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Shareholder vs. Stakeholder capitalism

Have Business Roundtable Companies Lived Up to Their Stakeholder Commitments?  

In 2019, more than 100 CEOs of US public companies signed a Business Roundtable statement in which they pledged to deliver value...
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How Enlightened is Enlightened Shareholder Value?

There has been growing support for replacing the traditional corporate purpose with so-called “enlightened shareholder value,” which would guide firms to consider...
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The Flaws and Limits of ESG-Based Compensation

Companies increasingly use ESG metrics in their compensation packages for CEOs. A new empirical study suggests that this practice has questionable promise...
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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...
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The Social Responsibility of Business Includes Profits

Profits these days are often seen as a dirty word, but it is wrong to demonize profits. A company’s responsibility is not...
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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...
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What Stakeholder Capitalism Can Learn From Jensen and Meckling

Jensen and Meckling’s 1976 article is an academic classic, but heavily criticized by stakeholder capitalists for arguing that corporate structures should be...
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Pentagon Report Points to Two Major Risks to National Security: Consolidation and Shareholder Capitalism

A Pentagon report released earlier this month warns that concentrated supply chains, offshoring, and a "business climate that has favored short-term shareholder...
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eBook: Milton Friedman 50 Years Later, a Reevaluation

Over the past couple of months, ProMarket has hosted a lively debate on whether Milton Friedman was right or wrong when he...
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Corporate Responsibility and The Two Minds of Milton Friedman

Milton Friedman had two inconsistent minds: That of an economist and an ideologue. The view that maximizing profits without constraint is a...
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ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.

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