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
Using Stakeholder Theory to Analyze Telecenter Projects
TL;DR: In this paper, the authors used the example of telecenter projects to illustrate the application of a stake holder perspective, selecting the specific case of the Gyandoot telecenters in Madhya Pradesh, India.
Journal ArticleDOI
The corporate stakeholder commitment and social and financial performance
TL;DR: Results show a not very highlevel of the stakeholder approach in Spanish companies, a high level of publication and quality of sustainability reports and a positive and not significant relationship between these variables an...
Journal ArticleDOI
ESG practices and the cost of debt: evidence from EU countries
TL;DR: In this paper, the authors investigated whether lending institutions reward firms for their environmental, social and governance performance and disclosure in terms of lowering their cost of debt capital, and they found that firms with stronger ESG performance have a lower cost-of-debt capital.
Journal ArticleDOI
Corporate social responsibility practices and performance improvement among Chinese national state-owned enterprises
TL;DR: Based on the stakeholder theory, the authors developed 7+2 dimensions for CSR practices measurement among Chinese national state-owned enterprises (CNSOEs), and examined if their CSR practice brings financial and social performance improvements.
Journal ArticleDOI
Effect of Financial Reporting Quality on Sustainability Information Disclosure
TL;DR: In this paper, the authors analyzed the relationship between financial reporting quality and the quality of CSR information and found that companies that provide high quality financial information tend to be more conservative in their accounting and less inclined to carry out unethical practices such as earnings management.
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.