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Originally Posted by SteveEisenberg
Hmm.
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Second, the idea that the only stakeholder a business should, or does, care about is the stockholders is both controversial and probably a minority view. I question whether most people who went into publishing did so because it was the most lucrative job they could possibly get -- although, admittedly, some did.
Of course, if the publishers don't care at all about financials, they won't be able to release lots of good books.
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It's a bit more than that, it's the law in the US. It's part of the fiduciary responsibility owed stockholders by corporate officers under federal law. I was a bit surprised when I saw that mentioned in an article I read about the corporate social justice movement. Wish I could find the article again since it cited the Federal law in question that was passed sometime in the mid 70's. I had thought that corporate officers were required to act in the corporation's best interest, not just the stockholders, but that doesn't seem to be the case.