Unter Value-Based M&A-Management wird in dieser Arbeit die inhaltliche und strukturelle Gestaltung der Ma�nahmen des M&A-Prozesses mit dem Ziel der Steigerung des Unternehmenswertes im Sinne der Aktion�re verstanden. Dazu werden in den Teilprozessen des M&A-Gesamtprozesses...

The shareholder value maximization is the keystone of the actual stage of capitalism. The objective function of publicly quoted corporations is nowadays the maximization of the shareholders' wealth, i.e. the sum of dividends and capital gains. Despite the increasing international financial...

The shareholder value maximization objective function of Anglo-Saxon publicly quoted corpora-tions over the last three decades gave raise to contrasted reactions. The controversy raised by the implementation of this new form of capitalism goes beyond the simple interactions between corporate...

Starting form the accounting status as a social and institutional practice and the economic role of financial reporting, the paper addresses the issue of social and environmental accounting and reporting regulation.We propose an analysis of the main rep

This report identifies some of the factors complicating the debate on role of the company in society. It focuses particularly on the changing models of ownership and differing time horizons and on how these have interacted in some ases to produce undesirable consequences.

(VF)Les médias jouent un rôle important dans les crises, en particulier, celles touchant à la création et à la répartition de la valeur de l’entreprise. L’objectif de cet article est d’analyser le rôle de la presse en tant que mécanisme de gouvernance partenariale. Ce rôle est...

Based on a simple framework, this note clarifies the economics behind bank restructuring and evaluates various restructuring options for systemically important banks. The note assumes that the government aims to reduce the probability of a bank’s default and keep the burden on taxpayers...

Our study examines the effects of the racial diversity of a firm’s workforce on shareholder value. We show that the disclosure of racial diversity in firms yields significant, positive abnormal returns. We further test the effects of several indicators of both lower-level and upper-level...

Owing to the managerial concept of the company, the fundamental objective of an enterprise’s existence is the shareholder value. The owners of the company require managers to fulfil the objectives of its owners that is to increase shareholder value. This is done through the growth of the value...