Stakeholder Theory and The Corporate Objective Revisited
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TLDR
This paper offers a response to Sundaram and Inkpen's article "The Corporate Objective Revisited" by clarifying misconceptions about stakeholder theory and concluding that truth and freedom are best served by seeing business and ethics as connected.Abstract:
Stakeholder theory begins with the assumption that values are necessarily and explicitly a part of doing business. It asks managers to articulate the shared sense of the value they create, and what brings its core stakeholders together. It also pushes managers to be clear about how they want to do business, specifically what kinds of relationships they want and need to create with their stakeholders to deliver on their purpose. This paper offers a response to Sundaram and Inkpen's article "The Corporate Objective Revisited" by clarifying misconceptions about stakeholder theory and concluding that truth and freedom are best served by seeing business and ethics as connected.read more
Citations
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Does it Pay to Be Good...And Does it Matter? A Meta-Analysis of the Relationship between Corporate Social and Financial Performance
TL;DR: This article conducted a meta-analysis of 251 studies presented in 214 manuscripts and found that the overall effect is positive but small (mean r =.13, median r = 0.09, weighted r = 1.11), and results for the 106 studies from the past decade are even smaller.
Journal ArticleDOI
Stakeholder Theory: Reviewing a Theory That Moves Us
TL;DR: In this paper, the authors reviewed the academic stakeholder theory literature as it developed between 1984 and 2007 and found five themes: (a) stakeholder definition and salience, (b) stake holder actions and responses, (c) firm actions and response, (d) firm performance, and (e) theory debates.
Journal ArticleDOI
Corporate social responsibility and stakeholder value maximization: Evidence from mergers☆
TL;DR: In this article, a large sample of mergers in the US was used to examine whether corporate social responsibility (CSR) creates value for acquiring firms' shareholders, and they found that high CSR acquirers realize higher merger announcement returns, higher announcement returns on the value-weighted portfolio of the acquirer and the target, and larger increases in postmerger long-term operating performance.
Journal ArticleDOI
The Corporate Objective Revisited
TL;DR: In this paper, the authors explain why maximizing shareholder value should be the sole objective function for governing the corporation and why that objective function is, on balance, good for all stakeholders.
Journal ArticleDOI
Stakeholder Theory, Value, and Firm Performance
TL;DR: In this paper, the authors argue that the notion of value has been overly simplified and narrowed to focus on economic returns and propose a more complex perspective of the value that stakeholders seek as well as new ways to measure it.
References
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Journal ArticleDOI
The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications
Thomas Donaldson,Lee E. Preston +1 more
TL;DR: In this article, the authors examine three aspects of the stakeholder theory and critique and integrate important contributions to the literature related to each, concluding that the three aspects are mutually supportive and that the normative base of the theory-which includes the modern theory of property rights-is fundamental.
Book
Stakeholder Theory: The State of the Art
Bidhan L. Parmar,R. Edward Freeman,Jeffrey S. Harrison,Andrew C. Wicks,Lauren Purnell,Simone de Colle +5 more
TL;DR: In this paper, the major uses and adaptations of stakeholder theory across a broad array of disciplines such as business ethics, corporate strategy, finance, accounting, management, and marketing are reviewed.
Journal ArticleDOI
The Politics of Stakeholder Theory: Some Future Directions
TL;DR: In this article, the authors argue that there is no stakeholder paradox, and that the principle on which such a paradox is built, the Separation Thesis, is nicely self-serving to business and ethics academics.
Book
The Rhetoric of Economics
TL;DR: McCloskey as discussed by the authors describes how economic discourse employs metaphor, authority, symmetry, and other rhetorical means of persuasion, showing economists to be human persuaders and poets of the marketplace, even in their most technical and mathematical moods.
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