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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