A MICRO‐ECONOMETRIC INVESTIGATION OF MULTI‐OBJECTIVE FIRMS

Research in the field of financial management has traditionally been predicated on the assumption that the objective of the corporate entity is maximization of its common stock market price. Since common stock market price is easily observed and measured, many data have been collected. Thus, empirical investigations of the determinants of equity values have been straightforward. Indeed, Keenan has noted [19, p. 243]:

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