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AbstractIt is now 50 years since Milton Friedman set out his doctrine that “The Social Responsibility of Business Is to Increase Its Profits.” This paper seeks to add fresh and compelling new evidence of why Lynn Stout was correct in her resolute critique of the thesis of shareholder primacy at...
AbstractThis article is an historical analysis of the U.S. labor movement’s shareholder activism during the 2000s, which was based on their pension-plan assets. During the previous decade, corporate governance had tilted to give shareholders greater voice in corporate decisions. The protagonists...
AbstractThe last book by legal scholar Lynn Stout proposes a bold plan to transform corporate governance and enhance their sustainability by creating a “Universal Fund” that would acquire a substantial share of many publicly traded corporations, but hold those shares passively. The plan would...
AbstractShareholder Value is not only a myth, as forcefully demonstrated by Lynn Stout. It has also led to a mess under the form of extensive negative externalities and growing inequalities. A different measure of value creation is urgently required.
AbstractIn honor of Lynn Stout’s efforts to better suit the business corporation for the pursuit of long-term, publicly-beneficial purposes, the present essay reviews critically the historical process by which the corporation’s tie to public purposes—a precondition of the earliest grants of...
AbstractIn this brief essay, I want to call something Lynn Stout was passionate about: building a better account (both theoretical and empirical) of human nature and motivation. This was the subject of a book that extended well beyond the corporate world (Cultivating Conscience ) and was...
AbstractIn recent decades, advocates of the shareholder value perspective regarding corporations have depicted the shareholding investor as the owner of the corporation and the entrepreneur proprietor of corporate activity. Political discourse and regulatory frameworks keep imagining that one...
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