Size Revenue Objectives

There are a whole set of objectives that have little to do with stockholder wealth but focus instead on the size of the firm. In the 1970s, for instance, firms like Gulf and Western and ITT, with strong CEOs at their helm, were built up through acquisitions into giant conglomerates. There seemed to be no strategic imperative to these acquisitions, other than the desire on the part of the CEOs to increase the sizes of their corporate empires. Empire building may no longer be in vogue, but there have been cases where corporations have made decisions that increase their size and perceived power at the expense of stockholder wealth and profitability.

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