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Corporate finance


A BETTER WAY TO ASSESS MANAGERIAL PERFORMANCE

A new measure gets past the distortions of total shareholder return and puts
buybacks into perspective.
by
 * Mihir A. Desai,
 * Mark Egan,
   and
 * Scott Mayfield

by
 * Mihir A. Desai,
 * Mark Egan,
   and
 * Scott Mayfield

From the Magazine (March–April 2022) · Long read
Leonardoworx 
Summary.    Total shareholder return (TSR) has become the definitive metric for
gauging performance. Unlike accounting measures such as revenue growth or
earnings per share that reflect the past, TSR is based on share price and thus
captures investor expectations of...more
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IDEA IN BRIEF

THE PROBLEM

Total shareholder return (TSR) has become the definitive metric for assessing
company performance. But it conflates performance associated with operations and
strategy with that arising from cash distributions.

A BETTER MEASURE

A new measure for assessing performance, core operating shareholder return
(COSR), emphasizes value created through operations and does not penalize or
reward managers for their dividend and buyback decisions.

THE IMPACT

The adoption of COSR promises to bring about an increased emphasis on
operational performance, a decreased reliance on financial engineering and cash
distributions, and a more credible compensation process.

Total shareholder return (TSR) has become the definitive performance metric for
public companies. As executive compensation has shifted over the past two
decades away from grants of stock and options that vest with time to grants that
vest with performance, TSR has become a critical element of governance and
compensation and, therefore, of how firms are managed. TSR is sold as a neutral,
market-based measure that captures value creation and can’t be manipulated by
managers using accounting maneuvers. Are those claims justified?





Unlike measures such as revenue growth or earnings per share that reflect the
past, TSR is based on stock prices and therefore captures investor expectations
of what will happen as a result of management decisions. This is its chief
attraction. The problem is that TSR conflates performance arising from managers’
strategic and operating decisions with performance associated with cash
distributions—namely, dividends and buybacks. Because firms have moved from
distributing roughly half of their operating earnings to shareholders (largely
through dividends) to distributing nearly all operating earnings today (largely
through buybacks) that conflation takes on a new significance.

In the following pages, we explain the flaws of TSR as a measure of strategic
and operational performance, demonstrate the scale of the distortions it
introduces, and propose a new metric to replace it: core operating shareholder
return (COSR). This metric emphasizes the value created through operations and
does not penalize or reward managers for their dividend and buyback decisions.
At a minimum, COSR can complement TSR by providing a more precise measure of
operational performance. We also provide a comprehensive assessment of the
buyback revolution by identifying which firms reallocated the most value—both
positively and negatively—through buybacks and how much total value buybacks
have generated or lost for investors over the past 20 years. The verdict is
quite damning.


TSR’S FLAWED ASSUMPTIONS

TSR calculates the return for a buy-and-hold investor over a specified period by
considering the effects of stock price changes and dividends. Over one year, for
example, a stock that begins at $100, ends at $110, and pays a $2 dividend has a
TSR of 12%: (10 + 2) / 100 = 12%. What could be wrong with that?

Calculating TSR over multiple years requires one to make an assumption about
what investors do with the dividends they receive. TSR extends the buy-and-hold
logic to the dividend payout and assumes that shareholders will reinvest it in
the company’s stock: Over a given holding period, TSR equals the stock price
gain plus the compounded value of dividends reinvested in the company stock,
divided by the starting stock price. Shareholders, however, very rarely reinvest
dividends in the company stock; thus the TSR assumption reinforces the effect of
the stock’s performance relative to the market in a way that is divorced from
reality.

Our analysis suggests that managers time their buybacks poorly, and persistently
so, resulting in losses for long-term investors.

Suppose a stock pays a dividend and its subsequent performance is lower than the
market average. The stock’s underperformance will be compounded by TSR because
it is assumed that the dividends will be reinvested back in the company rather
than in a higher-performing alternative. By contrast, the TSR of a market
outperformer is inflated by the assumption that shareholders will reinvest in
the company’s high-return stock. That assumption, however, runs counter to the
actual behavior of shareholders who routinely reallocate dividends to other
investments.

