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  1. Maximizing Shareholder Welfare: A Normative Examination of Hart and Zingales’ Corporate Governance Account.Santiago Mejia & Pietro Bonaldi - 2025 - Journal of Business Ethics 196 (2):309-323.
    In response to the growing criticisms to shareholder primacy, Oliver Hart, a Nobel Economics Prize recipient, and Luigi Zingales, a very well-known finance professor, have offered a revision to Milton Friedman’s dominant account. Seeking to incorporate social and moral concerns into the objective function of the firm, they have proposed that managers should maximize shareholder welfare instead of shareholder value. Their account has been highly influential and reflects many of the substantive and methodological assumptions of corporate governance scholars within the (...)
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