On the shareholders versus stakeholders debate
Author
Abstract
Suggested Citation
DOI: 10.1016/j.jebo.2023.11.031
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Marc Fleurbaey & Grégory Ponthière, 2023.
"The Stakeholder Corporation and Social Welfare,"
Journal of Political Economy, University of Chicago Press, vol. 131(9), pages 2556-2594.
- Marc Fleurbaey & Grégory Ponthière, 2023. "The stakeholder corporation and social welfare," Post-Print hal-03426120, HAL.
- Marc Fleurbaey & Grégory Ponthière, 2023. "The stakeholder corporation and social welfare," PSE-Ecole d'économie de Paris (Postprint) hal-03426120, HAL.
- Michael C. Jensen, 2010.
"Value Maximization, Stakeholder Theory, and the Corporate Objective Function,"
Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 32-42, January.
- Michael C. Jensen, 2001. "Value Maximization, Stakeholder Theory, And The Corporate Objective Function," Journal of Applied Corporate Finance, Morgan Stanley, vol. 14(3), pages 8-21, September.
- Michael Jensen, 2001. "Value Maximisation, Stakeholder Theory, and the Corporate Objective Function," European Financial Management, European Financial Management Association, vol. 7(3), pages 297-317, September.
- Jensen, Michael C., 2002. "Value Maximization, Stakeholder Theory, and the Corporate Objective Function," Business Ethics Quarterly, Cambridge University Press, vol. 12(2), pages 235-256, April.
- Becht, Marco & Bolton, Patrick & Roell, Ailsa, 2003.
"Corporate governance and control,"
Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 1, pages 1-109,
Elsevier.
- Patrick Bolton & Marco Becht & Alisa Röell, 2002. "Corporate Governance and Control," NBER Working Papers 9371, National Bureau of Economic Research, Inc.
- Marco Becht & Patrick Bolton & Ailsa Roell, 2003. "Corporate governance and control," ULB Institutional Repository 2013/13330, ULB -- Universite Libre de Bruxelles.
- Giovanni Cespa & Giacinta Cestone, 2007.
"Corporate Social Responsibility and Managerial Entrenchment,"
Journal of Economics & Management Strategy, Wiley Blackwell, vol. 16(3), pages 741-771, September.
- Cestone, Giacinta & Cespa, Giovanni, 2004. "Corporate Social Responsibility and Managerial Entrenchment," CEPR Discussion Papers 4648, C.E.P.R. Discussion Papers.
- Giovanni Cespa & Giacinta Cestone, 2007. "Corporate Social Responsibility and Managerial Entrenchment," CSEF Working Papers 173, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Giovanni Cespa & Giacinta Cestone, 2004. "Corporate Social Responsability and Managerial Entrenchment," Working Papers 139, Barcelona School of Economics.
- Tirole, Jean, 2001.
"Corporate Governance,"
Econometrica, Econometric Society, vol. 69(1), pages 1-35, January.
- Tirole, Jean, 1999. "Corporate Governance," CEPR Discussion Papers 2086, C.E.P.R. Discussion Papers.
- Tiroley, Jean, 2000. "Corporate Governance," CEI Working Paper Series 2000-1, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
- M. Pagano & P. F. Volpin, 2005.
"Managers, Workers, and Corporate Control,"
Journal of Finance, American Finance Association, vol. 60(2), pages 841-868, April.
- Marco Pagano & Paolo Volpin, 2001. "Managers, Workers, and Corporate Control," CSEF Working Papers 75, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 09 Jan 2004.
- Pagano, Marco & Volpin, Paolo, 2002. "Managers, Workers and Corporate Control," CEPR Discussion Papers 3649, C.E.P.R. Discussion Papers.
- Franklin Allen, 2005. "Corporate Governance in Emerging Economies," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 21(2), pages 164-177, Summer.
- Edward E. Schlee & M. Ali Khan, 2022. "Money Metrics In Applied Welfare Analysis: A Saddlepoint Rehabilitation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(1), pages 189-210, February.
