Autore
Valsan, Calin

Titolo
The pandemic and shareholder value
Periodico
Symphonya
Anno: 2021 - Fascicolo: 2 - Pagina iniziale: 55 - Pagina finale: 67

Shareholder value has driven corporate governance in North America for over a century. In the wake of significant financial crises and growing inequalities, corporate America decided in 2019 to embrace a more egalitarian model, in which all stakeholders matter equally. The brutal pandemic that wreaked havoc in the first half of 2020 exposed a startling disconnect between the real economy and the stock market. This disconnect is due to a gap between explicit and implicit corporate governance. While officially corporate America wants to convert to a new doctrine, the pandemic has shown that shareholder capitalism has remained the default model. Good intentions and official declarations are not enough in a system that has been specificallydesigned to serve the shareholders.If stakeholder capitalism is to succeed, it needs a clear normative content and perhaps a more radical reform of institutions and regulation.



SICI: 1593-0300(2021)2<55:TPASV>2.0.ZU;2-D

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