shareholder value

investigating the mantra of management a cavallo of the last 2 centuries

it all started with this paper in 1976 Theory of the firm: Managerial behavior, agency costs and ownership structure

which welcomes the thesis expressed by Milton Friedman in 1970 in The Social Responsibility of Business Is to Increase Its Profits

(originally published in NYTimes https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html)

It was 50 years from the day Friedman’s paper was published last september 2020, it took some time but by the early 80’s shareholder value took hold in the the corporate world, fuelled a rally in stocks and became one with the Reagan era

I started from here: https://www.nytimes.com/2020/09/11/business/dealbook/milton-friedman-doctrine-social-responsibility-of-business.html

and here: https://www.nytimes.com/2020/09/11/business/dealbook/milton-friedman-free-markets.html

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