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Shareholder and stakeholder theory in governance

In: Research Handbook on the Governance of Projects

Author

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  • Ralf Müller

Abstract

One of the most fundamental differences in governance perspectives is that of governance for shareholders versus stakeholders. The former aligns all resources and decision-making in the governed entity to prioritize the benefits for one particular stakeholder group: the shareholders. Contrarily, a stakeholder perspective balances the benefits created by the governed entity over the various stakeholder groups, of which the shareholders are one among many. For individuals in projects, it is essential to know the emphasis in corporate governance for either the shareholder or stakeholder approach and its implementation in the particular part of the organization where a project occurs. Otherwise, the project might be at risk of delivering unintended, false benefits or benefits to the wrong stakeholder group. The present chapter provides an introduction to shareholder and stakeholder orientations and their related theories and then discusses the implications thereof for projects, programs, and portfolios of projects.

Suggested Citation

  • Ralf Müller, 2023. "Shareholder and stakeholder theory in governance," Chapters, in: Research Handbook on the Governance of Projects, chapter 4, pages 42-49, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21314_4
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    File URL: https://www.elgaronline.com/doi/10.4337/9781802208078.00010
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