The supreme court, of new jersey, hands down A.P. Smith Manufacturing v. Barlow: corporations may in part fulfill their social responsibilities by supporting charitable causes with their pre-taxed profits, rather than pay those profits to their shareholder-owners, who would then decide which causes to support.
[added 9/15/2022]
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Authority:
“Law of the Jungle”
ccc-2point0.com/preface
References:
John Hood, “Do Corporations Have Social Responsibilities?,” The Freeman 48 (November 1998): 680, 682.
A.P. Smith Manufacturing Co. v. Barlow, 13 NJ 145 (1953).
law.justia.com/cases/new-jersey/supreme-court/1953/13-n-j-145-0.html
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