financial management
Chapter 1: Introduction to Financial Management
What's Ahead
What Is Finance?
Goal of the Firm Profit Maximization Maximization of Shareholder Wealth
Legal Forms of Business Organization Sole Proprietorship Partnership Corporation Comparison of Organizational Forms The Role of the Financial Manager in a Corporation The Corporation and the Financial Markets: The Interaction
Ten Principles That Form the Basics of Financial Management A Final Note on the Principles
Overview of the Text
Finance and the Multinational Firm: The New Role
Chapter Wrap-Up
What's Ahead
In 1985, Harley-Davidson teetered only hours away from bankruptcy as one of Harley's largest lenders, Citicorp Industrial Credit, was considering bailing out on its loan. Since its beginning in 1903, the company survived two world wars, the great depression, and competition from countless competitors, but by the early 1980s, Harley had become known for questionable reliability and leaving oil stains on people's driveways. It looked for a while like the future was set, and Harley wouldn't be there. It looked like the future of motorcycles in America would feature only Japanese names like Honda, Yamaha, Kawasaki, and Suzuki. But none of that happened, and today Harley-Davidson stands, as President Reagan once proclaimed, as "an American success story."
For a company in today's world, surviving one scare is not enough—today the business world involves a continuous series of challenges. As for Harley, it was a major accomplishment to make it through the 1980s, allowing it to face another challenge in the 1990s: a market that looked like it might disappear within a few years. How did Harley do against what looked like a shrinking market? It increased its motorcycle shipments from just over 60,000 in 1990 to over 200,000 in 2000! How have the shareholders done? Between 1986, when Harley-Davidson returned to public ownership with a successful stock
What's Ahead
What Is Finance?
Goal of the Firm Profit Maximization Maximization of Shareholder Wealth
Legal Forms of Business Organization Sole Proprietorship Partnership Corporation Comparison of Organizational Forms The Role of the Financial Manager in a Corporation The Corporation and the Financial Markets: The Interaction
Ten Principles That Form the Basics of Financial Management A Final Note on the Principles
Overview of the Text
Finance and the Multinational Firm: The New Role
Chapter Wrap-Up
What's Ahead
In 1985, Harley-Davidson teetered only hours away from bankruptcy as one of Harley's largest lenders, Citicorp Industrial Credit, was considering bailing out on its loan. Since its beginning in 1903, the company survived two world wars, the great depression, and competition from countless competitors, but by the early 1980s, Harley had become known for questionable reliability and leaving oil stains on people's driveways. It looked for a while like the future was set, and Harley wouldn't be there. It looked like the future of motorcycles in America would feature only Japanese names like Honda, Yamaha, Kawasaki, and Suzuki. But none of that happened, and today Harley-Davidson stands, as President Reagan once proclaimed, as "an American success story."
For a company in today's world, surviving one scare is not enough—today the business world involves a continuous series of challenges. As for Harley, it was a major accomplishment to make it through the 1980s, allowing it to face another challenge in the 1990s: a market that looked like it might disappear within a few years. How did Harley do against what looked like a shrinking market? It increased its motorcycle shipments from just over 60,000 in 1990 to over 200,000 in 2000! How have the shareholders done? Between 1986, when Harley-Davidson returned to public ownership with a successful stock