The Strategic CFO Creating Value in a Dynamic Market Environment
The role of the Chief Financial Officer (CFO) has substantially changed in a world characterized by globalized financial markets and truly global products. The accelerated development of new technologies, products, and markets has led to an increasingly d
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Ulrich Hommel • Michael Fabich Ervin Schellenberg • Lutz Firnkorn Editors
The Strategic CFO Creating Value in a Dynamic Market Environment
Editors Prof. Dr. Ulrich Hommel EBS Universita¨t fu¨r Wirtschaft und Recht i. Gr. EBS Business School Gustav-Stresemann-Ring 3 65189 Wiesbaden Germany [email protected] Ervin Schellenberg EquityGate Advisors GmbH Mainzer Str. 19 65185 Wiesbaden Germany [email protected]
Michael Fabich EquityGate Advisors GmbH Mainzer Str. 19 65185 Wiesbaden Germany [email protected]
Lutz Firnkorn Ackeranlagen 7 74523 Schwa¨bisch Hall Germany [email protected]
ISBN 978-3-642-04348-2 e-ISBN 978-3-642-04349-9 DOI 10.1007/978-3-642-04349-9 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2011939762 # Springer-Verlag Berlin Heidelberg 2012 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Contents
The Strategic CFO: New Responsibilities and Increasing Job Complexity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Michael Fabich, Lutz Firnkorn, Ulrich Hommel, and Ervin Schellenberg Part I
Strategy-Linked Approaches to Risk Management and Corporate Financing
Linking Strategy to Finance and Risk-Based Capital Budgeting . . . . . . . . . . 9 Ulrich Hommel and Mathias Gerner Linking Strategy, Operations and Finance with Simulation-Based Planning Processes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Michael Rees Risk-Return Management of the Corporate Portfolio . . . . . . . . . . . . . . . . . . . . . 49 Ulrich Pidun and Matthias Kru¨hler Capturing the Strategic Flexibility of Investment Decisions Through Real Options Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Johnathan Mun Exposure-Based Cash-Flow-at-Risk for Value-Creating Risk Management Under Macroeconomic Uncertainty . . . . . . . . . . . . . . . . . . . . . . . . . . 85 Niclas Andre´n, Ha˚kan Jankensga˚rd, and Lars Oxelheim Part II
Coping and Benefiting from the Dynamics of Financial
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