ABSTRACT
For the purposes of the analysis to be undertaken in this chapter, what is of concern from the point of view of the evaluation of performance, based upon reported financial figures, is what might be of interest to the groups of stakeholders under consideration. An appropriate measure therefore to use in this analysis is one which reflects the appropriate aspect of performance when viewed from an external perspective on investment. One such measure exists which aggregates performance in terms of these two factors and that is the measure of total shareholder returns (TSR)1. This is the measure which is to be to used for the evaluation of performance from the perspective of investors.
