A One Legged Stool How Shareholder Primacy Has Broken Business And What We Can Do About It

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A One-Legged Stool: How Shareholder Primacy Has Broken Business (And What We Can Do About It)

Ed Chambliss
A One Legged Stool How Shareholder Primacy Has Broken Business And What We Can Do About It Book PDF

Author : Ed Chambliss
Publisher : Best Friend Brands, LLC
Page : 270 pages
File Size : 42,6 Mb
Release : 2022-03-14
Category : Business & Economics
ISBN : 9798985448702

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A One-Legged Stool: How Shareholder Primacy Has Broken Business (And What We Can Do About It) by Ed Chambliss Pdf

Have you ever wondered if business needs to be so...unbalanced? Is putting shareholders above everyone else the only way for private enterprise to be successful? Is that "just the way it is?" The short answer is "no." Before "shareholder primacy" took hold in the 1970s, investors weren't more important than other stakeholders. Companies balanced the interests of all the legs of the corporate stool - customers, employees, communities, and shareholders - and everyone's life got better. So, what happened? How did we get to today, where "maximizing shareholder value" is seen as the panacea for all the world's ills? And, more importantly, what's the path forward that allows business to profit by applying its significant resources to solving society's problems, rather than making them worse? We all rely on the stool of business to elevate our lives. Let's fix it before it collapses.

Beyond Shareholder Primacy

Stuart Hart
Beyond Shareholder Primacy Book PDF

Author : Stuart Hart
Publisher : Stanford University Press
Page : 521 pages
File Size : 44,9 Mb
Release : 2024-04-09
Category : Business & Economics
ISBN : 9781503638747

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Beyond Shareholder Primacy by Stuart Hart Pdf

From the author of Capitalism at the Crossroads, a call to consciousness—and action—for individuals, organizations, communities, and nations. Our current Milton Friedman–style "shareholder primacy capitalism," as taught in business schools and embraced around the world, has become dangerous for society, the climate, and the planet. Moreover, Stuart L. Hart argues, it's economically unnecessary. But there are surprising reasons for hope—from the history of capitalism itself. Beyond Shareholder Primacy argues that capitalism has reformed itself twice before and is poised for a third major reformation. Retelling the origin story of capitalism from the fifteenth century to the present, Hart argues that a radically sustainable, just capitalism is possible, and even likely, in our lifetime. Hart describes what it will take to move beyond capitalism's present worship of "shareholder primacy," including reforms to all major economic institutions. A key requirement is eliminating the "externalities" (or collateral damage) of our current shareholder capitalism. Sustainable capitalism will explicitly incorporate the needs of society and the planet, include a financial system that allows leaders to prioritize the planet, reorganize business schools around sustainable management thinking, and enable corporations not just to stop ignoring the damage they cause, but actually begin to create positive impact.

The Shareholder Value Myth

Lynn Stout
The Shareholder Value Myth Book PDF

Author : Lynn Stout
Publisher : ReadHowYouWant
Page : 204 pages
File Size : 48,9 Mb
Release : 2012-05
Category : Business & Economics
ISBN : 1459638697

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The Shareholder Value Myth by Lynn Stout Pdf

Proves that shareholder primacy has no basis in law or economics and does not deliver better bottom - line results. Suggests better ways to think about shareholders and their relationship to corporations Written by one of America's most distinguished legal scholars, Executives, investors, and the business press routinely chant the mantra that co...

The Shareholder Value Myth

Lynn Stout
The Shareholder Value Myth Book PDF

Author : Lynn Stout
Publisher : Berrett-Koehler Publishers
Page : 151 pages
File Size : 51,7 Mb
Release : 2012-05-07
Category : Business & Economics
ISBN : 9781605098166

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The Shareholder Value Myth by Lynn Stout Pdf

An in-depth look at the trouble with shareholder value thinking and at better options for models of corporate purpose. Executives, investors, and the business press routinely chant the mantra that corporations are required to “maximize shareholder value.” In this pathbreaking book, renowned corporate expert Lynn Stout debunks the myth that corporate law mandates shareholder primacy. Stout shows how shareholder value thinking endangers not only investors but the rest of us as well, leading managers to focus myopically on short-term earnings; discouraging investment and innovation; harming employees, customers, and communities; and causing companies to indulge in reckless, sociopathic, and irresponsible behaviors. And she looks at new models of corporate purpose that better serve the needs of investors, corporations, and society. “A must-read for managers, directors, and policymakers interested in getting America back in the business of creating real value for the long term.” —Constance E. Bagley, professor, Yale School of Management; president, Academy of Legal Studies in Business; and author of Managers and the Legal Environment and Winning Legally “A compelling call for radically changing the way business is done... The Shareholder Value Myth powerfully demonstrates both the dangers of the shareholder value rule and the falseness of its alleged legal necessity.” —Joel Bakan, professor, The University of British Columbia, and author of the book and film The Corporation “Lynn Stout has a keen mind, a sharp pen, and an unbending sense of fearlessness. Her book is a must-read for anyone interested in understanding the root causes of the current financial calamity.” —Jack Willoughby, senior editor, Barron’s “Lynn Stout offers a new vision of good corporate governance that serves investors, firms, and the American economy.” —Judy Samuelson, executive director, Business and Society Program, The Aspen Institute

