Maximizing shareholder value: a new ideology for corporate governance

By William Lazonick, Mary O’Sullivan. 2000

2,056 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Sociology and Political Science

View Paper: https://www.semanticscholar.org/paper/009bf76a12cc7f138e729ae38b96c780398d3920

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Citations in the corpus

Reconsidering the Investment-Profit Nexus in Finance-Led Economies: An ARDL-Based Approach (2008, background): “They are therefore likely to passively accept or even favour a management strategy of “retain and invest” (Lazonick and O’Sullivan, 2000).”
Disconnected Capitalism: Or Why Employers Can't Keep Their Side of the Bargain (2003, background): “Within this context, the pursuit of shareholder value in deregulated and globalizing markets has been a widely observed trend and one that has produced a shift, albeit uneven across sectors and contexts, towards the dominance of financial circuits of capital (Lazonick and O’Sullivan, 2000; O’Sulliva”
Global Strategic Partnerships between MNEs and NGOs: Drivers of Change and Ethical Issues (2004, background): “We believe that future research on comparative business systems (Whitley, 1992a, 1992b; Lazonick and O’Sullivan, 2000; North, 1986, 1994; Nelson, 2002) needs to take into account the role of NGOs in the international business environment.”
The political economy of comparative corporate governance (2003, background): “In the US, until the early 1990s, the most visible role that shareholder value had played was in encouraging large corporations that had allegedly grown ‘fat and lazy’ after decades of success to ‘downsize and distribute’ (Lazonick and O’Sullivan, 2000).”
Some Stylized Facts on the Finance-Dominated Accumulation Regime (2008, neutral): “Several contributions have discussed the microeconomics of shareholder value orientation (Lazonick and O’Sullivan 2000, Stockhammer 2004). Lazonick and O’Sullivan (2000) argue that a shift in management behaviour from ‘retain and reinvest’ to ‘downsize and distribute’ has occurred. More formally, St”
Industrial Policy in the 21st Century (2020, background): “Financial-ization has been particularly strong among the advanced economies of the Anglo-Saxon variety of capitalism (Andreoni et al., 2019c; Lazonick, 2014; Lazonick and O’Sullivan, 2000).”
The effects of financialization on investment: evidence from firm-level data for the UK (2018, background): “The increasing involvement of the NFCs in finance-related activities has to be understood primarily as a consequence of a change in the corporate governance (Lazonick and O'sullivan, 2000; Lazonick, 2009).”
The Pursuit of (Past) Happiness? Middle-class Indebtedness and American Financialisation (2009, background): “constrain non-wage labour costs.(84) Most important for households has been the decline in company contributions to health care costs as well as pension plans.”
The Financialization of the American Economy (2005, neutral): “Some writers, for example, use the concept of financialization to refer to the ascendancy of ‘shareholder value’ as a mode of corporate governance (Froud et al ., 2000; Lazonick and O’Sullivan, 2000; Williams, 2000).”
ESG Importance for Long-Term Shareholder Value Creation: Literature vs. Practice (2021, background): “Complementarily, Lazonick and O’Sullivan (2000) suggested that the shareholder value can be seen as a term describing corporate governance, especially seeing it as a concept related to the decisions on profit distribution (dividends) and a company’s stock market performance [24].”