The problems with TSR go beyond assumptions about dividend reinvestment. The
broader issue is that cash distributions of both kinds—dividends as well as
buyback programs—are mischaracterized by TSR as a source of value creation. But
buybacks are merely distributions of cash used by firms to purchase their own
stock. Although companies that do buybacks hope they will drive the share price
higher (partly by signaling management’s conviction that the stock is
undervalued), buybacks cannot fundamentally create value. They are more akin to
an investment in a security.

Although buybacks don’t directly create value, they can transfer it across
shareholders, because share price does not always reflect fundamental value.
When a firm conducts a buyback program, shareholders can choose to sell or not.
If a firm buys shares when the price is $90 but the fundamental value is $100,
the buyback will transfer value from selling shareholders to nonselling
shareholders. In contrast, a poorly timed buyback (a firm buys its shares for
$110 when the fundamental value is $100) transfers value from nonsellers to
selling shareholders.

Whether the timing of a buyback is good or bad can be determined only after the
fact: The price of the shares eventually either goes up or goes down relative to
the market. TSR conflates those timing effects with operating and strategic
decisions. In the process, TSR effectively rewards or punishes managers for
their timing of repurchases as well as for their strategic and operating
decisions.

Our COSR metric overcomes these issues by cleansing TSRs of these distortions.
First, dividends are no longer assumed to be reinvested in company stock.
Instead, they are assumed to be reinvested in a broad-market benchmark. This
enables our second modification to TSR: Cash used to buy back shares is also
assumed to be invested in the broadmarket benchmark. While the first change to
TSR simply replaces a faulty assumption about dividend reinvestment with a
better one, the second change is more significant. It imagines a counterfactual
world where the cash used for buybacks is treated not like an investment in a
security but as a dividend payout to shareholders.

The mechanics of this are relatively simple: To calculate COSR for a given
holding period, sum up the ending stock price, the compounded value of dividends
that have been reinvested in the S&P 500, and the compounded value of cash
deployed as buybacks now assumed to be reinvested in the S&P 500. Then divide
that sum by the starting stock price. With TSR, all the shareholder value is
tied up in how the stock price moves. With COSR, some of the value is tied up in
the stock’s movement (start and end price), but the performance of cash
distributions is separated from the stock price.



See more HBR charts in Data & Visuals



To see how big an impact these changes can have, consider the case of IBM. Its
TSR of 132% for the past two decades compares badly with the S&P 500 return of
332%. Simply changing the dividend assumption to assume reinvestment in the S&P
500 index, instead of IBM stock, adds an extra 94% to investors’ returns on
their IBM shares. Adjusting for the poor performance of its buybacks contributes
a further 237%, yielding a COSR of 463%. In short, the assumptions embedded in
the TSR metric obscured the remarkably good performance of IBM’s managers in
generating healthy cash flows from their business.

But TSR won’t always look worse than COSR. For example, the TSR for Apple from
2010 to 2020 was an eye-popping 1,233%, but its COSR was 876%. That’s because
TSR rewarded Apple for dividends paid during that decade by assuming they were
reinvested in Apple’s outperforming stock; TSR also rewarded Apple for its
well-timed and massive buybacks. Similarly, a further analysis of IBM’s
performance for each of the past two decades demonstrates that while its COSR
was quite similar for the two periods, its TSR was only slightly higher than its
COSR in the first decade and considerably lower in the second, indicating that
although operating performance was comparable, the effects of dividends and
buybacks considerably affected its TSR.


THE DIFFERENCE BETWEEN TSR AND COSR

COSR and TSR differ depending on a firm’s cash distribution policies and its
market performance over a given period. Of course, firms adjust their policies
and mix them over time, but it is useful to consider their effects separately.


NO DISTRIBUTIONS.

For companies that do not distribute cash in the form of dividends or buybacks,
there is no difference between COSR and TSR. This is typically the case for
young, high-growth firms.


DIVIDENDS.

COSR and TSR numbers will diverge for a dividend-paying firm depending on the
relative performance of its stock after the dividend is paid versus a market
benchmark. A market outperformer will most likely have a TSR that is higher than
its COSR, given the assumption that shareholders reinvest the dividends in the
stock. Firms whose stock performance is tracking with the market will see no
difference between the two measures. Many dividend payers are more-mature firms
with shareholders looking to reinvest dividends in higher-growth firms. For such
firms, TSR reinforces their weaker stock performance; thus their COSR numbers
tend to be higher.



