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Towards a convergence of the Shareholder and stakeholder models

Author

Listed:
  • Jean-Pierre Ponssard

    (X-DEP-ECO - Département d'Économie de l'École Polytechnique - X - École polytechnique)

  • Dominique Plihon

    (CEPN - Centre d'Economie de l'Université Paris Nord (ancienne affiliation) - UP13 - Université Paris 13 - CNRS - Centre National de la Recherche Scientifique)

  • Philippe Zarlowski

    (ESSEC Business School)

Abstract

A new hybrid model of corporate governance seems to be emerging as a mixture of the shareholder and the stakeholder models. Its two main characteristics consist in an increased control of corporate executives by strong minority shareholders: this strengthened financial control is balanced by the rise of the social and environmental responsibilities of firms. This paper elaborates on this hypothesis and reviews the forces at work in this emerging process.

Suggested Citation

  • Jean-Pierre Ponssard & Dominique Plihon & Philippe Zarlowski, 2005. "Towards a convergence of the Shareholder and stakeholder models," Post-Print hal-00365723, HAL.
    • Handle: RePEc:hal:journl:hal-00365723
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    Cited by:

    1. Ding, Yuan & Richard, Jacques & Stolowy, Hervé, 2008. "Towards an understanding of the phases of goodwill accounting in four Western capitalist countries: From stakeholder model to shareholder model," Accounting, Organizations and Society, Elsevier, vol. 33(7-8), pages 718-755.

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