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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 ...
Investor Engagement: Investors and Management Practice Under Shareholder Value
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 equity firms, 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? The discussion 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. The book 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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99.22 USD
Hardback
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Company share options schemes have been the source of much debate over recent years. Critics have seen them as a significant component of the excessive compensation, and the fat cat rewards, received by senior executives. They further link this to the widening gap between the compensation awarded to senior executives ...
Company Share Options
Company share options schemes have been the source of much debate over recent years. Critics have seen them as a significant component of the excessive compensation, and the fat cat rewards, received by senior executives. They further link this to the widening gap between the compensation awarded to senior executives and that received by other employees. Advocates of the use of executive and employee share options point out that they: Help to align the interests of executives and employees with those of shareholders? Increase productivity Encourage entrepreneurship Provide a means of attracting key staff Conserve the scarce cash resources of growth businesses Increasingly, company share option schemes are becoming an indispensable feature of the compensation of both executives and employees, particularly in high technology growth businesses. Their use is promoted by governments, who view them as encouraging entrepreneurship, facilitating employee share ownership, and assisting in the creation of a stakeholder economy. This book examines all aspects of the use of company share options and provides an essential grounding in this vital topic.
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77.99 USD

Company Share Options

by Peter D. Casson
Hardback
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