Expression of Concern Regarding Jensen (2002), “Value Maximization, Stakeholder Theory, and the Corporate Objective Function”
نویسندگان
چکیده
منابع مشابه
Value Maximization, Stakeholder Theory, and the Corporate Objective Function
In this article, I offer a proposal to clarify what I believe is the proper relation between value maximization and stakeholder theory, which I call enlightened value maximization. Enlightened value maximization utilizes much of the structure of stakeholder theory but accepts maximization of the long-run value of the firm as the criterion for making the requisite tradeoffs among its stakehold? ...
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Stakeholder theory begins with the assumption that values are necessarily and explicitly a part of doing business. It asks managers to articulate the shared sense of the value they create, and what brings its core stakeholders together. It also pushes managers to be clear about how they want to do business, specifically what kinds of relationships they want and need to create with their stakeho...
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Using a large sample of mergers in the U.S., we examine whether corporate social responsibility (CSR) creates value for acquiring firms’ shareholders. We find that compared to low CSR acquirers, high CSR acquirers realize higher merger announcement returns, higher announcement returns on the valueweighted portfolio of the acquirer and the target, and larger increases in post-merger long-term op...
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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 argum...
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ژورنال
عنوان ژورنال: Business Ethics Quarterly
سال: 2018
ISSN: 1052-150X,2153-3326
DOI: 10.1017/beq.2018.9