Download or read book Value Maximization Stakeholder Theory and the Corporate Objective Function written by Michael C. Jensen and published by . This book was released on 2012 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the r ...
Download or read book U S Corporate Governance written by Donald H. Chew and published by Columbia University Press. This book was released on 2009-08-25 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance constitutes the internal and external institutions, markets, policies, and processes designed to help companies maximize their efficiency and value. In this collection of classic and current articles from the Journal of Applied Corporate Finance, thought leaders such as Michael Jensen and Robert Monks discuss the corporate mission of value maximization and the accomplishments and limitations of the U.S. governance system in achieving that end. Essays address the elements driving corporate value: the board of directors, compensation for CEOs and other employees, incentives and organizational structure, external ownership and control, role of markets, and financial reporting. They evaluate best practice methods, challenges in designing equity plans, transferable stock options, the controversy over executive compensation, the values of decentralization, identifying and attracting the "right" investors, the evolution of shareholder activism, creating value through mergers and acquisitions, and the benefits of just saying no to Wall Street's "earnings game." Grounded in solid research and practice, U.S. Corporate Governance is a crucial companion for navigating the world of modern finance.
Download or read book The Cambridge Handbook of Stakeholder Theory written by Jeffrey S. Harrison and published by Cambridge University Press. This book was released on 2019-05-09 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive foundation for stakeholder theory, written by many of the most respected and highly cited experts in the field.
Download or read book Principles of Stakeholder Management written by Clarkson Centre for Business Ethics and published by Clarkson Centre for Business Ethics, Joseph L. Rotman School of Management, University of Toronto. This book was released on 1999 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Encyclopedia of Corporate Social Responsibility written by Samuel O. Idowu and published by Springer. This book was released on 2013-01-27 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of Corporate Social Responsibility in the business world has developed from a fig leaf marketing front into an important aspect of corporate behavior over the past several years. Sustainable strategies are valued, desired and deployed more and more by relevant players in many industries all over the world. Both research and corporate practice therefore see CSR as a guiding principle for business success. The “Encyclopedia of Corporate Social Responsibility” has been conceived to assist researchers and practitioners to align business and societal objectives. All actors in the field will find reliable and up to date definitions and explanations of the key terms of CSR in this authoritative and comprehensive reference work. Leading experts from the global CSR community have contributed to make the “Encyclopedia of Corporate Social Responsibility” the definitive resource for this field of research and practice.
Download or read book Capitalism Corporations and the Social Contract written by Samuel F. Mansell and published by Cambridge University Press. This book was released on 2013-03-14 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: Samuel Mansell critiques the principles of stakeholder theory, proposing instead a qualified version of Friedman's shareholder theory.
Download or read book Social Responsibility and Sustainability written by Walter Leal Filho and published by Springer. This book was released on 2019-01-14 with total page 519 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book comprehensively describes social responsibility and sustainable development, with contributions from scientists and representatives from industry working in the field. The papers are innovative, cross-cutting and many share practice-based experiences, some of which may be replicable elsewhere. Prepared by the Inter-University Sustainable Development Research Programme (IUSDRP) and the World Sustainable Development Research and Transfer Centre (WSD-RTC), it reiterates the current need to promote social responsibility. Social responsibility and sustainable development are two different concepts, whose integration over the years has led to significant advances in the way enterprises see and perceive their operations. It is not only about policies or steps taken to meet legal requirements, but is also about social equality and environmental accountability, also bearing in mind the links with eco-efficiency, innovation, and the health and wellbeing of workers. According to ISO 26000, social responsibility is the responsibility of an organisation for the impacts of its decisions and activities on society and the environment, through transparent and ethical behaviour that: a) contributes to sustainable development, including health and the welfare of society b) takes into account the expectations of stakeholders c) is in compliance with applicable law and consistent with international norms of behaviour d) is integrated throughout the organisation and practised in its relationships. But even though the relations between social responsibility and sustainability are strong, it is still necessary to encourage organisations to adhere to, or at least follow the principles of sustainable development in their operations, giving something back to the community. As such, there is a need for a better understanding of how social responsibility is related to sustainable development, and of the identification of processes, methods and tools that may help the integration of these two important elements. There is also a real need to showcase successful examples of how to structure behaviour and institutional practice in line with the sustainability challenges we face today. Chapter [Reviewing the Stakeholder Value Creation Literature: Towards a Sustainability Approach] is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.
