“If I were Euromoney editor, I would beat up on institutional investors for the insanity they’ve been creating,” says Allan Kennedy. He has written a book, The end of shareholder value, about the embracing of this ethic and its adverse aVect on business practices. Kennedy has seen the “insanity” spread at close quarters. He held a top position with McKinsey.
Arguing that “something destructive is happening” to companies, Kennedy sounds familiar warnings about managers focusing on raising the share price to a maximum in the short term, disregarding the long-term impact on the rest of the business.
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