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In search of an alternative to shareholder value maximization

Abstract : This paper argues that mainstream economic the- ory, far from providing an indisputable plea in favor of shareholder value-maximization, o ers striking arguments showing quite the opposite: pro t maximization cannot be a legitimate prioritar- ian goal for private rms. This opens the door for a widening of a company's goal. We argue that it should include the con- cern of all the stakeholders of a company, and cannot be ade-quately addressed uniquely by Pigouvian taxes or by property rights. Coming to terms with this broad understanding of a com-pany's goal should imply the internalization of the stakeholders' concern within the legal structure of the rm | as in the case of the scic in France or the cic in the UK.
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Submitted on : Monday, July 18, 2011 - 1:46:37 PM
Last modification on : Thursday, January 7, 2021 - 4:56:07 PM
Long-term archiving on: : Sunday, December 4, 2016 - 11:16:19 PM

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Gaël Giraud, Cécile Renouard. In search of an alternative to shareholder value maximization. 2011, pp.31. ⟨hal-00609153⟩

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