The dark side of shareholder orientation: A reflection of Rappaport's concept of shareholder value
نویسندگان
چکیده
The concept of shareholder value has been the subject heated debate for 40 years. Surprisingly, literature seems to overlook fact that orientation by management is something completely different from implementation this idea in well-known concept, which aims measure contribution welfare. Using a market-oriented framework, study shows fundamental shareholders' subjective preferences supported property rights perspective inspired ideas Austrian School Economics. In contrast, Alfred Rappaport's based on neoclassical equilibrium thinking and, therefore, counteracts real, imperfect environment corporation's decision-makers, especially their values. This results individual and decision parameters, as well incomplete asymmetric information. Thus, it ignores reality managerial decision-making. Based these considerations, we argue advocacy general toward objectives does not logically imply full support under concept. doing so, essay contributes more differentiated discussion valuation, corporate governance, decisions.
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Individual shareholders often choose to invest a substantial fraction of their wealth in one firm thereby having operational control of the firm through the voting power attached to the shares. In doing so the shareholder reduces the diversification of their personal investment portfolio. A controlling shareholder can also use leverage to increase their voting power, which further increases the...
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ژورنال
عنوان ژورنال: Managerial and Decision Economics
سال: 2023
ISSN: ['0143-6570', '1099-1468']
DOI: https://doi.org/10.1002/mde.3877