By Fred R. Kaen
Contemporary occasions have grew to become the highlight at the factor of company responsibility -- specially in terms of maintaining shareholder worth. within the glossy company, non-owners usually deal with day by day operations, and their judgements have a right away influence at the company's total price. yet what can administration do to absolutely impression proportion cost and safeguard shareholder funding?
A Blueprint for company Governance is exclusive in that it addresses shareholder price from a managerial standpoint. this crucial publication covers all crucial company governance matters from this perspective, supplying distinct details and insights on:
* modern asset pricing versions, and the way they could aid managers verify optimum returns on shareholder cash * monetary constructions and dividend rules designed to strengthen shareholder pursuits * tools for executives, managers and forums of administrators to paintings as one to augment and raise shareholder worth.
Read or Download Blueprint for Corporate Governance, A: Strategy, Accountability, and the Preservation of Shareholder Value PDF
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Extra resources for Blueprint for Corporate Governance, A: Strategy, Accountability, and the Preservation of Shareholder Value
24 A B C G Voting Rights Some shareholders are also more equal than others when it comes to the voting rights attached to their ownership claims—what are called different classes of common stock. Although this is not especially common in the United States, corporations may issue different classes of common stock, with one class having more voting rights than other classes. For example, Ford Motor Company has two classes of common stock: Class A, with 60 percent of the voting rights, and Class B, with 40 percent of the voting rights.
If public investors believe that managers and other insiders will take advantage of their privileged information, these investors will be reluctant to invest in the company or will do so only at a highly discounted price. In effect, if this happens, investors can no longer assume that market prices represent the true value of the company. To prevent such a breakdown in markets, a market-based governance structure requires insider-trading laws to maintain the public’s confidence. Therefore, as a manager, you are not permitted to act on 44 A B C G inside information.
INTRODUCTION H ow do managers know whether they are managing the company in the best interests of the owners? If financial markets are efficient, the answer is simple: Managers should monitor the share price of the company’s common stock to find out what public investors think about the company, its future prospects, and its management decisions. And what should managers do to maximize share price? Well, they need to understand how investors value common stock so that 33 34 A B C G they can identify and implement value-maximizing operating and financing policies.