Shareholder Values, Not Shareholder Value: The Role of "Ethical Funds" and "Ethical Entrepreneurs" in Connecting Shareholders' Values with Their Investments

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Title Shareholder Values, Not Shareholder Value: The Role of "Ethical Funds" and "Ethical Entrepreneurs" in Connecting Shareholders' Values with Their Investments
Author Sampford, Charles John; Berry, Virginia Lee
Journal Name Griffith Law Review
Editor Mary Keyes and Richard Johnstone
Year Published 2004
Place of publication Nathan, Qld.
Publisher Socio-Legal Research Centre, Griffith Law School, Griffith University
Abstract This article rebuts the still-common assumption that managers of capitalist entities have a duty, principally or even exclusively, to maximise the monetary return to investors on their investments. It argues that this view is based on a misleadingly simplistic conception of human values and motivation. Not only is acting solely to maximise long-term shareholder value difficult, it displays, at best, banal single-mindedness and, at worst, sociopathy. In fact, real investors and managers have rich constellations of values that should be taken account of in all their decisions, including their business decisions. Awareness of our values, and public expression of our commitment to exemplify them, make for healthier investment and, in the long term, a healthier corporate world. Individuals and funds investing on the basis of such values, in companies that express their own, display humanity rather than pathology.
Peer Reviewed Yes
Published Yes
Publisher URI http://www.griffith.edu.au/law/griffith-law-review
Copyright Statement Copyright 2004 Griffith Law School. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
Volume 13
Issue Number 1
Page from 115
Page to 123
ISSN 1038-3441
Date Accessioned 2005-03-07
Date Available 2010-10-19T06:59:56Z
Language en_AU
Research Centre Key Centre for Ethics, Law, Justice and Governance
Faculty Faculty of Arts
Subject PRE2009-Banking, Finance and Investment
URI http://hdl.handle.net/10072/5022
Publication Type Journal Articles (Refereed Article)
Publication Type Code c1

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