Relevant bibliographies by topics / Shareholder Value Theory

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  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers

Academic literature on the topic 'Shareholder Value Theory'

Author: Grafiati
Published: 10 August 2021
Last updated: 5 February 2022

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Journal articles on the topic "Shareholder Value Theory"

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Panigrahi, Shrikant Krupasindhu, Yuserrie Bin Zainuddin, and Noor Azlinna Binti Azizan. "Linkage of Management Decisions to Shareholder’s Value." International Journal of Finance & Banking Studies (2147-4486) 3, no. 1 (July 21, 2014): 114–25. http://dx.doi.org/10.20525/ijfbs.v3i1.173.

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In this paper, the author investigated the influence of management decisions like capital structure, dividend policies, remunerations, credit policy decisions and investment decisions on shareholder wealth maximization. The main objective of this paper is to increase awareness and relationship between management and shareholders of the companies. To achieve the objective, portfolio theory, capital asset pricing model and modern financial theory providing evidence on the linkage between management decisions to shareholder’s value. Shareholders are only concerned about the value of shares of the company and the amount of return in the form of dividend paid. Thus in order to meet the demands of the shareholders of the company, managers needs to increase their abilities and skills to overcome the organizational goals. Thus the main goal of this paper is to discuss on the role of management decisions towards increasing shareholder’s wealth and meet organizational goals.
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Panigrahi, Shrikant Krupasindhu, Yuserrie Bin Zainuddin, and Noor Azlinna Binti Azizan. "Linkage of Management Decisions to Shareholder’s Value: EVA Concept." International Journal of Finance & Banking Studies (2147-4486) 3, no. 1 (January 19, 2016): 114. http://dx.doi.org/10.20525/.v3i1.173.

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<p>In this paper, the author investigated the influence of management decisions like capital structure, dividend policies, remunerations, credit policy decisions and investment decisions on shareholder wealth maximization. The main objective of this paper is to increase awareness and relationship between management and shareholders of the companies. To achieve the objective, portfolio theory, capital asset pricing model and modern financial theory providing evidence on the linkage between management decisions to shareholder’s value. Shareholders are only concerned about the value of shares of the company and the amount of return in the form of dividend paid. Thus in order to meet the demands of the shareholders of the company, managers needs to increase their abilities and skills to overcome the organizational goals. Thus the main goal of this paper is to discuss on the role of management decisions towards increasing shareholder’s wealth and meet organizational goals.</p>
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Kalicanin, Djordje. "Value-based management: Theoretical base, shareholders' request and the concept." Ekonomski anali 50, no. 165 (2005): 165–84. http://dx.doi.org/10.2298/eka0565165k.

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The pressure of financial markets, which is a consequence of shareholder revolution, directly affects the solution to the following dilemma: is the mission of corporations to maximize shareholders' wealth or to satisfy interests of other stakeholders? The domination of shareholder theory has caused the appearance of the valuebased management concept. Value-based management is a relevant concept and a process of management in modern environment. The importance of shareholder value requires transformation of traditional enterprise into value driven enterprise. This paper addresses theoretical base, shareholder revolution and the main characteristics of value-based management.
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Mastilo, Zoran, Vladimir Zakić, and Goran Popović. "Value Creation Concept In Stakeholder And Shareholder Economies." Applied Economics and Finance 4, no. 2 (February 6, 2017): 155. http://dx.doi.org/10.11114/aef.v4i2.2200.

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In the financial theory it is common to make distinction between two types of corporate value creation concept: shareholder value and stakeholder value. In shareholder systems, also known as Anglo-American concept, institutional investors, who usually own small percentages of companies' shares, exert significant influence over managers. In major stakeholder systems, marked as Continental concept, influence is shared between large shareholders, employees, customers and suppliers. The aim of this paper is to analyze influence of globalization processes and economic crises on value creation theory and practice.
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Mudawi, Osama Mustafa, and Elfadil Timan. "Does the Concept of Enlightened Shareholder Value Succeed in Bridging the Gap between the Shareholders and Stakeholders Value Theories?" Business and Economic Research 8, no. 2 (March 3, 2018): 56. http://dx.doi.org/10.5296/ber.v8i2.11271.

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Purpose: The purpose of this article is to explore the main theories as to the corporate governance subject, and focus first on Shareholders and Stakeholders Value theories in order to identify their shortcomings. Next, the advantages and disadvantages of Enlightened Shareholder Value; including future perspectives on Enlightened Shareholder Value in light of the UK company Act 2006.Methodology /approach: This article describes and compares the main theories with regard to the corporate governance subject. The following materials were referenced as part of this article: books, journal articles, cases, reports, legislations.Findings: Based on the outcomes of the article there are advantages and disadvantages to Shareholders and Stakeholders Value theories. The former is considered a very narrow vision because its main aim is to gain profits for shareholders, it ignores stakeholders, there is a possible risk since managers and directors may abuse their delegations, and it costs more to monitor directors. Similarly, this article has been found that there are shortcomings to the Stakeholders Value theory; for example, there is no clear hierarchy of stakeholders’ interests, there is no one goal to achieve; it seems to demand less accountability from directors. Moreover, this article highlighted that the Enlightened Shareholder theory seems a better theory at present. Apparently, the success of this theory will depend on many factors: first, how the directors will apply the discretionary power with regard to section 172 (1) of CA 2006. Secondly, the interpretation of the courts about the duty of directors. Thirdly, the role of scholars improving this theory. Fourthly, how civil society will observe the application of this theory. Finally, recommended that further study should be done according to the recent practice.Originality/value: This article contributes to increase the understanding of the theories of corporate governance and discover the best one for the time being.
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Denning, Stephen. "Why maximizing shareholder value is a threat to U.S. business." Strategy & Leadership 45, no. 6 (November 20, 2017): 3–10. http://dx.doi.org/10.1108/sl-09-2017-0084.

