It's a common myth, and may be for certain states, but in general it doesn't appear to true in the US [1, 2]. 1: https://www.nytimes.com/roomfordebate/2015/04/

It's a common myth, and may be for certain states, but in general it doesn't appear to true in the US [1, 2]. 1: https://www.nytimes.com/roomfordebate/2015/04/16/what-are-corporations-obligations-to-shareholders/corporations-dont-have-to-maximize-profits https://www.nytimes.com/roomfordebate/2015/04/16/what-are-co... 2: https://www.nakedcapitalism.com/2014/05/guess-who-is-responsible-for-the-corporations-exist-to-maximize-shareholder-value-myth.html https://www.nakedcapitalism.com/2014/05/guess-who-is-respons...