 Corporate governance beyond the shareholder and stakeholder modelDirk Schoenmaker, Willem Schramade and Jaap Winter No 17616, CEPR Discussion Papers from Centre for Economic Policy Research Abstract: There is a heated debate on shareholder versus stakeholder governance. The stakeholder view recognises that companies have broader responsibilities to society than just making profit. But the lack of an integrated measure makes it difficult to hold management accountable against multiple goals. Moreover, the traditional stakeholder model tends to focus on stakeholders who are directly involved with the company, such as employees and customers, with only a minor role, if at all, for stakeholders without such a direct relation but who are affected by the company’s conduct, for example through ecological damage and climate change, including future stakeholders. This paper develops an integrated model of corporate governance including current and future stakeholders. It also presents an integrated measure for corporate value. The board can use this integrated value measure to balance the interests of the various stakeholders in a structured way. The new measure can also be used to hold the board accountable for their decisions. Finally, the paper examines the mechanisms to include the interests of the various stakeholders in the board. Keywords: Stakeholder model; Sustainable finance (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:17616 Ordering information: This working paper can be ordered from Access Statistics for this paper More papers in CEPR Discussion Papers from Centre for Economic Policy Research 33 Great Sutton Street, London EC1V 0DX, UK. |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.