See more HBR charts in Data & Visuals




BUYBACKS.

TSR and COSR in firms that do buybacks diverge for two reasons. First,
regardless of whether firms are good at timing their buybacks, COSR will diverge
from TSR for the same reasons that they diverge for dividend paying
firms—distributed cash under COSR earns the alternative market return rather
than the return on a single stock. Second, managers are given credit for their
timing ability in executing buybacks in TSR but not in COSR. As a consequence,
firms with good timing ability and high-performing stocks will have a TSR that’s
higher than its COSR. In contrast, firms with poor timing of buybacks will
generally deliver a COSR that’s higher than its TSR—because the COSR ignores
timing effects and assumes reinvestment in the higher-performing benchmark
portfolio.


THE EVIDENCE

At the majority of firms in the S&P 500, COSRs have been higher and less
variable than TSRs over the past 20 years across all sectors. This suggests that
the quality of management performance in most companies and industries has been
obscured by the effects of payout policies, characterized by an enthusiasm for
buybacks. (See the exhibit “TSR Understates Operating Performance for the S&P
500.”) And as the exhibit “Identifying the Sources of Bias in TSR” demonstrates,
the timing effect is correlated with the dividend effect: Firms with poorly
timed buybacks also have depressed TSRs because shareholders are assumed to be
reinvesting dividends in the firms’ own poorly performing stocks.



See more HBR charts in Data & Visuals



We can dive deeper with this analysis and compare companies within a sector. In
the IT industry, some firms (such as IBM) have higher COSRs than TSRs because of
poorly timed buyback activity and dividends that are assumed to compound at low
rates. Other firms, like Microsoft and Apple, feature higher TSRs than COSRs
because of propitious buyback activities and dividends that are assumed to
compound at high rates. In this sense, TSR magnifies differences in operational
performance across firms, whereas COSR allows operational performance to be
cleanly isolated from the compounding effects of distribution policies.

The pharmaceutical industry is a particularly compelling example, given the
magnitude of its cash distributions. A few firms—such as Regeneron and
Vertex—see little difference between COSR and TSR because of their limited cash
distributions. Many others have comparable COSRs but widely divergent TSRs.
Consider Gilead and Lilly, whose COSRs are very similar. Gilead’s much lower TSR
reflects its poor record of value-destroying buybacks; Lilly has engaged in few
buybacks. And although the stock price performance of Lilly was not favorable
relative to the stock market over the entire period, extreme outperformance at
the end meant that the sizable dividends paid out during those years
dramatically inflated its TSR. Biogen comes out as a particularly poor performer
with an average annual TSR for the decade that is lower by 3% per year than its
COSR, purely because of ill-timed buybacks. Pfizer, a mid-performing firm on the
basis of COSR, is a poorly performing firm in terms of TSR.



See more HBR charts in Data & Visuals



By comparing TSR and COSR, we can make an overall assessment of the impact of
buybacks on returns for long-term investors—a topic that has generated much
heated debate over the past decade. Some see buybacks as a way to avoid
corporate overinvestment, while others see it as shortchanging long-term
investors and even damaging the national interest.

Our analysis looks at buyback performance of S&P 500 firms over the past 20
years. We find that firms did not succeed in timing buybacks well in either
decade but that performance deteriorated further in the second decade,
suggesting that buybacks have become overused.

The firms most proficient at timing their buybacks have annual TSRs that are 2%
to 3% higher than their COSRs, while the worst firms have annual TSRs that are
7% to 9% lower than their COSRs. The firms whose buybacks have performed the
best according to our analysis—such as Apple, Microsoft, Nvidia, and
Mastercard—have reallocated as much as 30% of their current value to their
nonselling shareholders. The firms with the worst-performing buybacks—including
ExxonMobil, Wells Fargo, and IBM—have transferred more than $100 billion in
value away from their long-term shareholders. The absolute value of the
reallocations is staggering. Aggregating across all S&P 500 firms, long-term
shareholders lost out on more than $1 trillion in value from 2011 to 2020 and,
if Apple’s stunning buybacks were excluded, that loss would be closer to $1.8
trillion.

