The Inevitability and Desirability of the Corporate Discretion to Advance Stakeholder Interests

Forthcoming Cornell Law Review

39 Pages Posted: 16 Sep 2021

Date Written: September 14, 2021

Abstract

Recent work has argued that a corporate discretion to advance the interests of stakeholders is illusory and undesirable. This article argues that, to the contrary, such discretion is both inevitable and desirable.

Keywords: corporate purpose, corporate social responsibility, stakeholders, stakeholder governance, stakeholder capitalism, corporate constituencies, enlightened shareholder value, corporate governance, Business Roundtable, constituency statutes, entrenchment, accountability, managerialism

JEL Classification: D21, G32, G34, G38, K22

Suggested Citation

Elhauge, Einer R., The Inevitability and Desirability of the Corporate Discretion to Advance Stakeholder Interests (September 14, 2021). Forthcoming Cornell Law Review, Available at SSRN: https://ssrn.com/abstract=3923924

Einer R. Elhauge (Contact Author)

Harvard Law School ( email )

1575 Massachusetts
Hauser 406
Cambridge, MA 02138
United States

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