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Value-based management (VBM) in Mittelstand – the relevance of VBM to specifically identified areas of management (Strategic decision-making, objectives, attitudes)This study aims to understand the relevance of value-based management (VBM) in three specifically identified areas of management (strategic decision-making, objectives, attitudes) in German Mittelstand (broadly related to small- and medium-sized entities). VBM seeks to orientate all management activities towards the increase of the monetary company value. The review of literature on VBM in Mittelstand identifies three key topics – applicability of VBM, proposals for an adaptation of VBM and the empirical analysis of VBM’s application in management practice. The review also shows a gap that is crucial to the development of VBM in Mittelstand: On the one hand, there is a consensus on the applicability of VBM in Mittelstand and there are proposals for an application of VBM in Mittelstand which consider its characteristics. On the other hand, empirical studies show little application of VBM in Mittelstand management practice. However, there are differences and gaps in the existing empirical insights i.e. little insights related to decision-making and with regard to owner-managers’ attitudes. Consequently, this empirical study uses a specific focus and research approach to gain further understanding regarding existing gaps in empirical insights as well as the overall research gap. The research approach involves taking an interpretive stance and conducting semi-structured interviews with owner-managers of 28 companies from manufacturing Mittelstand in Baden-Württemberg, Germany. The findings show that VBM is of minimal relevance for strategic decisionmaking. This includes different aspects such as limited application of the net present value method and other VBM management tools. Little relevance of VBM is found in objectives. However, from a holistic analysis, different nuances with regard to economic and non-economic objectives are found. Beyond this, the findings identify not only differences in the attitudes towards VBM but also differences in the understandings of VBM. In this respect, there is a considerable divergence to extant understanding in literature. Overall, it is concluded that VBM is of minimal relevance in all three areas of Mittelstand management. Thus, the research supports the existing empirical insights through a specific focus and approach. The findings as a whole imply a theory-practice gap. This research contributes to the body of knowledge by gaining a more indepth as well as open understanding of the relevance of VBM in the management of Mittelstand. The research addresses gaps in empirical insights. It considers different aspects and adds a new perspective on objectives which responds to existing rationales in the literature. The understanding gained from taking an interpretive stance towards ownermanagers’ practical experience also provides a valuable basis to further address the overall research gap. In this respect the understanding generated might be a basis for an intensified dialogue between researchers and owner-managers in Mittelstand.