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HBR > Jan-Feb 2010 > How to Bounce Back from Adversity

HBR > Jan-Feb 2010 > Big Idea > The Age of Customer Capitalism

STOCKHOLDERS wealth; CUSTOMER orientation; CAPITALISM; MARKET orientation

The article discusses customer capitalism and maximization of shareholder value. The author argues that customer-driven capitalism is more effective than shareholder value capitalism which is based on flawed logic. The study "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure," by Michael C. Jensen and William H. Meckling is mentioned. The treatise "The Modern Corporation and Private Property," by Adolf A. Berle and Gardiner C. Means is also mentioned. The success of Johnson & Johnson and Procter & Gamble companies is discussed.

Idea in Brief :
The big idea: It's time to discard the popular belief that corporations must focus first and foremost on maximizing value for shareholders. That idea is inherently, and tragically, flawed.

The argument: It's impossible to continually increase shareholder value, because stock prices are driven by shareholders' expectations about the future, which cannot be raised indefinitely.

What the data show: The focus on shareholder value hasn't done shareholders any favors. They have actually earned lower returns since corporations adopted it as their guiding principle.

A better approach: Make customer value the top priority, as Johnson & Johnson and Procter & Gamble have done. These two companies have generated shareholder returns that are at least as high as, if not higher than, those of leading shareholder-focused companies.

HBR > Jan-Feb 2010 > The Age of Customer Capitalism

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Change By Design - BusinessWeek

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