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- catalog abstract "This paper examines the role of the corporate objective function in corporate productivity and efficiency, social welfare, and the accountability of managers and directors. I argue that since it is logically impossible to maximize in more than one dimension, purposeful behavior requires a single valued objective function. Two hundred years of work in economics and finance implies that in the absence of externalities (and when all goods are priced) social welfare is maximized when each firm in an economy maximizes its total market value. Total value is not just the value of the equity but also includes the market values of all other financial claims including debt, preferred stock, and warrants.".
- catalog contributor b11742779.
- catalog contributor b11742780.
- catalog created "c2000.".
- catalog date "2000".
- catalog date "c2000.".
- catalog dateCopyrighted "c2000.".
- catalog description "Includes bibliographical references (p. 19).".
- catalog description "This paper examines the role of the corporate objective function in corporate productivity and efficiency, social welfare, and the accountability of managers and directors. I argue that since it is logically impossible to maximize in more than one dimension, purposeful behavior requires a single valued objective function. Two hundred years of work in economics and finance implies that in the absence of externalities (and when all goods are priced) social welfare is maximized when each firm in an economy maximizes its total market value. Total value is not just the value of the equity but also includes the market values of all other financial claims including debt, preferred stock, and warrants.".
- catalog extent "19 p. :".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; 00-058.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 00-058".
- catalog issued "2000".
- catalog issued "c2000.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "Value maximization and the corporate objective function / Michael C. Jensen.".
- catalog type "text".