Shareholder value and UK companies: a positivist inquiry

Keay, Andrew and Adamopoulou, Rodoula 2012, Shareholder value and UK companies: a positivist inquiry, European business organization law review, vol. 13, no. 1, pp. 1-29, doi: 10.1017/S1566752912000018.

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Title Shareholder value and UK companies: a positivist inquiry
Author(s) Keay, AndrewORCID iD for Keay, Andrew
Adamopoulou, Rodoula
Journal name European business organization law review
Volume number 13
Issue number 1
Start page 1
End page 29
Total pages 29
Publisher Cambridge University Press
Place of publication Cambridge, Eng.
Publication date 2012-03
ISSN 1566-7529
Summary It has generally been maintained that UK companies embrace a shareholder value approach. But some commentators have challenged that view. This article documents an attempt to ascertain the actual position in UK companies by an analysis of the position taken concerning corporate objective by 50 of the largest companies in the UK. The research consists of an examination of the public documents of these companies, namely those that could be accessed from the companies' websites, and the primary document considered was the company's most recent Annual Report. The study found that companies could be divided into three groups with one group consisting of 36% of the companies considered, stating that they have shareholder value as their ultimate goal. But, critically, it also found that most of these companies indicated that non-shareholding stakeholders were important to them.
Language eng
DOI 10.1017/S1566752912000018
Field of Research 180109 Corporations and Associations Law
1801 Law
Socio Economic Objective 970118 Expanding Knowledge in Law and Legal Studies
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2012, T.M.C. Asser Press and the Authors
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Document type: Journal Article
Collections: Faculty of Business and Law
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