Anmerkungen:
In: Schmalenbach Business Review, Vol. 65, January 2013, pp. 22-26
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 2013 erstellt
Beschreibung:
Discussion of the paper “Rivalry between Shareholder Value and Large Size in the Global Economy” by Manfred Neumann. (see also: 'http://ssrn.com/abstract=2326116' http://ssrn.com/abstract=2326116)In his paper, Manfred Neumann deals with an important question: “If the firms' owners can endogenously select the objective function, would they choose to maximize their firms' profits?” Although the overwhelming majority of models in the fields of industrial and organizational economics make this assumption, it seems that “...the objective function should be a derived concept.” (Kelsey and Milne (2008)). Moreover, given that the debate between the proponents of the stakeholder and the shareholder view is ongoing (e.g., Sundaram and Inkpen (2004); Freeman, Wicks, and Parmar (2004)) and that firms increasingly pursue social goals (e.g. Kopel and Brand (2012)), a contribution that sheds light on this issue is important and welcome