New research to quantify the linkage that really matters

Brian Smith, Malcolm McDonald and Keith Ward

This paper argues that the tools for assessing business risk are inadequate, yet some form of assessment of the probable return on capital is necessary.

New research to quantify the linkage that really matters

Brian SmithMarketing strategist

Malcolm McDonald & Keith WardCranfield School of Management

It's different at the top. While your subordinates are in the product or service markets and measure success in sales and profits, the board has to think differently. You are in the capital market and success is measured in shareholder value created. Shareholder value is not the same as profit; it is a function of both returns and risks. So main board directors concern themselves with the risk-adjusted return on capital, a worry their subordinates...

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