The intellectual foundations of the shareholder value model
Dr Mike Lucas of The Open University Business School explains how the experience of working and teaching in accounting and finance has forced him to a fundamental reappraisal of the idea that businesses’ objective is to maximise shareholder wealth.
The case for shareholder wealth
Alan Shipman of The Open University Economics Department recalls the origins and optimistic expectations of the shareholder value ‘revolution’, inspired by economic ideas of profit-maximisation and a political turn against profligate management.
The problems with the shareholder value model
Dr Mike Lucas probes the shareholder value model, identifying its adverse effects on employees, consumers, the social and natural environment – and ultimately on shareholders themselves.
What went wrong with shareholder value?
Alan Shipman examines the unintended fallout from the shareholder value ‘revolution’, and reasons for the rapid rise and fall of value-driven productivity and profits.
An alternative framework
Dr Mike Lucas outlines the key aspects of a Buddhist approach to business and economics, and its potential for a fundamental break from the individualism and constant expansionism of conventional economics.