Shareholder wealth maximization, business ethics and social responsibility

摘要: The primary objective of this article is to develop a framework for analyzing the ethical foundations and implications shareholder wealth maximization (SWM). Distinctions between SWM more widely examined construct profit are identified, most significant being central role played in by market mechanism pricing corporation's securities. It argued that empirical tests concerned with evaluating will almost surely involve joint hypothesis. A number recent studies aimed at testing hypotheses explicit content reviewed.