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When speaking of value, there is, basically, a financial and a non-financial interpretation of that term (Moller Tdrrdnen, 2003 323 Walter et aL, 2001 45). The financial meaning is closely linked to shareholder value, which characterizes a concept solely orienting a company s activities towards an enhancement of the value of its shareholders. As a result, the market value of the employed equity capital will be maximized (Buhner, 1992 418). The interests of other stakeholders are taken into account insofar as they are a means of achieving that objective. For the measurement of value enhancement, a set of diverse business metrics is developed, for example the economic value added (EVA), the discounted cash flow (DCF) or the cash flow return on investment (CFROI). However, the development of the shareholder value approach is not yet complete (Beck, 2003 3). Thus, many forms of application and transfer can be found, such as a combination of SCM and the shareholder value approach. Singhal Hendricks (2002, 2008) hint at the necessity of managing a supply chain in terms of the principles of shareholder value. The same thoughts can be found in the publications of Laupper (2004), Losbichler Rothbock (2006) and Neher (2003), who all deal with the transfer of the ideas of shareholder value into the context of supply chains. Due to the one-sided concentration on financial metrics and the value enhancement for the benefit of the company s shareholders, the stakeholder value approach is opposed to shareholder value (Achleitner, 1985 73 Bischoff 1994 ... 

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