Are there other stakeholders who might be more important to a company than its shareholders?

Download and read “The Social Responsibility of Business is to Increase its Profits” by Milton Friedman which is the basis for the ‘shareholder value theory’ that would dominate business and business school thinking from the 1970s into the new century. Do you think that Friedman’s argument is valid?

Some things to consider:

What is the role that a shareholder plays in a company? Do they actually contribute anything to the corporation (except for the case of an IPO)?

Are there other stakeholders who might be more important to a company than its shareholders?