IMPACT OF LOGISTICS MANAGEMENT AND SUPPLY CHAIN STRATEGY ON SHAREHOLDER VALUE

There are many different ways for measuring corporate effectiveness and efficiency. One of the most important contemporary approaches to this issue is a stakeholder approach. The most important stakeholder group of a corporation includes its shareholders, and they estimate corporate efficiency primarily by financial results. Shareholder value can be defined as net present value of future free cash flows, which can be calculated us cash flows from operations minus capital expenditures minus changes in net working capital. Factors of such defined shareholder value are numerous, but the most important ones include revenue growth, operating cost reduction, fixed capital efficiency, working capital efficiency and tax minimization. Logistics management and supply chain strategy of corporations are among key driving forces of shareholder value and the subject of this paper is related to their impact on key factors of shareholder value.