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Purpose The article outlines the arguments by the proponents and opponents of maximizing shareholder value and identifies the true threat the concept poses to U.S. businesses. Design/methodology/approach The author quotes authorities on both side of the debate over the validity of maximizing shareholder value as a driving principle of management and points out the risks and the alternatives. He notes that many long-established public corporations in the U.S. have chosen to bow to the power of shareholders and reward them instead of attempting risky initiatives that might create new customers or enhance customer value. Findings Maximizing shareholder value is either the guiding principle of business success that provides a rightful reward for investors or a corrupting influence that thwarts investment in employee talent, sustaining innovation, product quality and customer loyalty. Practical implications Since the C-suite is hugely compensated for increases in the current stock price, decisions based on “shareholder value” tend to be decisions that boost the current stock price. Social implications As evidence the problem is being recognized, some CEOs have already spoken out against preferentially rewarding stockholders instead of investing to sustain the organization. Originality/value The author concludes that shareholder value theory has not only failed on its own narrow terms of making money for shareholders. It has been steadily destroying the productive capacity and dynamism of the entire economy.
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Fernando, Chitru S., Mark P. Sharfman, and Vahap B. Uysal. "Corporate Environmental Policy and Shareholder Value: Following the Smart Money." Journal of Financial and Quantitative Analysis 52, no. 5 (October 2017): 2023–51. http://dx.doi.org/10.1017/s0022109017000680.

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We examine the value consequences of corporate social responsibility through the lens of institutional shareholders. We find a sharp asymmetry between corporate policies that mitigate the firm’s exposure to environmental risk and those that enhance its perceived environmental friendliness (“greenness”). Institutional investors shun stocks with high environmental risk exposure, which we show have lower valuations, as predicted by risk management theory. These findings suggest that corporate environmental policies that mitigate environmental risk exposure create shareholder value. In contrast, firms that increase greenness do not create shareholder value and are also shunned by institutional investors.
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CLIFTON, CLARKE, and FRIEDMAN HERSHEY H. "'MAXIMIZING SHAREHOLDER VALUE': A THEORY RUN AMOK." i-manager’s Journal on Management 10, no. 4 (2016): 45. http://dx.doi.org/10.26634/jmgt.10.4.5908.

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Sollars, Gordon G., and Sorin A. Tuluca. "Fiduciary Duty, Risk, and Shareholder Desert." Business Ethics Quarterly 28, no. 2 (February 19, 2018): 203–18. http://dx.doi.org/10.1017/beq.2017.47.

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ABSTRACT:A common moral argument is that shareholders have a special status because of risk when considering the duties of corporate management. The privileges of this status usually include the idea that management should adopt the goal of maximizing shareholder wealth. We argue that modern financial theory demonstrates that this argument should be modified by the recognition of a principle of desert, the shareholder desert principle (SDP). Financial theory can usefully circumscribe the duty owed to shareholders and the extent to which risk bearing justifies a claim on corporate value. When combined with the SDP, the result provides management with a guideline for what is owed to shareholders before other stakeholder non-contractual claims may be satisfied. As such, our approach provides management with some guidance through the thicket of competing stakeholder claims.
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정연희. "Review of Shareholder Value Theory in the Corporation." Journal of hongik law review 15, no. 4 (December 2014): 753–77. http://dx.doi.org/10.16960/jhlr.15.4.201412.753.

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Dissertations / Theses on the topic "Shareholder Value Theory"

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Jung, Jin Wook. "Shareholder Value and Workforce Downsizing, 1981-2006." Thesis, Harvard University, 2012. http://dissertations.umi.com/gsas.harvard:10511.

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Even before the current economic meltdown, waves of downsizing, starting in the late 1970s, had swept corporate America, eroding workers’ expectations of economic security. But not only did downsizing become more prevalent during this period; its basic nature changed. Previously, firms had cut jobs temporarily, to adjust the size of their workforce during a downturn. Since the late 70s, firms have increasingly cut jobs in both good and bad times, in order to boost stock price. My dissertation examines the inter-group power dynamics underlying the transformation of workforce downsizing as a shareholder-value strategy. Examining both downsizing announcements from more than 700 leading U.S. corporations between 1981 and 2006, and actual implementation of the announced downsizing plans, I find at work in the process a shift in ideology, from an emphasis on corporate growth and conglomeration to an emphasis on profitability and shareholder value, an ideology that both reflects and intensifies the growing influence of shareholders over firms and the declining role of labor. My first empirical chapter examines the role of institutional investors and shareholder-value-oriented managers in the transformation. The second empirical chapter examines the potential resistance from labor unions and shows how the anti-union stance of the public policy regime in the 1980s weakened unions’ power to resist. The last empirical chapter examines the role of investors, unions, and executives in the implementation of announced downsizing plans and demonstrates the contested nature of the implementation process. Together, these three chapters illustrate the class politics simmering under the surface of the acceptance of downsizing for shareholder-value maximization, and emphasize the role of agency and power, as constructed by particular institutional logics, not only in promoting but also resisting the process of institutional change.
Sociology
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Patel, Samir Rajnikant. "Stochastic analysis of capital structure shareholder value and corporate risk." Thesis, Imperial College London, 2000. http://hdl.handle.net/10044/1/8263.

