governance of public firms is desirable from shareholders’ own perspective. The Essay reviews five of these lines of theory and … shareholders. It concludes that shareholder primacy thinking in its conventional form is on the brink of intellectual collapse, and …

Over one-half of the states have enacted corporate constituency statutes, which permit managers to consider the … local community. These statutes set the usual corporate law norm of shareholder primacy on its head. If managers need no … longer act in the best interests of the shareholders, the value of the shareholders' ownership interest in the corporation is …

the protection of shareholders against shirking of the board members and the officers increased significantly. The … protection of minority shareholders against the expropriation of major shareholders remained unchanged. In light of these … suggests that other variables, like the presence of activist shareholders, might be much more influential than the development …