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Jun 26, 2013 · No popular idea ever has a single origin. But the idea that the sole purpose of a firm is to make money for its shareholders got going in a major way with an article by Milton Friedman in the New...
- Steve Denning
May 24, 2021 · Marcus O. Painter of St. Louis University analyzed how customers reacted to the changes. Using geolocation data from smartphones, he finds customer visits to Walmart stores declined 3.3 percent compared with local rivals following the announcement.
Dec 7, 2017 · While agreeing with Friedman’s premise that managers should care only about shareholders’ interests, Nobel Laureate Oliver Hart of Harvard and Chicago Booth’s Luigi Zingales reject the view that shareholders care only about money.
Oct 7, 2020 · Fifty years ago the New York Times published an essay by Economist Milton Friedman which set out what became known as the Friedman Doctrine. The article set out the ideas that have been the basis of business practice, leadership, policy, and education ever since.
The Friedman Doctrine, also known as the Shareholder Theory, provides insights on how to increase shareholder value. According to the doctrine, shareholder satisfaction is an entity’s greatest responsibility.
Oct 13, 2020 · The problem was that in the New York Times piece, Friedman’s idea was not stated as theorem, but literally as a “doctrine,” triggering a religious reaction, rather than a more balanced academic response. Five decades later, it is important to fix this mistake and restate Friedman as a theorem.
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This paper seeks to add fresh and compelling new evidence of why Lynn Stout was correct in her resolute critique of the thesis of shareholder primacy at the heart of the Friedman doctrine, and how this doctrine remains profoundly damaging to the corporations that continue to uphold this belief.