The Shareholder Value Myth

Lynn Stout
The Shareholder Value Myth Book PDF

Author : Lynn Stout
Publisher : Unknown
Page : 276 pages
File Size : 51,7 Mb
Release : 2012-05-07
Category : Business & Economics
ISBN : 0369316134

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The Shareholder Value Myth by Lynn Stout Pdf

Proves that shareholder primacy has no basis in law or economics and does not deliver better bottom - line results. Suggests better ways to think about shareholders and their relationship to corporations Written by one of America's most distinguished legal scholars, Executives, investors, and the business press routinely chant the mantra that corporations are required to ''maximize shareholder value.'' The results have been disastrous. ''Shareholder primacy'' thinking causes corporate managers to focus myopically on short - term earnings reports at the expense of long - term performance; discourages investment and innovation; harms employees, customers, and communities; and causes companies to indulge in reckless, sociopathic, and socially irresponsible behaviors. It's the kind of thinking that led directly to the recent worldwide economic collapse. Jack Welch, once a shareholder primacy true believer, has famously called it ''the dumbest idea in the world.'' Lynn Stout proves that there is in fact no legal obligation for corporations to maximize shareholder value - scholars, lawyers, and corporate officers just assumed there was. Nor, she demonstrates, is maximizing shareholder value the optimal economic model - that's just another unproven assumption, one that is conceptually muddled and, Stout shows, unsupported by the actual evidence on what drives good corporate performance. As if this wasn't enough, Stout also shows how shareholder primacy actually hurts individual investors by obscuring their real, diverse, human interests in the name of serving a hypothetical, homogeneous, abstract, and conscienceless shareholder. Stout looks at new theories that better serve the needs not only of actual human beings who invest but of corporations and society as well. ''Calm, careful, plainspoken, and relentless argumentation that peels away the distracting layers of abstract mumbo jumbo to expose the lunacy of the underlying theory for all to see. Lynn Stout does the world a great favor in exposing shareholder value theory for what it is: flawed and damaging.'' - Roger Martin, Dean, Rotman School of Management, University of Toronto, and author of Fixing the Game.

The End Of Shareholder Value

Allan A. Kennedy
The End Of Shareholder Value Book PDF

Author : Allan A. Kennedy
Publisher : Basic Books
Page : 256 pages
File Size : 48,8 Mb
Release : 2008-01-04
Category : Business & Economics
ISBN : 9780465011698

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The End Of Shareholder Value by Allan A. Kennedy Pdf

In The End of Shareholder Value , Allan Kennedy shines the spotlight on a new revolution in business-as customers, employees, political and social leaders, and governing boards begin to challenge the cozy relationship between executives and investors that has crippled companies in the name of maximizing shareholder value. Analyzing both historical and current material, he explores the colorful history of corporations since the turn of the century, evolving from engines of innovation to machines driven by short-term financial gains. From GE to the hottest new Web-based start-up, those companies that subscribe to the shareholder value ethic cannot be sustained and will, inevitably, be replaced by those who figure out how to create and share wealth with all their important constituencies. Provocative and wide-ranging, The End of Shareholder Value showcases progressive experiments in the public and private sectors, outlines new roles and responsibilities for all participants, and challenges everyone to rethink the purpose of business in the new millennium.

Family Business Ownership

C. Aronoff,J. Ward
Family Business Ownership Book PDF

Author : C. Aronoff,J. Ward
Publisher : Springer
Page : 97 pages
File Size : 43,6 Mb
Release : 2016-05-24
Category : Business & Economics
ISBN : 9780230116023

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Family Business Ownership by C. Aronoff,J. Ward Pdf

Ownership in a family business can be a rewarding and important role. It means stewardship, protection and nurturing the family business. As a guide for shareholders, this book will develop understanding and insight into the role of becoming more valuable as an owner, not just financially, but intellectually and emotionally as well.

