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The Coming Transformation of Shareholder Value

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  • Simon Deakin

    (The Judge Institute of Management, Trumpington Street, Cambridge CB2 1AG, UK.)

Abstract

This essay challenges the primacy of shareholder value. Shareholder primacy originates not in company law, but rather in the norms and practices surrounding the rise of the hostile takeover movement in Britain and America in the 1970s and 1980s. It is less strongly institutionalised than might be supposed, because it is essentially a cultural rather than a legal point of reference. Moreover, in the course of the past decade, a shift in the content of shareholder value has occurred which reflects the stakeholder critique of that period: this reflects the idea that shareholders should exercise their power not as representatives of the market, but as agents of society as a whole. The corporate governance of the future will be centrally concerned with how this idea is worked out in practice. Copyright Blackwell Publishing Ltd 2005.

Suggested Citation

  • Simon Deakin, 2005. "The Coming Transformation of Shareholder Value," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(1), pages 11-18, January.
  • Handle: RePEc:bla:corgov:v:13:y:2005:i:1:p:11-18
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    References listed on IDEAS

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    1. A Cosh & P Guest, 2001. "The Long-Run Performance of Hostile Takeovers: UK Evidence," Working Papers wp215, Centre for Business Research, University of Cambridge.
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    Cited by:

    1. Lippert, Inge, 2008. "Perspektivenverschiebungen in der Corporate Governance: Neuere Ans├Ątze und Studien der Corporate-Governance-Forschung," Discussion Papers, Research Unit: Knowledge, Production Systems and Work SP III 2008-302, Social Science Research Center Berlin (WZB).
    2. Stephen P. Ferris & Nilanjan Sen & Emre Unlu, 2009. "An International Analysis of Dividend Payment Behavior," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(3-4), pages 496-522.
    3. Carol A. Adams & Glen Whelan, 2009. "Conceptualising future change in corporate sustainability reporting," Accounting, Auditing & Accountability Journal, Emerald Group Publishing, vol. 22(1), pages 118-143, January.

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