[aerotwelve]

From Lynn Stout's "The Shareholder Value Myth"[1]; Stout is a former business law professor at Cornell:

> “United States corporate law does not, and never has, required directors of public corporations to maximize either share price or shareholder wealth… State statutes similarly refuse to mandate shareholder primacy… As long as boards do not use their power to enrich themselves, the [business judgment rule] gives them a wide range of discretion to run public corporations with other goals in mind, including growing the firm, creating quality products, protecting employees, and serving the public interest. Chasing shareholder value is a managerial choice, not a legal requirement.”

Such firings will be because management chose to make them, not because they were forced to by the threat of lawsuits by a non-existent legal doctrine.

1: https://www.amazon.com/Shareholder-Value-Myth-Shareholders-C...