Reconstructing the Corporation

Grant M. Hayden,Matthew T. Bodie
Reconstructing the Corporation Book PDF

Author : Grant M. Hayden,Matthew T. Bodie
Publisher : Unknown
Page : 274 pages
File Size : 49,7 Mb
Release : 2020
Category : Electronic
ISBN : 1316481328

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Reconstructing the Corporation by Grant M. Hayden,Matthew T. Bodie Pdf

Modern corporations contribute to a wide range of contemporary problems, including income inequality, global warming, and the influence of money in politics. Their relentless pursuit of profits, though, is the natural outcome of the doctrine of shareholder primacy. As the consensus around this doctrine crumbles, it has become increasingly clear that the prerogatives of corporate governance have been improperly limited to shareholders. It is time to examine shareholder primacy and its attendant governance features anew, and reorient the literature around the basic purpose of corporations. This book critically examines the current state of corporate governance law and provides decisive rebuttals to longstanding arguments for the exclusive shareholder franchise. Reconstructing the Corporation presents a new model of corporate governance - one that builds on the theory of the firm as well as a novel theory of democratic participation - to support the extension of the corporate franchise to employees.

Corpocracy

Robert A. G. Monks
Corpocracy Book PDF

Author : Robert A. G. Monks
Publisher : John Wiley & Sons
Page : 274 pages
File Size : 54,5 Mb
Release : 2008-03-03
Category : Business & Economics
ISBN : 9780470225806

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Corpocracy by Robert A. G. Monks Pdf

Shareholder control over large corporations is worryingly weak and the unrestrained hunt for profits is taking a toll on the environment and society. In Corpocracy, corporate lawyer, venture capitalist, and shareholder activist Robert Monks reveals how corporations abuse their power and what we the people must do to rein them in. In a clear and careful analysis, Monks outlines a plan for reconciling the competing interests of corporations and society through thoughtful shareholder activism.

A One-Legged Stool: How Shareholder Primacy Has Broken Business (And What We Can Do About It)

Ed Chambliss
A One Legged Stool How Shareholder Primacy Has Broken Business And What We Can Do About It Book PDF

Author : Ed Chambliss
Publisher : Best Friend Brands, LLC
Page : 270 pages
File Size : 43,9 Mb
Release : 2022-03-14
Category : Business & Economics
ISBN : 9798985448702

Get Book

A One-Legged Stool: How Shareholder Primacy Has Broken Business (And What We Can Do About It) by Ed Chambliss Pdf

Have you ever wondered if business needs to be so...unbalanced? Is putting shareholders above everyone else the only way for private enterprise to be successful? Is that "just the way it is?" The short answer is "no." Before "shareholder primacy" took hold in the 1970s, investors weren't more important than other stakeholders. Companies balanced the interests of all the legs of the corporate stool - customers, employees, communities, and shareholders - and everyone's life got better. So, what happened? How did we get to today, where "maximizing shareholder value" is seen as the panacea for all the world's ills? And, more importantly, what's the path forward that allows business to profit by applying its significant resources to solving society's problems, rather than making them worse? We all rely on the stool of business to elevate our lives. Let's fix it before it collapses.

Beyond Shareholder Value

P. M. Vasudev
Beyond Shareholder Value Book PDF

Author : P. M. Vasudev
Publisher : Edward Elgar Publishing
Page : 432 pages
File Size : 42,7 Mb
Release : 2021-05-28
Category : Law
ISBN : 9781800375772

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Beyond Shareholder Value by P. M. Vasudev Pdf

This timely and engaging book examines how maximizing shareholder value has played a dominant role in corporate governance over recent decades, and analyzes the resulting effect on share prices in the stock markets. Alongside the rise in corporate power and deepening economic inequality, the author investigates corporate law reform as a corrective remedy.

Good Company

Lenore Palladino
Good Company Book PDF

Author : Lenore Palladino
Publisher : Unknown
Page : 0 pages
File Size : 42,6 Mb
Release : 2024-12-05
Category : Business & Economics
ISBN : 0226836509

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Good Company by Lenore Palladino Pdf

