Reconsideration of shareholder primacy paradigm with the trust theory model

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We firstly explored the utility of the trust theory model based on the empirical analysis in behavioral science as the conceptual instrument for legal study of the corporation law. And with such theoretical findings, we challenged the scholarly common recognition in recent years that the purpose of the corporation as maximization of the enterprise value is equated with maximization of shareholder's value which can be counted as stock market value, and clarified that it is right and accountable attitude to provide the legal framework that could enhance more investment or cooperation by many stakeholders widely committed to the corporation, in understanding that integrity of whose benefits should be the very substance of the enterprise value itself.