What went wrong with shareholder value?

Dr Mike Lucas of The Open University Business School explains how the experience of working and teaching in accounting and finance has forced him to a fundamental reappraisal of the idea that businesses’ objective is to maximise shareholder wealth. 

Alan Shipman of The Open University Economics Department recalls the origins and optimistic expectations of the shareholder value ‘revolution’, inspired by economic ideas of profit-maximisation and a political turn against profligate management. 

Dr Mike Lucas probes the shareholder value model, identifying its adverse effects on employees, consumers, the social and natural environment – and ultimately on shareholders themselves. 

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