IDEAS home Printed from https://ideas.repec.org/a/bla/corgov/v13y2005i5p598-612.html
   My bibliography  Save this article

Accounting for Enron: shareholder value and stakeholder interests

Author

Listed:
  • Thomas Clarke

Abstract

The catastrophe caused by the failure of Enron could not compare with the damage this company would have caused if it had succeeded. The relentless emphasis on the importance of shareholder value in recent times has created the conditions for the disconnection of corporations such as Enron from their essential moral underpinnings, encouraging them to concentrate exclusively on financial performance, and to neglect not just the wider stakeholder interests of customers and employees, but the essential interests of the economies and communities in which they operate. The problem with established economic theories of corporate governance is that they misconceive the irreducible core of corporate governance, at the same time as underestimating the complexity of the phenomenon.

Suggested Citation

  • Thomas Clarke, 2005. "Accounting for Enron: shareholder value and stakeholder interests," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(5), pages 598-612, September.
    • Handle: RePEc:bla:corgov:v:13:y:2005:i:5:p:598-612
    DOI: 10.1111/j.1467-8683.2005.00454.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1467-8683.2005.00454.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1467-8683.2005.00454.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Simon Learmount, 2002. "Theorizing Corporate Governance: New Organizational Alternatives," Working Papers wp237, Centre for Business Research, University of Cambridge.
    2. Stiles, Philip & Taylor, Bernard, 2002. "Boards at Work: How Directors View their Roles and Responsibilities," OUP Catalogue, Oxford University Press, number 9780199258161.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Christopher, Joe, 2010. "Corporate governance—A multi-theoretical approach to recognizing the wider influencing forces impacting on organizations," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 21(8), pages 683-695.
    2. Joe Christopher & Philomena Leung & Shane Leong, 2017. "Can Employees Be Used to Overcome Independent Audit Limitations?," Australian Accounting Review, CPA Australia, vol. 27(4), pages 442-456, December.
    3. Adeyemi Adebayo & Barry Ackers, 2024. "Managing Trade‐Offs Between Environmental, Social, Governance and Financial Sustainability in State‐Owned Enterprises: Insights from an Emerging Market," Australian Accounting Review, CPA Australia, vol. 34(1), pages 55-73, March.
    4. Sebahattin Demirkan & Harlan Platt, 2009. "Financial status, corporate governance quality, and the likelihood of managers using discretionary accruals," Accounting Research Journal, Emerald Group Publishing Limited, vol. 22(2), pages 93-117, September.
    5. Linsley, Philip M. & Shrives, Philip J., 2009. "Mary Douglas, risk and accounting failures," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 20(4), pages 492-508.
    6. Ayman Mohamed Zerban & Abdullah Mohammed Abdullateef Madani, 2017. "Corporate Governance and Board of Directors Responsibility in Appointing Senior Managers: A Case in Saudi Arabia," International Journal of Business and Management, Canadian Center of Science and Education, vol. 13(1), pages 183-183, December.
    7. Adel Elgharbawy & Magdy Abdel-Kader, 2013. "Enterprise governance and value-based management: a theoretical contingency framework," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 17(1), pages 99-129, February.
    8. Charles T. Crespy & Van V. Miller, 2011. "Sustainability reporting: A comparative study of NGOs and MNCs," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 18(5), pages 275-284, September.
    9. Hongjin Zhu & Pengji Wang & Chris Bart, 2016. "Board Processes, Board Strategic Involvement, and Organizational Performance in For-profit and Non-profit Organizations," Journal of Business Ethics, Springer, vol. 136(2), pages 311-328, June.
    10. Dorothee Feils & Manzur Rahman & Florin Şabac, 2018. "Corporate Governance Systems Diversity: A Coasian Perspective on Stakeholder Rights," Journal of Business Ethics, Springer, vol. 150(2), pages 451-466, June.
    11. Alexandra Portalanza, 2013. "Gobierno corporativo una aproximación teórica," Revista Saber, Ciencia y Libertad, Universidad Libre - Sede Cartagena, vol. 8(1), pages 117-124, January.
    12. Haroon ur Rashid Khan & Murad Ali & Hossein G. T. Olya & Muhamamd Zulqarnain & Zubair Rashid Khan, 2018. "Transformational leadership, corporate social responsibility, organizational innovation, and organizational performance: Symmetrical and asymmetrical analytical approaches," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 25(6), pages 1270-1283, November.
    13. Adriano Stadler & Edson Andrade dos Reis & Elaine Cristina Arantes & Jansen Maia Del Corso, 2017. "Study on Professors’ Perception With Respect to Higher Education Institutions’ Socially Responsible Initiatives," Brazilian Business Review, Fucape Business School, vol. 14(6), pages 592-608, November.
    14. MuiChing Chan & John Watson & David Woodliff, 2014. "Corporate Governance Quality and CSR Disclosures," Journal of Business Ethics, Springer, vol. 125(1), pages 59-73, November.
    15. Xingqiang Du, 2014. "Does Religion Mitigate Tunneling? Evidence from Chinese Buddhism," Journal of Business Ethics, Springer, vol. 125(2), pages 299-327, December.
    16. Christopher, Joe, 2012. "Tension between the corporate and collegial cultures of Australian public universities: The current status," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 23(7), pages 556-571.
    17. Lippert, Inge, 2008. "Perspektivenverschiebungen in der Corporate Governance: Neuere Ansätze und Studien der Corporate-Governance-Forschung," Discussion Papers, Research Unit: Knowledge, Production Systems and Work SP III 2008-302, WZB Berlin Social Science Center.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lippert, Inge, 2008. "Perspektivenverschiebungen in der Corporate Governance: Neuere Ansätze und Studien der Corporate-Governance-Forschung," Discussion Papers, Research Unit: Knowledge, Production Systems and Work SP III 2008-302, WZB Berlin Social Science Center.
    2. Graham O'Neill, 2007. "A Priori Conceptions, Methodological Dogmatism and Theory versus Practice: three reasons why CEO pay research lacks convergence," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(4), pages 692-700, July.
    3. Pugliese, A. & Bezemer, P.J. & Zattoni, A. & Huse, M. & van den Bosch, F.A.J. & Volberda, H.W., 2009. "Boards of Directors’ Contribution to Strategy: A Literature Review and Research Agenda," ERIM Report Series Research in Management ERS-2009-013-STR, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    4. Silvia Ferramosca & Giulio Greco & Marco Allegrini, 2017. "External audit and goodwill write-off," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 21(4), pages 907-934, December.
    5. Stephen J. Perkins & Chris Hendry, 2005. "Ordering Top Pay: Interpreting the Signals," Journal of Management Studies, Wiley Blackwell, vol. 42(7), pages 1443-1468, November.
    6. M. Farwis & M. C. A. Nazar & A. A. Azeez, 2020. "Corporate Board and Firm Risk: An Emerging Market Perspective," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(6), pages 301-317, December.
    7. Theodore Syriopoulos & Michael Tsatsaronis, 2012. "Corporate Governance Mechanisms and Financial Performance: CEO Duality in Shipping Firms," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 2(1), pages 1-30, June.
    8. Khlif, Wafa & Clarke, Thomas & Karoui, Lotfi & Seny Kan, Konan A. & Ingley, Coral, 2019. "Governing complexity to challenge neoliberalism? Embedded firms and the prospects of understanding new realities," European Management Journal, Elsevier, vol. 37(5), pages 601-610.
    9. Wu, Hsueh-Liang, 2008. "When does internal governance make firms innovative," Journal of Business Research, Elsevier, vol. 61(2), pages 141-153, February.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:corgov:v:13:y:2005:i:5:p:598-612. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.