk, different political actions from the government and bureaucratic behavior influence the activities in industry supply chains (SCs) in emerging markets. The main objective of this study is to investigate the influence of these external stakeholders’ elements to the demand-side and supply-side drivers and barriers for improving competitiveness of Ready-Made Garment (RMG) industry in the way of analyzing supply chain. Considering the phenomenon of recent change in the RMG business environment and the competitiveness issues this study uses the principles of stakeholder and resource dependence theory and aims to find out some factors which influence to make an efficient supply chain for improving competitiveness. The RMG industry of Bangladesh is the case application of this study. Following a positivist paradigm, this study adopts a two phase sequential mixed-method research design consisting of qualitative and quantitative approaches. A tentative research model is developed first based on extensive literature review. Qualitative field study is then carried out to fine tune the initial research model. Findings from the qualitative method are also used to develop measures and instruments for the next phase of quantitative method. A survey is carried out with sample of top and middle level executives of different garment companies of Dhaka city in Bangladesh and the collected quantitative data are analyzed by partial least square-based structural equation modeling. The findings support eight hypotheses. From the analysis the external stakeholders’ elements like bureaucratic behavior and country risk have significant influence to the barriers. From the internal stakeholders’ point of view the manufacturers’ and buyers’ drivers have significant influence on the competitiveness. Therefore, stakeholders need to take proper action to reduce the barriers and increase the drivers, as the drivers have positive influence to improve competitiveness.

This study has both theoretical and practical contributions. This study represents an important contribution to the theory by integrating two theoretical perceptions to identify factors of the RMG industry’s SC that affect the competitiveness of the RMG industry. This research study contributes to the understanding of both external and internal stakeholders of national and international perspectives in the RMG (textile and clothing) business. It combines the insights of stakeholder and resource dependence theories along with the concept of the SC in improving effectiveness. In a practical sense, this study certainly contributes to the Bangladeshi RMG industry. In accordance with the desire of the RMG manufacturers, the research has shown that some influential constructs of the RMG industry’s SC affect the competitiveness of the RMG industry. The outcome of the study is useful for various stakeholders of the Bangladeshi RMG industry sector ranging from the government to various private organizations. The applications of this study are extendable through further adaptation in other industries and various geographic contexts.

Existing studies relating to value management in developing countries reveals that the Nigerian construction industry is also facing the challenge of not fully adopting value management practice into construction, let alone other sectors of the system. The introduction gives the correlation between sustainability and value management as techniques vital to the development of construction in Nigeria. The relative importance of value management is said to give an overview of the new advantages the practice brings to parties involved in an identified project concerned with using value management. Requirements, challenges and behavioural elements pertaining to value management in the Nigerian construction industry summarize the concerns with the application of value management in the country. The conclusion gives a general summary of the elements highlighted throughout this research.

This conceptual article aims primarily to illustrate the impact of public value thinking on the process of public sector modernisation. Public value management (PVM) is analysed from two perspectives. First, the principles and features of PVM approaches are detailed, including a comparison of the literature on the other approaches characterizing the modernisation process, that is, traditional public administration (TPA), new public management (NPM) and new public governance (NPG). Then PVM is contrasted with NPM and TPA. Subsequently, the elements connecting PVM with NPG are explored. Second, the theoretical and methodological frameworks within which public value has been operationalized are investigated. One of the core topics is the measurement of public value, which is illustrated focusing on the link between public value (in the singular) and public values (in the plural). The impact that the adoption of public value thinking exerts on the multiple performance objectives for public sector organisations is also investigated. Ultimately, the article aims to highlight the potential of the public value view – considered in conjunction with performance measurement and performance management systems – without neglecting the challenging and problematic aspects of this wave of reform. The comparison with other waves of reform is intended to provide a clearer picture of the way forward for PVM.

Theoretical and methodological investigation, elaborating on the relevant literature on the process of public sector modernisation, is carried out.

The approaches that have emerged during the last two decades (PVM, NPG) are other than alternative solutions. But also less recent waves of change have left, or are expected to leave, their own legacy for public administration over time. This could be the case for NPM, although, according to many scholars, it is in trouble and has lost its driving force, while others see it as simply ‘dead’ and doomed to give way to the ‘digital-era governance’. Several core elements of NPM are no longer in evidence either in PVM or in NPG. Different distinguishing elements have been brought into the foreground. For instance, the idea of the public as citizens characterises PVM and NPG, instead of the public as customers, qualifying NPM. What we are seeing is a progressive expansion of the public’s involvement, through co-production and participation. Contemporary public officials interact with members of the public in ways that involve all of their possible roles: as citizens, customers, partners. There are two salient aspects under which public value thinking can contribute. First, a focus on public value can – better than other approaches – represent a ‘glue’ capable of bringing together debates involving ‘values, institutions, systems, processes, and people’ (Smith, 2004, p. 18). Second, such a focus makes it possible to link insights from different analytical perspectives, fostering a broader view on the determinants of public sector change. This could be of decisive importance for the purpose of reshaping performance measurement and performance management systems, which is a crucial step in public sector reform.

Significant contributions are offered under two aspects. First, in terms of exploration of the concepts of public value (also in relation to public values) and private value. Second, in terms of analysis of the impact that PVM can exert on the logic of performance measurement and performance management.

Managing diversity requires an understanding of culture. The majority of businesses have realised that competitiveness no longer stems from formal organisational structures but rather from the mindsets, competencies, and functioning of individuals who create, develop, and support the organisation and who frequently come from different cultural backgrounds. Understanding the essence of a culture, its components, variations, and how all these things effect the business and the managerial process is very beneficial for international managers. Businesses in global value chains need cross-cultural management practices to obtain a competitive advantage. Global value chains make it possible to benefit from the comparative advantages of other nations, and without cross-cultural management, these multinational corporations would be unable to carry on with their business operations. Although there are many explanations on global value chains in the literature, there is no study on the effect of different cultures in value chain management and how different cultures can be managed in global value chains.

In this chapter, the definition of the concept of culture, which is comprehensive and crucial in managing differences, will be depicted. Then, the concept of cross-cultural management will be emphasised and what cross-cultural management means and why and to what extent it is important will be explained. In addition, the impact of cross-cultural management in the inclusive global value chain will be discussed, emphasising the value chain analysis, how it emerged, its basic concepts, and its importance in the international context.