"Companies have no personality, no humanity, and no conscience." - which is exactly why the Supreme Court's decision giving them rights as if they were "persons" is possible the worst legal precedent in our history. But it's also irrelevant to this discussion, because the "hazard" can translate easily from "moral" to "expected value". If companies expect that once they're big, they can take on irresponsible risk without actually being at risk, that encourages them to do so as long as there's short term profit in it. If they can't expect that, boards would be more likely to stop such behavior even if it's profitable.