The Limits of Shareholder Value

Shareholder value orientation has been introduced as a means to improve the performance of the corporation. The paper investigates the theoretical justification for the claim that increasing shareholder value is the purpose of corporate governance. It demonstrates that shareholder value is the contr...

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Autor principal: Koslowski, Peter (Autor)
Tipo de documento: Electrónico Artículo
Lenguaje:Inglés
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Publicado: Springer Science + Business Media B. V 2000
En: Journal of business ethics
Año: 2000, Volumen: 27, Número: 1, Páginas: 137-148
Otras palabras clave:B holding structure
B stock options
B Gobierno corporativo
B Shareholder Value
Acceso en línea: Volltext (JSTOR)
Volltext (lizenzpflichtig)
Descripción
Sumario:Shareholder value orientation has been introduced as a means to improve the performance of the corporation. The paper investigates the theoretical justification for the claim that increasing shareholder value is the purpose of corporate governance. It demonstrates that shareholder value is the control principle, not the purpose of the firm. The idea that shareholder value is the only goal of the corporation is a mistaken transfer from the financial to the industrial firm. The paper also questions that the merger of manager interests and owner interests introduced by the remuneration of managers by stock options improves the management performance. The self-apportioning of stock options by the management is in danger of becoming a form of insider trading.
ISSN:1573-0697
Obras secundarias:Enthalten in: Journal of business ethics
Persistent identifiers:DOI: 10.1023/A:1006438000855