'This book is an excellently constructed piece of legal writing
which covers a topic of significant social and economic importance.
It is a work of excellent analytical clarity and contains a vast
amount of research and considerable detail. . . Academics in
corporate law and corporate governance in addition to corporate
social responsibility and company law generally will find much to
interest them in this publication as will students who study in
these areas, particularly postgraduates.' - John Quiggin, Journal
of Business Law 'This is legal scholarship of the finest kind,
concerned with an issue of supreme political, economic and social
importance. Professor Keay takes the debate on the object of the
modern public corporation by the scruff of its neck and skilfully
navigates between the Scylla and Charybdis of the
shareholder/stakeholder debate. This book, characterised by
admirable analytical clarity and a huge amount of research,
faithfully summarises the debate hitherto, and propels us to the
next stage with a powerful argument, which challenges, effectively,
both the stakeholder and shareholder theories.' -Harry Rajak,
University of Sussex School of Law, UK The Corporate Objective
addresses a question that has been subject to much debate: what
should be the objective of public corporations? It examines the two
dominant theories that address this issue, the shareholder primacy
and stakeholder theories, and finds that both have serious
shortcomings. The book goes on to develop a new theory, called the
Entity Maximisation and Sustainability Model. Under this model,
directors are to endeavor to increase the overall long-run market
value of the corporation as an entity. At the same time as
maximizing wealth, directors have to ensure that the corporation
survives and is able to stay afloat and pursue the development of
the corporation's position. Andrew Keay seeks to explain and
justify the model and discusses how the model is enforced, how
investors fit into the model, how directors are to act and how
profits are to be allocated. Analyzing in depth the existing
theories which seek to explain the corporate objective, this book
will appeal to academics in corporate law and corporate governance
as well as law, finance, business ethics, organizational behavior,
management, economics, accounting and sociology. Postgraduate
students in corporate law and corporate governance, directors, and
government regulators will also find much to interest them in this
study. Contents: Preface 1. Public Companies: Context, Theory and
Objectives 2. Shareholder Primacy 3. Stakeholder Theory 4. An
Entity Maximisation and Sustainability Model 5. The Enforcement of
the Entity Maximisation and Sustainability Model 6. Investors 7.
Managerial Discretion and Accountability 8. Allocation of Profits
9. Epilogue
General
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