By Denzil Watson, Antony Head
The fourth variation of company Finance: rules & perform now in complete color all through is a concise creation to the middle recommendations and key subject components of company finance. It deals built-in insurance of the 3 key choice parts in finance funding, financing and dividends utilizing a transparent and logical framework for learn and features a wide variety of topical real-world examples, permitting scholars to narrate conception to perform. company Finance: ideas & perform is acceptable for expert and non-specialist company and enterprise finance classes at undergraduate, DMS and MBA/management at Masters point.
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3 What are the functions and areas of responsibility under the control of the financial manager? 4 Give examples to illustrate the high level of interdependence between the decision areas of corporate finance. 5 Given the following corporate objectives, provide a reasoned argument explaining which of them should be the main goal of the financial manager: (a) profit maximisation; (b) sales maximisation; (c) maximisation of benefit to employees and the local community; (d) maximisation of shareholder wealth.
9 9Agency is most likely to be a problem when there is a divergence of ownership and control, when the goals of managers differ from those of shareholders, and when asymmetry of information exists. 10 1An example of how the agency problem can manifest within a company is where managers diversify away unsystematic risk to reduce the company’s risk, thereby increasing their job security. 11 1Monitoring and performance-related benefits are two potential ways to optimise managerial behaviour and encourage goal congruence.
This report specifically criticised what it considered to be the overgenerous remuneration packages awarded to directors of the privatised utilities. Its recommendations were: ■ ■ ■ directors’ contracts should be reduced to one-year rolling contracts; remuneration committees, when setting pay levels, should be more sensitive to company-wide pay settlements and avoid excessive payments. These committees should consist exclusively of non-executive directors; companies should abandon directors’ performance-related bonus schemes and phase out executive share option schemes.
Corporate Finance: Principles & Practice by Denzil Watson, Antony Head