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36 San Diego L. Rev. 897 (1999)
The Devil Made Me Do It: Replacing Corporate Directors' Veil of Secrecy with the Mantle of Stewardship

handle is hein.journals/sanlr36 and id is 903 raw text is: The Devil Made Me Do It: Replacing Corporate Directors' Veil of Secrecy with the Mantle of Stewardship CONSTANCE E. BAGLEY* KAREN L. PAGE** TABLE OF CONTENTS I. INTRODUCTION ................................................................................................... 898 11. ECONOMICS, ET-ics, AND CORPORATE GOVERNANCE ........................................ 899 A. M arket Failures ........................................................................................ 903 B. Economic Efficiency and Information ...................................................... 906 C. Shareholder Preferences .......................................................................... 909 D. First D o No Harm .................................................................................... 911 E. The False Dichotomy Between Social Responsibility and Shareholder Value ............................................................................ 912 F. Common Goods and the Corporation's Dilemma .................................... 916 * Visiting Senior Lecturer in Business Administration, Harvard Business School; Senior Lecturer in Law and Management, Stanford Graduate School of Business. The author can be reached at bagley-connie@gsb.stanford.edu. Partner 1984-1990, McCutchen, Doyle, Brown & Enersen. J.D. 1977, magna cum laude, Harvard Law School. ** Doctoral Student in Organizational Behavior, Stanford Graduate School of Business. The author can be reached at kpage@leland.stanford.edu. Associate 1989- 1994, Davis Graham & Stubbs; Manager, Shareholder Services 1995-1996, Public Service Company of Colorado. M.A. 1995 (Economics), University of Colorado; J.D. 1988, University of Denver College of Law. The authors would like to thank Jeanne A. Calderon, Jaye T. Darby, Robert Freeland, Pamela Haunschild, Christy A. Haubegger, Robert E. Koch, Jay W. Lorsch, Lynn Sharp Paine, Jeffrey Pfeffer, and Elizabeth P. Smith for helpful comments on an earlier draft of this Article, and they gratefully acknowledge the research assistance of Lynda Talgo and Stephanie Hsieh.

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