Human Trafficking Modern Day Slavery - 1210 Words

Human Trafficking Imagine being able to own a business and make nothing but profit. One of the types of trafficking is Labor Trafficking, which helps keep prices cheaper by having cheap workers. If companies do not have people working in factories for very little then a lot of prices would go up crazy like on clothing and furniture. A lot of countries economy are built off sex trafficking which helps the economy significantly. The ongoing â€Å"phenomenon† of human trafficking is not a problem because it helps many countries economies. Human trafficking is modern day slavery that is based on supply and demand that is the fastest growing criminal industry in the United States Government. It affects every country in the world. There is a continuous demand for cheap labor and a continuous supply of people desperate for money (â€Å"Why Trafficking Exists†). Demand thrives because of the low risks and very high profits. Trafficking is sometimes referred to as smuggling but it is completely different; it is considered trafficking when force, fraud, and coercion are present. Victims under the control of traffickers make an alarmingly high number of goods and food products. More often than we realize, we buy products that involve child labor or forced labor(Clawson). Trafficking can be divided into these three categories: Sex slavery, Labor trafficking, and Organ Trade. Labor trafficking involves the use of lies, violence, and threats to force people to workShow MoreRelatedModern Day Slavery: Human Trafficking 866 Words   |  4 PagesBlood Borne Connections.) Human trafficking is the modern day slavery, it involves taking control over a person through force, fraud or coercion to exploit the victim for forced labor, sexual exploitation. or both (â€Å"What† par.1). This is become the sad reality for many, approximately three out of every 1,000 people worldwide are being forced into this such slavery. Victims of human trafficking are people of all backgrounds and ages, no one is safe from the dirty hands of human traffickers. Every yearRead MoreHuman Trafficking : Modern Day Slavery1244 Words   |  5 Pages Human trafficking Around the world human trafficking happens around us without us noticing or realising what is happening. Modern-day slavery exists around the world and it is known today as human trafficking or trafficking in persons. So, what is human trafficking and why don t many people seek for help or go to athoughty ? Well human trafficking is modern-day slavery and involves the use of force, fraud, or coercion to obtain some type of labor or commercial sex act. Every year millionsRead MoreHuman Trafficking And The Modern Day Slavery Essay1006 Words   |  5 Pagesfield of criminal justice, and is known as the modern day slavery. This paper will also discuss the globalization in human trafficking. The study examines the impact of economic globalization on the human trafficking inflows around the world. This paper will begin by providing the definition of what human trafficking and globalization is, and how it works within the context of law enforcement. The history of human trafficking and how human trafficking is effecting societies across the world. ThisRead MoreHuman Trafficking And Modern Day Slavery Essay1390 Words   |  6 PagesHuman Trafficking There is an ever growing problem that is coursing the world. Every day 3,287 people are sold or kidnapped, and are forced into slavery. (Human Trafficking Statistics Reports 2012) Most people do not realize that modern-day slavery happens closer to home than they think. 14,000-17,500 is the estimated number of people trafficked into the United States each year. (Human Trafficking Statistics Reports 2012) The government has tried to reduce this problem as well as everyday peopleRead MoreHuman Trafficking : Modern Day Slavery1604 Words   |  7 PagesHuman Trafficking One of the most serious crimes worldwide, human trafficking is the buying, selling, and transportation of people for the use of sexual exploitation, forced labor, or organ removal. â€Å"Human trafficking is modern-day slavery and involves the use of force, fraud, or coercion to obtain some type of labor or commercial sex act.† (What is human trafficking Homeland) It happens in the United States and foreign countries. Many people do not see it happening, but in fact it is happeningRead MoreHuman Trafficking : Modern Day Slavery1531 Words   |  7 PagesHuman trafficking is modern day slavery that occurs with both genders of all ages. Human trafficking occurs mostly in poorer countries like Asia, and Eastern Europe and isn t solely sexual slavery; the victims can be used for labor purposes also. Organizations like Shared Hope International and Coalition Against Trafficking in Women fight to rescue the victims of human trafficking. These organizations spread the dangers of hum an trafficking through education and public awareness. Often times traffickingRead MoreHuman Trafficking : Modern Day Slavery1228 Words   |  5 Pages Around the world human trafficking happens around us without us noticing or realising what is happening. Modern-day slavery exists around the world and it is known today as human trafficking or trafficking in persons. So, what is human trafficking and why don t many people seek for help or go to athoughty ? Well human trafficking is modern-day slavery and involves the use of force, fraud, or coercion to obtain some type of labor or commercial sex act. Every