“Shareholder value maximization has been severely criticized in recent years, but it is not clear what, if anything, is to take its place. In a new working paper I review three models of corporate value creation – shareholder value, stakeholder value and company purpose achievement – and their implications for corporate governance. Shareholder value – associated with Milton Friedman and Alfred Rapport – is no doubt still the most influential approach, but stakeholder and purpose views are gaining ground …” (more)
[Steen Thomsen, Oxford Business Law Blog, 27 November]
First posted 2020-11-27 06:12:06
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