Creating Value for Shareholders as the Single Ultimate Objective of Business Firms - An Ethical Evaluation
15 Pages Posted: 12 Jul 2014
Date Written: 1998
This paper develops an ethical evaluation of pursuing the creation of shareholder value as the single ultimate objective of business firms. It rejects that there is a strict ethical duty not to pursue such policy. However, it defends the thesis that a firm that recognizes it has ultimate responsibilities not only towards its shareholders but also towards its staff will tend to create much wider possibilities of personal growth.
Keywords: Shareholder value, Purpose of business firms, Stakeholders
Suggested Citation: Suggested Citation