miércoles, 10 de septiembre de 2008

¿Qué debe maximizar la empresa?

El valor de los stakeholders según Fox en Creative Capitalism:

But as Jensen's approach rose to dominance in the 1990s under the slogan "shareholder value," it became clear that relying on the stock market to enforce accountability wasn't the complete answer either. Stock prices are subject to mood swings and occasional manipulation, rendering them a less than perfect measure of corporate success. Executives out to maximize their stock price can and have destroyed their companies in the process.

Jensen now acknowledges this, and is trying to incorporate what he calls integrity into his concept of how organizations ought to work. Other people have different ideas. But it seems to me that any discussion of the purpose of corporations needs to address the vexing dilemma that:

1) Having multiple organizational goals can be a recipe for underperformance and waste,

but

2) Focusing exclusively on a single, simple goal like profit maximization or shareholder value can lead an organization terribly astray.

Más en Otraeconomía | Cuando los administradores son los stakeholders

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