year millions of men and woman andRead MoreHuman Trafficking : A Modern Day Slavery961 Words   |  4 PagesEnglish IV Nov. 23 2015 How to Stop Trafficking Women are not the only ones being sold today. Man are not the only ones selling humans today. All different kinds of humans are being sold in something called human trafficking. Human trafficking has become a problem worldwide and is effecting all people male, female, children, LGBT. There are many solutions, one of them is to educate the children at a younger age. Human trafficking is like a modern day slavery. The people being sold are forced inRead MoreHuman Trafficking : Modern Day Slavery1732 Words   |  7 PagesHaley Gooding Mrs. Gallos English 3 Honors 6 April 2017 Human Trafficking One of the most serious crimes worldwide, human trafficking is the buying, selling, and transportation of people for the use of sexual exploitation, forced labor, or organ removal. â€Å"Human trafficking is modern-day slavery and involves the use of force, fraud, or coercion to obtain some type of labor or commercial sex act.† (What is human trafficking Homeland) It happens in the United States and foreign countries. Many peopleRead MoreHuman Trafficking : Modern Day Slavery Essay1389 Words   |  6 PagesPedraza Human Trafficking Human Trafficking Defined Human Trafficking is â€Å"modern day slavery and involves the use of force, fraud, or coercion to obtain some type of labor or commercial sex act† as defined by the Department of Homeland Security. It is largely unrecognized although it is one of the fastest growing criminal industries. It traffics children, teenagers, and adults. Human Trafficking comes second to drug dealing. There is human trafficking for sexual exploitation, trafficking of organ

Child Labor in the Textile Industry in the Early...

Child Labor in the Textile Industry in the Early Nineteenth Century In article C the use of language and style indicate its origins as an official document in many ways. In the title it states that it is an act, this is a term used for a legislative law that has been passed by parliamentary. Further confirmation of this can be found by the use of the words regulation, (control by rule) and enacted, (a law), and in the final sentence it states that this is law. The style of writing is Old English and very formal this also indicates that it is an official document. It is addressed to the Masters who were the owners of the cotton mills and factories and informed, them that they would be†¦show more content†¦The evidence given by Robert Owen, a mill owner, clearly indicates his strong views on the damage being done to young childrens physical and mental health, including deformed limbs, stunted growth and being very slow academic learners. Sir Robert Peel Senior based his evidence on well-known opinion, stating that children of 8 or 9 years o f age who were confined in the factories for not less than 15 hours a day could not bear that degree of hardship without damaging their health. The views of Lord Lascelles, Mr. Finlay and GA Lee showed little concern for the childrens health their extracts confirm the basic economic need of the children to work and the factories to employ them. They agreed that legislation was not necessary. Lord Lascelles was more concerned with the interference of the principle of free labour and that more legislative measures would follow. Mr. Finlays view was that legislation would be detrimental to the vitally important manufacturing industry and that consideration should be given to the fact that it employed more people than all of the other manufacturers in the country put together. GA Lee appeared to be more concernedShow MoreRelatedExploitation of Children during the Industrial Revolution in Great Britain1867 Words   |  7 PagesDuring the late eighteenth and early nineteenth centuries, Great Britain experienced a period of radical change and transformation. This era is referred to as the Industrial Revolution. It brought a surge of technological innovations, an increase in production, more world trade, and a rise in urban population. One of the most controversial and widely debated issues until today among historians is the use of child labor. Despite that this era led to massive economic growth and social development,Read MoreThe Child Labor Art Of Lewis Hine1671 Words   |  7 PagesThe Child Labor Art of Lewis Hine With this paper I intend to explore specific photographs taken by Lewis Hine. The photos will deal with the child labor problem that was brought to light in the nineteenth century, partially through the efforts of Hine. There are over 5,100 images, mostly accredited to Hine, in the Library of Congress database and I will focus on 3 of them. More specifically, those taken in my home city and state, Indianapolis, Indiana. My questions to address with this paperRead MoreChild Labor Industrialization Essay1537 Words   |  7 Pagesthat they should be protected. However, those people believed in a child s capacity to change the world in the future. While people in the past saw children as a way to change the world while they were children. In the late seventeenth century, industrialization arose in England ushering in a new era of industry in our world. More industry means more workers, including children. With the rise of industrialization in a nation, child laborers are viciously a bused due to their niche roles in productionRead MoreThe Industrial Revolution During The Nineteenth Century Essay2292 