Journal ArticleDOI
Lynn Stout, Pro-sociality, and the Campaign for Corporate Enlightenment
Donald C. Langevoort
- Vol. 10, Iss: 3
TLDR
The Shareholder Value Myth (2012) as mentioned in this paper is the most complete set of thoughts about corporate governance, and it was the subject of a book that extended well beyond the corporate world (Cultivating Conscience [2011] ).Abstract:
Abstract In this brief essay, I want to call something Lynn Stout was passionate about: building a better account (both theoretical and empirical) of human nature and motivation. This was the subject of a book that extended well beyond the corporate world (Cultivating Conscience [2011]) and was implicit in her most complete set of thoughts about corporate governance, The Shareholder Value Myth (2012). Lynn understood that such a behavioral account was needed to support her theory of corporate purpose. The other CONVIVIUM contributions say little about this aspect of her work, so I am bringing her thoughts about human motivation frontstage.read more
Citations
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Journal ArticleDOI
Why Lynn Stout Took Up the Sword Against Share Value Maximization
TL;DR: The Corporate Issue: A Tribute to Lynn Stout as mentioned in this paper is a collection of articles about the role of shareholders in the fight against share value maximization in the 1970s and 1980s.
Book
Selling Hope, Selling Risk: Corporations, Wall Street, and the Dilemmas of Investor Protection
TL;DR: In this paper, the authors make a sustained effort to link the key initiatives of securities regulation with our burgeoning awareness in the social sciences of how people and organizations really behave in economic settings.
Posted Content
The Effects of Shareholder Primacy, Publicness, and 'Privateness' on Corporate Cultures
TL;DR: There is widespread belief in both scholarship and business practice that internal corporate cultures materially affect economic outcomes for firms and there is also a growing belief that corporate governance arrangements materially affect corporate cultures as discussed by the authors.
References
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Journal ArticleDOI
The Name of the Game: Predictive Power of Reputations versus Situational Labels in Determining Prisoner’s Dilemma Game Moves
TL;DR: Two experiments explored the predictive power of reputation-based assessments versus the stated “name of the game” (Wall Street Game vs. Community Game) in determining players’ responses in an N-move Prisoner’s Dilemma and showed that the relevant labeling manipulations exerted far greater impact on the players' choice to cooperate versus defect than anticipated by the individuals who had predicted their behavior.
Book
The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations, and the Public
TL;DR: Stout as discussed by the authors showed that there is no legal obligation for corporations to maximize shareholder value, and that maximizing shareholder value is not the optimal economic model, but a conceptually muddled assumption that is unsupported by the actual evidence on what drives good corporate performance.
Journal ArticleDOI
Trust, Trustworthiness, and the Behavioral Foundations of Corporate Law
Lynn A. Stout,Margaret M. Blair +1 more
TL;DR: In this article, the authors survey the extensive experimental evidence that has been produced over the past four decades on human behavior in "social dilemmas" and suggest that internalized trust is a common phenomenon; that it is at least in part learned rather than innate; and that different individuals vary in their inclinations toward trust.
Journal ArticleDOI
Trust, Trustworthiness, and the Behavioral Foundations of Corporate Law
Margaret M. Blair,Lynn A. Stout +1 more
Journal ArticleDOI
The Illusory Promise of Stakeholder Governance
TL;DR: Bebchuk et al. as discussed by the authors conducted a conceptual, economic, and empirical analysis of stakeholderism and its expected consequences, and concluded that, because corporate leaders have strong incentives not to protect stakeholders beyond what would serve shareholder value, acceptance of Stakeholderism should not be expected to produce material benefits for stakeholders.