The notion that a firm is merely the private property of the shareholders is questioned as outdated by leading contemporary management theorists.

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Contemporary management theorists often argue that a firm has multiple stakeholders, including employees, customers, and the community, whose interests and needs must be taken into account alongside those of the shareholders. The notion that a firm is solely the private property of the shareholders is viewed as outdated in this perspective.

The Notion That a Firm Is Merely the Private Property