| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12186 |
| DP12186 Companies Should Maximize Shareholder Welfare Not Market Value | |
| Luigi Zingales; Oliver Hart | |
| 发表日期 | 2017-07-26 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | What is the appropriate objective function for a firm? We analyze this question for the case where shareholders are prosocial and externalities are not perfectly separable from production decisions. We argue that maximization of shareholder welfare is not the same as maximization of market value. We propose that company and asset managers should pursue policies consistent with the preferences of their investors. Voting by shareholders on corporate policy is one way to achieve this. |
| 主题 | Financial Economics |
| 关键词 | Firm objective Shareholder value Prosocial Friedman |
| URL | https://cepr.org/publications/dp12186 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540997 |
| 推荐引用方式 GB/T 7714 | Luigi Zingales,Oliver Hart. DP12186 Companies Should Maximize Shareholder Welfare Not Market Value. 2017. |
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