And it would be difficult to accuse British unions of thinking much beyond the next pay negotiation. Unfortunately this doesn't really accord with that real world out there: who actually does, no not in theory, but who actually does have a longer term view than the shareholders? Certainly not politicians as they never look beyond the task of winning the next election.
Precisely because shareholders can just cut and run by selling their stock they are in fact the most short term thinkers in the entire system.Īn argument for which a case can be made and Chang tried to make it. All this guff about shareholder value is just that, guff. In his second chapter Chang tells us that companies really shouldn't be run in the interests of their shareholders.
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