Corporate Governance
We Need More Research on Corporate Corruption
The last decade has seen a continuous drumbeat of revelations of corporate corruption and the current economic crisis is sure to reveal many more....
The Social Voice of CEOs
A new working paper examines the phenomenon of CEO activism and finds that while statements by activist CEOs are more likely to have a...
The Purpose of Business is to Solve Problems of Society, Not to Cause Them
Claims that a stakeholder-focused system of corporate governance cannot succeed in the US are perverse because they take as given that corporations in the...
Bringing Ethics Back to Friedman’s Call to Purpose for the Next 50 Years
Fifty years ago, Friedman compellingly presented his argument for shareholder primacy. But as currently implemented, shareholder primacy threatens the unifying purposes that drove people...
A Challenge for Stakeholder Capitalism: Solving the Paradoxes of Voting
If corporations are to maximize shareholder welfare, managers need to discover what shareholders value; political theory shows how difficult this can be.
Editor’s note: To...
Corporations Are Governance Mechanisms, Not Shareholder Toys
Milton Friedman’s shareholder credo is simple and catchy but has shaky foundations. Corporate directors and officers are not agents of shareholders and have no...
Missing in Today’s Shareholder Value Maximization Credo: The Shareholders
Today’s corporate world is very different from the one Milton Friedman wrote in. In a world where the question of whether managers should only...
Corporations Are Already Plenty Powerful. Stakeholder Capitalism Could Make Them More So
Encouraging corporations to further step into the role of governments and civil society groups by becoming more "socially focused" risks greater depreciation of our...
For Whom Corporate Leaders Bargained: What the Past Can Teach Us About the Questionable Promise of Implementing Stakeholder Capitalism Today
The debate about stakeholder capitalism should seek to learn from our experience with constituency statutes, which authorized corporate leaders to take into account stakeholder...
Does a CEO Have a Duty to Lobby?
We need not only more disclosure, but also more work in alerting people in general (and students in particular) about the distortive effects of...