Words   |  10 PagesIn the late eighteenth century and early nineteenth century of England, the Industrial Revolution occurred. It is marked as an important movement in history because it introduced steam-driven machinery, large factories, and a new working class. With new manufacturing, job opportunities opened up. As the demand for employees rose, that is when the working class also began to rise. However, it not only included adults but children as well. The main reason for children to work is because it benefitsRead More Child Labor and England’s Industrial Revolution Essay1458 Words   |  6 PagesChild Labor and England’s Industrial Revolution    The Industrial Revolution in nineteenth-century England brought about many changes in British society. It was the advent of faster means of production, growing wealth for the Nation and a surplus of new jobs for thousands of people living in poverty. Cities were growing too fast to adequately house the numerous people pouring in, thus leading to squalid living conditions, increased filth and disease, and the families reliance upon their childrenRead MoreLabor And The Roots Of Progressivism1539 Words   |  7 Pages124 11 November, 2014 Labor and the Roots of Progressivism The progressive era was an age of rapid advancement in social, economic, and societal values that shaped the United States into what it is today. The industrialization and subsequent labor reforms of the mid to late nineteenth century across the world helped to shape the United States and its entry into the modern world. 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As Crump emphasizes: ‘The world as we have come to know it in the twenty-first century is impossible to understand without looking at the foundations laid – mainly in the English-speaking world of the eighteenth century – in the course of what is now known, but not then, as the ‘Industrial Revolution’ . Most famously recognized as a time of great technological innovation, the Industrial RevolutionRead MoreHoward Spodeks Chapter 17 Notes Essay1306 Words   |  6 PagesChapter 17 THE INDUSTRIAL REVOLUTION BRITIAN, 1700-1860 †¢ British cotton textile industry grew into the worlds most productive; its railway network became the nation’s principal means of inland transportation and communication; and a new fleet of steam-powered ships enabled Britain to project its new productivity and power around the globe. †¢ A Revolution in Agriculture o Jethro Tull invented the seed drill that replaced to old method of scattering seeds by hand on the surface of the soil. oRead MorePullman Strike Of 1894 : Student s Name1639 Words   |  7 Pages PULLMAN STRIKE OF 1894 Student’s name Class Date In the American labor history, Pullman Strike marked one of the most violent labor strikes. At that time, Pullman was a Palace Car Company that owned the properties worth millions. 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Essay Preparation for Mentorship and Assessing Essay Example For Students

Essay Preparation for Mentorship and Assessing Essay Preparation for Mentorship and Assessing Introduction. Learning in practice is an important part of the curriculum and accounts for approximately 50% of the pre-qualifying nursing programme in the UK (Andrews and Roberts, 2003). Supporting students to learn is an important function for both educators and practitioners and thus teaching, assessing and mentoring are fundamental aspects of nurses roles and responsibilities. The quality of the clinical learning environment is a national priority for both Trusts and Higher Education Institutes (Rapson, Holding and Shepherd, 2003). In recent years, the impetus for review can be attributable to a variety of sources including recommendations made by the government in Making a Difference (Department of Health (DoH), 1999) and the emphasis on Fitness for Practice by the United Kingdom Central Council (1999). More recently, the Placements in Focus document stressed that the environment should provide an area in which students can experience good quality care and treatment of patients (DoH, 2001). It is recognized that clinical staff exercise a major influence on the quality of pre-registration programmes (Eraut et al, 1995, cited in Stuart 2003 p33). They do much of the teaching, supervision and assessment of students and, as it is likely that this will continue it is imperative that they are capable of fulfilling these roles (Clifford, 1995; White et al, 1994; cited in Stuart 2003 p33). Various definitions of the terms mentor, teacher and assessor have been offered through the years and choosing one in favour of another is a difficult task. The English National Board. . e: A Guide for Nurses, Midwives and Other Health Professionals. Edinburgh, Churchill Livingstone. Â · Taylor, B. (2000) Reflective Practice A Guide for Nurses and Midwives. Buckingham. open University Press. Â · Teekman, B. (2001) Exploring reflective thinking in nursing practice. Journal of Advanced Nursing. 31, 1125-1135. Â · Watkins, M. (2000) Competency for nursing practice. Journal of Clinical Nursing. 9, 338-346. Â · Webb, C. (2003) Evaluating portfolio assessment systems; what are the appropriate criteria ?. Nurse Education Today. 23, 600-609. Â · Williams, B. (2001) Developing critical reflection for professional practice through problem-based learning. Journal of Advanced Nursing. 34, 1, 27-34. Â · Williams, B. (2003) Assessment of portfolios in professional education. Nursing Standard. 18, 8, 33-37.

