Cited by 1,970Corporate Finance and GovernanceHousing, Finance, and NeoliberalismCorporate Governance and Financial Management

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Maximizing shareholder value: a new ideology for corporate governance

Lazonick, William, O'Sullivan, Mary·2000·Economy and Society

DOI 10.1080/030851400360541

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Abstract

The decade-long boom in the US stock market and the more recent boom in the US economy have fostered widespread belief in the economic benefits of the maximization of shareholder value as a principle of corporate governance. In this paper, we provide an historical analysis of the rise of shareholder value as a principle of corporate governance in the United States, tracing the transformation of US corporate strategy from an orientation towards retention of corporate earnings and reinvestment in corporate growth through the 1970s to one of downsizing of corporate labour forces and distribution of corporate earnings to shareholders over the past two decades. We then consider the recent performance of the US economy, and raise questions about the relation between the maximization of shareholder value and the sustainability of economic prosperity.

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Authors: Lazonick, W., & O'Sullivan, M.
ORCID: Lazonick, William
Venue: Economy and Society
Publisher: Informa UK Limited
Published: 2000-01
Volume: 29
Issue: 1
Pages: 13-35
ISSN: 0308-5147 (ISSN-L)
1469-5766
DOI: 10.1080/030851400360541
OpenAlex: W4254928272
Semantic Scholar: 009bf76a12cc7f138e729ae38b96c780398d3920
Cited by: 1,970
References: 2
Citations by year: 2026: 96 · 2025: 88 · 2024: 130 · 2023: 132 · 2022: 124 · 2021: 171 · 2020: 128 · 2019: 152 · 2018: 121 · 2017: 127 · 2016: 85 · 2015: 78 · 2014: 62 · 2013: 66 · 2012: 56
FWCI: 85.97
Type: journal article
Language: en
Open access: closed
Locations: Economy and Society (publishedVersion)
Funders: European Commission
Topics: Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
Social Sciences › Economics, Econometrics and Finance › Finance › Housing, Finance, and Neoliberalism
Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Governance and Financial Management
Keywords: shareholder wealth maximization, corporate governance, business strategy, earnings retention, reinvestment, downsizing, stock market boom, economic prosperity, sustainability of economic growth, United States

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Maximizing shareholder value: a new ideology for corporate governance

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