Journal ArticleDOI
The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications
Thomas Donaldson,Lee E. Preston +1 more
TLDR
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.Abstract:
?The stakeholder theory has been advanced and justified in the management literature on the basis of its descriptive accuracy, instrumental power, and normative validity. These three aspects of the theory, although interrelated, are quite distinct; they involve different types of evidence and argument and have different implications. In this article, we examine these three aspects of the theory and critique and integrate important contributions to the literature related to each. We conclude that the three aspects of stakeholder theory are mutually supportive and that the normative base of the theory-which includes the modern theory of property rights-is fundamental. If the unity of the corporate body is real, then there is reality and not simply legal fiction in the proposition that the managers of the unit are fiduciaries for it and not merely for its individual members, that they are . . . trustees for an institution [with multiple constituents] rather than attorneys for the stockholders.read more
Citations
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A model for stakeholder classification and stakeholder relationships
TL;DR: In this article, a new model of stakeholder classification and a model for explaining the relationship between the organization and its respective stakeholders is proposed, which is based on an empirical study that comprises an exploratory study based on 15 interviews and a confirmatory study on 684 questionnaires answered by staff of 11 public universities.
Journal ArticleDOI
Is sustainability a competitive advantage for small businesses? An empirical analysis of possible mediators in the sustainability–financial performance relationship
TL;DR: In this article, the authors defined a model in which sustainability practices affect firm financial performance via strategic drivers or antecedents of firm success and found that the social, economic and formal practices dimensions of sustainability positively affect competitive advantage mediated by corporate reputation, customer satisfaction and organisational commitment.
Posted Content
Guest Editors' Introduction Corporate Social Responsibility: Strategic Implications*
TL;DR: In this paper, a variety of perspectives on corporate social responsibility (CSR) are described, which are used to develop a framework for consideration of the strategic implications of CSR. Based on this framework, an agenda for additional theoretical and empirical research on CSR is proposed.
Journal ArticleDOI
Environmental initiatives: towards triple‐bottom line reporting
TL;DR: In this paper, the authors investigate the quantity and quality of voluntary environmental disclosures in the annual reports of firms listed by market capitalisation on the Australian Stock Exchange and find a trend to triple-bottom reporting and a significant change in the quality and quantity of environmental information, albeit in specific categories.
Journal ArticleDOI
Differentiating Stakeholder Theories
TL;DR: The authors constructs a typology of stakeholder theories based on the extent to which serving the interests of non-shareholders relative to those of shareholders is accepted as a responsibility of companies.
References
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Journal ArticleDOI
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Journal ArticleDOI
The Nature of the Firm
TL;DR: In this paper, it is shown that a definition of a firm may be obtained which is not only realistic in that it corresponds to what is meant by a firm in the real world, but is tractable by two of the most powerful instruments of economic analysis developed by Marshall, the idea of the margin and that of substitution.
Book
Strategic Management: A Stakeholder Approach
TL;DR: The Stakeholder Approach: 1. Managing in turbulent times 2. The stakeholder concept and strategic management 3. Strategic Management Processes: 4. Setting strategic direction 5. Formulating strategies for stakeholders 6. Implementing and monitoring stakeholder strategies 7. Conflict at the board level 8. The functional disciplines of management 9. The role of the executive as mentioned in this paper.
Journal ArticleDOI
The Economic Institutions of Capitalism
TL;DR: The Economic Institutions of Capitalism as mentioned in this paper is a seminal work in the field of economic institutions of capitalism. Journal of Economic Issues: Vol. 21, No. 1, pp. 528-530.