CHAPTER 27
Capital Allocation: Establishing a Long-Term Focus and Good Corporate Citizenship
Contrary to conventional wisdom, the deployment of excess capital to benefit long-term shareholders can and should be consistent with being a good corporate citizen and treating employees as partners. In many ways, these two objectives can become interlinked and, if executed well, can strengthen the firm.
Throughout this book, I have spoken about the importance of focusing on return on invested capital, optimizing the balance sheet, making dividend payments sustainable, utilizing share repurchases as an attractive capital deployment option, and creating the right incentives for an executive team. In this chapter, I connect the dots to demonstrate how ...
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