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Maximizing stakeholders' interests: An empirical analysis of the stakeholder approach to corporate governance

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Author Info
Ayuso, Silvia (IESE Business School)
Rodriguez, Miguel A. (IESE Business School)
Garcia, Roberto (IESE Business School)
Ariño, Miguel A. () (IESE Business School)
Abstract

The purpose of this paper is to build on the emerging stakeholder model of corporate governance by analyzing the CSR function at board level, board diversity, and stakeholder engagement, and how it relates to financial performance. Based on an empirical study of an international sample of large companies, we find board responsibility for CSR to be a key factor in promoting engagement with primary and secondary stakeholders of the firm. Depending on the legal tradition of the country in which the company is based, we find evidence that board diversity and stakeholder engagement are positively correlated with firm financial performance.

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Publisher Info
Paper provided by IESE Business School in its series IESE Research Papers with number D/670.

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Length: 24 pages
Date of creation: 19 Jan 2007
Date of revision:
Handle: RePEc:ebg:iesewp:d-0670

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Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
Web page: http://www.iese.edu/
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Related research
Keywords: Corporate governance; corporate social responsibility; board diversity; stakeholder engagement; firm performance;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-77, December. [Downloadable!] (restricted)
  2. Deborah Dahlen Zelechowski & Diana Bilimoria, 2004. "Characteristics of Women and Men Corporate Inside Directors in the US," Corporate Governance: An International Review, Blackwell Publishing, vol. 12(3), pages 337-342, 07. [Downloadable!] (restricted)
  3. Gordon E. Greenley, 1997. "Multiple Stakeholder Orientation in UK Companies and the Implications for Company Performance," Journal of Management Studies, Blackwell Publishing, vol. 34(2), pages 259-284, 03. [Downloadable!] (restricted)
  4. Gerald Vinten, 2001. "Shareholder versus Stakeholder - is there a Governance Dilemma?," Corporate Governance: An International Review, Blackwell Publishing, vol. 9(1), pages 36-47, 01. [Downloadable!] (restricted)
  5. Steve Letza & Xiuping Sun & James Kirkbride, 2004. "Shareholding Versus Stakeholding: a critical review of corporate governance," Corporate Governance: An International Review, Blackwell Publishing, vol. 12(3), pages 242-262, 07. [Downloadable!] (restricted)
  6. Andrew Gamble & Gavin Kelly, 2001. "Shareholder Value and the Stakeholder Debate in the UK," Corporate Governance: An International Review, Blackwell Publishing, vol. 9(2), pages 110-117, 04. [Downloadable!] (restricted)
  7. Niclas L. Erhardt & James D. Werbel & Charles B. Shrader, 2003. "Board of Director Diversity and Firm Financial Performance," Corporate Governance: An International Review, Blackwell Publishing, vol. 11(2), pages 102-111, 04. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ayuso, Silvia & Argandoña, Antonio, 2007. "Responsible corporate governance: Towards a stakeholder board of directors?," IESE Research Papers D/701, IESE Business School. [Downloadable!]
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