Abstract
Shareholder value is all the rage these days. If not the rage, it is at least the reason—or rationalization—given for many corporate decisions. Week after week, chemical company press releases come C&EN describing changes they are making. And the reason for those changes usually is, We are increasing shareholder Want spin off an operation into a separate company? You're increasing shareholder value. Want cut employment? Improving shareholder value. How about selling off operations focus on core businesses? Shareholder value. Raising the stock dividend? A natural. Thinking about an acquisition? Fill in the blank. There are myriad other corporate decisions that are made—investing in new geographic areas, reorganizing the management structure, joint-venturing operations, investing in downstream products—all in the name of increasing shareholder value. About the only thing we haven't seen is a chief executive officer announcing his resignation to increase shareholder The problem ...
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