The Corporate Objective

Keay (corporate and commercial law, U. of Leeds, England) provides a normative exploration of what should be the objective of a public corporation. He synthesizes and assesses the main theories that have been proposed for the corporate objective--the shareholder primacy and stakeholder theories--and then presents and defends his own "Entity Maximization and Sustainability" model, which holds that company directors should work towards corporate survival and improvement of the corporate position. In presenting the model, he discusses how it should be enforced, investor relations, and profit allocation. Annotation 穢2011 Book News, Inc., Portland, OR (booknews.com)