• Lucian Bebchuk


June 2022, Paper: "In August 2019, in the Business Roundtable’s Statement on the Purpose of the Corporation (the “BRT Statement”), numerous major company CEOs announced their commitment to deliver value to all stakeholders and not just shareholders. Some observers viewed this event as a milestone and the Statement as reflecting a meaningful commitment to improve the treatment of stakeholders (the “Commitment Hypothesis”). Others, by contrast, including us in previous work, viewed the Statement as a PR move with little practical impact on stakeholders (the “PR Hypothesis”). Which hypothesis best explains the BRT Statement?"

Non-HKS Faculty Author Website - Lucian Bebchuk