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January 31, 2005

Corporate governance & responsibility

Superblogger and friend of PointOfLaw Stephen Bainbridge, who has a day job as a UCLA law professor specializing in the law of corporations, hosted an extremely interesting conference last Friday on corporate "social responsibility." A host of top scholars in the field participated; papers presented are available here. Professor Bainbridge gives an excellent rundown here. See also reactions by conference participants Tom Smith (University of San Diego, The Right Coast), Larry Ribstein (University of Illinois, Ideoblog), and Gordon Smith (University of Wisconsin, Conglomerate). Professor Bainbridge also commented last Wednesday on the topic, citing favorably to the recent feature in The Economist($). I largely share his, and The Economist's, skepticism; in my view, shareholder wealth maximization should be the sole responsibility of shareholder corporations, assuming compliance with laws and regulations (I can write more on that later). For a more extensive explication of the defense of shareholder wealth maximization, see Professor Bainbridge's article here.

Posted by James R. Copland at 08:35 PM | TrackBack (0)

Corporate Governance



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The Manhattan Insitute's Center for Legal Policy.