195:
213:, Ford's mainstay product, had been successively cut over the years while the wages of the workers had dramatically, and quite publicly, increased. The company's president and majority stockholder, Henry Ford, sought to end special dividends for shareholders in favor of massive investments in new plants that would enable Ford to dramatically increase production, and the number of people employed at his plants, while continuing to cut the costs and prices of his cars. In public defense of this strategy, Ford declared:
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2377:
1451:
1595:
794:
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1461:
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that context, the Dodge decision is viewed as a mixed result for both sides of the dispute. Ford was denied the ability to arbitrarily undermine the profitability of the firm, and thereby eliminate future dividends. Under the upheld business judgment rule, however, Ford was given considerable leeway via control of his
361:
The rule of wealth maximization for shareholders is virtually impossible to enforce as a practical matter. The rule is aspirational, except in odd cases. As long as corporate directors and CEOs claim to be maximizing profits for shareholders, they will be taken at their word, because it is impossible
269:
A business corporation is organized and carried on primarily for the profit of the stockholders. The powers of the directors are to be employed for that end. The discretion of directors is to be exercised in the choice of means to attain that end and does not extend to a change in the end itself, to
301:
Ford was also motivated by a desire to squeeze out his minority shareholders, especially the Dodge brothers, whom he suspected (correctly) of using their Ford dividends to build a rival car company. By cutting off their dividends, Ford hoped to starve the Dodges of capital to fuel their growth. In
352:
However, others, while agreeing that the case did not invent the idea of shareholder wealth maximization, found that it was an accurate statement of the law, in that "corporate officers and directors have a duty to manage the corporation for the purpose of maximizing profits for the benefit of
314:
Among non-experts, conventional wisdom holds that corporate law requires boards of directors to maximize shareholder wealth. This common but mistaken belief is almost invariably supported by reference to the
Michigan Supreme Court's 1919 opinion in
217:
My ambition is to employ still more men, to spread the benefits of this industrial system to the greatest possible number, to help them build up their lives and their homes. To do this we are putting the greatest share of our profits back in the
185:
and where shareholder primacy is still upheld) is that the business judgment that directors may exercise is expansive. Management decisions will not be challenged where one can point to any rational link to benefiting the corporation as a whole.
309:
This case is frequently cited as support for the idea that corporate law requires boards of directors to maximize shareholder wealth. However, one view is that this interpretation has not represented the law in most states for some time:
333:
is often misread or mistaught as setting a legal rule of shareholder wealth maximization. This was not and is not the law. Shareholder wealth maximization is a standard of conduct for officers and directors, not a legal mandate. The
222:
While Ford may have believed that such a strategy might be in the long-term benefit of the company, he told his fellow shareholders that the value of this strategy to them was not a main consideration in his plans. The minority
293:
threatened to set up a competing manufacturer as a way to finally compel his adversaries to sell back their shares to him. Subsequently, the money that the Dodge brothers received from the case would be used to expand the
260:
argued that the profits to the stockholders should be the primary concern for the company directors. Because this company was in business for profit, Ford could not turn it into a charity. This was compared to a
194:
500:
265:
of the company's assets. The court therefore upheld the order of the trial court requiring that directors declare an extra dividend of $ 19.3 million. It said the following:
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644:
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The Court was called upon to decide whether the minority shareholders could prevent Ford from operating the company in the direction that he had declared.
227:
objected to this strategy, demanding that Ford stop reducing his prices when they could barely fill orders for cars and to continue to pay out special
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is a rule that is hardly ever enforced by courts" is not that it represents bad case law, but because the business judgement rule means:
306:
about what investments he could make. That left him with considerable influence over dividends, but not complete control as he wished.
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the reduction of profits or to the nondistribution of profits among stockholders in order to devote them to other purposes.
166:, rather than in a manner for the benefit of his employees or customers. It is often taught as affirming the principle of "
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170:" in corporate America, although that teaching has received some criticism. At the same time, the case affirmed the
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501:"Social Responsibility and Enlightened Shareholder Primacy: Views from the Courtroom and Boardroom"
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from the capital surplus in lieu of his proposed plant investments. Two brothers,
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to refute these corporate officials' self-serving assertions about their motives.
