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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)

Registered author(s):

    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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    Bibliographic 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

    Contact details of provider:
    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;

    This paper has been announced in the following NEP Reports:

    References

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    1. Deborah Dahlen Zelechowski & Diana Bilimoria, 2004. "Characteristics of Women and Men Corporate Inside Directors in the US," Corporate Governance: An International Review, Wiley Blackwell, Wiley Blackwell, vol. 12(3), pages 337-342, 07.
    2. Nicholas Walt & Coral Ingley, 2003. "Board Dynamics and the Influence of Professional Background, Gender and Ethnic Diversity of Directors," Corporate Governance: An International Review, Wiley Blackwell, Wiley Blackwell, vol. 11(3), pages 218-234, 07.
    3. Gerald Vinten, 2001. "Shareholder versus Stakeholder - is there a Governance Dilemma?," Corporate Governance: An International Review, Wiley Blackwell, Wiley Blackwell, vol. 9(1), pages 36-47, 01.
    4. Gordon E. Greenley, 1997. "Multiple Stakeholder Orientation in UK Companies and the Implications for Company Performance," Journal of Management Studies, Wiley Blackwell, Wiley Blackwell, vol. 34(2), pages 259-284, 03.
    5. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 93(6), pages 1155-77, December.
    6. Niclas L. Erhardt & James D. Werbel & Charles B. Shrader, 2003. "Board of Director Diversity and Firm Financial Performance," Corporate Governance: An International Review, Wiley Blackwell, Wiley Blackwell, vol. 11(2), pages 102-111, 04.
    7. Steve Letza & Xiuping Sun & James Kirkbride, 2004. "Shareholding Versus Stakeholding: a critical review of corporate governance," Corporate Governance: An International Review, Wiley Blackwell, Wiley Blackwell, vol. 12(3), pages 242-262, 07.
    8. Andrew Gamble & Gavin Kelly, 2001. "Shareholder Value and the Stakeholder Debate in the UK," Corporate Governance: An International Review, Wiley Blackwell, Wiley Blackwell, vol. 9(2), pages 110-117, 04.
    9. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, Elsevier, vol. 3(4), pages 305-360, October.
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    Cited by:
    1. Ayuso, Silvia & Argandoña, Antonio, 2007. "Responsible corporate governance: Towards a stakeholder board of directors?," IESE Research Papers, IESE Business School D/701, IESE Business School.

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