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...
| Главный автор: | |
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| Формат: | Электронный ресурс Статья |
| Язык: | Английский |
| Проверить наличие: | HBZ Gateway |
| Journals Online & Print: | Загрузка...
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| Fernleihe: | Fernleihe für die Fachinformationsdienste |
| Опубликовано: |
Springer Science + Business Media B. V
2000
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| В: |
Journal of business ethics
Год: 2000, Том: 27, Выпуск: 1, Страницы: 137-148 |
| Другие ключевые слова: | B
holding structure
B stock options B Shareholder Value B Корпоративное управление |
| Online-ссылка: |
Volltext (JSTOR) Volltext (lizenzpflichtig) |
| Итог: | 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. |
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| ISSN: | 1573-0697 |
| Второстепенные работы: | Enthalten in: Journal of business ethics
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| Persistent identifiers: | DOI: 10.1023/A:1006438000855 |