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Implementing stakeholder participation as “egalitarian bidding” – The test of the Kantian pudding is in the institutionalized eating

Author

Listed:
  • Federica Alberti

    (University of Portsmouth)

  • Werner Güth

    (LUISS Guido Carli and Max Planck Institute for Research on Collective Goods)

  • Hartmut Kliemt

    (Justus-Liebig-Universitaet Giessen)

  • Kei Tsutsui

    (University of Bath)

Abstract

Stakeholder conceptions of corporate governance tend to address managers and owners of companies as benevolent despots who follow ethical appeals to respect all stakeholders equally. Avoiding the benevolent despot assumption we axiomatically specify how “stakeholder participation as ‘egalitarian bidding’ ” could conceivably be used to implement the values underlying stakeholder conceptions as procedures of corporate governance. We do not claim that stakeholder theorists have to concur with our proposed operationalization of their ideals. Yet those who do not accept participatory ‘egalitarian bidding’ should come up with some alternative operationalization of “equal (Kantian) respect” or admit that their theories are non-operational.

Suggested Citation

  • Federica Alberti & Werner Güth & Hartmut Kliemt & Kei Tsutsui, 2020. "Implementing stakeholder participation as “egalitarian bidding” – The test of the Kantian pudding is in the institutionalized eating," Working Papers in Economics & Finance 2020-09, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.
    • Handle: RePEc:pbs:ecofin:2020-09
    as

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    File URL: http://repec.port.ac.uk/EconFinance/PBSEconFin_2020_09.pdf
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    References listed on IDEAS

    as
    1. Friedman, Milton, 2002. "Capitalism and Freedom," University of Chicago Press Economics Books, University of Chicago Press, number 9780226264219, Febrero.
    2. Alan Hamlin & Zofia Stemplowska, 2012. "Theory, Ideal Theory and the Theory of Ideals," Political Studies Review, Political Studies Association, vol. 10(1), pages 48-62, January.
    3. Friedman, Milton, 2002. "Capitalism and Freedom," University of Chicago Press Economics Books, University of Chicago Press, number 9780226264202.
    4. Federica Alberti & Werner Güth & Kei Tsutsui, 2020. "Experimental effects of institutionalizing co-determination by a procedurally fair bidding rule," Working Papers in Economics & Finance 2020-10, University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group.
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    Cited by:

    1. Andrej Angelovski & Jordi Brandts & Werner Güth, 2020. "Bidding for the Better Jobs: An Experiment on Gender Differences in Competitiveness without a Real-Effort Task," Working Papers 1185, Barcelona School of Economics.

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    More about this item

    Keywords

    Stakeholder conceptions of management; interpersonal equal respect; corporate governance; intrinsic motivation; procedural fairness;
    All these keywords.

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General

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