PT - JOURNAL ARTICLE AU - David J. Collison AU - George M. Frankfurter TI - Are We Really Maximizing Shareholder Wealth? Or AID - 10.3905/joi.2000.319373 DP - 2000 Aug 31 TA - The Journal of Investing PG - 55--63 VI - 9 IP - 3 4099 - https://pm-research.com/content/9/3/55.short 4100 - https://pm-research.com/content/9/3/55.full AB - 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.