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Record W204518782

Corporate Law, Profit Maximization and the "Responsible Shareholder"

2005· article· en· W204518782 on OpenAlex
Ian B. Lee

Why this work is in the frame

A frame that forgets how it found something cannot be audited. These are the routes that admitted this work.

affAt least one author lists a Canadian institution in the pinned OpenAlex snapshot.

Bibliographic record

Venuenot available
Typearticle
Languageen
FieldBusiness, Management and Accounting
TopicCorporate Law and Human Rights
Canadian institutionsUniversity of Toronto
Fundersnot available
KeywordsShareholder primacyCorporate lawCorporate social responsibilityCorporate governanceShareholderFiduciaryProfit maximizationLaw and economicsBusinessAccountingStakeholderCorporate securityEconomicsProfit (economics)LawPolitical scienceFinanceMicroeconomics
DOInot available

Abstract

fetched live from OpenAlex

The article concerns the theorization of shareholder responsibility and ethical investing. The article develops the following arguments, among others:\nIf public corporations pursue stockholder profits “pathologically,” as claimed by some critical scholars, it is not because of any obligation arising under corporate law, but because the pursuit of stockholder profits is congenial to the stockholders.\nFor this reason (and others discussed in the article), shareholders have an ethical stake in the conduct of corporate business, quite apart from any notion that shareholders “own” the corporation.\nA phenomenon which the article terms “bounded empathy,” analogous to “bounded rationality”, can help to explain why, in practice, shareholders’ sense of ethical engagement is more limited than one might wish.\nAlthough unimpeachable from the standpoint of the “nexus of contracts” conception of the corporation, the concept of ethical investing is awkward for corporate law theorists who advocate a rule of exclusive profit-maximization.\nThese theorists respond by characterizing ethical investing as either irrational and aberrant, or else rational and pernicious, both of which characterizations are misguided.\nThe article also considers the implications of the foregoing for two concrete questions arising under corporate law in connection with ethical investing, specifically (a) whether the law should filter out ethically-motivated shareholder proposals; and (b) whether disclosure of matters relevant to ethical analysis of corporate conduct should be mandatory.

Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.

Full frame distilled prediction

Teacher imitation

Not calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.

metaresearch head score (Codex)0.000
metaresearch head score (Gemma)0.000
Version: codex-gemma-dda1882f352aValidation status: machine_predicted_unvalidated
Candidate categoriesInsufficient payload (model declined to judge)
Consensus categoriesnone
DomainCandidate signal: none · Consensus signal: none
Study designCandidate signal: Theoretical or conceptual · Consensus signal: Theoretical or conceptual
GenreCandidate signal: Empirical · Consensus signal: Empirical
Teacher disagreement score0.355
Threshold uncertainty score1.000

Codex and Gemma teacher scores by category

CategoryCodexGemma
Metaresearch0.0000.000
Meta-epidemiology (narrow)0.0000.000
Meta-epidemiology (broad)0.0000.000
Bibliometrics0.0000.000
Science and technology studies0.0000.000
Scholarly communication0.0010.001
Open science0.0000.000
Research integrity0.0000.000
Insufficient payload (model declined to judge)0.0010.001

Machine scores (provisional)

The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.

Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.

Opus teacher head0.034
GPT teacher head0.193
Teacher spread0.160 · how far apart the two teachers sit on this one work
Validation statusscore_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it

Quick stats

Citations22
Published2005
Admission routes1
Has abstractyes

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