Journal of Business Ethics 27 (1-2):137 - 148 (2000)

Shareholder value orientation has been introduced as a means to improve the performance of the corporation. The paper investigates the theoretical justification for the claim that increasing shareholder value is the purpose of corporate governance. It demonstrates that shareholder value is the control principle, not the purpose of the firm. The idea that shareholder value is the only goal of the corporation is a mistaken transfer from the financial to the industrial firm. The paper also questions that the merger of manager interests and owner interests introduced by the remuneration of managers by stock options improves the management performance. The self-apportioning of stock options by the management is in danger of becoming a form of insider trading.
Keywords corporate governance  holding structure  shareholder value  stock options
Categories (categorize this paper)
Reprint years 2004
DOI 10.1023/A:1006438000855
Edit this record
Mark as duplicate
Export citation
Find it on Scholar
Request removal from index
Revision history

Download options

PhilArchive copy

Upload a copy of this paper     Check publisher's policy     Papers currently archived: 71,172
External links

Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
Through your library

References found in this work BETA

Add more references

Citations of this work BETA

View all 12 citations / Add more citations

Similar books and articles


Added to PP index

Total views
65 ( #177,724 of 2,517,879 )

Recent downloads (6 months)
2 ( #272,606 of 2,517,879 )

How can I increase my downloads?


My notes