The Real World A Pictorial Representation

We have spent the last few pages chronicling the problems, in the real world, with each of the linkages -- managers and stockholders, stockholders and bondholders, firms and financial markets and firms and society. Figure 2.2 summarizes the problems with each linkage in a pictorial representation.

24 The Balanced Scorecard: Translating Strategy into Action, 1996, Robert.S. Kaplan and David P. Norton, Harvard Business School Press.

Figure 2.2: Stock Price Maximization in the Real World STOCKHOLDERS

Have little control over firm

Put managerial interests over stockholder interests

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