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Read a free essay on stakeholder capitalism vs. shareholder primacy. Multiple lengths from 100 to 2,000 words to fit any assignment.
The Paradigm Shift in Corporate Governance
The traditional paradigm of shareholder primacy, long the bedrock of Western economics, faces an existential challenge from the rise of stakeholder capitalism. Historically, corporate governance prioritized Milton Friedman’s doctrine: the sole social responsibility of business is to increase profits. However, the 2019 Business Roundtable statement signaled a seismic shift, as 181 CEOs committed to leading companies for the benefit of all stakeholders: customers, employees, suppliers, communities, and shareholders alike. This redefinition suggests that long-term corporate health is inextricably linked to social and environmental stability.
ESG Metrics and the Integration of Externalities