Giraud, Gaël; Renouard, Cécile - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2011
This paper argues that mainstream economic theory, far from providing an indisputable plea in favor of shareholder value-maximization, offers striking arguments showing quite the opposite: profit-maximization cannot be a legitimate goal for private firms. This opens the door for a widening of a...