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Reconsidering the rise of ‘shareholder value’ in the United States, 1960-2000

Taylor, Blake Edward (2015) Reconsidering the rise of ‘shareholder value’ in the United States, 1960-2000. Economic History working paper series (214/2015). The London School of Economics and Political Science, London, UK.

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Abstract

This study analyses thousands of corporate annual reports and financial data from 1960-2000 to propose an early history of the term ‘shareholder value’ in the United States. Scholarly interest in ‘shareholder value’ has burgeoned since 2000, but still little is known about the term’s origins. My findings suggest that corporate managers’ intentional and repeated use of the term did not begin until the early 1980s and was not widespread until the 1990s. Further, my analysis of General Electric Corporation, Johnson & Johnson, and The Coca-Cola Company suggests that adopting ‘shareholder value’ rhetoric likely had little impact on the performance of these case study firms.

Item Type: Monograph (Working Paper)
Official URL: http://www.lse.ac.uk/economicHistory/home.aspx
Additional Information: © 2015 The Author
Divisions: Economic History
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
H Social Sciences > HG Finance
JEL classification: D - Microeconomics > D2 - Production and Organizations > D21 - Firm Behavior
G - Financial Economics > G3 - Corporate Finance and Governance > G30 - General
G - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers; Acquisitions; Restructuring; Corporate Governance
G - Financial Economics > G3 - Corporate Finance and Governance > G35 - Payout Policy
L - Industrial Organization > L2 - Firm Objectives, Organization, and Behavior > L21 - Business Objectives of the Firm
N - Economic History > N8 - Micro-Business History > N82 - U.S.; Canada: 1913-
Sets: Departments > Economic History
Collections > Economists Online
Date Deposited: 18 Feb 2015 10:03
Last Modified: 30 Jan 2019 12:21
URI: http://eprints.lse.ac.uk/id/eprint/60967

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