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80 Years of Shareholder Value - a German perspective

Trumm E. A.

Management

2009

Spec. ed.

190-205

Alfred Rappaport introduced the term 'Shareholder Value' in the sense it is widely understood today inside the scientific and corporate community in 1986 in the first edition of his book Creating Shareholder Value. Since then, it became the de facto standard business goal of publicly traded corporations. But the basic idea is much older than this. This article indicates that ideas similar to the ones described in the concept installed by Rappaport can be found in a book written in 1928 by the German economic science professor Wilhelm Rieger - an antagonist of Eugen Schmalenbach and his scientific program. Mainly three important characteristics of the Shareholder Value principle can be substantiated in Rieger's book 'Einführung in die Privatwirtschaftlehre'. First, it is not the periodical result the company reports in the annual financial statement that matters for its shareholders. Second, the return on investment needs to reflect the risk involved in the investment. Third, the value of the company needs to be regarded from its shareholder's point of view. For this purpose, the company has to be evaluated until sold or liquidated and the periodical returns have to be discounted to the present day to reveal the Shareholder Value - or as Rieger would say - the present value of the company.