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• W246140151 abstract "An excerpt from the second edition of Valuation: Measuring and Managing the Value of Companies fundamental goal of all business is to maximize shareholder This statement can be either commonplace or controversial, depending on where you are. In the United States, top management is traditionally expected to seek to maximize shareholder value. Failure to do so results in pressure from the board of directors and activist shareholders, or even in hostile takeover bids. Elsewhere in the world, companies make different implicit tradeoffs among their various stakeholders. In continental Europe and Japan, intricate weightings are given to the interests of customers, suppliers, workers, the government, debt providers, equity holders, and society at large. Maximizing shareholder value is often seen as short-sighted, inefficient, simplistic, and even antisocial. Proponents of this balanced stakeholders approach cite the high standards of living and rapid economic growth in Europe and Japan and the success of Japanese auto and consumer electronics companies to support their view. But the evidence against these arguments - and in favor of shareholder wealth maximization - is mounting. This article provides evidence that winning companies have higher productivity, greater increases in shareholder wealth, and greater employment gains than their competitors in the long run. In other words, even in an increasingly competitive world, winning companies provide benefits for all stakeholders. There is no evidence of any conflict between shareholders and employees. Given the globalization of capital markets, if countries whose economic systems are not based on maximizing shareholder value give investors lower returns, they will slowly be starved of capital. Their fate will be to fall further and further behind in global competition and to lose employment opportunities. A value-based system grows in importance as capital becomes more mobile. The ability to create such a system depends heavily on a number of factors: the weight companies place on the claims of their various stakeholders; the ownership and control of sources of capital; and the nature of a country's economy in terms of its GDP, productivity, and employment growth. Geographic differences European and Asian managers often state that they do not regard maximizing shareholder value as the exclusive goal of their businesses. Instead, they place much greater weight on other claims, especially that of labor. The factors underlying this attitude have to do partly with the roles and responsibilities that corporations adopt in society, and partly with the composition of capital ownership and control. European countries balance stakeholder claims in a different way than the United States does. In Germany, for example, employees have the right to share in decision making, and they elect half of the representatives of their company's supervisory board directly. Workers councils composed of non-executive employees have the power to share decisions in personnel and social matters, although not in issues related to planning or operations. As Exhibit 1 indicates, across Europe as a whole, employees have a larger say in the management process than they do in the United States. Exhibit 1 Employee power across Europe Country Employee power Germany Employees have up to 50% of seats on supervisory boards Employees have decision-sharing power in personnel and social matters. Netherlands Workers councils have a right to information and consultation, and the right to grant or withhold approval of certain decisions Veto on appointment of directors Belgium CEOs must provide workers councils with detailed data Workers councils give opinions and suggestions in some areas France Two employee representatives may attend board meetings, but have no voting rights Trade unions and workers councils have the right to be consulted about certain activities, but have no right of veto United Management has no obligation to Kingdom consult or involve employees in decision making Denmark Employees have statutory right to co-determination Ownership and control Another distinct difference between the US and Europe is the degree of concentration in the ownership and control of sources of capital. …" @default.
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• W246140151 date "1994-09-22" @default.
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• W246140151 title "Why Value Value" @default.
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