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Shareholder/Stakeholder Value Management, Company Growth and Financial Performance: An Exploratory Study

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Author Info
Ekholm, Bo-Göran () (Swedish School of Economics and Business Administration)
Wallin, Jan () (Swedish School of Economics and Business Administration)
Abstract

There has been considerable discussion in the literature about the relative merits of shareholder value management and stakeholder value management, but relatively little empirical research has been reported concerning the relationship between these types of management and financial performance. The present study puts forward a hypothesis that true shareholder value management also encompasses stakeholder value management. This combination of shareholder/stakeholder value management is hypothesised to be associated with superior financial performance and sales growth. Using a sample of chief financial officers' ratings of the contemporary management accounting techniques economic value added and the balanced scorecard to represent the two management types, the study found evidence in support of the hypothesis.

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File URL: http://dhanken.shh.fi/dspace/bitstream/10227/179/2/493-951-555-796-8.pdf
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Publisher Info
Paper provided by Hanken School of Economics in its series Working Papers with number 493.

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Length: 26 pages
Date of creation: 09 Dec 2003
Date of revision:
Handle: RePEc:hhb:hanken:0493

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Postal: Hanken School of Economics, Arkadiankatu 22, P.O.B. 479; FIN 00101 Helsinki, Finland
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Related research
Keywords: Shareholder; stakeholder; economic value added; balanced scorecard; growth; performance management ;

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  1. Laura Arranz-Aperte & Almas Heshmati, 2004. "Determinants of Profit Sharing in the Finnish Corporate Sector," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 39(1), pages 55-79, January.
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