Yup, but the facts of that particular case are tricky. Ford refused to issue a dividend to the Dodge brothers because
"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."
This isn't a business decision; it's an ideological one.
It's been argued that if he said less ("No, just no"), or a bit more ("And this will let us recruit the best workers/expand our customer base/etc"), he would have been fine. This commentary lays that argument out nicely: https://openyls.law.yale.edu/handle/20.500.13051/603
It's been argued that if he said less ("No, just no"), or a bit more ("And this will let us recruit the best workers/expand our customer base/etc"), he would have been fine. This commentary lays that argument out nicely: https://openyls.law.yale.edu/handle/20.500.13051/603