Lorsque la professeure Lynn A. Stout publie "quelque chose", cela ne passe pas inaperçu. Aussi, je me dois de partager cette information avec vous chères lectrices et chers lecteurs du blogue - sous le beau temps de Québec -, Lynn Stout vient de publier l'ouvrage suivant: "The Shareholder Value Myth: How Putting Shareholders First
Harms Investors, Corporations, and the Public" (Berrett-Koehler Publishers, 2012).
Executives, investors, and the business press routinely chant the mantra that
corporations are "owned by shareholders" and managers are obliged to "maximize
shareholder value." The results have been disastrous. "Shareholder primacy"
thinking causes corporate managers to focus myopically on short-term earnings
reports at the expense of long-term performance; discourages investment and
innovation; harms employees, customers, and communities; and causes companies to
indulge in reckless, sociopathic, and socially irresponsible behaviours. In this
powerful new book, distinguished legal scholar Lynn Stout proves that there is
in fact absolutely no legal obligation for corporations to maximize shareholder
value - people just assumed there was. Nor, she demonstrates, is it the optimal
economic model - that's just another unproven assumption. And in fact, it is not
the best model: Stout presents empirical evidence which shows that companies
that put share value first do not outperform companies that emphasize it less.
Shareholder primacy actually hurts individual investors by obscuring their
specific, diverse interests in the name of serving a hypothetical, homogeneous,
abstract shareholder. Stout looks at new theories that not only better serve the
needs of real human beings who invest, but of corporations and society as well.
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