Corporate Resource Allocation Financial, Strategic and Organizational Perspectives

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ISBN: 9780631178224 | 0631178228
Cover: Paperback
Copyright: 8/26/1991

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Most books on allocating major corporate resources are written from just one viewpoint whether it be on finance, strategy or behavioural science. Professor Tomkins argues that these important decisions obviously have multi-functional facets and implications. In this book he presents an integrated approach.

List of figures	p. xi
Preface	p. xiii
Acknowledgements	p. xx
Investment Appraisal: A Theory of Finance Perspective	p. 1
Measuring returns from an investment	p. 1
Assessing the relationship between risk and return for one-period investment	p. 3
Estimating a company's beta in practice	p. 6
How good is the CAPM at explaining investment-market behaviour?	p. 9
Separating business risk from financial risk	p. 13
Required rates of return from divisions and projects for one-period investments	p. 15
Multi-period discounting in the appraisal of projects	p. 18
Other complications: cash flows after corporate taxes, adjusting the required return for the tax benefits from debt finance, capital allowances, subsidized loans and inflation	p. 20
Extra complications with foreign investment	p. 24
A brief summary of resource allocation from the shareholder's view based on the CAPM	p. 28
References	p. 30
Problems and discussion questions	p. 31
Financial Modelling in Project Appraisal and its Relationship to the Theory of Corporate Finance	p. 35
Simple 'what if' and goal-seeking models to appraise individual projects	p. 36
Decision trees applied to individual projects	p. 40
Monte Carlo analysis for individual projects	p. 45
An evaluation of Monte Carlo analysis in investment analysis	p. 52
Individual projects in the context of the corporate portfolio	p. 54
References	p. 55
Problems	p. 56
Financial Investment Appraisal in Practice and Influential Accounting Procedures	p. 73
Investment appraisal in management accounting practice and the theory of finance	p. 74
The influence of divisional-performance measurement on resource allocation	p. 76
Cost-behaviour analysis, product-costing and resource allocation	p. 82
References	p. 86
Discussion questions	p. 88
Strategic Analysis and Corporate Investment: An Economic and Marketing Emphasis	p. 89
Strategic portfolio analysis	p. 91
Analysing industry attractiveness and competitive strengths and devising competitive strategies	p. 100
An interim evaluation of the portfolio-grid approach	p. 105
References	p. 116
Discussion questions	p. 117
Towards Integrating Accounting into Strategic Analysis	p. 119
Accounting for portfolio analysis	p. 121
Contributing to market-attractiveness and competitive-strengths analyses	p. 122
Testing for generic strategies	p. 123
Does widespread use of ROI lead to poor corporate strategies?	p. 125
Accounting and cost-leadership strategies	p. 129
Distinguishing between cost reduction and cost measurement	p. 138
Distinguishing between price recovery and productivity	p. 142
Accounting for differentiated-product strategies	p. 146
The impact of new manufacturing methods	p. 149
Summary	p. 154
References	p. 154
Discussion questions	p. 156
Towards Integrating the Theory of Finance and Strategic Analysis	p. 159
The relevance of discounted cash flow calculations	p. 159
Difficulties in measuring net cash benefits from investment projects	p. 163
Can more financial rigour be incorporated into portfoliogrid analysis?	p. 167
The cost of capital in strategic analysis	p. 173
Diversification and capital-rationing	p. 177
Market valuation and strategic analysis	p. 179
Summary	p. 181
References	p. 182
Discussion questions	p. 184
Organizational Behaviour and Strategic Investment Decisions	p. 185
Multi-disciplinary perspectives of organizational life	p. 185
Organizational structures and roles	p. 186
Beyond simple forms of rational analysis	p. 188
Discovering and changing widely held schemas	p. 201
Summary	p. 206
References	p. 207
Discussion questions and exercises	p. 209
Integrating Corporate Strategy and Organizational Approaches to Resource Allocation	p. 211
Towards an integration of corporate strategy and organizational literature	p. 211
A digression to review the problem of interdependencies in portfolio grids given their organizational interpretation	p. 220
References	p. 224
Discussion questions	p. 225
Financial Control in Pluralistic Organizations	p. 227
Thoughts on risk analysis in pluralistic organizations	p. 228
How corporate managers must be concerned with entity risk when maximizing shareholder wealth--despite the CAPM!	p. 234
The location of frame-breaking responsibility in the organization and its relevance to financial control: ROI revisited, yet again!	p. 237
The accountant as schema-reinforcer for SBUs	p. 242
The perpetually innovating company: does this invalidate the notion of set schemas?	p. 247
The accountant as a change-manager	p. 248
References	p. 251
Discussion questions	p. 252
Some Concluding Thoughts	p. 255
Index	p. 258
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Corporate Resource Allocation Financial, Strategic and Organizational Perspectives

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