A reappraisal of share price maximization as a corporate financial objective

Autor:	Simon M. Keane
Rok vydání:	1995
Předmět:	Finance Inflation Earnings business.industry Financial economics media_common.quotation_subject Economics Econometrics and Finance (miscellaneous) Mid price Dysfunctional family Share price Maximization A share Economics business Limit price media_common
Zdroj:	The European Journal of Finance. 1:1-17
ISSN:	1466-4364 1351-847X
DOI:	10.1080/13518479500000001
Popis:	This paper challenges the conventional share price maximizing objective and the assumption that a successful company can expect to achieve share price growth above the normal drift caused by inflation and earnings retention. The share price is an expectations-based measure, and more efficient companies have no greater prospect of outperforming market expectations than less efficient companies. The paper concludes that, given the potentially dysfunctional effects of pursuing a share price maximizing goal, it may be significant that share-price centred economies such as the UK and the US tend to be associated with a more short-termist perspective than bank-centred economies such as Germany and Japan.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::8e2ab27c3347a048fc6f9b371244dd17 https://doi.org/10.1080/13518479500000001 Zobrazit plný text záznamu