A financial manager's goal of maximizing current or short-term earnings may not be appropriate because it fails to consider the timing of the benefits; increased earnings may be accompanies by unacceptably higher levels of risk; earnings are subjective; and they can be defined in various ways such as accounting or economic earnings.
The goal of financial management is to maximize the current value per share of the existing stock. The goal of financial management is to maximize shareholder wealth. For public companies this is the stock price, and for private companies this is the market value of the owners' equity. There is ambiguity in the criterion, and there is conflict in the short-run versus long-run type of decisions.
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