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Primary Article

Are We Really Maximizing Shareholder Wealth? Or

What Investors Must Know When We Do

David J. Collison and George M. Frankfurter
The Journal of Investing Fall 2000, 9 (3) 55-63; DOI: https://doi.org/10.3905/joi.2000.319373
David J. Collison
A senior lecturer in the department of accountancy and business finance at the University of Dundee in Scotland.
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George M. Frankfurter
A Lloyd F. Collette professor emeritus at Louisiana State University.
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Abstract

This article deals with the overriding objective of maximizing shareholder wealth. We show that the maxim evolved from a false interpretation of Adam Smith's ideas and philosophy, and that it masquerades as a well-defined and unambiguously measurable concept. We also argue that, even if it were a well-defined concept, it still should not be an overriding goal of business activity, especially when its short-term long-term consequences are being explicitly studied.

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The Journal of Investing
Vol. 9, Issue 3
Fall 2000
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Are We Really Maximizing Shareholder Wealth? Or
David J. Collison, George M. Frankfurter
The Journal of Investing Aug 2000, 9 (3) 55-63; DOI: 10.3905/joi.2000.319373

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Are We Really Maximizing Shareholder Wealth? Or
David J. Collison, George M. Frankfurter
The Journal of Investing Aug 2000, 9 (3) 55-63; DOI: 10.3905/joi.2000.319373
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