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
More filters
Journal ArticleDOI
Social licence to operate: understanding how a concept has been translated into practice in energy industries
TL;DR: In this article, a cross-industry examination of social licence to operate is presented, comparing the use of this concept in four Australian energy industry contexts: mining, wind, carbon dioxide capture and storage, and geothermal.
Journal ArticleDOI
Mapping stakeholder theory anew: from the ‘stakeholder theory of the firm’ to three perspectives on business–society relations
TL;DR: In this paper, a triple-perspective typology of second-order stakeholder theory is presented, which can be used to map stakeholder research beyond its current limitations by raising awareness for neglected research approaches and issues.
Journal ArticleDOI
Opportunities and Problems of Standardized Ethics Initiatives - a Stakeholder Theory Perspective
TL;DR: In this article, the authors evaluate standardized ethics initiatives by drawing on descriptive, instrumental, and normative stakeholder theory, and explain why these standards are helpful tools when it comes to managing stakeholder relations but also face considerable limitations that can eventually hamper their successful expansion.
Journal ArticleDOI
A Social Contract Account for CSR as Extended Model of Corporate Governance (Part I): Rational Bargaining and Justification
Lorenzo Sacconi,Lorenzo Sacconi +1 more
TL;DR: In this paper, the authors give a contractarian foundation to the concept of Corporate Social Responsibility (CSR) meant as an extended model of corporate governance of the firm, by setting the basic context of incompleteness of contracts and abuse of authority.
Journal ArticleDOI
The Relationship Between Project Governance and Project Success
Robert Joslin,Ralf Müller +1 more
TL;DR: In this article, the authors look at the relationship between project governance and project success from an agency theory and stewardship theory perspective, and find that project success correlates with increasing stakeholder orientation of the parent organization, while the types of control mechanisms do not correlate with project success.
References
More filters
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.