Stakeholder capitalism, corporate governance and firm value
We consider the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and suppliers as well as shareholders compared to shareholderoriented firms. Societies with stakeholder-oriented firms have higher prices, lower output, and can have greater firm value than shareholder-oriented societies. In some circumstances, firms may voluntarily choose to be stakeholder-oriented because this increases their value. Consumers that prefer to buy from stakeholder firms can also enforce a stakeholder society. With globalization entry by stakeholder firms is relatively more attractive than entry by shareholder firms for all societies.
|Date of creation:||2007|
|Contact details of provider:|| Postal: House of Finance, Grüneburgplatz 1, HPF H5, D-60323 Frankfurt am Main|
Phone: +49 (0)69 798-30050
Fax: +49 (0)69 798-30077
Web page: http://www.ifk-cfs.de/
More information through EDIRC
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.:
- Aoki, Masahiko, 1990.
"Toward an Economic Model of the Japanese Firm,"
Journal of Economic Literature,
American Economic Association, vol. 28(1), pages 1-27, March.
- Andrei Shleifer & Robert W. Vishny, 1996.
"A Survey of Corporate Governance,"
NBER Working Papers
5554, National Bureau of Economic Research, Inc.
- Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
- Sudipto Dasgupta & Sheridan Titman, 1996.
"Pricing Strategy and Financial Policy,"
NBER Working Papers
5498, National Bureau of Economic Research, Inc.
- Denis, Diane K. & McConnell, John J., 2003. "International Corporate Governance," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(01), pages 1-36, March.
- Rajesh K. Aggarwal & Andrew A. Samwick, 1999.
"Executive Compensation, Strategic Competition, and Relative Performance Evaluation: Theory and Evidence,"
Journal of Finance,
American Finance Association, vol. 54(6), pages 1999-2043, December.
- Rajesh Aggarwal & Andrew A. Samwick, 1996. "Executive Compensation, Strategic Competition, and Relative Performance Evaluation: Theory and Evidence," NBER Working Papers 5648, National Bureau of Economic Research, Inc.
- Kenneth Scott, 1998. "The Role Of Corporate Governance In South Korean Economic Reform," Journal of Applied Corporate Finance, Morgan Stanley, vol. 10(4), pages 8-15.
- Tirole, Jean, 1999.
CEPR Discussion Papers
2086, C.E.P.R. Discussion Papers.
- Patrick Bolton & Marco Becht & Alisa Röell, 2002.
"Corporate Governance and Control,"
NBER Working Papers
9371, National Bureau of Economic Research, Inc.
- Chaim Fershtman & Kenneth L Judd, 1984.
"Equilibrium Incentives in Oligopoly,"
642, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Marco Pagano & Paolo Volpin, 1999.
"The Political Economy of Corporate Governance,"
CSEF Working Papers
29, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 01 Jul 2005.
- Blinder Alan S., 1993. "A Simple Note on the Japanese Firm," Journal of the Japanese and International Economies, Elsevier, vol. 7(3), pages 238-255, September.
- Kenichi Ueda & Stijn Claessens, 2008. "Banks and Labor as Stakeholders; Impact on Economic Performance," IMF Working Papers 08/229, International Monetary Fund.
- Dore, Ronald, 2000. "Stock Market Capitalism: Welfare Capitalism: Japan and Germany versus the Anglo-Saxons," OUP Catalogue, Oxford University Press, number 9780199240616, December.
- Fauver, Larry & Fuerst, Michael E., 2006. "Does good corporate governance include employee representation? Evidence from German corporate boards," Journal of Financial Economics, Elsevier, vol. 82(3), pages 673-710, December.
- Martijn Cremers & Vinay Nair & Urs Peyer, 2007. "Takeover Defenses and Competition," Yale School of Management Working Papers amz2491, Yale School of Management, revised 18 Sep 2007.
- Mitchel Y. Abolafia (ed.), 2005. "Markets," Books, Edward Elgar Publishing, number 2788.
- 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.
- Dixit, Avinash K, 1986. "Comparative Statics for Oligopoly," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 27(1), pages 107-122, February.
When requesting a correction, please mention this item's handle: RePEc:zbw:cfswop:200726. 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: (ZBW - German National Library of Economics)
If references are entirely missing, you can add them using this form.