Corporate Finance: Principles & Practice, 4th Edition by Denzil Watson, Anthony Head

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By Denzil Watson, Anthony Head

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7 Conclusion In this chapter we have introduced two key concepts in financial management: the relationship between risk and return, and the time value of money. We linked the time value to future values, present values, compounding and discounting. 3 Higgs review sets out boardroom code weeping proposals to reform British boardrooms unveiled on Monday by a review led by Derek Higgs represented a ‘determined and realistic agenda for change’, the former investment banker said. Mr Higgs said he hoped the recommendations of his long-awaited review, focusing on an increased role for non-executive directors, would ‘significantly raise the bar for board practice and corporate performance in the UK’.

Questions for review Answers to these questions can be found on pages 426–8. Questions with an asterisk (*) are at an intermediate level. 1 The primary financial objective of a company is stated by corporate finance theory to be the maximisation of the wealth of its shareholders, but this objective is usually replaced by the surrogate objective of maximisation of the company’s share price. Discuss how this substitution can be justified. 2 Explain why maximisation of a company’s share price is preferred as a financial objective to the maximisation of its sales.

And Meckling, W. (1976) ‘Theory of the firm: managerial behaviour, agency costs and ownership structure’, Journal of Financial Economics, Vol. 3, pp. 305–60. qxd 10/18/06 8:01 PM Page 28 Chapter 1 The finance function Pension & Investment Research Consultants (1996) After Greenbury: Contracts and Compensation, August. Smith Report (2003) Audit Committees: Combined Code Guidance, January. Turnbull Report (1999) Internal Control: Guidance for Directors on the Combined Code, London: Institute of Chartered Accountants in England and Wales.

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