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Corporate Governance: Stakeholder Value Versus Shareholder Value

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  • Gérard Charreaux
  • Philippe Desbrières

Abstract

Unsatisfied with the dominatingshareholders' point of view, that appears to betoo limited to build a relevant theory ofcorporate governance, we propose an enlargeddefinition of the value which may be called,the stakeholder value. This definition and itsassociated measure are more suitable for thestakeholder approach to the firm and morerelevant to understand the value creation andsharing mechanisms. Copyright Kluwer Academic Publishers 2001

Suggested Citation

  • Gérard Charreaux & Philippe Desbrières, 2001. "Corporate Governance: Stakeholder Value Versus Shareholder Value," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 5(2), pages 107-128, June.
    • Handle: RePEc:kap:jmgtgv:v:5:y:2001:i:2:p:107-128
    DOI: 10.1023/A:1013060105433
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    More about this item

    Keywords

    corporate governance; shareholder value; stakeholder value; value creation; value sharing;
    All these keywords.

    JEL classification:

    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other

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