Notes1 - CUHK Prof Fong FINA3070 Chapters 1 14 and 33 An...

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8/29/2013 1 Chapters 1, 14, and 33 An Introduction to Corporate Governance The goals of a corporation • What should be the goals of a corporation? – Many stakeholders • Focus on stockholders? – Maximize profit? CUHK Prof Fong FINA3070
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8/29/2013 2 Figure 33.6A: Whose Company Is It? ** Survey of 378 managers from 5 countries Figure 33.6B: Labor as stakeholder ** Survey of 378 managers from 5 countries. Which is more important. ..jobs or paying dividends? CUHK Prof Fong FINA3070
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8/29/2013 3 Creditors as stakeholders Figure 33.1 : The value of the financial claims on firms in 2010 as a percentage of GDP. Banks as Stakeholders in Japan: Cross-holding of shares Sumitomo Corporation Sumitomo Trust Sumitomo Bank 1.9% 4.3% 4.4% 1.8% 2.2% 2.2% CUHK Prof Fong FINA3070
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