Foreword
| Library | Beyond Shareholder Wealth Maximisation |
The struggle to provide an acceptable corporate objective has challenged company law scholars and law makers for many years. Many of these debates can be traced back to earlier periods, such as the debate between Berle and Means in the 1930s. Dr Min Yan sees the debate over the corporate objective as being the most important theoretical and practical issue facing the corporation today. By asking in whose interests a company should be run, Yan seeks to re-examine the priority that is given to shareholder wealth maximisation and its tendency to foster short-termism and externalisation.
Yan is not alone in looking at the effects of shareholder wealth maximisation, as the debate over the short-termism in public companies has raged in recent times, especially since the recent global financial crisis. This problem was highlighted in the United Kingdom by the Kay Review in 2012, which noted that the survival of the modern public company is much less dependent than it once was on shareholder equity and physical capital. This has focused attention upon significant changes that have taken place in the role of modern shareholders in public companies. Many observers, such as Margaret Blair, have therefore called for a rethinking of corporate governance to ensure that it is fit for the twenty-first century and allow it to take into account the contributions to the corporation that are made by non-shareholders of the company.
Yan’s powerful and impressive analysis focuses attention on the degree to which the rhetoric of the shareholder wealth maximisation model of the...
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