Corporate Law Shift: Prioritizing Teamwork Over Shareholder Value for Societal Benefit
Corporate law scholars are rethinking the idea that companies should only focus on maximizing profits for shareholders. Recent corporate scandals and financial crises have shown that this approach can harm other stakeholders like employees and the economy. Some experts suggest a new "team production" framework, where everyone involved in a company works together for mutual benefit. This approach could lead to better governance and more balanced outcomes for all involved.