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Journal cover: Managerial Finance

Managerial Finance

ISSN: 0307-4358

Online from: 1975

Subject Area: Accounting and Finance

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Corporate governance, managerial strategies and shareholder wealth maximization: a study of large European companies


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Title:Corporate governance, managerial strategies and shareholder wealth maximization: a study of large European companies
Author(s):E. Dockey, (Department of Economics, Staffordshire University), W.E. Herbert, (Nigerian Education Bank), K. Taylor, (Cardiff Business School, University of Wales)
Citation:E. Dockey, W.E. Herbert, K. Taylor, (2000) "Corporate governance, managerial strategies and shareholder wealth maximization: a study of large European companies", Managerial Finance, Vol. 26 Iss: 9, pp.21 - 35
Keywords:Accounting research, Corporate governance, European union, Strategy alignment, Top management
Article type:Literature review / Research paper
DOI:10.1108/03074350010766855 (Permanent URL)
Publisher:MCB UP Ltd
Abstract:Discusses the agency issues underlying corporate governance, refering to research on managerial attitudes/incentives for maximizing shareholder value and pressures to align the interests of directors and shareholders. Reports a survey of finance executives in 175 large firms in 7 EU countries to analyse their strategies and the influence of pressure groups on strategy choice. Shows that market leadership and increased operating margins are the most successful operating strategies; changing productive capacity, generating new/better products and buying business with complementary products are the best investment strategies; and a leveraged buyout is the most effective capital strategy to maximize shareholder returns. Adds that UK managers (like US managers) have a shorter term focus than other European managers, perhaps because their relationships with institutional investors are less close.



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