The corporate objective, namely, in whose interests a company should be run, is the most important theoretical and practical issue confronting us today, as this core objective animates or should animate every decision a company makes. Despite decades of debate, however, there is no consensus regarding what the corporate objective is or ought to be, but clarity on this issue is necessary in order to explain and guide corporate behaviour, as different objectives could lead to different analyses and solutions to the same corporate governance problem. In addition to the study on the corporate objective in Anglo-American jurisdictions, the discussion of this topic in the context of China is also very important on the grounds that China has become the second largest economy in the world and is playing an increasingly significant role in global affairs. Though a socialist state, China has also been relying heavily on the corporate vehicle as the most important business organisational form to ensure its rapid economic development since its market reforms in 1978. Adolf Berle and Gardiner Means’s observation made over eight decades ago that large public companies dominate the world remains true today, not only in the West but also in China. The regulation and governance of such companies will have a material impact on the further development of the Chinese economy, which could in turn directly affect the world economy. Company law and corporate governance therefore receive much attention and have become a vital issue in China. Although the current focus is primarily on corporate performance, the fundamental question at the heart of corporate governance, namely the corporate objective, is still unresolved. Contrary to the widely held belief that the corporate objective should be maximising shareholder wealth, this book seeks to demonstrate that the shareholder wealth maximisation approach is both descriptively inaccurate and normatively unsuitable. As an antithesis to it, stakeholder theory generally develops to be a more suitable substitute. Justifications and responses to its main criticisms are offered from descriptive, normative and instrumental aspects, whilst new techniques of balancing competing interests and more workable guidance for directors’ behaviour are brought forward as essential modifications. Along with the unique characteristics of socialist states, the stakeholder model is expected to find solid ground in China and guide the future development of corporate governance. This book will be important and useful to researchers and students of corporate law, corporate governance, business and management studies.

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.

Sustainable shareholder value is a main strategic objective for financial institutions. This text provides an analytical assessment of shareholder value creation, providing a framework for analyzing theory, and presenting empirical investigations. It analyzes the importance of drivers in creating value and develops a new measure of bank efficiency.

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This book critically examines shareholder primacy and develops a new theory of shared corporate governance that includes employees.

This ground-breaking Research Handbook showcases the value, uniqueness, versatility, and holistic character of organisational integrity. Bringing together diverse perspectives from a wide range of expert contributors, it not only provides a comprehensive overview of the current state of the field, but also charts exciting new directions for future research.

As corporate states join the universe of nation states, the challenge of securing both corporate social responsibility and accountability becomes one of the core challenges facing the social and legal order. Bryan Horrigan s masterly, comprehensive account of this protean subject offers an assured guide for future thought and action. Paul Redmond, Professor, University of Technology, Sydney, Australia CSR continues to be one of the most important aspects of business in the global economy receiving much attention from business managers, government leaders and academics. While continuing to increase in prominence, there are many aspects and many approaches evolving in this global phenomenon. In this book Horrigan provides the most complete interdisciplinary analysis of these perspectives yet undertaken combining theoretical insights with practical examples while pointing the way forward towards future developments. David Crowther, Professor, De Montfort University, UK and Social Responsibility Research Network In this book Professor Horrigan brings together the many facets of, and perspectives on, the concept [of CSR]. . . and he places them in the context of the development of thought in the crossover from the 20th to the 21st century. . . I doubt whether such an ambitious and comprehensive account of the concept has been previously attempted. There is no doubt that it is a hugely important subject in today s world; and one which will not go away. I believe that the book will be valuable to all who need to deal with this issue, whether as government officials, regulators, businessmen, lawyers, academics, media commentators or concerned citizens. The Right Honourable Lord Butler of Brockwell KG, GCB, CVO, was Secretary of the United Kingdom Cabinet and Head of the Home Civil Service from 1988 to 1998. 1998 2008 Master of University College Oxford and a Non-Executive Director of ICI plc and of HSBC Holdings, also Chairman of the Board's Corporate Social Responsibility Committee This timely and thorough book offers one of the most wide-ranging, inter-disciplinary, and cross-jurisdictional analyses of corporate social responsibility so far in the 21st century. Professor Bryan Horrigan spans subjects as diverse and topical as global corporate responsibility and governance debates, practical guidelines for responsible businesses and their professional advisers, governmental roles in corporate social responsibility, corporations and human rights, and the new era of enlightened shareholder value . He also highlights an emerging transnational and comparative body of law, regulation, and practice on corporate social responsibility. Illustrated throughout with meaningful controversies and examples, the book also highlights the major recent global developments in corporate social responsibility already this century, focusing especially on Europe, the UK, North America, and Australasia, and charting its future regulatory and research directions worldwide. The book s scholarly foundation, up-to-date coverage, and accessible style will appeal particularly to academic researchers and students of corporate social responsibility in the fields of law, business, management, economics, and political science in a number of countries. It will also be of great interest and use to those whose work involves corporate social responsibility within government, business, and civil society.

This book examines how the law has limitations to the extent that it can combat repression, isolation, and inequality. The main point the book explores is that isolation and inequality cannot be solved by driving up wages and having better working conditions. The true divide between management and workers is the inability of management to see the workers as people, and not just numbers. "The Swiss novelist Max Frisch remarked at the time, ‘We imported workers and got men instead.’" This encapsulates the dilemma of management – how to distance one’s self enough from workers to command respect yet not too distant as to be seen as inhumane. How can isolation and inequality within the workplace be overcome? Regulation and Inequality at Work shows how workers can have an increased voice by using tools outside of the typical legal ones. Without state protection, the rights can be viewed as less stringent. Working outside the system allows for greater malleability and flexibility to be able to cater to individual workers in individual workplaces. Workers’ rights are about better working conditions, hourly wages, and benefits, but are also about being treated in a more civilized manner where one’s humanity is recognized. Only through all of these parts working together will a true version of workers’ rights emerge—one where workers are not viewed as mere tools but within and of the system itself. It shows the latest state of knowledge on the topic and will be of interest both to students at an advanced level, academics and reflective practitioners in the fields of business and company law, labour law, and employment law.

Managerial Finance provides a clear and readable explanation of the most important topics managers should understand about business finance. These include resource management, investment and decision making, as well as the practical use of financial rations and performance indicators. Real examples and case studies are used throughout to illustrate points in a practical context. The book is based upon the Management Charter Initiative's Occupational Standards for Management NVQs and SVQs at Levels 4 & 5 and is also particularly suitable for managers on Certificate and Diploma in Management programmes, including those accredited by the IM and Edexcel (formerly BTEC). Managerial Finance is part of the highly successful series of textbooks for managers which cover the knowledge and understanding required as part of any competency based management programme. The books cover the three main levels of management: supervisory/first-line management (NVQ level 3), middle management (Certificate/NVQ level 4) and senior management (Diploma/NVQ level 5). Alan Parkinson is the Hill Samuel Senior Lecturer in Accounting & Finance at the Open Business School. He was previously responsible as Director of the Open University MBA Programme for launching the highly successful MBA Course.

With 163 authoritative entries providing definitive explanations and critiques of the fundamental principles and practices of corporate governance, this timely Encyclopedia is a comprehensive overview of the economic, political, social, legal and environmental impacts of corporations across the globe.