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Dahlberg, Linnea, and Frida Wiklund. "ESG Investing In Nordic Countries : An analysis of the Shareholder view of creating value." Thesis, Umeå universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-149988.

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ESG ratings have become a recognised sustainability performance measurement throughout the world. The Nordic countries Sweden, Finland, Denmark, and Norway are ranked top four in the world when it comes to ESG ratings. However, do investors in these countries recognise the sustainability performance of the firms in their investment decisions? The purpose of this study was to see if Nordic investors value ESG factors, by testing for a relationship between high ESG ratings and corporate financial performance. To be able to fulfil this purpose, several multiple regression models were conducted on data for a time-span between 2007-2017 on 108 firm observations and 995 firm-year observations. Corporate financial performance was represented by the dependent variables Tobin’s Q and Return on Assets as measurements for market and accounting performance respectively. The results showed a significant positive relationship between several ESG ratings and market performance, while no significantly positive, nor negative, relationship could be found between accounting performance and ESG ratings. Based on the results from the tests, conclusions were drawn that Nordic investors do value ESG ratings when choosing their investments, indicating that companies can benefit from having good sustainability policies. This thesis challenges the classical view of profit maximisation being the ultimate interest of shareholders, as it shows a positive relationship between ESG and financial market performance. The results indicate that investors take more factors into consideration in their investment decisions than only financial accounting returns. Therefore, conclusions have been made that the Stakeholder theory better explains value creation than the Shareholder theory does. This because the Stakeholder theory emphasises that firms maximise value by taking all stakeholders affected by their business cycle into account, not only the shareholders. Furthermore, based on the results, this thesis concludes that Nordic investors’ interests are in line with the society’s interests as they do value ESG ratings when investing. No previous study on the topic has been conducted on the Nordic market, thus this study fills a research gap on the relationship between financial performance and corporate sustainability.
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Junker, Lukas. "Equity carveouts, agency costs, and firm value /." Wiesbaden : Dt. Univ.-Verl, 2005. http://www.gbv.de/dms/zbw/497325225.pdf.

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Law, Camilla, and Sanna Pettersson. "The Dark Side of CSR : Is a firm’s social responsibility caused by agency problems?" Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-414072.

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It is claimed that Swedish firms are at the forefront of integrating sustainability into their businesses. This study assesses whether a relationship between Corporate social responsibility (CSR) activities and managerial agency problems exists in Swedish listed firms. The rationale of the study lies on whose preferences are fulfilled and if these activities are caused by incentives to maximize shareholders’ value or by incentives to extract managers’ personal benefits. An ordinary least squares (OLS) fixed-effects panel regression is conducted to investigate this relationship where the results show an insignificant and mostly positive relationship between CSR activities and the managerial agency problems as measured by the Environmental, social and governance (ESG) score. Therefore, we are not able to reject nor confirm that CSR activities are driven by managerial agency problems. However, our findings are surprisingly also presenting a significant and negative estimate for Tobin’s Q and ROA. This implies that CSR activities are not caused by value-creating incentives for the shareholder. However, if CSR activities are caused by managerial agency problems or other reasons remains unconfirmed.
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Morris, John J. "Measuring the Impact of Enterprise Resource Planning (ERP) Systems Through the Prism of Accounting Theory." Kent State University / OhioLINK, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=kent1240275828.

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Lyon-Caen, Clément. "Consequences of the presence of politicians or employees in the board of directors on the efficiency of firms." Thesis, Toulouse 1, 2015. http://www.theses.fr/2015TOU10029/document.

