Dierker, Egbert; Grodal, Birgit - Centre for Industrial Economics (CIE), Økonomisk Institut - 1998
. In this paper we propose a definition of the objective of a firm, called maximization of shareholders´ real wealth, which … takes shareholders´ demand explicitly into account. This objective depends on relative prices only. Real wealth maxima are … equilibrium in which each firm maximizes the real wealth of its shareholders. …