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The Friedman doctrine, also called shareholder theory, is a normative theory of business ethics advanced by economist Milton Friedman which holds that the social responsibility of business is to increase its profits.
The Friedman Doctrine is also referred to as the Shareholder Theory. American economist Milton Friedman developed the doctrine as a theory of business ethics that states that “an entity’s greatest responsibility lies in the satisfaction of the shareholders.”
Since then, Friedman’s view that the sole social responsibility of the firm is to maximize profits—leaving ethical questions to individuals and governments—has become dominant in both finance and law. It also laid the intellectual foundations for the “shareholder value” revolution of the 1980s.
Among the most important of these views is the shareholder theory, which upholds the age-old view that the only responsibility of the managers of a corporation is to maximize the wealth of its shareholders (shareholder primacy).
- mcbranco@fep.up.pt
13 mar 2024 · The Friedman Doctrine, also known as Shareholder Theory, asserts that a corporation's primary responsibility is to maximize shareholder value through profit generation, emphasizing economic efficiency as the sole objective.
13 set 2020 · In 1970, Milton Friedman wrote an influential essay in The New York Times Magazine declaring the primary purpose of a company is to maximize profits for its shareholders.
21 apr 2021 · His primary concern was the dissipation of shareholder value through the conglomerate movement, and the associated loss of corporate focus and accountability. And his warning appears to have been vindicated later in the ’70s, when the Dow Jones average had lost as much as half its value.