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protects many decisions that deviate from this standard. This is one reading of
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527:"In Search of Lost Time: What If Delaware Had Not Adopted Shareholder Primacy?"
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2345:
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2017:
1903:
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1803:
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928:
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534:
239:, owned 10% of the company, among the largest shareholders next to Ford.
228:
178:
174:, leaving Ford an extremely wide latitude about how to run the company.
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728:
342:. If this is all the case is about, however, it isn't that interesting.
210:
418:
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2340:
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1158:
752:
622:
499:
Micheletti, Edward; Gerber, Marc; Atkins, Peter (February 21, 2019).
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720:
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shareholders" is a default legal rule, and that the reason that "
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2425:
1479:
626:
2151:
2118:
1562:
49:
John F. Dodge and Horace E. Dodge v. Ford Motor
Company et al
2421:
2406:
Rebadged models, mostly from
Japanese or Korean manufacturers
463:
461:
209:
had accumulated a surplus of $ 60 million. The price of the
150:, 204 Mich 459; 170 NW 668 (1919), is a case in which the
1475:
2411:
Rebadged
Chrysler/Plymouth models for external markets
505:
The
Harvard Law School Forum on Corporate Governance
183:
over half of all U.S. public companies are domiciled
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119:
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106:
67:
62:
54:
44:
39:
34:
2185:Ram Van/Ram Wagon/Sportsman/Tradesman/B-series van
3017:Chrysler World Headquarters and Technology Center
256:(a non-binding remark) in the opinion written by
359:
328:
312:
267:
215:
2437:
1491:
1437:United States Council for Automotive Research
638:
8:
606:"A Close Read of an Excellent Commentary on
177:The general legal position today (except in
470:"Everything Old Is New Again: Lessons from
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1621:
1614:
1530:
1498:
1484:
1476:
1039:
805:
666:
645:
631:
623:
31:
411:
604:Macey, Jonathan R. (January 1, 2008).
559:
548:
525:Berger, David J. (February 14, 2017).
442:. Law-Econ Research Paper No. 07-11.
434:Stout, Lynn A. (September 18, 2007).
289:As a direct result of this decision,
7:
3060:
2386:
1460:
468:Henderson, M. Todd (December 2007).
1515:Established in 1900, a division of
614:Virginia Law & Business Review
25:
3106:United States corporate case law
3059:
3050:
3049:
2509:
2385:
2376:
2375:
1593:
1459:
1450:
1449:
1127:Automotive Fuel Cell Cooperation
792:
478:University of Chicago Law School
27:1919 Michigan Supreme Court case
384:Corporate social responsibility
58:204 Mich 459; 170 NW 668 (1919)
3091:1919 in United States case law
816:Automotive Components Holdings
476:. Olin Working Paper No. 373.
1:
436:"Why We Should Stop Teaching
3022:Musée de l'Aventure Peugeot
581:. Hodak Value Advisors and
472:Dodge v. Ford Motor Company
18:Dodge v. Ford Motor Company
3122:
1387:Grimshaw v. Ford Motor Co.
1050:AutoAlliance International
991:Special Vehicle Operations
390:Grimshaw v. Ford Motor Co.
278:
3045:
2507:
2467:Fiat Chrysler Automobiles
2371:
1591:
1513:
1445:
1159:Getrag Ford Transmissions
790:
577:Hodak, Marc (Fall 2007).
181:, the jurisdiction where
124:
1336:M-Sport World Rally Team
1219:Michigan Central Station
986:Premier Automotive Group
162:in the interests of its
3101:Michigan state case law
1581:Journey (Latin America)
1380:Dodge v. Ford Motor Co.
1213:Detroit Corktown campus
981:New Holland Agriculture
147:Dodge v. Ford Motor Co.
35:Dodge v. Ford Motor Co.
579:"The Ford Squeeze-Out"
558:Cite journal requires
370:
350:
336:business judgment rule
327:
317:Dodge v. Ford Motor Co
296:Dodge Brothers Company
272:
220:
202:
172:business judgment rule
152:Michigan Supreme Court
2311:V/W-Series (military)
2200:Town Panel/Town Wagon
1304:William Clay Ford Jr.
1058:AutoAlliance Thailand
421: (Mich 1919).
