The objective traditionally attributed to firms is maximisation of profits. In more recent years this has been replaced with the financial objective of maximisation of shareholder wealth.

Many modern theories of managerial behaviour are based on the initial observation of the separation of ownership and control. This article is concerned with the ownership of British industry. Statistics are presented relating to the pattern of UK share ownership both now and in the future....

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...