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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CEO Greed, Corporate Social Responsibility, and Organizational Resilience to Systemic Shocks:
TL;DR: In this paper, the authors explore how top executives affect the well-being of multiple stakeholders and long-run organizational outcomes in the context of the 2008 global financial crisis (GFC).
Journal ArticleDOI
Towards the relational corporation: from managing stakeholder relationships to building stakeholder relationships (waiting for Copernicus)
TL;DR: In this paper, the authors propose the term relational corporation to refer to a corporation that changes its approach to links with its stakeholders, moving from managing relationships to building relationships, and suggest that all stakeholder approaches should make explicit their models, what they call a company model, a management model, description model, values clarification model and a legitimacy model.
Journal ArticleDOI
The Sydney Olympics: Striving for Legacies – Overcoming Short-Term Disappointments and Long-Term Deficiencies
TL;DR: In this article, the authors investigated the Sydney 2000 Olympic Games in terms of their economic, social, environmental, knowledge, sporting and political legacies, and concluded that elite sport in Australia has profited at the expense of sport for all.
Journal ArticleDOI
Building a framework for issues management in sport through stakeholder theory
TL;DR: In this paper, the basic tenets of stakeholder theory and its application to sports-related issues are reviewed and suggested for sport management practitioners and academics alike, in an effort to show that Stakeholder analysis can be used to identify stakeholders, stakeholder claims, motivations and relative importance, by evaluating stakeholders' levels of power, legitimacy and urgency related to the issue.
Journal ArticleDOI
Corporate Boards, Ownership Structures and Corporate Disclosures: Evidence from a Developing Country
TL;DR: In this article, the effect of corporate board attributes, ownership structure and firm-level characteristics on both corporate mandatory and voluntary disclosure behavior was investigated, and the authors found that board size, board composition, frequency of board meetings and the presence of an audit committee have an impact on the level of corporate disclosure.
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.