Download or read book Stakeholder Theory and the Corporate Objective Revisited written by Anant K. Sundaram and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Freeman et al. (2004) offer a spirited rebuttal to our paper The Corporate Objective Revisited from the perspective of stakeholder theory. However, they fall short in making a case against the logic of shareholder value maximization. The authors confound issues of value and values, ignore the rich history of scholarship on related questions, and perhaps misinterpret some of our core arguments. Most importantly, proponents of stakeholder views such as Freeman et al. appear to be unable to go beyond critiques of the shareholder view by failing to offer an empirically supportable alternative theory.
Download or read book The Corporate Objective written by Andrew R. Keay and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This is legal scholarship of the finest kind, concerned with an issue of supreme political, economic and social importance. Professor Keay takes the debate on the object of the modern public corporation by the scruff of its neck and skilfully navigates between the Scylla and Charybdis of the shareholder/stakeholder debate. This book, characterised by admirable analytical clarity and a huge amount of research, faithfully summarises the debate hitherto, and propels us to the next stage with a powerful argument, which challenges, effectively, both the stakeholder and shareholder theories.' – Harry Rajak, University of Sussex School of Law, UK The Corporate Objective addresses a question that has been subject to much debate: what should be the objective of public corporations? It examines the two dominant theories that address this issue, the shareholder primacy and stakeholder theories, and finds that both have serious shortcomings. The book goes on to develop a new theory, called the Entity Maximisation and Sustainability Model. Under this model, directors are to endeavour to increase the overall long-run market value of the corporation as an entity. At the same time as maximising wealth, directors have to ensure that the corporation survives and is able to stay afloat and pursue the development of the corporation's position. Andrew Keay seeks to explain and justify the model and discusses how the model is enforced, how investors fit into the model, how directors are to act and how profits are to be allocated. Analysing in depth the existing theories which seek to explain the corporate objective, this book will appeal to academics in corporate law and corporate governance as well as law, finance, business ethics, organisational behaviour, management, economics, accounting and sociology. Postgraduate students in corporate law and corporate governance, directors, and government regulators will also find much to interest them in this study.
Download or read book Finance Ethics written by John R. Boatright and published by John Wiley & Sons. This book was released on 2010-08-13 with total page 851 pages. Available in PDF, EPUB and Kindle. Book excerpt: A groundbreaking exploration of the critical ethical issues in financial theory and practice Compiled by volume editor John Boatright, Finance Ethics consists of contributions from scholars from many different finance disciplines. It covers key issues in financial markets, financial services, financial management, and finance theory, and includes chapters on market regulation, due diligence, reputational risk, insider trading, derivative contracts, hedge funds, mutual and pension funds, insurance, socially responsible investing, microfinance, earnings management, risk management, bankruptcy, executive compensation, hostile takeovers, and boards of directors. Special attention is given to fairness in markets and the delivery of financial services, and to the duties of fiduciaries and agents Rigorous analysis of the topics covered provides essential information and practical guidance for practitioners in finance as well as for students and academics with an interest in finance ethics Ethics in Finance skillfully explains the need for ethics in the personal conduct of finance professionals and the operation of financial markets and institutions.
