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Creazione di valore per gli shareholders e gli stakeholders: una fondazione analitica dei principali indicatori di valore

Author

Listed:
  • Rainer S. Masera

    () (LUISS Guido Carli, Roma)

  • Giancarlo Mazzoni

    () (Banca d’Italia, Servizio Vigilanza sugli Enti Creditizi, Roma)

Abstract

The purpose of this note is to present an analytical model that demonstrates that the supposed contradiction between value creation for the shareholders and for the various stakeholders can be reconciled. Under a stochastic model are in fact used the latest and most advanced business models based on value creation, developed both in academia and by leading consulting firm, to prove, under certain assumptions, that the creation of value for the shareholders and for the stakeholders are objectives only apparently antithetical.

Suggested Citation

  • Rainer S. Masera & Giancarlo Mazzoni, 2006. "Creazione di valore per gli shareholders e gli stakeholders: una fondazione analitica dei principali indicatori di valore," Moneta e Credito, Economia civile, vol. 59(236), pages 333-361.
  • Handle: RePEc:psl:moneta:2006:41
    as

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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9755/9640
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    References listed on IDEAS

    as
    1. Merton, Robert C, 1974. "On the Pricing of Corporate Debt: The Risk Structure of Interest Rates," Journal of Finance, American Finance Association, vol. 29(2), pages 449-470, May.
    2. Philippe Artzner & Freddy Delbaen & Jean-Marc Eber & David Heath, 1999. "Coherent Measures of Risk," Mathematical Finance, Wiley Blackwell, vol. 9(3), pages 203-228.
    3. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-654, May-June.
    4. Vives,Xavier (ed.), 2006. "Corporate Governance," Cambridge Books, Cambridge University Press, number 9780521032032, October.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    stakeholders; azionisti; shareholders; gestione aziendale;

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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