EBOOK Investor Engagement:Investors and Management Practice under Shareholder Value -

EBOOK Investor Engagement:Investors and Management Practice under Shareholder Value

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Wydawnictwo: Oxford University Press
ISBN: 9780191607059
EAN: 3462D69CEB
Format: 0,0 x 0,0 x 0,0
Oprawa: ...
Stron: 240
Data wydania: 2007
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The growth of shareholder value has been a major change in Western economies since        the 1980s. This growth has reignited debates concerning relations between investors        and managers. This book argues that investors are more than passive providers of        finance, on whose behalf managers seek to maximize shareholder returns. Instead,        many investors directly influence management practice, through investor engagement.          The book examines the role of institutional investors and private equityfirms, two        types of investors with overlapping but different reasons for engagement. Questions        addressed include: What are the incentives, and disincentives, for investment        engagement? How is investor engagement organized? What areas of management practice        are of particular concern to investors? Thediscussion shows in detail how private        equity firms play a major role in developing new companies, beyond the provision of        finance, especially in the IT, biotechnology, and pharmaceutical sectors.The        discussion is primarily based on British and US research. The debate has wider        international relevance, because there are strong pressures for establishing        shareholder value as the international 'norm' for systems of corporate governance.          Following a detailed discussion of Germany, the authors conclude that there is no        inevitable trend to shareholder value: shareholder value depends upon complementary        institutional arrangements in national business systems, which are far from        universal. Thebook concludes with a critical analysis of the justifications for        shareholder value and investor engagement, highlighting the weaknesses of both        efficiency and equity justifications.

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