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75 Vand. L. Rev. 1031 (2022)
Will Corporations Deliver Value to All Stakeholders?

handle is hein.journals/vanlr75 and id is 1069 raw text is: VANDERBILT LAW REVIEW
VOLUME 75                       MAY 2022                            NUMBER 4
ARTICLES
Will Corporations Deliver Value to All
Stakeholders?
Lucian A. Bebchuk*
Roberto Tallarita**
Amid growing concerns for the effects that corporations have on
stakeholders, supporters of stakeholder governance advocate relying on
*    James Barr Ames Professor of Law, Economics, and Finance, and Director of the Program
on Corporate Governance, Harvard Law School. For other affiliations and activities, see
http://www.law.harvard.edu/facultyfbebchuk/bio.shtml.
**   Lecturer on Law, Terence M. Considine Senior Fellow in Law and Economics, and
Associate Director of the Program on Corporate Governance, Harvard Law School.
We have benefitted from discussions with and suggestions from Jesse Fried, Scott Hirst, and
Kobi Kastiel. We also gratefully acknowledge the valuable research assistance of Jack Bagley,
Aaron Haefner, Ariella Kahan, Peter Morgan, Zoe Piel, Aisha Saad, Navjit Sekhon, Travis Taylor,
and especially Wanling Su. The Harvard Law School Program on Corporate Governance and the
John M. Olin Center for Law, Economics, and Business provided financial support. A summary of
this Article appeared on Lucian A. Bebchuk & Roberto Tallarita, 'Stakeholder' Talk Proves Empty
Again, WALL ST. J. (Aug. 19, 2021, 6:20 PM), https://www.wsj.com/articles/stakeholder-capitalism-
esg-business-roundtable-diversity-and-inclusion-green-washing- 11629313759
[https://perma.cc/M6NX-UBUN].
All corporate documents manually collected and reviewed for this Article are available in an
online archive, the BRT Corporate Purpose Archive. The Archive, which holds over six hundred
such documents, is accessible on BRT Corporate Purpose Archive, HARv. L. SCH. PROGRAM ON CORP.
GOVERNANCE, https://peg.law.harvard.edu/data/BRTPurposeArchive (last visited Apr. 1, 2022)
[https://perma.cc/CB8Z-BWMZ].
This Article is part of the project on stakeholder capitalism of the Program on Corporate
Governance at Harvard Law School. Other parts of this project are Lucian A. Bebchuk & Roberto

1031

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