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Shareholder versus Stakeholder – is there a Governance Dilemma?

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  • Gerald Vinten

Abstract

All directors are faced with real, or imagined, conflicts of interest or competing demands for time and resources, between shareholders and stakeholders. This has always been the case, but the contemporary emphasis on stakeholders has brought this to a head. Although astute organisations and directors maintain a suitable balance between the various demands placed upon them, and there are systematic ways to do this, there are a few voices opposed to stakeholding in any shape or form. In order to suggest that stakeholding is the viable and sustainable way for companies to proceed, the article considers and criticises one anti‐stakeholder, together with other antagonists, before bringing in endorsements from different quarters, and introducing three categories of stakeholding of which the normative holds most promise. Practical approaches to discriminating among the claims of various stakeholders are indicated.

Suggested Citation

  • Gerald Vinten, 2001. "Shareholder versus Stakeholder – is there a Governance Dilemma?," Corporate Governance: An International Review, Wiley Blackwell, vol. 9(1), pages 36-47, January.
    • Handle: RePEc:bla:corgov:v:9:y:2001:i:1:p:36-47
    DOI: 10.1111/1467-8683.00224
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    Cited by:

    1. Ayuso, Silvia & Rodriguez, Miguel A. & Garcia, Roberto & Ariño, Miguel A., 2007. "Maximizing stakeholders' interests: An empirical analysis of the stakeholder approach to corporate governance," IESE Research Papers D/670, IESE Business School.
    2. ATM Adnan & Hilda Tandigalla, 2017. "The Dramatic Shift In Emphasis From A Shareholder-Dominated Approach To A Stakeholder-Oriented Corporate Governance Model," European Journal of Business and Economics, Central Bohemia University, vol. 12(2), pages 11151:12-11, January.
    3. Lazarides, Themistokles & Drmmpetas, Evaggelos, 2009. "Fallacies, Collapses, Crises. Now What?," MPRA Paper 17921, University Library of Munich, Germany.
    4. Charles T. Crespy & Van V. Miller, 2011. "Sustainability reporting: A comparative study of NGOs and MNCs," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 18(5), pages 275-284, September.
    5. Rizwan Ellahi & Noman Mahmood & Bazla Ali Khan, 2020. "Concept of Inclusive Optimal Performance (IOP): Theoretical and Conceptual understanding on the inclusive relationship between Internal Simultaneous Performance (ISP) and External Simultaneous Perform," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 16(1), pages 101-124.
    6. Laura Tampieri, 2013. "The Governance of Synergies and Conflicts in Project Management: The Case of IPA Project RecoURB," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 4(4), pages 370-386, December.
    7. Lu, Chao & Liu, Hu-Chen & Tao, Jie & Rong, Ke & Hsieh, Ying-Che, 2017. "A key stakeholder-based financial subsidy stimulation for Chinese EV industrialization: A system dynamics simulation," Technological Forecasting and Social Change, Elsevier, vol. 118(C), pages 1-14.
    8. Onyeka Osuji, 2011. "Fluidity of Regulation-CSR Nexus: The Multinational Corporate Corruption Example," Journal of Business Ethics, Springer, vol. 103(1), pages 31-57, September.
    9. Muzhar Javed & Muhammad Waheed Akhtar & Mudassir Husnain & Rabnawaz Lodhi & Sonia Emaan, 2020. "A stakeholder‐centric paradigm bids well for the “business case” ‐ An investigation through moderated‐mediation model," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(6), pages 2563-2577, November.
    10. Rizwan Ellahi & Noman Mahmood & Bazla Ali Khan, 2020. "Concept of Inclusive Optimal Performance (IOP): Theoretical and Conceptual understanding on the inclusive relationship between Internal Simultaneous Performance (ISP) and External Simultaneous Perform," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 16(1), pages 16-18.
    11. Kreander, Niklas & Beattie, Vivien & McPhail, Ken, 2009. "Putting our money where their mouth is: Alignment of charitable aims with charity investments – Tensions in policy and practice," The British Accounting Review, Elsevier, vol. 41(3), pages 154-168.

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