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
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: Suggested Citation