David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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Journal of Business Ethics 27 (1-2):137 - 148 (2000)
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.
|Keywords||corporate governance holding structure shareholder value stock options|
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Citations of this work BETA
Alejo José G. Sison & Joan Fontrodona (2011). The Common Good of Business: Addressing a Challenge Posed by «Caritas in Veritate». [REVIEW] Journal of Business Ethics 100 (S1):99-107.
Pamela E. Queen (2015). Enlightened Shareholder Maximization: Is This Strategy Achievable? Journal of Business Ethics 127 (3):683-694.
Chris Mason & John Simmons (2014). Embedding Corporate Social Responsibility in Corporate Governance: A Stakeholder Systems Approach. Journal of Business Ethics 119 (1):77-86.
Gerard A. Callanan (2015). They Reap but Do Not Sow: How Multinational Corporations Are Putting an End to Virtuous Capitalism. Business and Society Review 120 (3):363-384.
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