197:
3037:Stellantis platforms
1307:(Executive Chairman)
996:Special Vehicle Team
821:Changan Ford (China)
535:10.2139/ssrn.2916960
419:204 Mich 459
258:Russell C. Ostrander
93:Russell C. Ostrander
3032:Stellantis vehicles
3027:Stellantis Heritage
2705:Regional operations
1224:Roosevelt Warehouse
583:New York University
396:Shareholder primacy
379:Benefit corporation
168:shareholder primacy
158:had to operate the
3096:Ford Motor Company
2472:Chrysler Group LLC
2336:Horace Elgin Dodge
2331:John Francis Dodge
1208:World Headquarters
1135:Changan Ford Mazda
1122:(Argentina/Brazil)
1034:Joint ventures and
654:Ford Motor Company
444:UCLA School of Law
237:Horace Elgin Dodge
233:John Francis Dodge
207:Ford Motor Company
203:
160:Ford Motor Company
3073:
3072:
2911:Pomigliano d'Arco
2419:
2418:
2319:
2318:
2113:
2112:
2074:Challenger (2008)
1589:
1588:
1473:
1472:
1432:Pay on production
1194:
1193:
1029:
1028:
954:Hertz Corporation
788:
787:
529:. Rochester, NY.
347:M. Todd Henderson
281:Shareholder value
143:
142:
135:directors' duties
77:Flavius L. Brooke
16:(Redirected from
3113:
3086:1919 in Michigan
3063:
3062:
3053:
3052:
2956:Toledo Machining
2941:Sterling Heights
2513:
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2439:
2432:
2423:
2412:
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2361:Concept vehicles
2356:List of vehicles
1622:
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1597:
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1531:
1500:
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1351:World Rally Team
1316:
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1179:
1171:
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1139:
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1123:
1115:
1096:
1092:Jiangling Motors
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401:US corporate law
368:
348:
325:
97:Joseph H. Steere
63:Court membership
32:
21:
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3115:
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3005:
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2757:
2700:
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2627:
2537:
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2489:Chrysler Europe
2455:
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2410:
2405:
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2395:
2367:
2315:
2204:
2155:
2146:
2109:
2093:
2052:
1991:
1925:
1882:Colt Challenger
1833:
1792:Charger Daytona
1765:
1709:
1673:
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1609:
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1324:
1320:List of leaders
1314:
1306:
1298:
1272:
1258:Proving grounds
1200:
1190:
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964:Daimler Company
907:
903:Southern Africa
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89:Joseph B. Moore
28:
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3010:Related topics
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2994:Truck Assembly
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2634:joint ventures
2632:Subsidiaries /
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2532:Carlos Tavares
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2324:Related topics
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2079:Charger (2005)
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2010:
2005:
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1952:Charger (1981)
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1411:Ford v Ferrari
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1367:Related topics
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2351:Dodge v. Ford
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1610:introduction)
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1404:The Ford Show
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1263:Transmissions
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1036:shareholdings
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634:
629:
628:
625:
615:
611:
609:
608:Dodge v. Ford
600:
597:
592:
588:
584:
580:
573:
570:
565:
552:
544:
540:
536:
532:
528:
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487:
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475:
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453:
449:
445:
441:
439:
438:Dodge v. Ford
430:
428:
424:
420:
415:
412:
406:
402:
399:
397:
394:
392:
391:
387:
385:
382:
380:
377:
376:
372:
363:
358:
356:
355:Dodge v. Ford
343:
341:
337:
332:
320:
318:
311:
307:
305:
299:
297:
292:
286:
282:
274:
271:
266:
264:
259:
255:
254:
245:
243:
240:
238:
234:
230:
226:
219:
214:
212:
208:
205:By 1916, the
201:
196:
189:
187:
184:
180:
175:
173:
169:
165:
161:
157:
153:
149:
148:
136:
133:
130:
127:
126:
123:
118:
114:
110:
107:Case opinions
105:
102:
101:John W. Stone
98:
94:
90:
86:
85:Frank C. Kuhn
82:
81:Grant Fellows
78:
74:
70:
66:
61:
57:
53:
50:
47:
43:
38:
33:
30:
19:
2864:Transmission
2791:Buenos Aires
2584:Professional
2460:Predecessors
2399:
2350:
2306:T/V/W-Series
2226:100 Commando
2180:Mini Ram Van
1726:Custom Royal
1607:
1409:
1402:
1385:
1379:
1378:
1329:Racing teams
1143:Ford Sollers
1084:Ford Vietnam
1063:Changan Ford
919:Aston Martin
802:Subsidiaries
698:Discontinued
613:
607:
599:
572:
551:cite journal
520:
508:. Retrieved
504:
494:
471:
437:
414:
388:
360:
354:
351:
339:
330:
329:
316:
313:
308:
300:
288:
275:Significance
268:
253:obiter dicta
251:
249:
241:
225:shareholders
221:
216:
204:
200:Ford Model T
176:
164:shareholders
146:
145:
144:
131:shareholders
128:Stakeholders
73:John E. Bird
48:
40:Decided 1919
29:
2921:RĂĽsselsheim
2831:Figueruelas
2526:John Elkann
2477:Fiat S.p.A.
