Examines the issues of corporate finance and government intervention from a global perspective.
Written in 2005; 2,314 words; 5 sources; APA; $ 71.95
Paper Summary:
Perhaps the first issue addressed in this paper is a consideration of the possible conflict caused by various governmental regulations on the corporate goal of increasing shareholder wealth is this: Is there any effect? The second question examined-and perhaps the more important one in today's global business and social environment-is this: Is the maximization of shareholder wealth the appropriate goal for a business entity? The paper shows that, indeed, with Europe embracing human rights as a major issue, and in view of the current divisive atmosphere in the United States concerning both corporate governance and governmental transfer payment restructuring (Social Security), it seems advisable to consider these questions from a broad-based global perspective and also from the perspective of other 'stakeholders' in global business besides the shareholder. These stakeholders would include, of course, all citizens of the globe and not merely those with sufficient income to become stakeholders.
Paper Outline:
Introduction
Tavis' Model
Demonstrations from the Shareholder Norm
References
From the Paper:
"While that is a normative theory that gives rise to a complex of actions, the stakeholder theory proposed by Tavis "is more of a description of who has a stake in the activities of the firm than a normative theory" (2002 Database). Tavis quotes R. Edward Freeman, who defined stakeholders: "A stakeholder in an organization is (by definition) any group or individual who can affect or is affected by the achievement of the organization's objectives" (2002, Database). This much more inclusive definition makes it clear that unless a corporation is living on a planet of its own, a closed and moreover perfect system of equality of risk, reward, 'collateral damage' and any effect imaginable, then it is incumbent on management of that corporation to consider not merely the shareholders as traditionally defined."
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