Corporate Governance and CSR

According to Brealey, Myres and Allen (2008, p.14), the fundamental objective of a corporation is to maximise the current value of the firm?s shares. Drawing on the relevant literature, critically discuss the arguments for and against the maximisation of shareholder value (MSV) as a business objective and consider the implications of these arguments for Corporate Social Responsibility (CSR). In developing your essay

You could address the following issues:
1. In what ways might MSV and CSR be linked? What is the normal justification for the argument that the objective of business should be MSV?
2. Discuss the arguments that have been made against MSV and consider the implications of these arguments in relation to CSR.
3. Consider some alternatives to MSV – and the extent to which these alternative business objectives/governance arrangements may (or may not) be consistent with the exercise of corporate responsibility.