The Profit Motive
Defending Shareholder Value Maximization

'Professor Bainbridge has authored an extraordinary book. It is both superb scholarly and yet at the same time highly accessible to the non-lawyer. This is a must read both for corporate law scholars and, more importantly, the public company director community.' Charles M. Elson, University of Delaware

'Professor Bainbridge brings his unsurpassed expertise and scholarship around corporate governance to the discussion of ESG and stakeholder capitalism, convincingly arguing that the notion of business extending its focus beyond shareholders has no basis in the law, provides no actionable guidance to corporate directors, and ultimately yields no benefit to society.' Marc Hodak, Farient Advisors

'Should directors of business corporations seek to maximize value for the corporation's shareholders, or should they make business decisions with a view to benefiting all corporate stakeholders? Professor Bainbridge's conclusions are thunderingly unequivocal: shareholder value maximization is both what the law requires and what the law ought to require; in the long run, it produces the best outcomes for shareholders and other constituencies and is the system appropriate for a democratic society. Everyone interested in what is happening in corporate America today - and how it could affect them, economically and otherwise - should read this book.' Robert T. Miller, University of Iowa College of Law

'… having put a stake through the heart of stakeholder capitalism, Bainbridge provides a powerful moral rationale for shareholder primacy … Samuel Gregg, Law & Liberty

'Bainbridge has provided an enthusiastic and well-reasoned defense of shareholder wealth maximization …' Michael Woronoff, Commentary Magazine