In a corporate world where institutional shareholders have taken centre stage, new answers may be given to the old question of what corporate directors and managers should aim to maximize. Where portfolio-value-maximizing “universal owners” dominate the scene, socially responsible corporate behaviour may become more common based on premises that are, on their face, fully consistent with Friedman’s framework.
ESG and Shareholder Primacy: Why They Can Go Together
Enriques, Luca
2022
Abstract
In a corporate world where institutional shareholders have taken centre stage, new answers may be given to the old question of what corporate directors and managers should aim to maximize. Where portfolio-value-maximizing “universal owners” dominate the scene, socially responsible corporate behaviour may become more common based on premises that are, on their face, fully consistent with Friedman’s framework.
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