The purpose of a corporation is not to maximize shareholder value, per se. It’s to allow a group of people to work together under a legal framework, which inclu

The purpose of a corporation is not to maximize shareholder value, per se. It’s to allow a group of people to work together under a legal framework, which includes things like public offerings of stock. Shareholders can buy into that for whatever reason they want. (Also, this article makes business theory sound frighteningly simplistic and divorced from markets. I hope I am wrong.)