TY  - JOUR 
TI  - Uso del indicador del retorno total del negocio como alternativa para optimizar la inversión en unidades de negocio en condiciones de incertidumbre.
JO  - Estudios Gerenciales, Vol. 23 No. 103
PB  - Universidad Icesi
PY  - 2007
issn 01235923
AB  - In this article we analyze the significance of the TBR (Total Business return) as a measure of corporate strategy business units rate return. We mention the weakness of the TBR and the cases when is possible accept TBR as a value creating measure. We explain the equivalence between TBR and WACC (weight average capital cost) when is calculating trough discounting forecast cash flows and the equivalence between the CAV (additional creation value) and the subtraction between the real economic income less expected economic income. Also, we show the equality between the CAV and the variation of operations value (real operations value less expected operation value) plus the variation of current cash flow (real current cash flow less expected current cash flow). Later, we do an application to show the use of TBR and the modern portfolio theory for return-risk relation control when the CEO must manage many strategy business units in a corporation.
KW  - Rendimiento
KW  - Riesgos
KW  - Inversiones
UR  - http://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/227
ER  -