It is so stupid that we have this concept that managers should maximize shareholder value as if they are the only stakeholders in a company. Really and truly w

It is so stupid that we have this concept that managers should maximize shareholder value as if they are the only stakeholders in a company. Really and truly what did the current shareholders do for YHOO on a daily ongoing basis? The current shareholders did not invest any money in YHOO - they bought their shares from 3rd parties (YHOO did not get any of that money ) The current shareholders are not helping make YHOO better in anyway - arguably shareholders in any public company are just making management's job harder to think long-term and strategically. This concept of "maximize share price" as the true role of management has lead to financial engineering of fiscal reporting, and then subsequent earnings restatements.