Implementing stakeholder participation as “egalitarian bidding” – The test of the Kantian pudding is in the institutionalized eating
Werner Güth (),
Hartmut Kliemt and
No 2020-09, Working Papers in Economics & Finance from University of Portsmouth, Portsmouth Business School, Economics and Finance Subject Group
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.
Keywords: Stakeholder conceptions of management; interpersonal equal respect; corporate governance; intrinsic motivation; procedural fairness (search for similar items in EconPapers)
JEL-codes: D44 D63 D82 G34 J50 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn and nep-hpe
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