Journal title CORPORATE GOVERNANCE AND RESEARCH & DEVELOPMENT STUDIES
Author/s Angelo Miglietta
Publishing Year 2022 Issue 2021/2
Language Italian Pages 20 P. 45-64 File size 0 KB
DOI 10.3280/cgrds2-2021oa12675
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Recently there has been a growing attention to the social and value-related interests involving companies. Among these, the issues relating to Environment, Social and Governance and Corporate Social Responsibility, which today permeate the mass media and influence the common feeling, certainly deserve a special mention: even arguing that companies must abandon the goal of profit to pursue social and environmental purposes. The paper shows how wrong and dangerous this statement is because of it is contrary to the general interest. Thus, through an argumentative reasoning, the shareholder theory is reconciled with the stakeholder theory, demonstrating that the wealth produced by the company is not an exclusive benefit of the shareholders but for the community as a whole. This is possible only if the objective of optimizing, instead maximizing, the value creation for shareholders is pursued. The need for an appropriate regulatory intervention by the State emerges as a relevant corollary. In fact, without State intervention the pursuit of objectives of general interest can be achieved only marginally, inefficiently and in an arbitrary manner by the management.
Keywords: ; Shareholder theory; Stakeholder theory; ESG; CSR; Statalism; Capitalism
Angelo Miglietta, ESG, CSR, Shareholder value: non è il momento per un reset del capi in "CORPORATE GOVERNANCE AND RESEARCH & DEVELOPMENT STUDIES" 2/2021, pp 45-64, DOI: 10.3280/cgrds2-2021oa12675