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Corporate Law, Profit Maximization, and the "Responsible" Shareholder
Academic journal article from Stanford Journal of Law, Business & Finance, Vol. 10, No. 2
Beginning of article
Introduction
This Article explores the relationship between shareholder ethical responsibility and corporate law. Shareholder responsibility is a neglected aspect of the debate about corporate social responsibility. In that debate, conservatives defend the view that corporate law obligates management to pursue stockholders' profit without regard to ethical considerations or social responsibility except insofar as the latter might affect profits. Even some critics of profit maximization concede the accuracy of the conservatives' description of management's corporate law duties, and blame those duties for corporations' antisocial behavior. The truth is, however, that corporate law …