Download or read book Stakeholder Theory written by Maria Bonnafous-Boucher and published by Springer. This book was released on 2016-11-08 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an academic introduction to, and presentation and defence of stakeholder theory as a model for the strategic management of businesses and corporations, as well as of public organizations and institutions. The concept of the stakeholder is generally applied to parties that affect or are affected by the activities of private or public organizations. Distinct from shareholders, stakeholders are those individuals, entities or communities that have a connection with the activities of a corporation, a firm or an organization. The notion of the stakeholder is intimately linked to a conception of the business firm as an entity founded on negotiated governance, in which the maximization of value for the shareholder is not the ultimate criterion. In this model, issues and interests that are not directly associated with shareholders and investors, but which go beyond capital to encompass the concerns of civil society, are considered to be of central importance. This book provides a broad overview of stakeholder theory, presenting it as an ethical approach to strategic management that is both pragmatic and applicable to developing democratic practices within corporations, while at the same time suggesting ways in which elements of a social contract can be elaborated within the context of globalization.
Download or read book Firm Value written by Paolo Saona Hoffmann and published by BoD – Books on Demand. This book was released on 2018-08-01 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume aims to discuss the most contemporary state of the determinants of the firm value. This book presents theoretical works as well as empirical studies that contrast the arguments offered by the leading, ground-breaking theories on the firm value. What variables determine the firm value? Are these determinants controllable or uncontrollable by the managers of the companies? Is the impact of corporate governance systems on the firm value symmetrical between different institutional contexts? Do the financial reports affect the value of the firm? What role does corporate social responsibility play as a determinant of the firm value? These and other questions are analyzed and scrutinized step by step throughout this book.
Download or read book Stakeholder Theory written by R. Edward Freeman and published by Cambridge University Press. This book was released on 2010-04-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1984, R. Edward Freeman published his landmark book, Strategic Management: A Stakeholder Approach, a work that set the agenda for what we now call stakeholder theory. In the intervening years, the literature on stakeholder theory has become vast and diverse. This book examines this body of research and assesses its relevance for our understanding of modern business. Beginning with a discussion of the origins and development of stakeholder theory, it shows how this corpus of theory has influenced a variety of different fields, including strategic management, finance, accounting, management, marketing, law, health care, public policy, and environment. It also features in-depth discussions of two important areas that stakeholder theory has helped to shape and define: business ethics and corporate social responsibility. The book concludes by arguing that we should re-frame capitalism in the terms of stakeholder theory so that we come to see business as creating value for stakeholders.
Download or read book The Shareholder Value Myth written by Lynn Stout and published by Berrett-Koehler Publishers. This book was released on 2012-05-07 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth look at the trouble with shareholder value thinking and at better options for models of corporate purpose. Executives, investors, and the business press routinely chant the mantra that corporations are required to “maximize shareholder value.” In this pathbreaking book, renowned corporate expert Lynn Stout debunks the myth that corporate law mandates shareholder primacy. Stout shows how shareholder value thinking endangers not only investors but the rest of us as well, leading managers to focus myopically on short-term earnings; discouraging investment and innovation; harming employees, customers, and communities; and causing companies to indulge in reckless, sociopathic, and irresponsible behaviors. And she looks at new models of corporate purpose that better serve the needs of investors, corporations, and society. “A must-read for managers, directors, and policymakers interested in getting America back in the business of creating real value for the long term.” —Constance E. Bagley, professor, Yale School of Management; president, Academy of Legal Studies in Business; and author of Managers and the Legal Environment and Winning Legally “A compelling call for radically changing the way business is done... The Shareholder Value Myth powerfully demonstrates both the dangers of the shareholder value rule and the falseness of its alleged legal necessity.” —Joel Bakan, professor, The University of British Columbia, and author of the book and film The Corporation “Lynn Stout has a keen mind, a sharp pen, and an unbending sense of fearlessness. Her book is a must-read for anyone interested in understanding the root causes of the current financial calamity.” —Jack Willoughby, senior editor, Barron’s “Lynn Stout offers a new vision of good corporate governance that serves investors, firms, and the American economy.” —Judy Samuelson, executive director, Business and Society Program, The Aspen Institute
Download or read book Value Maximization and the Corporate Objective Function written by Michael C. Jensen and published by . This book was released on 2000 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role of the corporate objective function in corporate productivity and efficiency, social welfare, and the accountability of managers and directors. I argue that since it is logically impossible to maximize in more than one dimension, purposeful behavior requires a single valued objective function. Two hundred years of work in economics and finance implies that in the absence of externalities (and when all goods are priced) social welfare is maximized when each firm in an economy maximizes its total market value. Total value is not just the value of the equity but also includes the market values of all other financial claims including debt, preferred stock, and warrants.
