Shareholder Value: Principles, Declarations, and Actions
探讨股东价值是否应作为企业目标，以及竞争市场是否迫使企业追求它。基于全球大样本数据，发现许多公司使命声明中未提及股东，但提及股东的公司股价和经营表现更好。
This paper is about shareholder value. We examine whether welfare considerations justify that target and whether competitive markets force firms to pursue it. We also argue that shareholder value is strictly an ill‐defined goal. We report evidence from a large sample of listed firms across the world that many managers do not even mention shareholders in their mission statements. However, firms that do disclose a commitment to shareholders seem to perform better in terms of stock price and operating performance.