Essay co

A company has traditionally been viewed as a shareholder-focused entity. The classic shareholder model focuses on maximization of corporate profits and returns to the shareholders who have provided risk capital and have accepted the position of residual profits. Company, thus has been regarded as an establishment for purely private profits. Corporate managers and directors are expected to perform their duties in the interest of the shareholders of the company which is maximization of profits. This conceptualization of company denies participation of employees and others in corporate affairs.

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A company has traditionally been viewed as a shareholder-focused entity. The classic shareholder model focuses on maximization of corporate profits and returns to the shareholders who have provided risk capital and have accepted the position of residual profits. Company, thus has been regarded as an establishment for purely private profits.

Corporate managers and directors are expected to perform their duties in the interest of the shareholders of the company which is maximization of profits. This conceptualization of company denies participation of employees and others in corporate affairs. The support for shareholders model is provided by the proponents of the natural entity theory who contend that company is the product of the private initiatives of certain individuals promoters who bring it into existence by meeting the legal requirements, and then induced others shareholders to put their money into it for private gains.

This reinforces the idea that company is a form of organizing the business to reap the benefits of large-scale of business for the shareholders. In contrast, a company is visualized as an artificial legal entity created by the law. A company exists for the purposes which the law has conferred upon it and what its charter memorandum of association contains within the boundaries of the law.

The fact. Since the law has arisen from the society, a company has certain obligations for the society. Gradually, the notion emerged that incorporation of company is not merely for private benefits of shareholders, but also to promote the welfare of the society from which it takes inputs and generates the output. The output, if not acceptable to the society, will put the existence of the entity in danger.

Public interest and public policy objectives were thus gradually reflected in the legislations and regulations on companies. Limitations on corporate power through the legislations and law such as doctrine of ultra vires were meant to regulate corporate activity for public welfare. The concoction of a company on property conception and social entity conception has long been debated. Under the property theory, company is regarded as the private property of its shareholders.

The function of the directors and managers is to further the interest of the shareholders who have appointed them. In , the Michigan Supreme Court seemingly formalized the prevailing conception at the time that the corporation is a property of the shareholders.

In Dodge v. Ford Motor Co. The Dodge brothers, as shareholders, sued the company. The brothers asserted that the shareholders owned the company and were entitled to force the directors to pay out more dividends. On the other hand, Ford, who controlled the board of directors, took the position that the purpose of the corporation was to produce cheap goods and provide jobs at good wages, and only incidentally to generate wealth. The powers of the directors are to be employed for that end.

The discretion of directors is to be exercised in the choice of means to attain that end, and does not extend to a change in the end itself, to the reduction of profits, or to the non distribution of profits among stockholders in order to devote them to other purposes. Shareholders own the company. The assets of the company are equitably the assets of the shareholder-owners.

Gradually, an alternative conception of company emerged in which shareholders began to be regarded primarily as investors, and not the proprietors. Based on the social entity theory, the company is regarded to have a social purpose. While shareholders are entitled to a fair return on their investment, the company owes certain obligations to other constituents. This gives rise to the stakeholder theory which recognizes the social responsibility of a company ahead of the objective of profit-maximisation.

Stakeholders refer to the groups whose well-being is tied with the company, such as employees, suppliers, customers, creditors, and communities. The theory challenges the shareholders supremacy and argues that both shareholders and other stakeholders have equal claims over the company. Conceptualisation of a corporate entity on stakeholder theory is illustrated in Figure 1. Under this model, every stakeholder is important.

The business corporation cannot exist without the stakeholders as each part of the whole is necessary. Expectation of all stakeholders is to be met for the survival and success of the firm. This is further supported by the corporate citizen theory wherein corporations are seen as members of the society with similar rights and duties like other citizens.

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Essay on Company (890 Words)

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