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Stakeholder relations and financial performance

  • Bert Scholtens

    (Department of Finance, University of Groningen, Groningen, The Netherlands)

  • Yangqin Zhou

    (Department of Finance, University of Groningen, Groningen, The Netherlands)

We analyze how shareholder performance can be associated with stakeholder relations. As such, we try to find out whether there is an association between financial performance and stakeholder relations with respect to different theoretical notions about the firm. Financial performance is operationalized as the financial return of a firm's shares. For stakeholder relations, we look into community involvement, corporate governance, employee relations, environmental conduct, diversity of the workforce, human rights policies and product attributes. We find that the different components of stakeholder relations appear to be associated in a complex manner with shareholder performance. Therefore, it adds value to look closely into the details of stakeholder relations in connection with financial performance. Copyright © 2008 John Wiley & Sons, Ltd and ERP Environment.

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File URL: http://hdl.handle.net/10.1002/sd.364
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Article provided by John Wiley & Sons, Ltd. in its journal Sustainable Development.

Volume (Year): 16 (2008)
Issue (Month): 3 ()
Pages: 213-232

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Handle: RePEc:wly:sustdv:v:16:y:2008:i:3:p:213-232
Contact details of provider: Web page: http://onlinelibrary.wiley.com/journal/10.1002/(ISSN)1099-1719

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  1. Tirole, Jean, 1999. "Corporate Governance," CEPR Discussion Papers 2086, C.E.P.R. Discussion Papers.
  2. Bauer, Rob & Koedijk, Kees & Otten, Roger, 2005. "International evidence on ethical mutual fund performance and investment style," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1751-1767, July.
  3. Zakri Y. Bello, 2005. "Socially Responsible Investing And Portfolio Diversification," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 28(1), pages 41-57.
  4. Hong, Harrison & Kacperczyk, Marcin, 2009. "The price of sin: The effects of social norms on markets," Journal of Financial Economics, Elsevier, vol. 93(1), pages 15-36, July.
  5. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
  6. Edwin J. Elton & Martin J. Gruber & Christopher R. Blake, 2003. "Incentive Fees and Mutual Funds," Journal of Finance, American Finance Association, vol. 58(2), pages 779-804, 04.
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