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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Journal ArticleDOI
Marketing's Evolving Identity: Defining Our Future
TL;DR: Marketing thought and practice has evolved over the past 100 years from a philosophy of taking things to market to a belief in marketing to customers and, increasingly today, to marketing with customers as mentioned in this paper.
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Antecedents of Responsible Leader Behavior: A Research Synthesis, Conceptual Framework, and Agenda for Future Research
TL;DR: In this paper, the authors provide an overview and synthesis of existing and emerging research on responsible leadership and propose a unifying framework for explaining leaders' propensity to engage in two types of socially responsible behavior: "do good" and "avoid harm".
Journal ArticleDOI
Stakeholder accountability or stakeholder management: a review of uk firms' social and ethical accounting, auditing and reporting (seaar) practices
TL;DR: In this article, the authors evaluate the initial wave of stand-alone social reports issued by the major market players in the UK using AA1000 as an evaluative tool, or benchmark, in order to ascertain the extent to which they conform to the provisions of AA1000, in particular the core principles of accountability and inclusivity.
Journal ArticleDOI
Using stakeholder dialogue as a source for new ideas: a dynamic capability underlying sustainable innovation
TL;DR: In this article, a case study was used of two Spanish companies that have successfully learned from stakeholder dialogue and have generated innovations that are beneficial both for the company and for sustainable development in general.
Journal ArticleDOI
Evolution and issue patterns for major-sport-event organizing committees and their stakeholders.
TL;DR: In this article, a case study of the 1999 Pan American Games held in Winnipeg, Canada, was built using archival material and interviews, and three major organizing-committee operational modes emerged: planning, implementation, and wrap-up.
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.