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Exploring theoretical paradigms in corporate governance

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  • Clive Smallman

Abstract

This paper evaluates the validity of three theoretical paradigms in corporate governance: shareholder theory, stakeholder theory and stewardship theory. It assesses the philosophical basis of each using elements of engineering control theory, cybernetics and the political science literature. I conclude that neither shareholder nor stakeholder theory offers an effective basis for corporate governance, but that stewardship is the direction in which corporate governance practice should evolve, if organisations are to deliver benefits to both their owners and other beneficiaries whilst not significantly harming the interests of other groups.

Suggested Citation

  • Clive Smallman, 2004. "Exploring theoretical paradigms in corporate governance," International Journal of Business Governance and Ethics, Inderscience Enterprises Ltd, vol. 1(1), pages 78-94.
    • Handle: RePEc:ids:ijbget:v:1:y:2004:i:1:p:78-94
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    Citations

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    Cited by:

    1. Enrique Yacuzzi, 2005. "A primer on governance and performance in small and medium-sized enterprises," CEMA Working Papers: Serie Documentos de Trabajo. 293, Universidad del CEMA.
    2. Ali, Amjad & Alim, Wajid & Ahmed, Jawad & Nisar, Sabahat, 2021. "Impact of Corporate Governance on Performance: A Study of Listed Firms in Pakistan," MPRA Paper 111299, University Library of Munich, Germany.
    3. Mihai Cioc & Minodora Ursãƒcescu, 2012. "Performance Evaluation In Administration And Management Of Public Enterprises In Accordance With The Corporate Governance’S Principles," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 6(1), pages 387-397, November.
    4. Naeem Tabassum & Satwinder Singh, 2020. "Corporate Governance and Organisational Performance," Springer Books, Springer, number 978-3-030-48527-6, September.
    5. Amjad Ali & Wajid Alim & Jawad Ahmed & Sabahat Nisar, 2022. "Yoke of corporate governance and firm performance: A study of listed firms in Pakistan," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 13(1), pages 08-17, January.
    6. Mr. Kenneth Sullivan & Mrs. Marie T Dal Corso & Mr. Tonny Lybek, 2007. "Audit Committees in Central Banks," IMF Working Papers 2007/073, International Monetary Fund.
    7. Nurlan Orazalin & Monowar Mahmood, 2021. "Toward sustainable development: Board characteristics, country governance quality, and environmental performance," Business Strategy and the Environment, Wiley Blackwell, vol. 30(8), pages 3569-3588, December.

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