Shareholder/Stakeholder Value Management, Company Growth and Financial Performance: An Exploratory Study

Bo-Göran Ekholm () and Jan Wallin ()
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Bo-Göran Ekholm: Swedish School of Economics and Business Administration, Postal: Arkadiankatu 22, P.O.B. 479; FIN 00101 Helsinki, Finland
Jan Wallin: Swedish School of Economics and Business Administration, Postal: Handelsesplanaden 2, P.O.B. 287; FIN 65101 Vaasa, Finland

No 493, Working Papers from Hanken School of Economics

Abstract: There has been considerable discussion in the literature about the relative merits of shareholder value management and stakeholder value management, but relatively little empirical research has been reported concerning the relationship between these types of management and financial performance. The present study puts forward a hypothesis that true shareholder value management also encompasses stakeholder value management. This combination of shareholder/stakeholder value management is hypothesised to be associated with superior financial performance and sales growth. Using a sample of chief financial officers' ratings of the contemporary management accounting techniques economic value added and the balanced scorecard to represent the two management types, the study found evidence in support of the hypothesis.

Keywords: Shareholder; stakeholder; economic value added; balanced scorecard; growth; performance management (search for similar items in EconPapers)
Pages: 26 pages
Date: 2003-12-09
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