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This paper focuses on the connection between the idea of ownership and the one of shareholder primacy. While rejecting neither the meaningfulness of assigning an owner to a firm, nor the possibility that it may – as a matter of fact – be the shareholder, I defend a twofold argument. First, I show that the idea of ownership cannot be used to justify, to ground shareholder primacy as it is at best a description of what shareholder primacy entails. Second, if we consider ownership with a narrower scope, i.e. ownership of shares as opposed to the ownership of the firm, I show that this isn’t able to justify shareholder primacy either.

¿Puede la propiedad justificar la primacía accionarial?