[2] James Kee wrote in 1995 for the right-wing libertarian Mises Institute think tank, "If private property were truly respected, shareholder interest would be the primary, or even better, the sole purpose, of the corporation.
[5] In the Michigan Supreme Court's opinion, it stated that "There should be no confusion... A business corporation is organized and carried on primarily for the profit of the stockholders."
It is commonly asserted that the case established a precedent that managers had to maximize shareholder profit, but the status of the court's statement on the topic is disputed, with some legal scholars arguing that it constitutes obiter dicta, or judicial comments that lack binding force.
Friedman said that if corporations were to accept anything but making money for their stockholders as their primary purpose, it would "thoroughly undermine the very foundation of our free society.
"[13] In August 2019, the Business Roundtable published its alternative view, focused on long-term benefits for a broad range of "stakeholders.