Nejhloupější nápad na světě: Maximalizace hodnoty pro akcionáře

Možná nevíte, že poviností manažerů akciových společností (určitě v USA, nevím, jak tady), je maximalizovat hodnotu společnosti pro akcionáře. Článek Steva Denninga pro Forbes recenzuje knihu Fixing The Game, která popisuje, co všechno je s tímhle přístupem špatně.

“What would lead [a CEO],” asks Martin, “to do the hard, long-term work of substantially improving real-market performance when she can choose to work on simply raising expectations instead? Even if she has a performance bonus tied to real-market metrics, the size of that bonus now typically pales in comparison with the size of her stock-based incentives. Expectations are where the money is. And of course, improving real-market performance is the hardest and slowest way to increase expectations from the existing level.”

“We must shift the focus of companies back to the customer and away from shareholder value,” says Martin. “The shift necessitates a fundamental change in our prevailing theory of the firm… The current theory holds that the singular goal of the corporation should be shareholder value maximization. Instead, companies should place customers at the center of the firm and focus on delighting them, while earning an acceptable return for shareholders.”
The Dumbest Idea In The World: Maximizing Shareholder Value, Forbes

Via Daring Fireball

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