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Harvard Business Review: Vol. 3 May - June 2017

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It’s pretty much a given in modern capitalism that managers’ top priority is maximizing value for shareholders. So when we publish articles about how to create a sustainable, long-term business, we sometimes get pushback from executives of publicly listed companies. They say the goal is admirable, but real-world pressures require them to put shareholder returns first. Anything else is secondary. But what if the assumption underlying that thinking is wrong? What if it’s built on a debatable, perhaps even incorrect, interpretation of the law? These are some of the provocative questions put forth in this month’s lead Spotlight article by Harvard Business School professors Joseph Bower and Lynn Paine: “The Error at the Heart of Corporate Leadership.” The idea of shareholder primacy is relatively recent and is rooted in the agency theory laid out by academic economists in the 1970s in articles in HBR and elsewhere. Simply put, the notion is that shareholders own the corporation and, by virtue of that, have the ultimate authority over its business. Bower and Paine demonstrate the flaws in the theory, particularly its inability to deal with the “accountability vacuum” that arises because shareholders—many of whom are merely short-term investors—have no real responsibility to the companies whose stock they own. The authors argue that the current orthodoxy is an “extreme version of shareholder centricity” that is “confused” as a matter of law and harmful to society. It forces executives to focus excessively on the short term, weakening companies’ long-term prospects and damaging the overall economy. A better approach, they say, would have at its core the health of the company, not the near-term gains of shareholders. Corporations are independent entities endowed by law with the potential for indefinite life. With good leadership, they can serve markets and society over long periods of time.

The containts of this series talking about:
1. How Venture Capitalists Really Assess a Pitch
2. Sometimes, Less Innovation is Better
3. Reclaim Your Commute
4. State Street’s CEO on Creating Employment for At-Risk Youths
5. Spotlight on Managing for the Long Term
6. What Sets Successful CEOs Apart
7. Onboarding isn’t Enough
8. The Talent Curse
9. Neurodiversity as a Competitive Advantage
10. The Problem with Product Proliferation
11. What’s Your Data Strategy?
12. The World’s Next Great Manufacturing Center
13. Linear Thinking in a Nonlinear World
14. Above All, Acknowledge the Pain
15. Competing Against Bling
16. Life’s Work: Alice Waters

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Ketersediaan

B00310

650.05 HAR

My Library

Tersedia

Informasi Detail

Judul Seri

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No. Panggil

650.05 HAR

Penerbit

Boston, Massachusetts : Harvard Business Review Press., 2017

Deskripsi Fisik

p. 1-176 : illustration; 27 cm.

Bahasa

English

ISBN/ISSN

073361648037

Klasifikasi

650.05

Tipe Isi

text

Tipe Media

unmediated

Tipe Pembawa

volume

Edisi

Vol. 3 May - June 2017

Subjek

Business Magazine
Neurodiversity
Talent Curse
Corporate leadership
Data Strategy
Innovation
Self management
Shareholders
Management -- integration
Nonlinear world
Rebel talent
Business -- inequality

Info Detail Spesifik

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Pernyataan Tanggungjawab

The views expressed in articles are the author's and not necessarily those of Harvard Business Review.

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