Modern capitalism can be broken down into two major eras. The first, managerial capitalism, began in 1932 and was defined by the then radical notion that firms ought to have professional management. The second, shareholder value capitalism, began in 1976. Its governing premise is that the purpose of every corporation should be to maximize shareholders' wealth. If firms pursue this goal, the thinking goes, both shareholders and society will benefit. Though that is the theory, in reality shareholders have not been better off since they became the center of the business universe. From 1933 to the end of 1976, when they were allegedly playing second fiddle to professional managers, shareholders of the S&P 500 earned compound annual real returns of 7.6%. From 1977 to the end of 2008, S&P 500 shareholders did considerably worse - earning real returns of 5.9% a year. Putting shareholders first forces managers into playing a game in which they focus on managing shareholder expectations rather than on managing the business. The main principle behind shareholder value capitalism is inherently flawed, and it's time we abandoned it and made a shift to a new era: customer-driven capitalism. Companies that make customers their top priority, as P&G and J&J do, generate returns that are just as high as, if not higher than, those of shareholder-focused companies, and can sustain them for longer. If companies put the customer first, they will make better decisions, because they can focus on improving operations and products and services, rather than on spinning lines to shareholders.

【書誌情報】

ページ数：16ページ

サイズ：A4

商品番号：HBSP-R1001B

発行日：2010/1/1

登録日：2012/3/28