The Shareholder Value Myth (2016)

Posting this article, in reference to how often firms are assumed to be owned by shareholders, or have a legal duty to maximizing shareholder value. This was also my assumption prior to my MBA.

Shareholders have few legal entitlements (being in line for liquidation payouts, and requiring the highest offer for sale of a firm). Other entitlements such as dividends or votes are "given" by the firm rather than required.