Download or read book Breaking the Code of Change written by Nohria Beer and published by Colloquia. This book was released on 2000 with total page 507 pages. Available in PDF, EPUB and Kindle. Book excerpt: Organizational change may well be the most oft-repeated and widely embraced term in all of corporate America-but it is also the least understood. The proof is in the numbers: Nearly two-thirds of all change efforts fail, and they carry with them huge human and economic tolls. Lacking any overarching paradigm for change, executives of large, underperforming organizations have been left with little guidance in how to choose the strategies that will lead them to sustained success. In Breaking the Code of Change, editors Michael Beer and Nitin Nohria provide a crucial starting point on the journey toward unlocking our understanding of organizational change. The book is based on a dynamic debate attended by the leading lights in the field-including scholars, consultants, and CEOs who have led successful transformations-and presents a series of articles, written by these experts, that collectively address the question: How can change be managed effectively? Beer and Nohria organize the book around two dominant, yet opposing, theories of change-one based on the creation of economic value (Theory E), and the other on building organizational capabilities for the long haul (Theory O). Structured in an unusual and engaging point-counterpoint style, the book enlists the reader directly in the debate, providing a comprehensive overview of the strengths and weaknesses of each theory along every dimension of the change process-from motivation to leadership to compensation issues. The editors argue that the key to solving the paradox of change lies not in choosing between the two processes, but in integrating them. They identify the crucial considerations leaders must make in selecting strategies that satisfy shareholders and develop lasting organizational capabilities. With a groundbreaking conceptual framework applicable to established corporations and small organizations alike, Breaking the Code of Change is a unique and authoritative contribution to academic research and management practice on the process of organizational change. Michael Beer is the Cahners-Rabb Professor of Business Administration at Harvard Business School. Nitin Nohria is the Richard P. Chapman Professor of Business Administration at Harvard Business School.
Download or read book Handbook of Business Legitimacy written by Jacob Dahl Rendtorff and published by Springer. This book was released on 2020-10-10 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook forms part of wider research in responsibility, ethics and legitimacy of corporations. Through an interdisciplinary perspective with comparative integration of sociological, politological, philosophical, theological, ethical, economic, legal, linguistic and communication theoretical approaches this Handbook will clarify how the interrelation between company and environment is mediated by legitimating notions in public spaces and public relations; how and why these notions have changed radically; how these transformations strike on the epistemological as well as practical dimension of business companies; and the problems involved in these transformations at the macro-, meso- and micro levels. The Handbook begins with a historical introduction and chronology of the development of business legitimacy, providing a comprehensive assessment of the concept’s evolution and identifying the most influential authors and their works. These may be divided into authors who follow (1) a philosophical, sociological, or conceptual tradition in management and leadership in their treatment of legitimacy and those who belong to the research tradition of (2) application of the concept in management science and leadership as well as in organizational theory and business practice in the interdisciplinary perspective of the different approaches. The Handbook continues with systematic approaches and major themes developed in the concept of business legitimacy. Contributions here may be conceptual, empirical/applied or case studies. The different parts of the volume deal with the different topics to which business legitimacy has been applied, with how legitimacy is relevant in the various operational areas of the firm, and with the legitimacy theory’s responses to some of the most important issues that businesses and organizations currently face.
