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Although there were some fluctuations between shareholder primacy and stakeholder theories from the time of Berle-Dodd debate until 1970s, shareholder primacy has become thriftily since the late 1970s, Besides, from a business practice point view, shareholder primacy is an accurate description model as it clarifies that directors only have economic goals and responsibilities to shareholders.That is to say, directors are empowered to do anything which can increase shareholders’ benefit that is recoginsed as lawful activities.General note: By using the comment function on you agree to our Privacy Statement.
Our aim is to explain the full significance of this theorization, by considering the context in which it was developed and the project – of a fundamentally political nature – that it conveys.
For that purpose, we return to the questions raised during the first half of the twentieth century, in the seminal book of Berle and Means and in subsequent works by Berle; questions of a much broader scope that the relationship between shareholders and managers.
Berle; theory of the firm; corporate governance; corporate social responsibility; agency theory; corporate governance; corporation; theory of the firm; contractual theories; agency theory; law and economics; ownership and control; property rights; shareholder primacy; power; real entity; institutional economics Here you can find all Crossref-listed publications in which this article is cited.
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