- Franklin Allen & Elena Carletti & Robert Marquez, 2015.
"Stakeholder Governance, Competition, and Firm Value,"
Review of Finance, European Finance Association, vol. 19(3), pages 1315-1346.
- Franklin Allen & Elena Carletti & Robert Marquez, 2014. "Stakeholder Governance, Competition and Firm Value," CESifo Working Paper Series 4652, CESifo.
- Camelia Bejan, 2008. "The objective of a privately owned firm under imperfect competition," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 37(1), pages 99-118, October.
- Hart, Oliver D. & Zingales, Luigi, 2022. "The New Corporate Governance," Working Papers 317, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
- Bejan, Camelia, 2021. "On the inefficiency of perfect price discrimination," Economics Letters, Elsevier, vol. 208(C).
- Oliver D. Hart & Luigi Zingales, 2022.
"The New Corporate Governance,"
NBER Working Papers
29975, National Bureau of Economic Research, Inc.
- Hart, Oliver & Zingales, Luigi, 2022. "The New Corporate Governance," CEPR Discussion Papers 17276, C.E.P.R. Discussion Papers.
- Michael Magill & Martine Quinzii & Jean‐Charles Rochet, 2015. "A Theory of the Stakeholder Corporation," Econometrica, Econometric Society, vol. 83(5), pages 1685-1725, September.
- Aaron S. Edlin & Mario Epelbaum & Walter P. Heller, 1998. "Is Perfect Price Discrimination Really Efficient?: Welfare and Existence in General Equilibrium," Econometrica, Econometric Society, vol. 66(4), pages 897-922, July.
- Camelia Bejan, 2020. "Investment and financing in incomplete markets," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 69(1), pages 149-182, February.
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.- Krüger, Philipp, 2015. "Corporate goodness and shareholder wealth," Journal of Financial Economics, Elsevier, vol. 115(2), pages 304-329.
- Diego Prior & Jordi Surroca & Josep A. Tribó, 2008. "Are Socially Responsible Managers Really Ethical? Exploring the Relationship Between Earnings Management and Corporate Social Responsibility," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(3), pages 160-177, May.
- Chilosi, Alberto & Damiani, Mirella, 2007. "Stakeholders vs. shareholders in corporate governance," MPRA Paper 2334, University Library of Munich, Germany.
- Champagne, Claudia & Coggins, Frank & Sodjahin, Amos, 2022. "Can extra-financial ratings serve as an indicator of ESG risk?," Global Finance Journal, Elsevier, vol. 54(C).
- Pagano, Marco & Volpin, Paolo, 2005.
"Shareholder Protection, Stock Market Development and Politics,"
CEPR Discussion Papers
5378, C.E.P.R. Discussion Papers.
- Marco Pagano & Paolo Volpin, 2005. "Shareholder Protection, Stock Market Development, and Politics," CSEF Working Papers 149, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Yi Si & Chongwu Xia, 2023. "The Effect of Human Capital on Stock Price Crash Risk," Journal of Business Ethics, Springer, vol. 187(3), pages 589-609, October.
- Anagnostopoulou, Seraina C. & Tsekrekos, Andrianos E. & Voulgaris, Georgios, 2021. "Accounting conservatism and corporate social responsibility," The British Accounting Review, Elsevier, vol. 53(4).
- Ormazabal, Gaizka, 2018. "The Role of Stakeholders in Corporate Governance: A View from Accounting Research," CEPR Discussion Papers 12775, C.E.P.R. Discussion Papers.
- Giovanni Cespa & Giacinta Cestone, 2007.
"Corporate Social Responsibility and Managerial Entrenchment,"
Journal of Economics & Management Strategy, Wiley Blackwell, vol. 16(3), pages 741-771, September.
- Giovanni Cespa & Giacinta Cestone, 2004. "Corporate Social Responsability and Managerial Entrenchment," Working Papers 139, Barcelona School of Economics.
