For Whom Should corporations Be Run?: An Economic Rationale for Stakeholder Management

摘要

Throughout the first eight decades of the twentieth century, the idea that corporations should be run in the interests of all of their "stakeholders", rather than just for their shareholders, slowly but steadily gained acceptance and credibility in academia, in the courts and in boardrooms in the U. S. A. Then, in the space of a few years in the 1980s and early 1990s, legal scholars, finance scholars and other academic elites rejected that idea and legal advisors to corporations began advising managers and directors to justify everything they do in the name of share value.