I do not quite get the theoretical basis of the idea that shareholder value should be maximized. I mean, in order to maximize shareholder value, you need to pay

I do not quite get the theoretical basis of the idea that shareholder value should be maximized. I mean, in order to maximize shareholder value, you need to pay a going rate to other factors of production anyway. If you pay too little wages, you do not maximize shareholder value etc. But if we maximized for say taxes or paid salaries in the long term, we would obviously need to pay going rate for capital, otherwise we would not maximize the taxes/salaries in the long term. So, what it is and why that makes maximizing shareholder value over other stakeholders? Before you answer, do remeber that if you do not pay going rate for capital, you are not maximizing anything else, either. Okay, I have one theory. There kind of exists a measure for long term shareholder value, i.e. stock price. That would make it superior to other stakeholders because you can judge management on a relatively objective measure. Would make, if it did not have so abysmally bad signal to noise ratio that I find it hard to believe anyone seriously thinks that is the reason why shareholder value is superiour.