TY - JOUR T1 - Are We Really Maximizing Shareholder Wealth? Or JF - The Journal of Investing SP - 55 LP - 63 DO - 10.3905/joi.2000.319373 VL - 9 IS - 3 AU - David J. Collison AU - George M. Frankfurter Y1 - 2000/08/31 UR - https://pm-research.com/content/9/3/55.abstract N2 - This article deals with the overriding objective of maximizing shareholder wealth. We show that the maxim evolved from a false interpretation of Adam Smith's ideas and philosophy, and that it masquerades as a well-defined and unambiguously measurable concept. We also argue that, even if it were a well-defined concept, it still should not be an overriding goal of business activity, especially when its short-term long-term consequences are being explicitly studied. ER -