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Books > Business & Economics > Finance & accounting > Finance > Corporate finance
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Investor Engagement - Investors and Management Practice under Shareholder Value (Hardcover, New)
Loot Price: R1,457
Discovery Miles 14 570
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Investor Engagement - Investors and Management Practice under Shareholder Value (Hardcover, New)
Expected to ship within 12 - 17 working days
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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. The 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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