- Giovanni Cespa & Giacinta Cestone, 2007. "Corporate Social Responsibility and Managerial Entrenchment," CSEF Working Papers 173, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Cestone, Giacinta & Cespa, Giovanni, 2004. "Corporate Social Responsibility and Managerial Entrenchment," CEPR Discussion Papers 4648, C.E.P.R. Discussion Papers.
- Mohamed Arouri & Guillaume Pijourlet, 2017.
"CSR Performance and the Value of Cash Holdings: International Evidence,"
Journal of Business Ethics, Springer, vol. 140(2), pages 263-284, January.
- Mohamed Arouri & Guillaume Pijourlet, 2017. "CSR Performance and the Value of Cash Holdings: International Evidence," Post-Print hal-01653159, HAL.
- Isabel Gutierrez & Jordi Surroca, 2014. "Revisiting corporate governance through the lens of the Spanish evidence," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(4), pages 989-1017, November.
- Jiao, Yawen, 2010. "Stakeholder welfare and firm value," Journal of Banking & Finance, Elsevier, vol. 34(10), pages 2549-2561, October.
- Franklin Allen & Elena Carletti & Robert Marquez, 2015.
"Stakeholder Governance, Competition, and Firm Value,"
Review of Finance, European Finance Association, vol. 19(3), pages 1315-1346.
- Franklin Allen & Elena Carletti & Robert Marquez, 2014. "Stakeholder Governance, Competition and Firm Value," CESifo Working Paper Series 4652, CESifo.
- Ni, Xiaoran & Song, Wei & Yao, Jiaquan, 2020. "Stakeholder orientation and corporate payout policy: Insights from state legal shocks," Journal of Banking & Finance, Elsevier, vol. 121(C).
- Jo, Hoje & Song, Moon H. & Tsang, Albert, 2016. "Corporate social responsibility and stakeholder governance around the world," Global Finance Journal, Elsevier, vol. 29(C), pages 42-69.
- Marshall, Andrew & Rao, Sandeep & Roy, Partha P. & Thapa, Chandra, 2022. "Mandatory corporate social responsibility and foreign institutional investor preferences," Journal of Corporate Finance, Elsevier, vol. 76(C).
- Olga Lazareva & Andrei Rachinsky & Sergey Stepanov, 2008.
"A Survey of Corporate Governance in Russia,"
Springer Books, in: Robert W. McGee (ed.), Corporate Governance in Transition Economies, chapter 32, pages 315-349,
Springer.
- Olga Lazareva & Andrei Rachinsky & Sergey Stepanov, 2007. "A Survey of Corporate Governance in Russia," Working Papers w0103, New Economic School (NES).
- Olga Lazareva & Andrei Rachinsky & Sergey Stepanov, 2007. "A Survey of Corporate Governance in Russia," Working Papers w0103, Center for Economic and Financial Research (CEFIR).
- Allen, Franklin & Carletti, Elena & Marquez, Robert, 2013. "Stakeholder Governance, Competition and Firm Value," Working Papers 13-33, University of Pennsylvania, Wharton School, Weiss Center.
- Prior, Diego & Surroca Aguilar, Jorge & Tribo Gine, José Antonio, 2007. "Earnings management and corporate social responsibility," DEE - Working Papers. Business Economics. WB wb062306, Universidad Carlos III de Madrid. Departamento de EconomÃa de la Empresa.
- Maretno Harjoto & Hoje Jo, 2011. "Corporate Governance and CSR Nexus," Journal of Business Ethics, Springer, vol. 100(1), pages 45-67, April.
More about this item
Keywords
Firm's objective; Incomplete markets; Shareholders versus stakeholders; Externalities;All these keywords.
JEL classification:
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
Statistics
Access and download statisticsCorrections
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:eee:jeborg:v:218:y:2024:i:c:p:68-88. 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: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jebo .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.