Shareholder Value Maximisation, Stock Market and New Technology: Should the US Corporate Model be the Universal Standard?
Alaka Singh and
Authors registered in the RePEc Author Service: Rafael E. De Hoyos ()
International Review of Applied Economics, 2005, vol. 19, issue 4, 419-437
In 1992 a blue-ribbon group of US economists led by Michael Porter concluded that the US stock market-based corporate model was misallocating resources and jeopardising US competitiveness. The faster growth of US economy since then and the supposed US lead in the spread of information technology has brought new legitimacy to the stock market and the corporate model, which is being hailed as the universal standard. Two main conclusions of the analysis presented here are: (a) there is no warrant for revising the blue-ribbon group's conclusion; and (b) even US corporations let alone developing country ones would be better off not having stock market valuation as a corporate goal.
Keywords: Shareholder wealth; Information Technology; stock-market efficiency (search for similar items in EconPapers)
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