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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Empirical study on relationship between corporate social responsibility and financial performance in Korea
TL;DR: Choi et al. as discussed by the authors examined the relationship between Corporate Social Responsibility (CSR) and corporate profit by testing the ESG performance score on the firm's Financial Performance (FP), specifically for Korea Stock Market (KOSPI) listed firms in the period of 2008-2014.
Journal ArticleDOI
Analyzing the Effect of Corporate Environmental Performance on Corporate Financial Performance in Developed and Developing Countries
TL;DR: In this article, the authors examined the effect of corporate environmental performance on corporate financial performance during a global financial crisis, depending on the economic development level of the country where a firm is located.
Journal ArticleDOI
Cross-Sector Partnerships and the Co-creation of Dynamic Capabilities for Stakeholder Orientation
TL;DR: In this paper, the authors explored the relationship between business experience in cross-sector partnerships and the co-creation of what they refer to as "dynamic capabilities for stakeholder orientation", consisting of the four dimensions of sensing, interacting with, learning from and changing based on stakeholders.
Journal ArticleDOI
CEO narcissism and corporate social responsibility: Does CEO narcissism affect CSR focus?
TL;DR: This article investigated the relationship between CEO narcissism and corporate social responsibility (CSR) and found that narcissistic CEOs are more likely to place greater emphasis on externally oriented CSR activities than on internally oriented activities.
Journal ArticleDOI
The Cambridge Business Model Innovation Process
TL;DR: The Cambridge Business Model Innovation Process (CBMIP) as mentioned in this paper is a framework developed to guide organizations' business model innovation efforts and map the necessary activities and potential challenges, and it has been applied to a social start-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.