IDEAS home Printed from https://ideas.repec.org/a/bla/corgov/v9y2001i2p110-117.html
   My bibliography  Save this article

Shareholder Value and the Stakeholder Debate in the UK

Author

Listed:
  • Andrew Gamble
  • Gavin Kelly

Abstract

Shareholder value is assumed to be the ruling idea in Anglo‐American corporate governance. This paper first reviews the historical origins of the idea of shareholder value in the UK and the particular theoretical assumptions about the company which underpin it. It assesses the reasons why it was subjected to so little subsequent political challenge, and contrasts this with US experience. This historical and theoretical context is then used to explore the current debate on stakeholding in the UK, whether the UK system of corporate governance needs reform, and if so in which direction. Four main positions on stakeholding are identified – property rights, enlightened managerialism, active shareholders, and corporate pluralism. The paper concludes with an assessment of the political and legal pressures for reform of the UK model of corporate governance and the prospects for any significant change.

Suggested Citation

  • Andrew Gamble & Gavin Kelly, 2001. "Shareholder Value and the Stakeholder Debate in the UK," Corporate Governance: An International Review, Wiley Blackwell, vol. 9(2), pages 110-117, April.
    • Handle: RePEc:bla:corgov:v:9:y:2001:i:2:p:110-117
    DOI: 10.1111/1467-8683.00235
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/1467-8683.00235
    Download Restriction: no
    File URL: https://libkey.io/10.1111/1467-8683.00235?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Graham Gal & Orhan Akisik, 2020. "The impact of internal control, external assurance, and integrated reports on market value," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(3), pages 1227-1240, May.
    2. Yangfan Lu & Abdella Kosa Chebo & Shepherd Dhliwayo & Semu Bacha Negasa, 2022. "The Paradox in the Ecological Side of Corporate Entrepreneurship Sustainability: A Research Agenda and Policy Direction," Sustainability, MDPI, vol. 14(22), pages 1-18, November.
    3. María Rodríguez-García & María Guijarro-García & Agustín Carrilero-Castillo, 2019. "An Overview of Ecopreneurship, Eco-Innovation, and the Ecological Sector," Sustainability, MDPI, vol. 11(10), pages 1-16, May.
    4. AlHares, Aws & Ntim, Collins, 2017. "A Cross- country study of the effect of institutional ownership on credit ratings," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 12(4), pages 80-99.
    5. Lippert, Inge, 2008. "Perspektivenverschiebungen in der Corporate Governance: Neuere Ansätze und Studien der Corporate-Governance-Forschung," Discussion Papers, Research Unit: Knowledge, Production Systems and Work SP III 2008-302, WZB Berlin Social Science Center.
    6. Samantha Miles, 2012. "Stakeholder: Essentially Contested or Just Confused?," Journal of Business Ethics, Springer, vol. 108(3), pages 285-298, July.
    7. 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.
    8. John K. Ashton & Stephen Letza, 2003. "The Differential Returns Offered by Mutually Owned and Proprietary UK Depository Institutions: 1993–2000," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 74(2), pages 183-204, June.
    9. ATM Adnan & Nisar Ahmed, 2019. "The Transformation Of The Corporate Governance Model: A Literature Review," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 8(3), pages 7-47.
    10. J. Kirkbride & S. Letza & X. Sun, 2005. "Corporate Governance: Towards a Theory of Regulatory Shift," European Journal of Law and Economics, Springer, vol. 20(1), pages 57-70, July.
    11. Eva Jansson, 0. "Deregulation, property rights, and legal system," European Journal of Law and Economics, Springer, vol. 0, pages 1-25.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:corgov:v:9:y:2001:i:2:p:110-117. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.