Are directors remunerated as administrators or entrepreneurs? The theory of finance suggests that the objective of the firm is to maximise shareholder wealth or the current market value of the firm. Company law informs us that directors are appointed to manage the business on behalf of...

The continuing growth in the size and importance of very large joint‐stock companies in the modern economy has prompted a search for new theories of the firm which are more relevant in explaining the behaviour of giant enterprises. For whilst the traditional profit‐maximising theory of the...

Mounting public criticism of big business has forced the managers of large companies to reappraise their relationships with employees, consumers and the community as they have come to recognise that companies have to work within the limits imposed upon them by public opinion and political...

In recent years there has been a substantial increase in the number of mergers and takeovers in the UK referred by the Office of Fair Trading to the Monopolies and Mergers Commission for investigation and report. This reflects an ongoing concern of the UK competition authorities with the...

An important aspect of UK competition policy is the attempt to maintain competitive markets by prohibiting restrictive agreements and cartels involving price fixing, market sharing, etc., the effect of which is to suppress, limit or distort active rivalry between suppliers. Examines UK policy...

Competition policy in the UK and European Community is concerned with the maintenance and promotion of competitive markets. However, many market sectors in the UK and EC exhibit high levels of supplier concentration and many are dominated by either a quasimonopoly supplier or a core of large...