Maximizing shareholder value: a new ideology for corporate governance

@article{Lazonick2000MaximizingSV,
  title={Maximizing shareholder value: a new ideology for corporate governance},
  author={W. Lazonick and Mary A. O’Sullivan},
  journal={Economy and Society},
  year={2000},
  volume={29},
  pages={13 - 35}
}
The decade-long boom in the US stock market and the more recent boom in the US economy have fostered widespread belief in the economic benefits of the maximization of shareholder value as a principle of corporate governance. In this paper, we provide an historical analysis of the rise of shareholder value as a principle of corporate governance in the United States, tracing the transformation of US corporate strategy from an orientation towards retention of corporate earnings and reinvestment in… Expand
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