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16 THE FUNCTION OF CORPORATE GOVERNANCE Consider these simple examples. Since the accounting value approach emphasizes EPS, costs that are expensed via the income statement will yield earnings that are different from those capitalized on the balance sheet and amortized over time. Choosing the latter can boost reported EPS by avoiding the income statement entirely (a mechanism that firms such as WorldCom and Enron used to excess). With the exception of certain tax effects, no such “disguise” is possible using the cash flow method.

G. g. g. g. Germany), perpetuation of firm Market share, maximization, or perpetuation of firm ᔢ An optimal model exists and full migration will eventually occur. ᔢ An optimal model exists but only partial migration will occur as the costs arising from political/cultural frictions are too high. ᔢ Multiple models can, and should exist, so no meaningful convergence will occur. Although the market and relationship models have each appeared “dominant” at particular points in time (for instance, relationship models in the 1980s, market models in the 1990s), the rather striking corporate governance problems experienced in each makes it clear that neither one is perfect.

In the modern corporate and investment world it has become the primary means of measuring whether a company is succeeding or failing. Despite its convenience (or perhaps because of it), the stock price as a measure of corporate value can be flawed. Since investors monitor a company’s stock price to determine whether value is being maximized, management’s attention can be diverted to short-term actions that boost the stock price over the short run, rather than long-term or strategic investment that can lift the stock price for the long term.

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