Sodobne paradigme managementa: pravni in primerjalni vidiki = Modern Paradigms of Management: The Legal Aspects

In addition to the weak supervision of the international financial markets,one of the key reasons for global financial, economic, and socialcrisis is the principle of maximizing value for shareholders; this principleis less known to the general public. It is a principle, which is especiallydeveloped in the Anglo-Saxon economic and legal model, butin the last two decades has become increasingly present also in Europe.On the basis of a more in-depth analysis, it becomes clear, however,that maximizing shareholder value is overly superficial, becauseit ignores other important stakeholders in modern corporations, andbecause it also ignores other important principles, according to whichthe successful corporations in modern market economy should function.We should not ignore that important risks are borne also by otherstakeholders who do not have guarantees for their returns. Employees,for example, who acquire skills and educate themselves for the specifictasks and duties in the corporation, do not have guaranteed rewardsin the form of promotion in their contracts. Governments, which frequentlysubsidize various corporations in various forms, do not haveguaranteed returns for the taxpayers. This is the reason why maximizingshareholder value provides an overly superficial answer to themuch more nuanced and complex question: how to distribute rewardsamong the stakeholders for their stakes in such a way to provide economicallymore balanced benefits to each of the stakeholders in orderto improve their standards and to secure a long-term success of thecorporation.