Shareholder value - The American way and the Swedish game to play?
En studie om ideologisk förändring i svensk bolagsstyrning
Shareholder value has its origin in the American corporate governance system and has been the subject of great debate over the last few decades. The proponents claim that it creates economic efficiency while the critics argue that maximization of shareholder value jeopardizes the long term survival of companies. However, the debate in Sweden already seems to have forgotten the question of how embedded the ideology really is and what´s leading its way. This study show that shareholder value has developed and been established in Swedish companies between 1995 and 2005. The study has found evidence that suggests that the development can primarily be linked to board networks and international exposure. However, the results also indicate that an underlying effect can be traced to the two leading business groups in Sweden.