2296:Power Wagon
2266:D-50/Ram 50
1845:1500 / 1800
1700:Meadowbrook
1608:(by date of
1341:Performance
1291:Ford Family
1215:properties
1076:Ford Otosan
1071:Ford Lio Ho
893:Philippines
888:New Zealand
748:(1938–2011)
713:Continental
285:Squeeze out
112:Decision by
75:, Justices
55:Citation(s)
3080:Categories
2916:Porto Real
2871:Kragujevac
2549:Alfa Romeo
2528:(chairman)
2519:Leadership
2453:Stellantis
2346:Ram pickup
2286:LCF Series
2142:Ramcharger
1957:Colt Vista
1894:Arrow/Colt
1865:Challenger
1799:Custom 880
1731:1955 Dodge
1519:since 1928
1398:Ford Field
1393:Fordlândia
1312:Jim Farley
1296:Henry Ford
1241:Motorcraft
1151:Ford Union
1119:AutoLatina
976:Land Rover
949:Ford Japan
944:Ford India
898:Quick Lane
661:Divisions/
324:Lynn Stout
291:Henry Ford
279:See also:
263:spoliation
156:Henry Ford
154:held that
2894:Mirafiori
2886:Mangualde
2804:Jefferson
2781:Belvidere
2764:locations
2717:Australia
2712:Argentina
2696:VM Motori
2679:Share Now
2658:Leapmotor
2484:PSA Group
2216:50 series
2105:Dart (PF)
1921:St. Regis
1829:Super Bee
1669:D8/D9/D10
1648:Fast Four
1374:Big Three
1299:(Founder)
1286:Designers
1253:Platforms
1236:Factories
1154:(Belarus)
831:Argentina
826:Australia
780:(1939–65)
772:(1946–61)
764:(1949–76)
756:(1985–89)
737:Frontenac
732:(1917–64)
724:(1956–59)
716:(1956–59)
708:(1960–61)
407:Citations
250:Notably,
229:dividends
218:business.
