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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Management of social issues in supply chains: a literature review exploring social issues, actions and performance outcomes
TL;DR: In this paper, a structured literature review of social issues in supply chains is presented, analysing the research published so far in peer-reviewed publications, and the corresponding responsible supply chain actions adopted by firms to address these issues are grouped into communication, compliance and supplier development strategies.
Journal ArticleDOI
Making sense of conflicting empirical findings: A meta-analytic review of the relationship between corporate environmental and financial performance
TL;DR: In this article, a meta-analytic analysis of 149 studies on the relationship between corporate environmental performance (CEP) and corporate financial performance (CFP) is presented, showing that there is a positive and partially bidirectional relationship between CEP and CFP.
Journal ArticleDOI
The impact of corporate social performance on financial risk and utility:a longitudinal analysis
TL;DR: In this paper, the authors examined the relationship between corporate social performance (CSP) and financial risk for an extensive panel data sample of S&P 500 companies between the years 1992 and 2009 and investigated the link between CSP and investor utility.
Journal ArticleDOI
Research Notes. Stakeholders and Corporate Boards: Institutional Influences on Board Composition and Structure
Patrice Luoma,Jerry Goodstein +1 more
TL;DR: The authors examined the relationship between institutional influences and stakeholder representation on boards of directors and found that variations in legal environments, industry regulation, and firm size are associated with the adoption of stakeholder-oriented board committees.
Journal ArticleDOI
Corporate Reputation: A Combination of Social Responsibility and Industry
TL;DR: In this paper, the authors use the technique of panel data in a sample of 320 American listed companies from 2003 to 2007 to estimate a model of corporate reputation, measured by the Fortune index.
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.