Corporate Performance and Adherence to Shareholder Wealth-Maximizing Principles

Dan Cooper and Glenn Petry

Financial Management, 1994, vol. 23, issue 1

Abstract: Positive finance focuses upon the observed actions of firms while normative finance prescribes firm actions in an ideal world. To analyze some of the correlations between normative and positive finance, we compile self-reported financial policies of a sample of Business Week 1,000 firms for comparison with five years of financial performance data. Indices of a firm's relative use of shareholder wealth maximizing (SWM) and sophisticated techniques are then constructed.

Date: 1994
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