@article {Collison55, author = {David J. Collison and George M. Frankfurter}, title = {Are We Really Maximizing Shareholder Wealth? Or}, volume = {9}, number = {3}, pages = {55--63}, year = {2000}, doi = {10.3905/joi.2000.319373}, publisher = {Institutional Investor Journals Umbrella}, abstract = {This article deals with the overriding objective of maximizing shareholder wealth. We show that the maxim evolved from a false interpretation of Adam Smith{\textquoteright}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.}, issn = {1068-0896}, URL = {https://joi.pm-research.com/content/9/3/55}, eprint = {https://joi.pm-research.com/content/9/3/55.full.pdf}, journal = {The Journal of Investing} }