Valuation of Managerial Human Capital

Sch枚nig, Luba
ISBN 978-3-03909-036-5
1. Auflage
erschienen in 2005
Sprache E
245 Seiten
flex. Einband


CHF 69,00 / EUR 44,80

The book
The intangible capital categories of a company are considered to be its major strategic resources. While immaterial assets, such as research and development capital, brands, trademarks, information capital, and common human capital are explored in detail in corporate finance literature, little work was done on managerial human capital.
The present thesis focuses on the question how to measure the contribution of this capital category to a firm's market value. The topic is of particular importance to practitioners and researchers, as both share the opinion that the success of a firm crucially depends on the performance of its managerial human capital.

«Management is a type of labour but with a specific role – [...] all of which can be summarised as ‹decision making›.» Eugene F. Fama, in: Journal of Political Economy, 1980

«If both parties to the relationship are utility maximizers, there is good reason to believe that the agent will not always act in the best interests of the principal.» Michael C. Jensen/William H. Meckling, in: Journal of Financial Economics, 1976

«Among the various intangible assets of a company, managerial human capital is one of the most important ones. The efficient employment of this capital category is unthinkable without a reliable measure of its impact on a firm's value-generating ability.» Prof. Dr. Rudolf Volkart, University of Zurich