Shareholder capitalism

Shareholder Democracy Doesn’t Work. Here’s How It Can.

An opinion piece by Oliver Hart and Luigi Zingales describes how a new voting mechanism could help individual investors persuade companies to act in...

How the Covid-19 Pandemic Put Corporate Stakeholder Promises to the Test

Prior to the outbreak of Covid-19, corporate leaders pledged to look after all stakeholders, not just deliver value to shareholders. Did they live up...

Managers Should Satisfy Only the Ethically Permissible Preferences of Shareholders

Oliver Hart and Luigi Zingales have proposed a revision to the dominant model of the objective of the firm, most famously defended by Milton...

Public’s Perception of Large Corporations Has Direct Impact on the Public Support of Corporate Bailouts

A new Stigler Center working paper finds that the likelihood of someone signing an online petition or contacting their US senators to support corporate...

Friedman’s Legacy: From Doctrine to Theorem

Friedman was more right than his detractors claim and more wrong than his supporters would like us to believe. However, after 50 years of...

Beyond Friedman’s Doctrine: The True Purpose of the Business Corporation

The pandemic and the renewed focus on inequality and injustice arising in the wake of the death of George Floyd have accelerated the conversation...

Market Forces Already Address ESG Issues and the Issues Raised by Stakeholder Capitalism

When do market forces push firms toward stakeholder goals, rather than just shareholder goals? When do market forces push firms toward ESG goals? When...

LATEST NEWS