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Cette thèse étudie l’impact de la composition du conseil d’administration sur la performance financière d’une entreprise. Elle est composée de trois chapitres. Dans le premier chapitre, nous effectuons une revue de la littérature sur les conseils d’administration. Nous pointons l’évolution de la gouvernance des entreprises au cours des dernières décennies, et montrons en quoi l’efficacité des conseils d’administration est devenue un sujet majeur de ce champ de recherche et une préoccupation importante des actionnaires et des régulateurs. En particulier, après avoir présenté le cadre théorique de la gouvernance, nous présentons les résultats des articles académiques étudiant l’impact de la composition du conseil d’administration sur la performance de l’entreprise. Dans les deuxième et troisième chapitres, nous étudions l’impact de la présence de différents types d’administrateurs au sein du conseil. Dans le deuxième chapitre, nous proposons un modèle théorique pour tenter de comprendre et de déterminer l’impact de la représentation salariale au conseil d’administration sur la valeur actionnariale de l’entreprise et sur l’horizon de ses investissements. Nos résultats suggèrent que la représentation salariale peut s’envisager comme un choix, pour les actionnaires, entre liquidité et information. Nous montrons que lorsque des représentants des salariés siègent au conseil d’administration d’une entreprise, celle-ci a une plus grande probabilité d’investir dans des projets à long-terme qu’une entreprise sans représentation salariale. Nous montrons également que les salariés ayant accès à une information interne précieuse, leur présence au conseil d’administration peut permettre d’augmenter la valeur actionnariale de l’entreprise. Ainsi, nous proposons un modèle de la représentation salariale cohérent avec certaines études empiriques. Dans le troisième chapitre, nous étudions empiriquement l’impact des connexions politiques sur le taux d’intérêt d’emprunts bancaires en utilisant un échantillon de prêts concernant des entreprises de plusieurs pays. Si ce sujet a déjà été largement traité, nous proposons une nouvelle définition de la connexion politique que nous subdivisons en deux catégories, selon l’exposition médiatique, forte ou faible, des politiciens. Les politiciens les plus en vue sont aussi ceux pour lesquels le risque d’être soupçonné de conflit d’intérêt ou de manquement à l’éthique est le plus important, et pour qui le coût d’un scandale est le plus élevé. Aussi discriminons-nous les connexions politiques selon qu’elles impliquent des politiciens très en vue ou des politiciens à un niveau inférieur. Cette division se fonde sur l’hypothèse que les politiciens les plus exposés sont, ayant le plus à perdre d’un scandale, disposent de la marge de manœuvre la plus réduite en tant que dirigeants d’entreprise et sont donc les moins à même d’impacter la performance de l’entreprise. Nos résultats confortent la pertinence d’une telle redéfinition de la connexion politique en fonction de la visibilité des politiciens concernés. Nous montrons en particulier que les entreprises politiquement connectées qui empruntent auprès de banques politiquement connectées le font à des taux significativement inférieurs à celles non connectées, et que cet effet est plus important lorsque la connexion de l’emprunteur passe par un politicien moins exposé. Nos résultats suggèrent que l’effet est encore plus fort si la banque est elle aussi connectée par l’intermédiaire d’un politicien moins exposé. Par ailleurs, nous montrons que les entreprises connectées politiquement empruntent significativement moins auprès de banques connectées par l’intermédiaire d’un politicien très exposé médiatiquement. Nos résultats suggèrent enfin que cet effet est plus fort à l’approche d’élections, un moment il est particulièrement coûteux pour un politicien d’être soupçonné de manquement à la déontologie
This thesis studies the impact of the composition of the board of directors on the firm financial performance. It consists of three chapters. In the first chapter, we review the literature on boards of directors. We show the evolution of corporate governance over the past decades, and how the efficiency of boards of directors has became a key issue for shareholders and regulators. After describing the theoretical and historical framework, we present and discuss the academic papers studying the impact of board composition on the firm performance. In the second and third chapters, we examine the impact of the presence of different directors on the board. In the second chapter, we provide a theoretical model that aims at understanding and determining the impact of employee representation on the board of directors on the shareholder value of the firm and on its investment horizon. Our results suggest that with employee representation, shareholders face a tradeoff between liquidity and information. We show that a firm with employee representation is more likely to invest in long-term rather than in short-term projects and that, because employees have access to valuable inside information, their presence on the board may increase the shareholder value. Consistent with some empirical studies, we offer some theoretical support for employee representation on the board. In the third chapter, we study the impact of political connections on the rate of interest of bank loans. We conduct a cross-country study of the impact of political connections on bank loans interest rates. While this topic has already been widely investigated, we offer a new definition of political connection. We subcategorize political connections into two categories: politicians with a high media exposure, and lower level politicians. Politicians with business ties bear the risk of being suspected of ethics breaching or of having conflicting interests, which can be costly for their reputation. We discriminate the political connections of firms based on the idea that with greater exposure comes greater risk of suspicion, and thus smaller ability to impact the firm performance. We study the impact of political connection of the borrower as well as of the lender on interest rates. Our results give support to our definition, as we find significant differences depending on the level of visibility of the political connections of the borrower and of the lender. Our results show that politically connected firms which borrow from politically connected banks enjoy a significantly lower rate if they are connected with lower level politicians. Our results suggest that the rate is even lower if the bank also is connected with lower level politicians. Furthermore, our results suggest that politically connected firms tend to avoid borrowing money from banks that are connected with top politicians. Our results also suggest that this effect is stronger in pre-election periods, when the potential cost for politicians of being suspected of collusion is higher
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Anger, Michael [Verfasser], Andrea [Akademischer Betreuer] Maurer, Andrea [Gutachter] Maurer, and Carsten [Gutachter] Herrmann-Pillath. "Self-Fulfilling Theory. Eine mechanismenbasierte Perspektive auf die Performativität ökonomischer Theorien am Beispiel des Shareholder-Value-Ansatzes / Michael Anger ; Gutachter: Andrea Maurer, Carsten Herrmann-Pillath ; Betreuer: Andrea Maurer." Trier : Universität Trier, 2020. http://d-nb.info/1216702527/34.

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Nachemson-Ekwall, Sophie. "An institutional analysis of cross-border hostile takeovers : shareholder value, short-termism and regulatory arbitrage on the Swedish stock market during the sixth takeover wave." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Företagande och Ledning, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-1907.

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Taking a sociological perspective on the market for corporate control this thesis calls into question financial capitalism with its preference for clear shareholder-value governance of the corporation. The institutional setting chosen to show this is Sweden, with its particularly shareholder friendly governance regime and its very active takeover market. To this is added three longitudinal case studies of cross-border hostile takeover processes during the sixth takeover wave in Europe. These reveal that the success of cross-border hostile bids has little to do with the theory of the market for corporate control, as a market where contests enable “good managers” to win over “bad managers”, with the overarching goal of enhancing wealth creation for society at large. Instead the most successful actors on a market for corporate control are those who best understand that market’s power dynamics – including the use of regulatory and moral arbitrage between different national frameworks and the leveraging of short-termism of institutional investors. The case studies are then analyzed in relation to the revised Swedish takeover rules of 2009. This shows that the revision did not address the problems detected, focusing instead on enhancing deal making and further limiting the board’s ability to work for long term value creation. As a whole this thesis calls for a development of a theory of a market for corporate control that in a more sustainable way will enable board of directors to focus on the corporation as value accretive entity. Sophie Nachemson-Ekwall has conducted her PhD work at the Stockholm School of Economics and is today a researcher
at the Center for Management and Organization at the Stockholm School of Economics Institute for Research (SIR). She has a background as a prize winning financial journalist for over 20 years and has co-authored three books about delicate issues in large Swedish corporations.

