The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications
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10,630 citations
6,493 citations
Cites background from "The Stakeholder Theory of the Corpo..."
...The performance of business organizations is affected by their strategies and operations in market and non-market environments (Baron 2000)....
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...Instrumental stakeholder theory (for example, Clarkson 1995; Cornell and Shapiro 1987; Donaldson and Preston 1995; Freeman 1984; Mitchell et al. 1997 (the classification of these studies as exemplifying ‘instrumental stakeholder theory’ was made ex post)) suggests a positive relationship between…...
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...According to this theory, the satisfaction of various stakeholder groups is instrumental for organizational financial performance (Donaldson and Preston 1995; Jones 1995)....
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6,305 citations
Cites background from "The Stakeholder Theory of the Corpo..."
...According to Donaldson and Preston (1995), three aspect of this theory-normative, instrumental, and descriptive-are "mutually supportive....
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Cites background from "The Stakeholder Theory of the Corpo..."
...Indeed, whole fields of economic inquiry, such as the study of economic regulation (e.g., Demsetz, 1968; Stigler,...
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...Instead, most of the stakeholder literature focuses on four other issues (Donaldson & Preston, 1995)....
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References
913 citations
"The Stakeholder Theory of the Corpo..." refers background in this paper
..." Freeman and Evan (1993) emphasized the notion of fairness....
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...Consider, for example, the simple hypothesis that corporations whose managers adopt stakeholder principles and practices will perform better financially than those that do not. This hypothesis has never been tested directly, and its testing involves some formidable challenges. (Clarkson's ongoing work is the only significant effort of this type known to us; cf. Clarkson, Deck, & Shiner, 1992.) The view that stakeholder management and favorable performance go hand in hand has, however, become commonplace in the management literature, both professional and academic. The earliest direct statement is probably that of General Robert E. Wood, then-CEO of Sears, in 1950: "All I can say is that if the other three parties named above [customers, employees, community] are properly taken care of, the stockholder will benefit in the long pull" (quoted in Worthy, 1984: 64). A recent effort to introduce practicing managers to the stakeholder concept and to improve their ability to implement stakeholder management practices is the work by Savage, Nix, Whitehead, and Blair (1991). Brummer (1991) cited not only Freeman (1989) but also Ackoff; Manning; Maslow; Peters and Waterman; Starling; Sturdivant; and others in support of stakeholder theory's instrumental base....
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"The Stakeholder Theory of the Corpo..." refers background in this paper
...Aoki's (1984) cooperative game theory of the firm attempts to explain internal governance, particularly the balance between owners' and workers' interests....
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