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The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications
Thomas Donaldson,Lee E. Preston +1 more
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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
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Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of who and What Really Counts
TL;DR: In this paper, a theory of stakeholder identification and saliency based on stakeholders possessing one or more of three relationship attributes (power, legitimacy, and urgency) is proposed, and a typology of stakeholders, propositions concerning their saliency to managers of the firm, and research and management implications.
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Corporate Social and Financial Performance: A Meta-Analysis
TL;DR: This article conducted a meta-analysis of 52 studies and found that corporate virtue in the form of social responsibility and, to a lesser extent, environmental responsibility is likely to pay off, although the operationalizations of CSP and CFP also moderate the positive association.
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Corporate Social Responsibility: a Theory of the Firm Perspective
TL;DR: In this article, the authors outline a supply and demand model of corporate social responsibility (CSR) and conclude that there is an "ideal" level of CSR, which managers can determine via cost-benefit analysis.
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Misery Loves Companies: Rethinking Social Initiatives by Business:
TL;DR: The authors argue that companies are increasingly asked to provide innovative solutions to deep-seated problems of human misery, even as economic theory instructs managers to focus on maximizing their shareholders' wealt.
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Why would corporations behave in socially responsible ways? an institutional theory of corporate social responsibility
TL;DR: In this paper, the authors propose an institutional theory of corporate social responsibility consisting of a series of propositions specifying the conditions under which corporations are likely to behave in socially responsible ways, and argue that the relationship between basic economic conditions and corporate behavior is mediated by several institutional conditions: public and private regulation, the presence of nongovernmental and other independent organizations that monitor corporate behaviour, institutionalized norms regarding appropriate corporate behavior, associative behavior among corporations themselves, and organized dialogues among corporations and their stakeholders.
References
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Book
Corporate Responsibility and Legitimacy: An Interdisciplinary Analysis
TL;DR: The Corporate Responsibility Debate as discussed by the authors The Corporate Responsibility debate The Corporate and Responsibility Debate The Corporation and Responsibility The Types of Corporate Responsibility The Relations of Accountability Models of the Corporation--I models of the corporation--II Theories of Institutional Legitimacy The four theories of corporate responsibility The classical theory of corporate Responsibility The Response to the Classical Theory The Stakeholder Theory The Social Demandingness Theory The social Activist Theory The Question of Plant Relocation or Closing or Closing--I The question of plant relocation or closing--II Collective and Subordinate Responsibility Individual and Collective Responsibility
Book
The co-operative game theory of the firm
TL;DR: In this paper, the authors propose a cooperative game theory of the firm, in which the firm is a coalition of shareholders and employees, with its market behavior and internal distribution the result of a cooperative bargaining game (bargaining).
Book
The Cost of Talent: How Executives And Professionals Are Paid And How It Affects America
TL;DR: Bok as discussed by the authors argues persuasively that the compensation paid to top executives, lawyers, and doctors cannot be justified, nor is there evidence that huge bonuses and other financial incentives motivate them to do better work.
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