Diss. Stockholm : Handelshögskolan, 2012

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Bosman, Pieter Willem. "Stakeholder value in South Africa : an empirical study / P.W. Bosman." Thesis, North-West University, 2007. http://hdl.handle.net/10394/1817.

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Books on the topic "Shareholder Value Theory"

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Finnegan, Peter. Review of shareholder value analysis and the underlying theory. Henley-on-Thames: Henley Management College, 1998.

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Options based Management: Vom Realoptionsansatz zur optionsbasierten Unternehmensführung. Wiesbaden: Gabler, 2006.

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1965-, Carpenter Jennifer N., Yermack David L. 1962-, and New York University. Salomon Center., eds. Executive compensation and shareholder value: Theory and evidence. Dordrecht: Kluwer Academic Publishers, 1999.

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Valuation Methods and Shareholder Value Creation. Academic Press, 2002.

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Lazonick, William, and Jang-Sup Shin. Predatory Value Extraction. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780198846772.001.0001.

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This book explains how an ideology of corporate resource allocation known as “maximizing shareholder value” (MSV), that emerged in the 1980s and came to dominate strategic thinking in business schools and corporate boardrooms, undermined the social foundations of sustainable prosperity, resulting in employment instability, income inequity, and slow productivity growth. In explaining what happened to sustainable prosperity in the United States, it focuses on the growing imbalance between value creation and value extraction that reached to the extent of “predatory value extraction.” Based on “The Theory of Innovative Enterprise,” the book analyzes the value extracting mechanism by “value-extracting insiders,” i.e. corporate executives, “value-extracting enablers,” i.e. institutional investors, and “value-extracting outsiders,” i.e. hedge-fund activists. It concludes with policy suggestions to rebuild the U.S. corporate-governance regime for combating predatory value extraction and restoring sustainable prosperity.
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(Editor), Jennifer Carpenter, and D. Yermack (Editor), eds. Executive Compensation and Shareholder Value - Theory and Evidence (The New York University Salomon Center Series on Financial Markets and Institutions). Springer, 1998.

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Crouch, Colin. The Incompatibles. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198805274.003.0012.

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It is essential to the wider public legitimacy of the shareholder value maximization approach to corporate governance that share values can be maximized only by meeting consumers’ preferences and by using resources as efficiently as possible; and that therefore shareholders’ interests represent the general interest. The claim rests on the assumption that firms are operating in more or less pure markets. Since few markets are pure, theorists have moved from the idea of consumer sovereignty to that of consumer welfare, but this represents a sleight of hand. Further, not all human needs can be served by trading in markets. That leads us to the search for alternatives. There must be a variety of these, as one lesson of the failure of neo-liberal market theory to realize its ambitions is that there is no one best way. Neo-liberal dogmatism must be replaced by a genuinely liberal pursuit of diversity.
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Llewellyn, David T. Conversion from Stakeholder Value to Shareholder Value Banks. Edited by Jonathan Michie, Joseph R. Blasi, and Carlo Borzaga. Oxford University Press, 2017. http://dx.doi.org/10.1093/oxfordhb/9780199684977.013.39.

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There is merit in having a diversity of ownership structures in a financial sector and mutuals and similar ownership models have a substantial contribution to make to diversity. The chapter considers the arguments in the UK in favour of conversion of mutuals to shareholder value institutions and reviews the outcomes. They are shown to have been largely bogus and have been found to be irrelevant. Members of converting institutions voted for conversion because the ‘windfalls’ implied an inter-generation transfer of wealth from previous and potentially future members to the current cohort. Comparison is made between the UK and other European countries with regard to conversions: in most other European countries such conversions are impossible because residual net worth is regarded as being held in perpetuity within the institution rather than a saleable asset owned by the current cohort of members.
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Goshen, Zohar, and Assaf Hamdani. Majority Control and Minority Protection. Edited by Jeffrey N. Gordon and Wolf-Georg Ringe. Oxford University Press, 2015. http://dx.doi.org/10.1093/oxfordhb/9780198743682.013.25.

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This chapter examines legal issues concerning majority control and minority protection in firms with concentrated ownership governance structures, with particular emphasis on the tradeoff between the goals of protecting minority shareholders and allowing controllers to pursue their vision and how corporate law should balance these conflicting goals. Focusing primarily on Delaware corporate law, it suggests that holding a control block allows majority shareholders to pursue their idiosyncratic vision in the manner they see fit, even against minority investors’ objections. Idiosyncratic vision refers to the subjective value that entrepreneurs attach to their business idea or vision, and this chapter considers its role in the value of control. It also discusses the perils of asymmetric information and differences of opinion, as well as the risk of agency costs for minority investors.
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Guthrie, Graeme. Bypassing the board. Oxford University Press, 2017. http://dx.doi.org/10.1093/acprof:oso/9780190641184.003.0012.

