haku: @author Roth, L. / yhteensä: 6
viite: 3 / 6
| Tekijä: | Jörg, P. Loderer, C. Roth, L. |
| Otsikko: | Shareholder value maximization: What managers say and what they do |
| Lehti: | Betriebswirtschaft
2004 : MAY/JUN, VOL. 64:3, p. 357-378 |
| Asiasana: | Management Finance Shareholder value Stakeholders Companies Switzerland |
| Kieli: | eng |
| Tiivistelmä: | This paper examines whether Swiss firms maximize shareholder value. The goals of 313 listed and unlisted firms are surveyed. It is examined whether managers decisions are consistent with their goals. It is analyzed whether performance corresponds to intentions. This paper's results show that most managers pursue conflicting targets. Moreover, they mention maximization of shareholder value only about half of the time. And when they do, it is often because share prices have fallen. Shareholder-value maximizing managers sometimes rely on inconsistent investment criteria. It is also found that share-price performance is marginally better when managers claim to maximize shareholder value, particularly after a stock price decline. |
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