Journal articles: 'Stakeholder Capitalism'

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Freeman, R. Edward, Kirsten Martin, and Bidhan Parmar. "Stakeholder Capitalism." Journal of Business Ethics 74, no. 4 (July 31, 2007): 303–14. http://dx.doi.org/10.1007/s10551-007-9517-y.

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Grove, Hugh, Mac Clouse, and Tracy Xu. "Stakeholder capitalism strategies and opportunities for corporate governance." Journal of Governance and Regulation 9, no. 4 (2020): 59–68. http://dx.doi.org/10.22495/jgrv9i4art5.

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Stakeholder capitalism is the notion that a company focuses on meeting the needs of all of its stakeholders: customers, employees, partners, the community, and society as a whole. In August 2019, 183 of the 206 Business Roundtable (BR) companies signed the BR Statement of the Purpose of a Corporation advocating stakeholder capitalism beyond the traditional shareholder capitalism. The major research question of this paper is whether companies who have committed to stakeholder capitalism are fulfilling their commitments and to provide some recommendations to their boards. We closely study the scrutiny from institutional investors and stakeholder capitalism report developed by KKS Advisors and TCP (2020). The findings show that the BR company signatories have failed to deliver fundamental shifts in corporate purpose to stakeholder capitalism (Bebchuk & Tallarita, 2020; Goodman, 2020). However, non-BR companies, primarily public benefit corporations (PBCs) and B corporations, have implemented stakeholder capitalism strategies and offer innovative stakeholder opportunities for corporate governance. The boards of BR companies should advocate for a more affirmative duty to stakeholders and consider converting corporate structures to develop stakeholder capitalism. Future research should continue to investigate this corporate governance opportunity.

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Singer, Alan E. "Stakeholder Capitalism and Convergent Technologies." International Journal of Social and Organizational Dynamics in IT 4, no. 2 (July 2015): 1–11. http://dx.doi.org/10.4018/ijsodit.2015070101.

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Technologies such as artificial-general-intelligence, nanotechnology and synthetic-biology are often considered to be emergent, but they are also convergent. Accordingly, one might expect that the principles of ethical governance would be essentially the same for all of them. It is duly argued in this paper that (i) those ethical principles are already embodied in the global stakeholder model (or variant of capitalism), and (ii) scientists and technologists who are employed by private corporations are in a good position to influence a wider transition towards stakeholder capitalism. More generally, there is a pressing need to inject scientific habits-of-thought into global governance and co-production processes.

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Hemphill, Thomas A., Keith E. Kelley, and Francine Cullari. "The ascendancy of stakeholder capitalism: What is its meaning for corporate governance?" Journal of General Management 46, no. 4 (June 30, 2021): 262–73. http://dx.doi.org/10.1177/0306307020982132.

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We address the recent ascendancy of “stakeholder capitalism” and its potential impact on US corporate governance practice. Utilizing a four dimensional, analytic framework (legal, ethical, economic, and political), the authors evaluate the potential effects of stakeholder capitalism on the existing corporate governance of companies, concluding that stakeholder capitalism is a commitment, not a legal requirement; it is currently being practiced in boardrooms; and yet it is not the responsibility of the company, under stakeholder capitalism, to solve America’s social issues. The article concludes with business policy recommendations for directors concerning likely legal, ethical, economic, and political changes affecting stakeholder capitalism.

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O’Brien, Justin. "The moral foundations of stakeholder capitalism." Law and Financial Markets Review 14, no. 1 (January 2, 2020): 1–4. http://dx.doi.org/10.1080/17521440.2020.1724373.

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Freeman, Edward, and Jeanne Liedtka. "Stakeholder capitalism and the value chain." European Management Journal 15, no. 3 (June 1997): 286–96. http://dx.doi.org/10.1016/s0263-2373(97)00008-x.

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Windsor, Duane. "Accountable Capitalism, Responsible Capitalism, and Political Capitalism." Proceedings of the International Association for Business and Society 30 (2019): 12–25. http://dx.doi.org/10.5840/iabsproc2019303.

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This paper compares three recent prescriptive proposals for practicing capitalism: Accountable Capitalism (Senator Elizabeth Warren), Responsible Capitalism (Professor R. Edward Freeman), and Political Corporate Social Responsibility (Professors Andreas Scherer and Guido Palazzo and colleagues). Warren’s Accountable Capitalism is a corporate governance reform proposal. Freeman’s Responsible Capitalism prescribes effective stakeholder management through entrepreneurial value creation. Political CSR (expanded here to Political Capitalism) is a prescription for democratization inside and outside of businesses and provision of public goods in instances of governmental incompetence. The rationale for this examination is the possibility of political crisis in the relationship between democracy and capitalism.

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Edward Freeman, R., and Robert A. Phillips. "Stakeholder Theory: A Libertarian Defense." Business Ethics Quarterly 12, no. 3 (July 2002): 331–49. http://dx.doi.org/10.2307/3858020.

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Abstract:The purpose of this paper is to suggest that at least one strain of what has come to be called “stakeholder theory” has roots that are deeply libertarian. We begin by explicating both “stakeholder theory” and “libertarian arguments.” We show how there are libertarian arguments for both instrumental and normative stakeholder theory, and we construct a version of capitalism, called “stakeholder capitalism,” that builds on these libertarian ideas. We argue throughout that strong notions of “freedom” and “voluntary action” are the best possible underpinnings for stakeholder theory, and in doing so, seek to return “stakeholder theory” to its managerial and libertarian roots found in Freeman (1984).

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Petrick, Joseph A. "Sustainable Stakeholder Capitalism and Redesigning Management Education." Journal of Corporate Citizenship 2010, no. 40 (December 1, 2010): 101–26. http://dx.doi.org/10.9774/gleaf.4700.2010.wi.00008.