The only legitimate objective of any firm is Maximization of Shareholder Wealth free essay sample

1. Introduction â€Å"Corporate finance theory, teaching and the typically recommended practice at least in the US are all built on the premise that the primary goal of a corporation should be the maximization of shareholder value.† (Krishnan, 2009) One often stumbles upon such statements while reading about shareholders value or maximization of shareholders wealth. This is also a typical answer to questions such as â€Å"what is the best and primary objective of a company in a competitive market†. But should it be the only and most important objective in a firm? Must it be fulfilled first and foremost, or is there the possibility of generating more wealth for company, shareholders and stakeholders with other, different approaches? It has to be kept in mind that there are multiple strategies to running a business. One of the strongest opponents of the maximization of shareholder wealth paradigm are the supporters of the so-called stakeholder theory, which claims corporate social responsibility (CSR) and the satisfaction of stakeholders should be the most important objectives for any company. On the one hand, there is the accepted, popular and traditional paradigm of maximization of shareholder wealth which tries to reach maximization of shareholders wealth with certain management strategies as their main objective. On the other hand there is the stakeholder theory which expresses the worries that the mere focus on shareholders is â€Å"often misplaced† (Krishnan, 2008) and that social responsibility and, more importantly, the interests of stakeholders should be the leading objective for a company. Beyond that there are also approaches, introduced by experts of the field that mixes features of both concepts; nevertheless, the majority of the companies prefer either the maximization of shareholder wealth or stakeholder theory as their primary strategy. This research paper aims to figure out if maximization of shareholder wealth is the only legitimate strategy for a firm or whether other approaches – including potentially a mixture of the two main theories of corporate governance – are equally as or more viable to corporate survival in a competitive market. Before any analysis is possible it ´s necessary to understand the characteristics and differences between the various options. 2. Shareholder Wealth Maximization Paradigm and Stakeholder Theory The debate regarding the question which corporate objective is appropriate has its origins back in the 19th century and remains far away from settled. Nevertheless, most businesses, especially in the field of finance, have adapted shareholder value maximization as their management strategy. Textbooks tend to confirm this logic without questioning its usefulness (Sundaram, Inkpen, 2004). 3. General definitions of both approaches To understand the similarities and differences between these two objectives, it ´s important to know how they are essentially defined. Even supporters of the same goal, whether of shareholder wealth maximization or gratification of stakeholder, have different opinions on how they should be construed. Stakeholder theory was first discussed in detail by R. Edward Freeman in his book â€Å"Strategic Management: A Stakeholder Approach†. It identifies stakeholders in a corporation and suggests ways managements can protect their interests. In general, it can be said that the stakeholder theory aims to distribute value and wealth equally among the stakeholders of a firm. The main challenge of this theory is addressing all stakeholders (customers, suppliers, community, etc.) and their various needs equally. The paradigm of wealth maximization first became very popular during the 1980 ´s and is based on the principles of competitive free markets. This approach dictates that shareholders receive the remaining revenues after all other claimants of the firm have been paid or satisfied. In Krishans paper (2009), it is stated that this procedure is fair because shareholders bear the total risk of failures with their invested capital. As a result, managers of a business often face the difficult decision which claimants of the company should be served first, either shareholders or stakeholder (Sundaram, Inkpen, 2004). 4. Creation of Shareholder Value and protection against threats To increase and maximize the wealth/value of shareholders, it is necessary that the company is competitive in their market and can reliably â€Å"earn a considerable return on its investments above their cost of capital† (Doyle, 2000). The increasing rates of return of well performing companies attract new investors who invest money to become shareholders. These outside funds from investors are essential for growth of businesses and the expansion into new markets. Measurements of generated shareholder returns over a certain time period deliver the company useful information on whether their objectives have been achieved or should be new adjusted (Atrill, 2009). Nevertheless if companies operate in weak markets and fail to create growth and profit the concept of maximization