Exploring the rationale of enlightened shareholder value in the realm of UK company law – the path dependence perspective

Despite conventional beliefs in the predominance of shareholder value, a broader agenda of stakeholder consideration has been advocated in the UK by the recently-introduced ESV principle – the overriding corporate objective in the new company law regime. In this paper, the efficiency of this principle in terms of stakeholder enhancement is challenged through an interdisciplinary analysis. Through a critical review of the ESV principle, it is discovered that stakeholder enhancement practices in the context of the 2006 company law regime are still for the fundamental goal of shareholder value maximisation, and that their enlightened impact has been fairly limited in practice. Furthermore, by revisiting the interrelationships between UK economic, political and cultural factors with the predominance objective of shareholder value maximisation in the Companies Act 2006, it is discovered that the enlightened effect of this new approach in the company law regime is in fact impeded by strong, persistent forces deriving from shareholder-oriented particulars. Providing insight into the future direction of corporate governance practice, the paper concludes the rationale behind the shareholder-oriented ESV principle, and further suggests the continuing predominance of shareholder value in UK corporate governance

DEMAND SUBSTITUTION BETWEEN NATURAL, FLAVORED, AND SYNTHETIC CITRUS JUICES

Food Consumption/Nutrition/Food Safety,

Exterior splashes and linear sets of rank 3

In \PG(2,q^3), let $\pi$ be a subplane of order $q$ that is exterior to \li. The exterior splash of $\pi$ is defined to be the set of $q^2+q+1$ points on \li that lie on a line of $\pi$. This article investigates properties of an exterior \orsp\ and its exterior splash. We show that the following objects are projectively equivalent: exterior splashes, covers of the circle geometry $CG(3,q)$, Sherk surfaces of size $q^2+q+1$, and \GF(q)-linear sets of rank 3 and size $q^2+q+1$. We compare our construction of exterior splashes with the projection construction of a linear set. We give a geometric construction of the two different families of sublines in an exterior splash, and compare them to the known families of sublines in a scattered linear set of rank 3

The tangent splash in \PG(6,q)

Let B be a subplane of PG(2,q^3) of order q that is tangent to $\ell_\infty$. Then the tangent splash of B is defined to be the set of q^2+1 points of $\ell_\infty$ that lie on a line of B. In the Bruck-Bose representation of PG(2,q^3) in PG(6,q), we investigate the interaction between the ruled surface corresponding to B and the planes corresponding to the tangent splash of B. We then give a geometric construction of the unique order-$q$-subplane determined by a given tangent splash and a fixed order-$q$-subline.Comment: arXiv admin note: substantial text overlap with arXiv:1303.550