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When a target’s board decides to fight an unsolicited takeover attempt, the raider must go over directors’ heads, directly to shareholders. It must overcome a free-rider problem that would otherwise force it to pay such a high price for the target’s shares that the raid would be unprofitable. This chapter shows how to overcome this free-rider problem using the story of how Malcolm Glazer, the owner of the Tampa Bay Buccaneers NFL team, was able to acquire the Manchester United soccer club in the UK in the face of strong opposition from the target’s board. It describes strategies raiders use to persuade small shareholders to sell their shares at prices lower than their post-takeover value.
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Book chapters on the topic "Shareholder Value Theory"

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O’Connell, Maeve, and Anne Marie Ward. "Shareholder Theory/Shareholder Value." In Encyclopedia of Sustainable Management, 1–7. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-02006-4_49-1.

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Sminia, Harry. "Agency theory and shareholder value." In The Strategic Manager, 87–103. Second edition. | Abingdon, Oxon ; New York, NY : Routledge,: Routledge, 2017. http://dx.doi.org/10.4324/9781315228075-5.

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Obermeier, Georg. "Shareholder Value-Oriented Management in the Light of Gutenberg’s Theories." In Theory of the Firm, 104–18. Berlin, Heidelberg: Springer Berlin Heidelberg, 2000. http://dx.doi.org/10.1007/978-3-642-59661-2_6.

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Schiefner, Lars, and Reinhart Schmidt. "Shareholder Value at Risk as an Instrument of Company Valuation." In Modern Concepts of the Theory of the Firm, 474–90. Berlin, Heidelberg: Springer Berlin Heidelberg, 2004. http://dx.doi.org/10.1007/978-3-662-08799-2_29.

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"Shareholder Value Theory." In Encyclopedia of Corporate Social Responsibility, 2149. Berlin, Heidelberg: Springer Berlin Heidelberg, 2013. http://dx.doi.org/10.1007/978-3-642-28036-8_101348.

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Sminia, Harry. "Agency theory and shareholder value." In The Strategic Manager, 96–115. 3rd ed. Routledge, 2021. http://dx.doi.org/10.4324/9781003031260-5.

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"The search for shareholder value." In Strategic Management: From Theory to Implementation, 278–300. Routledge, 2007. http://dx.doi.org/10.4324/9780080498287-21.

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Lazonick, William, and Jang-Sup Shin. "The Growing Imbalance between Value Creation and Value Extraction." In Predatory Value Extraction, 1–13. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780198846772.003.0001.

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This introductory chapter explains how the US economy has transitioned from the “retain-and-invest” regime to the “downsize-and-distribute” regime, resulting in the growing imbalance between value creation and value extraction. It posits that this corporate-governance regime change was integral to the explosion of the incomes of the richest households and the erosion of middle-class employment opportunities through three major structural changes, “rationalization,” “marketization,” and “globalization.” It also highlights the academic roots of the regime change, that is, the nonsensical theory of the “unproductive firm” in neoclassical economics and the maximizing shareholder (MSV) view of the world that builds on it. The chapter then summarizes the contents of each chapter of the book.
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Colin-Jones, Alastair, and Sudhir Rama Murthy. "Mutuality and Concepts of Responsible Business." In Putting Purpose Into Practice, 87–97. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780198870708.003.0006.

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Chapter 6 places Economics of Mutuality in the context of a wider set of responsible business concepts, such as stakeholder theory. It considers whether these ideas represent fundamental ‘paradigm’ shifts in business or whether they are essentially modifications of existing theories It concludes that stakeholder theory was a significant shift away from shareholder-centric views of the firm, and, in line with stakeholder theory, Economics of Mutuality places corporate purposes other than shareholder value at the heart of the firm and derives business practices on the basis of that. But it differs from stakeholder theories in emphasizing the importance of relations with stakeholders in delivering corporate purposes not the interests of stakeholders themselves. It also differs from existing models in looking at the boundaries of the firm beyond traditional ownership rights and contractual arrangements. It is therefore a problem-solving view of the firm as against a financially or stakeholder-driven concept that embraces shareholders and stakeholders but does not put corporate purpose at the heart of either of them.
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Elouadi, Sara, and Rachid Elotmani. "Customer Shareholding as a Radical Approach to a Sustainable and Profitable Relationship." In Marketing Techniques for Financial Inclusion and Development, 35–47. IGI Global, 2018. http://dx.doi.org/10.4018/978-1-5225-4035-9.ch003.

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Customer ownership is a new practice that seeks integration and customer loyalty. In this chapter, the authors try to analyze this hybrid status to deepen ties between the customer and the company. To this end, they developed, initially, a comparative study between the customer and shareholder mutualism to identify the similarities and differences between the two models. Secondly, they tried to analyze the role of the client in creating value by using the stakeholder theory. Finally, they dealt with the possibilities and limitations of the client as shareholder loyalty means.
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Conference papers on the topic "Shareholder Value Theory"

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Nenonen, Suvi, and Kaj Storbacka. "DRIVING SHAREHOLDER VALUE WITH CUSTOMER ASSET MANAGEMENT: AN EMPIRICAL INVESTIGATION IN A B2B CONTEXT." In Bridging Asia and the World: Globalization of Marketing & Management Theory and Practice. Global Alliance of Marketing & Management Associations, 2014. http://dx.doi.org/10.15444/gmc2014.10.05.03.

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Evripidou, Loukia. "Post crisis mega mergers and their effect on shareholders’ value." In Corporate Governance: Search for the advanced practices. Virtus Interpress, 2019. http://dx.doi.org/10.22495/cpr19a19.

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Adámek, Pavel. "CORPORATE SOCIAL RESPONSIBILITY: THE IMPORTANCE OF THE STAKEHOLDER PERCEPTION." In Business and Management 2016. VGTU Technika, 2016. http://dx.doi.org/10.3846/bm.2016.53.

