Generating Knowledge for Sustainable Development: The Case against the Corporate Objective Function
Brent D. Beal
The purpose of this chapter is to convince you to think differently about how large corporations are managed. This is not an attempt to make the case that corporations need to do a better job of avoiding imposing harmful externalities on third parties, or that corporations need to be more thoughtful, or more caring, or that the most effective way to maximize shareholder value is to make sure that all stakeholders are treated fairly. This is not, in other words, another attempt to state what I believe to be obvious, that is, that “the modern business corporation should recognize that, in this day and age, it can no longer ...
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