{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,18]],"date-time":"2026-01-18T01:38:42Z","timestamp":1768700322419,"version":"3.49.0"},"reference-count":148,"publisher":"Emerald","license":[{"start":{"date-parts":[[2025,3,17]],"date-time":"2025-03-17T00:00:00Z","timestamp":1742169600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JMH"],"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title>\n<jats:p>The purpose of this study is to demonstrate that financial economics must be understood as management thought. Key financial economic theories advocate a specific view of management and organizations, namely, the maximization of shareholder value (wealth).<\/jats:p>\n<\/jats:sec>\n<jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title>\n<jats:p>This study\u2019s methodology is a narrative history of three financial economic theories and their connection to the organizational purpose of maximizing shareholder value. The three theories are Fisher\u2019s capital-income theory, Ronald Coase\u2019s view of firms underlying transaction cost economics and agency theory.<\/jats:p>\n<\/jats:sec>\n<jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title>\n<jats:p>These three financial theories build the same theory, namely, Fisher\u2019s capital-income theory. This theory claims that future monetary flows (wealth) paid to shareholders discounted by a compound rate can explain markets, firms\u2019 prices and even capitalism. Franco Modigliani and Merton Miller relaunched this theory. Coase\u2019s view of firms addresses a difficulty in capital-income theory: if markets are perfect, why is there a need for firms to partially organize production outside the market system? Coase\u2019s answer is because of the costs of using the market price mechanism in the allocation of resources, which reduce the forecasts of future economic benefits. Otherwise, the market would be applied to allocate resources. This view was later developed into transaction cost economics by Oliver Williamson and other scholars. The agency theory from Michael Jensen and William Meckling is just an application of capital-income theory, where firms exist to increase shareholders\u2019 wealth, and managers should receive large salaries and bonuses to ensure this. Agency costs are a type of transaction cost economics that explains the existence of firms.<\/jats:p>\n<\/jats:sec>\n<jats:sec><jats:title content-type=\"abstract-subheading\">Research limitations\/implications<\/jats:title>\n<jats:p>Future research can explore the relevance of financial economic theories for management thought and practice. This study was developed exclusively from document (archival) evidence.<\/jats:p>\n<\/jats:sec>\n<jats:sec><jats:title content-type=\"abstract-subheading\">Practical implications<\/jats:title>\n<jats:p>A better understanding of this source of management thought may be helpful for developing new management theories.<\/jats:p>\n<\/jats:sec>\n<jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title>\n<jats:p>This study demonstrates that financial economic theories contain important elements of management thought, although they are often classified as unrelated to management theory. It provides a narrative history of financial economic theories related to shareholder value constructs.<\/jats:p>\n<\/jats:sec>","DOI":"10.1108\/jmh-07-2024-0106","type":"journal-article","created":{"date-parts":[[2025,3,13]],"date-time":"2025-03-13T09:32:37Z","timestamp":1741858357000},"source":"Crossref","is-referenced-by-count":2,"title":["Financial economics is management thought: a narrative history of corporate finance theories advocating shareholder value constructions"],"prefix":"10.1108","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-0513-9306","authenticated-orcid":false,"given":"Tiago","family":"Cardao-Pito","sequence":"first","affiliation":[]}],"member":"140","published-online":{"date-parts":[[2025,3,17]]},"reference":[{"issue":"1","key":"key2025031309323059900_ref001","doi-asserted-by":"crossref","first-page":"146","DOI":"10.1080\/030851400360596","article-title":"Shareholder value and corporate governance: some tricky questions","volume":"29","year":"2000","journal-title":"Economy and Society"},{"key":"key2025031309323059900_ref002","volume-title":"Corporate Governance Adrift: A Critique of Shareholder Value","year":"2005"},{"issue":"3","key":"key2025031309323059900_ref003","doi-asserted-by":"crossref","first-page":"488","DOI":"10.2307\/1879431","article-title":"The market for \u2018lemons\u2019: quality uncertainty and the market mechanism","volume":"84","year":"1970","journal-title":"The Quarterly Journal of Economics"},{"key":"key2025031309323059900_ref004","volume-title":"Irving Fisher: A Biography","year":"1993"},{"key":"key2025031309323059900_ref005","article-title":"Transaction costs","volume-title":"Encyclopedia of Law and Economics, Volume I: The History and Methodology of Law and Economics","year":"2000"},{"key":"key2025031309323059900_ref006","volume-title":"The Limits of Organization","year":"1974"},{"issue":"4\/5","key":"key2025031309323059900_ref007","first-page":"390","article-title":"Fair value accounting: simulacra and simulation","volume":"23","year":"2012","journal-title":"Critical Perspectives on Accounting"},{"issue":"4","key":"key2025031309323059900_ref008","doi-asserted-by":"crossref","first-page":"437","DOI":"10.1108\/JMH-06-2016-0028","article-title":"Agency theory: background and epistemology","volume":"22","year":"2016","journal-title":"Journal of Management History"},{"key":"key2025031309323059900_ref009","article-title":"History\u2019s view on the principal\u2013agent relationship: including history, context and change. 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