Leonardoworx

It’s useful to consider whether buyback performance is associated with luck or
skill. Any effort to cleanly tease out one from the other is hazardous, but the
persistence of the timing ability of managers offers a hint. If timing of
buyback activity is skill based, it would be somewhat persistent. For example,
one can look at two periods (2001 to 2010 and 2011 to 2020) and ask what
fraction of S&P 500 firms might be expected to have positive timing ability in
both decades, in neither decade, or in one decade. If luck were driving the
results, one would expect 25% of firms to have positive buyback results in both
periods, 25% in neither period, and 50% in only one period. Instead, only 14% of
firms have positive buyback ability in both periods, and 44% of firms have
negative buyback activity in both periods. We get similar findings when we look
at five-year periods. This suggests that managers time their buybacks poorly,
and persistently so, resulting in losses for long-term investors.


IS THERE A CATCH WITH COSR?

TSR has proliferated widely without a serious examination of its underlying
assumptions. We should not make the same mistake with COSR. Several possible
objections to COSR exist, and we consider them here:


SHOULDN’T MANAGERS GET CREDIT FOR THEIR TIMING ABILITY WITH BUYBACKS?

TSR includes returns that are driven by managers’ ability to time the market (or
lack thereof), but it doesn’t shed any light on how important those returns are
relative to operating performance. It would be instructive to learn, for
example, if managers were simply destroying large fractions of their operating
value by making ill-timed buyback decisions. At the very least, calculating COSR
in addition to TSR gives you more insight into where your managers’ skills lie
and where your company’s value is coming from. Given the evidence on managers’
poor timing ability, using COSR instead of TSR will give managers less incentive
to try to do buybacks.


IS COSR’S METHOD OF TREATING BUYBACKS AND DIVIDENDS REALISTIC?

Neither COSR nor TSR is fully realistic. TSR makes the assumption that dividends
are reinvested in the stock itself, which is contrary to the real-world practice
of investors and the decision of managers to distribute cash out of the firm.
COSR assumes that the cash deployed in buybacks is distributed as dividends and
invested in a reasonable alternative alongside dividends that are also deployed
in that manner. Given that cash distributions are, in fact, distributions out of
the firm, we think the reinvestment assumption of COSR is more realistic.

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preferences.

The critical question in choosing between TSR and COSR is what kind of
performance should serve as the basis for rewarding or punishing managers. COSR
measures the impact of the strategic and operating decisions managers make by
explicitly removing buyback timing incentives and the misattribution of returns
from dividend reinvestment. It is a superior mechanism for focusing the
attention of company leaders on the most important things under their control.


UNDER COSR, SHAREHOLDERS’ INVESTMENT OF DIVIDENDS IN OUTSIDE STOCKS IS TAKEN
INTO ACCOUNT. ISN’T IT WRONG TO COMBINE TWO DIFFERENT ASSETS UNDER ONE RETURN?

No. Our view is that cash distributions from firms are, in fact, distinct from
the firm itself and should be treated as such. The presumptive reinvestment of
dividends in the stock is in fact the odd choice given that investors redeploy
cash from dividends in the best alternative investment outside the firm. COSR
reflects that reality.


WHAT DETERMINES THE RELEVANT OUTSIDE INVESTMENT USED IN COSR?

The question of what investment to choose can be quite nuanced. One could
consider, for instance, making it a portfolio of stocks of industry peers. We
have deployed a broad-market index as this is a fairly straightforward solution.
We imagine that large shareholders and governance firms will converge on the
suitable investment opportunity for any given firm.


. . .

In an era of rising expectations for businesses and managers, it is critically
important that the metrics by which we judge corporate performance and set
managerial compensation are not distorted by non-value-creating factors and
financial engineering. Performance metrics should focus the attention of
managers on what matters: core operations. The adoption of COSR promises to
bring about an increased emphasis on operational performance, a decreased
reliance on financial engineering and cash distributions, and a more credible
compensation process.

A version of this article appeared in the March–April 2022 issue of Harvard
Business Review.
Read more on Corporate finance or related topic Financial performance
measurement
 * Mihir A. Desai is the Mizuho Financial Group Professor of Finance at Harvard
   Business School and a professor of law at Harvard Law School.
 * Mark Egan is an associate professor of finance at Harvard Business School.
 * Scott Mayfield is a senior lecturer of finance at Harvard Business School.

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