Financial Management Techniques The study of Financial Management techniques involves the assumption
that the single objective of commercial entities is the maximization
of firm valuation and shareholder wealth
It could be argued that in financial management the single objective
of commercial entities is the maximization of firm valuation and
shareholder wealth. Different factors need to be considered in order
to discover the extent to which this objective is realistic.
On the question of value in relation to a firm, there are two
viewpoints that might possibly be adopted. The first is that of 'the
firm' as an entity. The second is that of 'shareholders', this is
concerned with maximizing the return on investment to the shareholder
(Amey and Egginton 1973).
Financial management has been described as:
" The art of integrating financial theory and practice to maximize the
value of the organizations to its shareholders and other
stakeholders."
(Werner and Stoner 1995)
It could be argued that in today's business climate the exclusive
objective of maximizing a firm's value and its shareholders wealth is
not realistic. Whilst this objective is still of paramount importance,
there are other factors that a commercial entity must consider. The
'Stakeholder theory' helps to describe this.
The main principle of the Stakeholder Theory is that, the corporation
should be managed for the benefit of its stakeholders not just its'
shareholders. A stakeholder has been described as
"Any individual or group who can affect, or is affected by, the
achieve...
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... Merchant, K. (1990). Accounting for Management
Control (2nd Ed.), Chapman & Hall
Samuels, J.M. (1995). Management of Corporate Finance (6th Ed.),
Chapman & Hall
Shaw, H. (1991). Finance In Organisations, ELM Publications
Van Horne, C.J. (1990). Financial Management & Policy (9th Ed.),
Financial Times - Pretince Hall
Journals
Journal of Applied Corporate Finance
Harvard Business Review
Websites
http://www.opinionjournal.com (Accessed on 31st November 2002)
http://www.investorwords.com/cgi-bin/getword (Accessed on 4th December
2002)
http://www-rohan.sdsu.edu/faculty/dunnweb/pubs.iabs96.html (Accessed
on 4th December 2002)
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[1] http://www.econ.nyu.edu/user/galed/chap01.pdf (Accessed on 1st
December 2002)
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