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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Book
Board Characteristics and Firm Performance: Evidence from New Zealand
TL;DR: In this paper, the authors propose a novel approach to solve the problem of homonymity in the context of homophily, and propose a method to solve homophotonicity.
Journal ArticleDOI
Stakeholder expectations on sustainability performance measurement and assessment: A systematic literature review
TL;DR: In this article, a systematic literature review on sustainability performance measurement and assessment is presented, which analyzes the gap between the flourishing number of publications and the disappointment of stakeholders, and analyzes how current literature on sustainable performance assessment addresses stakeholder expectations.
Journal ArticleDOI
“Why Should We Care about Marriage Equality?”: Political Advocacy as a Part of Corporate Responsibility
Florian Wettstein,Dorothea Baur +1 more
TL;DR: In this paper, the authors define and conceptualize corporate political advocacy and distinguish it from other forms of corporate political involvement, and make normative sense of corporate advocacy as an element of corporate responsibility.
Journal ArticleDOI
Stakeholder engagement for responsible innovation in the private sector: critical issues and management practices
TL;DR: In this paper, the authors explore to what extent companies with a disposition to innovate in a more responsible way are moving towards the ideal of mutual responsiveness among stakeholders, as it is presented in the RI literature.
Journal ArticleDOI
Institutional Investor Power and Heterogeneity Implications for Agency and Stakeholder Theories
TL;DR: In this paper, the authors examine the implications of the escalation in institutional inves power and heterogeneity for two dominant theories of corporate governance agency theory and stakeholder theory and conclude that stakeholder theorists should reconsider these newly empowered shareholders' moral standing in relation to their portfolio firms, and they should reexamine the identities and goals of these modern investors.
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.