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shareholder value

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...
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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...
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Which Problems Should Companies Try to Solve?

It is true that capitalism needs to be inclusive in its benefits, but 50 years on, Friedman’s shareholder primacy remains the right...
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“50 Years Later, It’s Time to Reassess”: Raghuram Rajan on Milton Friedman and Maximizing Shareholder Value

The biggest problem with shareholder value maximization is that it completely turns a tin ear to politics. The alternative is to maximize...
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It Is Time to Move on From Friedman’s View of the Corporation

The anti-CSR position defended by Friedman would be acceptable only under conditions that have never been met by any real-world economy. Furthermore,...
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The Real Effects of Environmental Activist Investing

A new study examines the efficacy of climate-focused investor engagements initiated by the New York City Pension System. Its findings support the...
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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...
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The Enduring Wisdom of Milton Friedman

Shareholder value maximization has been extremely successful globally in the way that matters most because, in many cases, maximizing shareholder value is...
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Shareholders Don’t Always Want to Maximize Shareholder Value

Oliver Hart, winner of the 2016 Nobel Prize for economics, reflects on how the world has changed since Milton Friedman published his famous essay...
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Pursuing Stakeholder Capitalism Is an Impossible Task When Stakeholders Have Different Beliefs

Can companies really attempt to benefit all stakeholders, when stakeholders rarely agree on the best course of action? A new study examines...
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Antitrust and Competition

Should the European Union Require Tech Firms to Adopt a Common Charger?

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According to a new European Commission directive expected to be approved in the next few months, tech firms will have to use...
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New eBook Revisits George Stigler’s Theory of Regulatory Capture 50 Years Later

Filippo Lancieri, Luigi Zingales
To mark the 50-year anniversary of George Stigler’s seminal piece, “The Theory of Economic Regulation” we are publishing a new eBook examining...
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