‘On the Foundations of Corporate Social Responsibility’

“The classical view in finance on modern corporations takes a shareholder value maximization perspective, which holds that corporations are accountable only to profit-maximizing shareholders, and apart from their contractually determined obligations, have no responsibility to enhance society’s welfare. In reality, however, corporations often focus on objectives beyond profit maximization and participate in activities that improve other stakeholders’ welfare …” (more)

[Hao Liang and Luc Renneboog, Oxford Business Law Blog, 22 December]

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