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Shareholding Versus Stakeholding: a critical review of corporate governance

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Listed:
  • Steve Letza
  • Xiuping Sun
  • James Kirkbride

Abstract

The current debate and theorising on corporate governance has been polarised between a shareholder perspective and a stakeholder perspective. While advocates and supporters of each camp attempt to justify the superiority, rationality and universality of each model in theory, they rarely pay attention to the age‐old conceptions, assumptions and presuppositions underpinning their perspectives which are less credible and valid in matching the continually changing practice of corporate governance. This paper serves as a survey and critical review of major current theories on corporate governance. In so doing, it reveals the inadequacy of conventional approaches employed in corporate governance theorising. It calls for a new mode of thinking in analysing corporate governance and concludes by outlining a new direction of research in this field.

Suggested Citation

  • Steve Letza & Xiuping Sun & James Kirkbride, 2004. "Shareholding Versus Stakeholding: a critical review of corporate governance," Corporate Governance: An International Review, Wiley Blackwell, vol. 12(3), pages 242-262, July.
    • Handle: RePEc:bla:corgov:v:12:y:2004:i:3:p:242-262
    DOI: 10.1111/j.1467-8683.2004.00367.x
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    References listed on IDEAS

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    2. Joseph E. Stiglitz, 2000. "The Contributions of the Economics of Information to Twentieth Century Economics," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(4), pages 1441-1478.
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