University of Hertfordshire

From the same journal

By the same authors

Documents

  • 904425

    Accepted author manuscript, 711 KB, PDF document

View graph of relations
Original languageEnglish
Pages (from-to)211-221
Number of pages11
JournalAccounting Forum
Volume34
Issue3-4
DOIs
Publication statusPublished - 1 Sep 2010

Abstract

The conjuncture that ushered in the era of shareholder value served to embed capital market expectations into corporate governance aligning management and shareholder interests. Market arbitrage focussed on modifying contractual relations with stakeholders to extract a (higher) return on invested capital. In this article we focus on cash earnings on capital employed generated by the S&P 500 survivor group of firms covering the period 1990–2008. We use this financial data to construct three complementary perspectives on corporate financial performance: firm, firm-relative and macro. Within this framework the financial numbers and perspectives are analogous to a ‘hall of mirrors’ where ambiguity and contradiction are in play frustrating straightforward performative narratives that connect purpose with financial transformation an era of shareholder value.

Notes

Original article can be found at: http://www.sciencedirect.com/science/journal/01559982 Copyright Elsevier Ltd.

ID: 82304