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The differing views regarding the role of business in society are often presented as being placed within the stakeholder-shareholder debate. Corporate Social Responsibility (CSR) not only sits comfortably with the mantra of maximising shareholder value, sustainable CRS practices enhance shareholder value. The purpose of the current paper is to focus on the strategic implications of stakeholder approach in theoretical background with confrontation in a sample of Czech small and medium-sized enterprises (SME) and large enterprises. Data were collected through personal questionnaires that were subsequently evaluated by dependence on the type of stakeholders and their level of significance. The findings of the research discovered considerable differences between the perception of the role and importance of the various stakeholders. The contribution of this paper derives in application of stakeholder approach in Czech enterprises. They are seen as having an obligation to consider society’s long-run needs and wants, which implies that they engage in activities that promote benefits for society.
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Lambić, Ana, Patrik Arh, Evelin Arh, and Miha Marič. "Zaposleni kot deležniki v družbeni odgovornosti organizacij." In Values, Competencies and Changes in Organizations. University of Maribor Press, 2021. http://dx.doi.org/10.18690/978-961-286-442-2.36.

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Successful organizations, both in Slovenia and around the world, are aware of the importance of their stakeholders - all their employees, business partners, customers, society, environment, etc.; consequently, we increasingly encounter the concept of corporate social responsibility. It can be defined as a concept where organizations behave responsibly in everyday business processes and decisions, and where organizations develop a strategy for responsible treatment of employees, suppliers, customers, shareholders, and other stakeholders. Employees in the company are one of the most important stakeholders in the organization, so it is crucial to determine the impact of corporate social responsibility on employees, e.g., perception of the organization, satisfaction, belonging, reputation of the individual, etc. The purpose of this paper is to research the relationship between corporate social responsibility and employees. For the purposes of the research, we used a critical review of secondary sources of literature and based on the synthesis method, we presented our findings. Based on what we have found, we studied the relationship and the impact of corporate social responsibility on employees.
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Gruszewski, Richard, Bruce H. Smith, Donald E. Thresh, James Van Bortel, and Marcos Esterman. "Uncovering Hidden Costs in R&D Outsourcing: A Case Study." In ASME 2017 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. American Society of Mechanical Engineers, 2017. http://dx.doi.org/10.1115/detc2017-68098.

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Global corporations are facing competitive pressures and as result are outsourcing products or services to improve profitability, reduce delivery schedules, increase product features, and increase value to their shareholders. However hidden or unexpected costs can come with these benefits that erode the expected profits and outweigh the cost savings. This includes unintended consequences that arise from employee lay-offs and knowledge loss. This can result in negative perceptions on the value of outsourcing within the firm. This paper will report on a study of an outsourced development project at a Fortune 500 company that examined the drivers that impede accurate cost estimates used to assess the viability of outsourcing R&D activities. A result of the case study was that while there was hidden costs uncovered, significant misperceptions within the firm initially eroded the value of the outsourced activities.
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Schmidt, Michael E. G., and David A. Mauney. "Risk-Based Inspection of Combustion Turbines." In ASME Turbo Expo 2000: Power for Land, Sea, and Air. American Society of Mechanical Engineers, 2000. http://dx.doi.org/10.1115/2000-gt-0189.

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Combustion turbine users, particularly in an unregulated environment, are faced with a multivariate optimizing problem. They need to run their machines in a way that ensures that the bondholders will be paid or maximizes shareholder value — or both, depending upon the owner’s finances. Meeting the financial challenge might require maximum reliability and availability at all times but it is more likely to require maximum reliability and availability at specific times, such as peak demand times of day or seasons. Maintenance is the biggest factor in reliability and availability control, and risk-based methods can focus maintenance for the best financial performance. One model can mathematically solve inspection program timing and component replacement decisions. Safety, environmental, financial and other constraints can bound the optimizing algorithm. This paper outlines risk-based inspection program development. It focuses on the logical basis for a risk-based decision model, and briefly presents three simple examples. It references American Society of Mechanical Engineers (ASME) International documents that provide more information about risk-based inspection programs.
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Boğan, Erhan, Saadet Zafer Kavacık, and Mehmet Sarıışık. "A Research to Determine the Opinions and Perceptions of Potantial Manager Candidates Toward Corporate Social Responsibility." In International Conference on Eurasian Economies. Eurasian Economists Association, 2016. http://dx.doi.org/10.36880/c07.01684.

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In recent years, corporate social responsibility, which comprises economic, legal, ethical and philanthropic responsibilities, has become important concept to build good relations between business and stakeholders and to gain competitive advantage over its rivals. Moreover, it has a positive impact on stakeholder’s (for example; employees, customers, investors) attitudes and behaviors toward business. The main aim of this study is to determine opinions and perceptions of students who study management license toward corporate social responsibility. The research data is gathered from final year students of Alanya Alaaddin Keykubat University, Faculty of Management with a used scale. 251 surveys are used in the research. The findings obtained from research have put forth that management faculty students who are future manager candidates are in opinion and perception of covering respectively economic, philanthropic, legal and ethical responsibilities in their decision-making activities. In addition, the students have listed the company’s four most important stakeholders as community, customers, employees and shareholders. Also corporate social responsibility has been emerged by students as a definition of benefit society, compliance with ethical values, volunteer activities and respect for social values.
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Lončar, Iris, and Tonći Svilokos. "The influence of assets structure on financial performance in Croatian banking system." In Contemporary Issues in Business, Management and Economics Engineering. Vilnius Gediminas Technical University, 2019. http://dx.doi.org/10.3846/cibmee.2019.024.