"The weak economic case for shareholder primacy-and how policy can win back what's been lost. In the era of shareholder primacy, share price is king. Businesses operate with short-term goals to deliver profits to investors, enjoying stability (and bonuses) in the process. While the public may bemoan the doctrine for its insularity and wealth-consolidating effects, its influence over corporate governance persists. In Good Company, lawyer-economist Lenore Palladino offers a calibrating argument for why shareholder primacy was never all that legal to begin with. Corporations, Palladino shows, draw their power from public charters-agreements that allow corporations to enjoy all manner of operational benefits. In return, corporations are meant to innovate for the betterment of the societies that support them-to do what less-endowed operations cannot. That debt, increasingly wielded for stock buybacks and bonuses in the era of shareholder primacy, is not being repaid. Palladino theorizes a modern corporation that plays the role it was intended and delivers social and economic good in the process. Good Company is both an expert introduction to the political economy of the firm-as it was, as it is, as it can be-and a calibrating examination of how public policy can shape companies, and societies, for the better"--

Creating Shareholder Value

Alfred Rappaport
Creating Shareholder Value Book PDF

Author : Alfred Rappaport
Publisher : Simon and Schuster
Page : 224 pages
File Size : 50,6 Mb
Release : 1999-10-13
Category : Business & Economics
ISBN : 9780684844565

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Creating Shareholder Value by Alfred Rappaport Pdf

The ultimate test of corporate strategy, the only reliable measure, is whether it creates economic value for shareholders. Now, in this substantially revised and updated edition of his 1986 business classic, Creating Shareholder Value, Alfred Rappaport provides managers and investors with the practical tools needed to generate superior returns. After a decade of downsizings frequently blamed on shareholder value decision making, this book presents a new and indepth assessment of the rationale for shareholder value. Further, Rappaport presents provocative new insights on shareholder value applications to: (1) business planning, (2) performance evaluation, (3) executive compensation, (4) mergers and acquisitions, (5) interpreting stock market signals, and (6) organizational implementation. Readers will be particularly interested in Rappaport's answers to three management performance evaluation questions: (1) What is the most appropriate measure of performance? (2) What is the most appropriate target level of performance? and (3) How should rewards be linked to performance? The recent acquisition of Duracell International by Gillette is analyzed in detail, enabling the reader to understand the critical information needed when assessing the risks and rewards of a merger from both sides of the negotiating table. The shareholder value approach presented here has been widely embraced by publicly traded as well as privately held companies worldwide. Brilliant and incisive, this is the one book that should be required reading for managers and investors who want to stay on the cutting edge of success in a highly competitive global economy.

The Shareholder Action Guide

Andrew Behar
The Shareholder Action Guide Book PDF

Author : Andrew Behar
Publisher : Berrett-Koehler Publishers
Page : 209 pages
File Size : 43,9 Mb
Release : 2016-11-14
Category : Business & Economics
ISBN : 9781626568464

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The Shareholder Action Guide by Andrew Behar Pdf

“A valuable call to action for small shareholders to change the ways big corporations do business.” —Robert Reich, former US Secretary of Labor Want to make misbehaving corporations mend their ways? You can! If you own their stock, corporations have to listen to you. Shareholder advocate Andrew Behar explains how to exercise your proxy voting rights to weigh in on corporate policies—you only need a single share of stock to do it. If you've got just $2,000 in stock, Behar shows how you can go further and file a resolution to directly address the board of directors. And even if your investments are in a workplace-sponsored 401(k) or a mutual fund, you can work with your fund manager to purge corporations from your portfolio that don't align with your values. Illustrated with inspiring stories of individuals who have gone up against corporate Goliaths and won, this book informs, inspires, and instructs investors how to unleash their power to change the world.

Summary of Lynn Stout's The Shareholder Value Myth

Everest Media,
Summary of Lynn Stout s The Shareholder Value Myth Book PDF

Author : Everest Media,
Publisher : Everest Media LLC
Page : 19 pages
File Size : 51,6 Mb
Release : 2022-05-10T22:59:00Z
Category : Business & Economics
ISBN : 9798822505124

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Summary of Lynn Stout's The Shareholder Value Myth by Everest Media, Pdf

Please note: This is a companion version & not the original book. Sample Book Insights: #1 The Deepwater Horizon disaster was a tragedy on an epic scale not only for the rig and the eleven people who died on it, but also for the corporation BP. By June of 2010, BP had suspended paying its regular dividends, and its stock had plummeted to less than $30 per share. #2 The Deepwater Horizon disaster is just one example of a larger problem that afflicts many public corporations today. That problem is called shareholder value thinking, and it says that public corporations exist to maximize shareholders’ wealth. #3 The 1990s saw the emergence of the idea that corporations should serve only shareholder wealth, which was reflected in stock price. This idea became dominant by the turn of the millennium. #4 The past dozen years have seen a daisy chain of corporate disasters, from massive frauds at Enron, HealthSouth, and Worldcom in the early 2000s to the near-failure and costly taxpayer bailout of many of America’s largest financial institutions in 2008.