"Stakeholder theory is a critique of the strong stockholder doctrine in U.S. corporation law and financial-economics theory positing that management's clear fiduciary responsibility is to maximize economic rents on behalf of the firm's legal owners (the residual claimants). Strong stockholder doctrine was articulated in Dodge Brothers v. Ford (1919), in which the Michigan Supreme Court ordered Ford Motor Co. to pay a special dividend." In the stockholder model, other stakeholders - particularly employees - do not count.
One hundred and fifty years ago, the corporation was a relatively insignificant entity. Today, it is a vivid, dramatic and pervasive presence in all our lives.
Like the Church, the Monarchy and the Communist Party in other times and places, the corporation is today’s dominant institution. But history humbles dominant institutions. All have been crushed, belittled or absorbed into some new order. The corporation is unlikely to be the first to defy history. In this complex and highly entertaining documentary, Mark Achbar, co-director of the influential and inventive MANUFACTURING CONSENT: NOAM CHOMSKY AND THE MEDIA, teams up with co-director Jennifer Abbott and writer Joel Bakan to examine the far-reaching repercussions of the corporation’s increasing preeminence. Based on Bakan’s book The Corporation: The Pathological Pursuit of Profit and Power, the film is a timely, critical inquiry that invites CEOs, whistle-blowers, brokers, gurus, spies, players, pawns and pundits on a graphic and engaging quest to reveal the 4corporation’s inner workings, curious history, controversial impacts and possible futures. Featuring illuminating interviews with Noam Chomsky, Michael Moore, Howard Zinn and many others,
THE CORPORATION charts the spectacular rise of an institution aimed at achieving specific economic goals as it also recounts victories against this apparently invincible force.
also check out the corporation's: i-corp
If you are in the Seattle Area:
The Corporation (145min) is playing at Harvard Exit Theatre
and here is a review, four stars, by NW Source.