This is an economic analysis of the concept shareholder value, and shareholder society. It shows, in conclusion, the implementation of the stakeholder society makes three lacks: pledgeable income, decision-making, and clear mission for management.
First, the paper starts analysis in a firm level, focusing on pledgeable income, monitoring, and control rights with simple framework. Second, the paper develop the previous analysis for society level to analyze shareholder society. And last it shows the cost and benefit shareholder society such as protecting noncontrolling stakeholders, convenants, exit options, flat claims, emerged fiduciary duty.
Questions:
What is the first basic model?
What is the logic of badness of shareholder society in game theory?
How to analyze cost and benefit?
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