115:Ostrander
3055:Category
2989:Stamping
2931:Saltillo
2901:Mulhouse
2821:Eisenach
2800:Detroit
2786:Brampton
2646:FCA Bank
2611:Vauxhall
2601:Maserati
2554:Chrysler
2381:Category
2291:M Series
2261:D Series
2256:C Series
2251:B Series
2195:Sprinter
2190:SpaceVan
2157:Minivans
2023:Intrepid
2003:Attitude
1962:Conquest
1909:Omni 024
1889:Diplomat
1761:Viscount
1736:La Femme
1721:Crusader
1705:Wayfarer
1695:Kingsway
1664:D5/D6/D7
1541:Attitude
1517:Chrysler
1455:Category
1427:New Edge
1356:Munchi's
1268:Vehicles
1201:products
1186:(Brazil)
1170:(France)
1146:(Russia)
971:Kwik-Fit
929:Cosworth
373:See also
365:—
345:—
322:—
246:Judgment
179:Delaware
120:Keywords
3065:Commons
3001:Windsor
2985:Warren
2966:Trenton
2936:Sochaux
2859:Casting
2855:Kokomo
2851:Kenitra
2846:Indiana
2841:Hordain
2836:Gliwice
2796:Cassino
2762:Factory
2737:Ireland
2618:Peugeot
2559:Citroën
2542:Marques
2499:Peugeot
2494:Citroën
2391:Commons
2301:Rampage
2221:100 Kew
2170:Caravan
2127:Journey
2069:Caliber
2038:Stratus
2033:Stealth
2013:Avenger
1972:Dynasty
1967:Daytona
1819:Phoenix
1809:Matador
1787:Charger
1746:Mayfair
1685:Coronet
1571:Durango
1546:Charger
1525:Current
1465:Commons
1417:History
1346:Team RS
1231:Engines
1183:Troller
1167:Matford
1138:(China)
1130:(49.9%)
1111:Argo AI
1043:Current
1016:Visteon
1011:Troller
924:Chariot
876:Romania
866:Ireland
861:Germany
809:Current
769:Monarch
745:Mercury
729:Fordson
689:Lincoln
670:Current
663:marques
591:1011924
543:2916960
510:May 27,
486:1070284
452:1013744
211:Model T
2971:Trnava
2961:Toluca
2926:Rennes
2906:Poissy
2890:Turin
2881:Madrid
2816:Dundee
2776:Atessa
2771:Aspern
2752:Serbia
2747:Poland
2727:Europe
2722:Canada
2684:Teksid
2596:Lancia
2579:Abarth
2400:Notes:
2341:Travco
2271:Dakota
2209:Trucks
2137:Raider
1987:Spirit
1982:Shadow
1977:Mirada
1899:Magnum
1850:Alpine
1824:Polara
1814:Monaco
1751:Regent
1741:Lancer
1690:Custom
1605:models
1603:Former
1576:Hornet
1527:models
1278:People
1246:Mercon
1175:Samcor
1104:Former
959:Jaguar
912:Former
871:Italia
856:France
851:Europe
846:Credit
841:Canada
836:Brazil
777:Thames
761:Meteor
753:Merkur
740:(1960)
682:Raptor
589:
541:
484:
450:
2976:Tychy
2876:Luton
2754:(67%)
2732:India
2692:(38%)
2690:TofaĹź
2686:(85%)
2674:Sevel
2664:Mopar
2660:(20%)
2654:(50%)
2648:(50%)
2641:Comau
2564:Dodge
2534:(CEO)
2281:Husky
2276:H-100
2132:Nitro
2098:2010s
2089:Trazo
2064:Brisa
2057:2000s
2048:Viper
2043:Verna
2018:Forza
1996:1990s
1947:Aries
1930:1980s
1860:Aspen
1855:Arrow
1838:1970s
1770:1960s
1756:Royal
1714:1950s
1678:1940s
1657:1930s
1641:1920s
1632:30-35
1625:1910s
1507:Dodge
1315:(CEO)
1162:(50%)
1114:(42%)
1095:(32%)
1087:(60%)
1079:(41%)
1066:(50%)
1053:(50%)
1021:Volvo
1006:Th!nk
721:Edsel
705:Comet
340:Dodge
331:Dodge
304:board
190:Facts
2981:Vigo
2809:Mack
2669:PCMA
2652:IKAP
2606:Opel
2591:Jeep
2574:Fiat
2246:A100
2241:1000
2165:1000
2152:Vans
2119:SUVs
2028:Neon
2008:Atos
1904:Omni
1877:Colt
1870:1970
1804:Dart
1618:Cars
1563:SUVs
1551:2024
1534:Cars
1001:Spin
677:Ford
587:SSRN
564:help
539:SSRN
512:2022
482:SSRN
448:SSRN
283:and
235:and
2623:Ram
2236:500
2231:300
2084:i10
1942:600
1937:400
1782:440
1777:330
939:FPV
531:doi
3082::
2569:DS
1916:SE
612:.
585:.
555::
553:}}
549:{{
537:.
503:.
480:.
460:^
446:.
426:^
298:.
198:A
99:,
95:,
91:,
87:,
83:,
79:,
2445:e
2438:t
2431:v
2154:/
1499:e
1492:t
1485:v
646:e
639:t
632:v
616:.
610:"
593:.
566:)
562:(
545:.
533::
514:.
488:.
474:"
454:.
440:"
319:.
20:)
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