Corporate Governance: Stakeholder Value Versus Shareholder Value

Gerard Charreaux () and Philippe Desbrières ()

Working Papers FARGO from Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance)

Abstract: Unsatisfied with the dominating shareholders'view, that we find unfitted to build a relevant theory of corporate governance, we propose an enlarged definition of the value which may be called, the stakeholder value. This definition and the associated measure are supposed to be more fitted to the stakeholder view of the firm and more relevant to understand the value creation and sharing mechanisms.

Keywords: shareholder value; stakeholder value; corporate governance; value creation; value sharing. (search for similar items in EconPapers)
JEL-codes: G39 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn and nep-fin
Date: Written
Note: english version of "Gouvernance des entreprises:valeur partenariale contre valeur actionnariale" published in Finance Contrôle Stratégie,vol.1,n°2,mars 1998.The final and abridged version was published in Journal of Management and Governance vol.5,n°2,2001,p.107-128.
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Published in Journal of Management and Governance, vol.5,n°2,2001,p.107-128.

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