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Cele korporacji i jej akcjonariuszy (The objectives of the corporation and its shareholders)

Author

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  • Leslaw Pietrewicz

    (Instytut Nauk Ekonomiczych PAN)

Abstract

The aim of this paper is to identify weaknesses of the idea of equating company’s interests with shareholders’ interests, and to weigh arguments for its modification. The analysis draws heavily on research findings on the nature of ownership and investor behavior. It is found that relations between company’s interests and shareholders’ interests can take the form of either unity of goals (in the form of increasing the value of the firm) or conflict of interests (when shareholders set and follow other goals). Firm’s goal can be expressed in terms of building a compromise between maximizing the company’s long-term value, and tackling investors’ short-term expectations.

Suggested Citation

  • Leslaw Pietrewicz, 2014. "Cele korporacji i jej akcjonariuszy (The objectives of the corporation and its shareholders)," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 12(46), pages 9-25.
    • Handle: RePEc:sgm:pzwzuw:v:12:i:46:y:2014:p:9-25
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    More about this item

    Keywords

    objectives of the corporation; investment strategies; nature of ownership;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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