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Purpose – as the largest share of national money assets is concentrated in banks, their profitability is important not only for shareholder but also for the whole economy. The aim of this paper is to analyse the influence of the structure of total assets and its liquidity on overall success in the Croatian banking industry. Research methodology – in order to achieve the main purpose the cross-section regression models will be estimated which will include standard profitability indicators and various liquidity and assets indices. Findings – the results of the analysis show that the level and the structure of total assets, as well as the level of its liquidity, significantly influence its profitability. Research limitations – the analysis in this paper is limited to the influence of the asset side of the bank balance sheet in cross-section conditions. Therefore this research could be considered as a preliminary one and should be expanded by introducing the other indicators from liability in wider time horizons. Practical implications – the results outlined in this paper could be practical guidelines for successful asset management which is prerequisite for achieving an adequate financial performance in the banking business. Originality/Value – according to our knowledge, research of this phenomenon is very rare, so this is one of the first papers considering the impact of asset structure on bank performance for the Croatian banking system.
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Agrawal, J. P. N., and S. P. Srivastava. "Methodology of Risk Management in Pipeline Projects." In ASME 2013 India Oil and Gas Pipeline Conference. American Society of Mechanical Engineers, 2013. http://dx.doi.org/10.1115/iogpc2013-9841.

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Organizations of all types and sizes face internal and external factors and influences that make it uncertain whether and when they will achieve their business objectives. The effect this uncertainty has on an organization’s objectives is “RISK”. In recent times all sectors of the economy have shifted focus towards the management of risk as the key to making organizations successful in delivering their objectives while protecting the interests of their stakeholders. Risk may be defined as events or conditions that may occur, and whose occurrence, if it does take place, has a harmful or negative impact on the achievement of the organization’s business objectives. The exposure to the consequences of uncertainty constitutes a risk. Organizations that are most effective and efficient in managing risks to both existing assets and to future growth will, in the long run, outperform those that are less so. Simply put, companies make money by taking intelligent risks and lose money by failing to manage risk intelligently. Risk management is the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives, whether positive or negative) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets, project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. Several risk management standards have been developed including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO standards. Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety. Risk management is a holistic, integrated, structured and disciplined approach to managing risks with the objective of maximizing shareholder’s value. It aligns strategy, processes, people & culture, technology and governance with the purpose of evaluating and managing the uncertainties faced by the organization while creating value. Broadly this paper deals with the objective of risk management along with identification, polarization, mitigation and governance of risks associated with pipeline projects. Further the criteria for assigning the probabilities and impact of an identified risk along with their classification based on its probability and impact are also incorporated in the paper.
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Gutiérrez Bedoya, Rubén Dario, Claudio Marcelo Fonseca, and Michelle Alba Naranjo Leon. "Solid Fast-Track Evaluation Methodology: Supporting the Decision-Making Process in the Development of Mature Assets." In SPE Annual Technical Conference and Exhibition. SPE, 2021. http://dx.doi.org/10.2118/206378-ms.

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Abstract As most oilfields in Ecuador are approaching to the end of the service contracts under an advanced degree of maturity, it was imperative to implement a fast-track integrated methodology that supports the decisionmaking process during assets' evaluation. This practice aimed to identify new business opportunities and assure the rehabilitation of brownfields. These fields became a target for investors willing to intervene in new joint ventures with moderate risk to boost production and returns. The methodology is prepared to overcome specific challenges such as severe reservoir pressure depletion, harsh water management issues, facilities constraints and integrity. All this while keeping economics and safe operational standards. This process is divided into five stages: First, the diagnosis of field challenges and associated risks, so that review the current status of subsurface and surface aspects. Then, the following three parallel phases are focused on the study of reservoir architecture, dynamics and performance. Finally, the remaining potential of the asset is assessed by integrating action plans to take advantage of current facilities capacities. This workflow was implemented for the evaluation of three assets: Asset 1: Mature field with a secondary gas cap where its current reservoir pressure is 800 psia (initial pressure 4,200 psia). The asset was evaluated in fifteen (15) days resulting in an integrated solution with 14 activities: conversions to injectors, water source, upsizing, reactivations, change zone, and new wells. The results presented an incremental recovery factor of 6% (by 2028) with an expected production peak of 3,500 BOPD (by 2021). Asset 2: A field producing from two main reservoirs with harsh water management issues under a non-monitored waterflooding scheme with challenging sweet spots identification was evaluated in 10 days, resulting in a redevelopment plan considering: production losses optimization, sixteen (16) activities: workovers, dual completions, new wells, reentry, shut-in, and conversion to water injectors. This evaluation delivered an incremental recovery factor of 10% (by 2029). Asset 3: Producing for around one-hundred (100) years with 3,000 wells drilled. There was a lack of pressure support and facilities and well completions integrity. The fast-track assessment focused on production optimization lasted fifteen (15) days, resulting in one-hundred eighteen (118) wells for reactivation representing an additional recovery factor of 3% (by 2029). This work supported the process for contract's renegotiation and assets' acquisition. This integrated methodology aimed to maximize the assets' value while considering the involved shareholders' needs. Each asset was analysed in an integrated and collaborative manner through the propper resources identification and the usage of the latest technology and workflows. High-resolution reservoir simulation, complex python scripts, and a chemical processes simulator were used to perform an in-depth evaluation and meet the expectations.
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