of shareholder wealth is also an opportunity for self-regulation and security against threats for a company. This approach is in particular useful for safeguarding against difficulties arising from wrong or misguided leadership within a corporation. Shareholders of a company have the strongest interest in a company’s success because they often invest a lot of capital in the business and require revenues for their deposit (Moore, 2002). As a matter of fact, they become more active in attempts to remove leading managers who don ´t act on their behalf and harm the firm (Arnold, 2005). This self-protection behavior benefits not only the shareholders but also the stakeholders involved in the business. Furthermore, the danger of takeover of a struggling company by another business can be reduced through the creation and increase of shareholder value. (See Chapter â€Å"Agency Problem†) 5. Maximization of Shareholder Wealth – Conflicts with stakeholders 5.1 Agency Problem Recently, shareholder wealth maximization has been criticized by opponents of encouraging short-term managerial thinking (Morris, Heck, Shaffer, 2008). This accusation is not completely unfounded because some business managers primary pursue their own interests rather than act on the behalf of shareholders. Their eagerness to secure personal rewards often results in the prioritization of short-term growth strategies that do not necessarily align with the interests of shareholders. This specific conflict of shareholder vs. stakeholder problem is called â€Å"principle – agent problem†. This means that shareholders (principles) in a company usually authorize the CEO (agent) to act on their behalf. In order to motivate managers to pursue maximization of shareholder wealth, regulations and control systems to survey management behavior have to be established. However, this creates additional costs, on top of any other regulatory systems in place, if â€Å"managers continue to pursue non-shareholder wealth goals† (Arnold, 2005). Moreover, if investment projects fail due to poor management decisions the company is more vulnerable to takeovers by another company, â€Å"with managers who are dedicated to maximizing shareholder return† (Atrill, 2009). 5.2 The relation between Stakeholders and Shareholder Wealth creation Not only managers of firms struggle in their performance to figure out the right strategy to run a business successfully; conflicting interests between stakeholders of the company can potentially lead to conflicts as well. Stakeholders such as employees have an emotional tie and long-term dependence on the business and tend to demand security for their jobs rather than maximization of shareholder wealth (Arnold, 2013). Also, suppliers and communities require long-term security respective to improvement of social welfare â€Å"which involves attention beyond shareholder wealth maximization.† (Krishnan, 2008). The conflict is most visible if you compare the goals of customer satisfaction and increasing shareholder ´s wealth. Without customer satisfaction the primary objective of maximizing shareholder wealth is not realizable because shareholder wealth depends upon selling products to customers. If customers as very important stakeholders cannot be pleased sufficiently or are even neglected, the company will have enormous problems creating shareholder wealth in the long run. 5.3 A compromise between the two theories As seen above it is anything but easy to set up a suitable main objective for a firm and to cover the needs of all parties within a business simultaneously. Some of the scholars in the field of business have realized that relying on only one company strategy ultimately fails to satisfactorily cater to the interests of both shareholders as well as stakeholders. An attempt at a â€Å"hybrid strategy† is mentioned by Jensen (2002) and is called â€Å"’enlightened value maximization’ or, equivalently, the ‘enlightened stakeholder theory’†. This and other efforts have tried to develop approaches which best combine success without compromising the interests of business participants. It is essential, especially for company with fixed primary objectives, to take objectives of other theories into account. Moreover, it is essential that companies direct shareholder interests towards paying fair salaries and, providing safety and attractive working conditions for their employees as a way to improve competitiveness in the market (Koslowski, 2002). Furthmore, it is suicidal for the competitiveness of a firm if they underestimate the importance of constant Research Development, Quality Improvements and appropriate customer service as another central task in running a business. The same applies to companies which act on stakeholder preferences rather than maximizing value for shareholders of the firm. Companies have to find ways to attract new, well-educated workers to enhance their work efforts in order to maximize a firm ´s competitiveness. Indeed, there are some experts for example Jensen (2002), who claim that value maximization is beneficial not only for shareholders but also for stakeholders. Further he argues that value maximization is impossible if companies ignore the needs of their relevant stakeholders (Benson, Davidson, 2010). However, if companies are reluctant to accept value maximization as important, negative effects for not only shareholders but also for employees, management and suppliers can emerge. That means that the â€Å"interests of stakeholders can only be satisfied if the firm remains financially strong† (Morris, Heck, Shaffer, 2008). 