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Value of the Firm: Who Gets the Goodies?

Author

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  • Shyam NMI Sunder

    (School of Management)

Abstract

In the neoclassical model of the firm, value surplus of the firm is assumed to accrue to its owner. Contract model suggests a distribution of the surplus among various agents depending on the imperfections of the markets in which they transact with the firm. If the share of the surplus to an agent declines with the perfection of the market in which he transacts, shareholders should be expected to get only a small piece of the pie, violating the neoclassical assumption. The paper explores an extensive value concept and its measurement for firms. It also examines the implications of extensive value for what we do and do not know about the consequences of corporate mergers and acquisitions.

Suggested Citation

  • Shyam NMI Sunder, 2002. "Value of the Firm: Who Gets the Goodies?," Yale School of Management Working Papers ysm283, Yale School of Management.
    • Handle: RePEc:ysm:somwrk:ysm283
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    Cited by:

    1. Sunder, Shyam, 2002. "Regulatory competition among accounting standards within and across international boundaries," Journal of Accounting and Public Policy, Elsevier, vol. 21(3), pages 219-234.
    2. Shyam Sunder, 2001. "Standards for Corporate Financial Reporting: Regulatory Competition Within and Across International Boundaries," Yale School of Management Working Papers ysm245, Yale School of Management, revised 01 Apr 2002.

    More about this item

    Keywords

    Factor Income Distribution; Extensive Value; Surplus;
    All these keywords.

    JEL classification:

    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution

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