Abstract:The claim that managers have a fiduciary duty to shareholders to run the corporation in their interests is generally supported by two arguments: that shareholders are owners of a corporation and that they have a contract or agency relation with management. The latter argument is used by Kenneth E. Goodpaster, who rejects a multi-fiduciary, stakeholder approach on the grounds that the shareholder-management relation is “ethically different” because of its fiduciary character. Both of these arguments provide an inadequate basis for the fiduciary duties of officers and directors of corporations. The basis is to be found, rather, in considerations of public policy, a point that was established in the Dodd-Berle exchange of the 1930s. This conclusion also shows the inadequacy of Goodpaster’s solution to the so-called stakeholder paradox, and an alternative solution to the paradox is presented.
This article deals with the foundation of financial theory into corporate finance. Using analysis and synthesis scientific methods, and especially with the requirements for the successful application of these methods, in this article is not only review the financial literature but also it is shown the future approach of the expected financial paradigm. The aim of the paper is to describe and review financial theories in terms of classical, modern and actual approach; but also it is described the future approach of corporate finance in terms of financial function to establish the evolution and the coyuntural situation that affects the financial theories. This financial paradigm integrates ethics in finance, financial globalization, ICTs and stakeholder responsibility. The main result of this paper shows that it is necessary to take into consideration into financial paradigm aspects relate to the ethics,
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.