Searching out shareholder value

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After riding roughshod over the needs of legitimate stakeholders in the name of maximising sharehold...

After riding roughshod over the needs of legitimate stakeholders in the name of maximising shareholder value, the mantra of corporate America in the 1980s and 1990s, US firms now face an uncertain future. That at least is the opinion expressed by US management consultant Allan Kennedy in his latest book. In The End of Shareholder Value, Kennedy argues that the laudable aims which saw the concept of shareholder value emerge in the early 1980s have turned into a farce of short-termism which has damaged corporate America's future. In the name of driving stock prices skywards, many US compa...

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