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Corporate Personhood and Fiduciary Duties as Critical Constructs in Developing Stakeholder Management Theory and Corporate Purpose

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  • Joseph T. Mahoney

    (Caterpillar Chair of Business, Gies College of Business, University of Illinois at Urbana-Champaign, Champaign, Illinois 61820)

Abstract

This article considers the complex process of economic value creation in joint production in which a corporation is viewed as more than a nexus of contracts for four reasons related to the interdependent functions of the corporate personhood concept of the corporation as a separate legal entity. Corporate personhood facilitates stewardship and stakeholder management, which can encourage firm-specific investments, reduce shirking, and attenuate rent seeking to provide economic value. The corporate personhood approach illuminates multidimensional constructs for the governance of a corporation at the board level to embody fiduciary duties and corporate purpose, which is much richer than the nexus of contract view.

Suggested Citation

  • Joseph T. Mahoney, 2023. "Corporate Personhood and Fiduciary Duties as Critical Constructs in Developing Stakeholder Management Theory and Corporate Purpose," Strategy Science, INFORMS, vol. 8(2), pages 212-220, June.
    • Handle: RePEc:inm:orstsc:v:8:y:2023:i:2:p:212-220
    DOI: 10.1287/stsc.2023.0191
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