Corporate Governance and the Goal of the Firm: In Defense of Shareholder Wealth Maximization
本文基于2016年东部金融协会年会主题演讲，澄清对股东财富最大化传统公司治理模型的误解，讨论其对其他利益相关者的影响、偏离该目标的危险以及媒体和政府在公司治理中的作用。
Abstract This essay is based on my keynote address at the 2016 annual meeting of the Eastern Finance Association. I propose that misunderstandings about the traditional model of corporate governance, with its emphasis on shareholder wealth maximization, contribute to negative societal attitudes about corporations. I discuss the implications of shareholder wealth maximization for other corporate stakeholders, the dangers of deviating from shareholder wealth maximization, and the roles that the media and the government play in the governance of corporations.