6. Objectives in crisis As we learned above the traditional corporate scholars mainly agree – with certain constrains taken into account that the primary duty of a manager is the maximization of shareholder wealth (Alpaslan, 2009). However in crisis this objective has to be adapted to circumstances. Anyway, in crisis the objective of firms should change to the concept of minimizing shareholder losses. This approach leads to conflicts between both goals and have to be solved (Alpaslan, 2009). Some experts claim that in crisis companies should deviate from their aim of shareholder wealth maximization and concentrate on the minimization of stakeholder losses which is strongly related to the stakeholder theory. However, Michael C. Jensen recommended another way which can – if introduced properly help to stay competitive in the crisis. As already mentioned earlier, the concept of â€Å"enlightened value maximization† combines the shareholder and stakeholder paradigm (Benson, Davidson, 2010). When utilized suitable and alterations of the core concept in the directions of minimization of stakeholder losses are made, â€Å"enlightened value maximization† is probably the best solution to cope with crisis. 7. Conclusion In summary, it can be said that to run a business successfully is a very hard task. Even more challenging is figuring out the right strategies and objectives to achieve success. Considering the continuous discussion between the two guiding principles of management, this research paper tried to figure out advantages and drawbacks of each principle in order to give a statement which approach is best suitable for any kind of business. It could be clearly identified that neither the maximization of shareholder wealth nor stakeholder theory is fully agreed upon within the academic community. Surprisingly, however, is the fact that most companies in the economy adopted maximization of shareholder wealth as their primary objective even though it is not considered the perfect objective for a firm. Obviously, the main reason for this is that companies pursue growth and increasing value in order maximize their competitiveness and withstand external threats, even if it comes at the cost of stakeholders and social responsibility. On the other hand, growth in value and competitiveness are still very important to the survival of the company. Thus, the best solution to address the needs of shareholders and stakeholders at the same time is a combination of the features of both theories. Nevertheless this approach requires compromises and concessions to be successful, whether from the perspective of the shareholder or stakeholder. Finally, this means that maximization of shareholder wealth is a very popular but not the most appropriate and only legitimate objective to be successful and beneficial to all participants of the business in the same way. Anyway it has to be said that suggested improvements at this stage seemingly don ´t convince most companies to change their strategy until now. 8. Reference list Books: 1. Arnold, G. (2005). The Handbook of Corporate Finance. Harlow, England : Financial Times Prentice Hall 2. Arnold, G. (2013). Corporate Finance Management (5th ed.). Harlow ; New York : Pearson 3. Atrile, P. (2009). Financial management for decision makers (5th ed.). Harlow : Financial Times Prentice Hall 4. Doyle, P. (2000). Value-based Marketing: marketing strategies for corporate growth and shareholder value. Chichester : Wiley 5. Moore, G. A. (c2002). Living on the fault line: managing for shareholder value in any economy (Rev. ed.). New York: HarperBusiness E-Articles and Journals: 6. Alpaslan, C. M. (Winter 2009). Ethical Management of Crises: Shareholder Value Maximisation or Stakeholder Loss Minimisation?. Journal of Corporate Citizenship 36. Greenleaf Publishing 7. Benson, B. W. Davidson, W. N. (Autumn 2010). The Relation between Stakeholder Management, Firm Value, and CEO Compensation: A Test of Enlightened Value Maximization. Financial Management. pp. 929 – 963 8. Jensen, M. C. (2002). Value Maximization, Stakeholder Theory, and the Corporate Objective Function. Business Ethics Quarterly, Volume 12, Issue 2. ISSN 1052-150X. pp. 235-256 9. Krishnan, V. S. (?). Stakeholders, Shareholders and Wealth Maximization. University of Central Oklahoma 10. Koslowski, P. (2000). The Limits of Shareholder Value. Journal of Business Ethics 27: 137-148. Kluwer Academic Publishers. 11. Sundaram, A. K. Inkpen, A. C. (May – June 2004). The Corporate Objective Revisited. Organization Science. Vol. 15. No. 3. pp. 350–363 12. Morris, D. G., Heck, J. L, Shaffer, D. R. (Fall/Winter 2008). Shareholder Theory – How Opponents and Proponents Both Get It Wrong. Journal of Applied Finance