Stakeholder theory and value creation
What does it mean that companies must "create value", or "be managed" for "all their stakeholders"? In this paper we aim to show what creating economic value and appropriating economic value mean, in order to demonstrate that so long as we confine ourselves to an exclusively economic concept of "value", though it may be possible (at least in theory) to achieve economic optima, we will not achieve sustainable, conflict-free management because we will be omitting important aspects of reality. We therefore propose to broaden the concept of value, based not on criteria external to the company but on the core relationship between the company and its stakeholders. This allows us to identify a whole range of "values" that take stakeholder theory to a higher level.
|Date of creation:||05 May 2011|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.iese.edu/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Gérard Charreaux & Philippe Desbrières, 2001.
"Corporate Governance: Stakeholder Value Versus Shareholder Value,"
Journal of Management and Governance,
Springer, vol. 5(2), pages 107-128, June.
- Gérard Charreaux & Philippe Desbrières, 2001. "Corporate Governance: Stakeholder Value Versus Shareholder Value," Working Papers CREGO 1010301, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
- Sacco, Pier Luigi & Vanin, Paolo & Zamagni, Stefano, 2006. "The Economics of Human Relationships," Handbook on the Economics of Giving, Reciprocity and Altruism, Elsevier.
When requesting a correction, please mention this item's handle: RePEc:ebg:iesewp:d-0922. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Noelia Romero)
If references are entirely missing, you can add them using this form.