What Do Shareholders Want? Consumer Welfare and the Objective of the Firm
Published Online:8 Apr 2026https://doi.org/10.1287/mnsc.2025.00094
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- Received:January 08, 2025
- Accepted:November 10, 2025
- Published Online:April 08, 2026
Copyright © 2026 The Author(s)
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Keith Marzilli Ericson (2026) What Do Shareholders Want? Consumer Welfare and the Objective of the Firm. Management Science 0(0).
https://doi.org/10.1287/mnsc.2025.00094
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The author thanks Angie Acquatella, Ryan Bubb, Florian Ederer, Tal Gross, Michael Kopel, Nalin Kulatilaka, Christian Leuz, Ross Levine, Megan MacGarvie, Pablo Montagnes, Jim Rebitzer, Michael Salinger, Amanda Starc, and participants at various seminars for helpful conversations. Vignesh Somjit provided excellent research assistance. The author thanks Boston University’s Impact Measurement and Allocation Program and Ravi K. Mehrotra Institute for Business, Markets, and Society for funding.