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Nielsen, Richard P. "Business Citizenship and United States “Investor Capitalism”." Ruffin Series of the Society for Business Ethics 3 (2002): 231–39. http://dx.doi.org/10.5840/ruffinx2002314.

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There are several different types of capitalist political-economies and business organizations. Consequently, the implications for business citizenship behaviors are also quite different. In the older “large family owned business” and “managerial capitalism” forms there are important structural opportunities for a social contract and balancing of the needs of various stakeholder groups. In the “investor capitalist” form which emerged in the 1980s and has come to dominate the U.S. political-economic system, there is a dominant priority toward optimization of the shareholder wealth criterion which makes it very difficult for such business organizations to engage in authentic citizenship behaviors.

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Sunley, P. "Space for Stakeholding? Stakeholder Capitalism and Economic Geography." Environment and Planning A: Economy and Space 31, no. 12 (December 1999): 2189–205. http://dx.doi.org/10.1068/a312189.

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Bowie, Norman E. "A Kantian Theory of Capitalism." Business Ethics Quarterly 8, S1 (1998): 37–60. http://dx.doi.org/10.1017/s1052150x00400060.

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Some years ago Ed Freeman and William Evan wrote an article offering a Kantian stakeholder theory of corporate responsibility. Ed was kind enough to allow Tom Beauchamp and me to publish that previously unpublished piece in the second edition of Ethical Theory and Business. That article has appeared in every subsequent edition. But a Kantian theory of stakeholder relationships is not, I believe, a complete Kantian theory of the modem corporation. I believe Ed originally intended to expand that paper into a larger project but Ed’s philosophical interest in pragmatism has distanced him from Kantianism and his writings in stakeholder theory have gone in a different direction. Indeed in this postmodem feminist anti-foundationalist age, Kant is very much out of fashion. Since I am always out of fashion I had no trouble promising Ed I would complete the Kantian piece of the project. This essay is the condensed version and a partial fulfillment of my promise. A Kantian always keeps his promises.

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Kurland, Nancy. "ESOP Plus Benefit Corporation: Ownership Culture with Benefit Accountability." California Management Review 60, no. 4 (June 6, 2018): 51–73. http://dx.doi.org/10.1177/0008125618778853.

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Stakeholder capitalism seeks to benefit multiple stakeholders, rather than primarily shareholders. Two increasingly popular forms are the employee stock ownership plan (ESOP) and the benefit corporation. But what happens when a company combines these structures? While the benefit corporation’s expanded stakeholder mandate may appear to come at the expense of employee-owner wealth and the potential for shared power, in fact they can complement one another. Being a benefit corporation can strengthen the employee-owned company’s ownership culture through enhanced engagement and creation of a meaningful work environment. And in turn, employee owners can add a layer of accountability to help them meet the benefit corporation’s expanded stakeholder mandate.

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PERKIN, HAROLD. "The Third Revolution and Stakeholder Capitalism: Convergence or Collapse?" Political Quarterly 67, no. 3 (July 1996): 198–208. http://dx.doi.org/10.1111/j.1467-923x.1996.tb01585.x.

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de Jong, Martin. "Inclusive capitalism." Global Public Policy and Governance 1, no. 2 (June 2021): 159–74. http://dx.doi.org/10.1007/s43508-021-00020-z.

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AbstractWith the societal cracks resulting from decade-long neoliberal policies becoming increasingly visible in many countries, capitalism as the most suitable institutional system to produce material wealth, environmental sustainability and social stability has come under growing attack. This contribution examines what the growing army of recent heterodox scholars in economics and business have to say on what one could call ‘inclusive capitalism’. This concerns both the flaws in current capitalist systems and the behavioral assumptions that underpin it, as well as the possible institutional fixes they propose. I first sketch the background of the crisis surrounding capitalism, delve into its conceptual foundations and offer a working definition. I subsequently examine what social and environmental inclusion refer to and use Kate Raworth’s conceptualization of the doughnut economy as a point of departure to explore what ‘inclusive capitalism’ may imply. I also identify requirements for its implementation in institutional practices. It appears that ‘purpose’ rather than utility maximization or profit maximization is what novel economists and business scholars perceive as the key driver in ‘stakeholder-oriented capitalism’ or the ‘economics of mutuality’. Their claim is that at the end of the day this is not only a moral imperative for companies but also more beneficial for them in terms of long-term profitability. Moreover, they see a far more important role for government in shaping markets and leading the way into a more inclusive future than it is currently fulfilling. I argue that it is time for scholars in the field of public policy to take heed of these new theoretical developments in neighboring disciplines and respond to them.

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Maltby, Josephine, and Roy Wilkinson. "Stakeholding and Corporate Governance in the UK." Politics 18, no. 3 (September 1998): 197–204. http://dx.doi.org/10.1111/1467-9256.00078.

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The ‘stakeholder economy’ forms a central part of the New Labour programme for reforming both the public and private sectors. The present paper considers the potential of stakeholding to address the weaknesses of corporate governance in the UK It concludes that stakeholder governance is a concept which owes its appeal to its imprecision, and is unworkable in practice, and that its deployment, rather than imposing accountability on capitalism, merely represents an attempt to make free market capitalism look more acceptable.

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Clark, Ian. "Another third way? VW and the trials of stakeholder capitalism." Industrial Relations Journal 37, no. 6 (November 2006): 593–606. http://dx.doi.org/10.1111/j.1468-2338.2006.00423.x.

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Hervainé Szabó, Gyöngyvér. "Stakeholder Capitalism and the EFQM Model 2020 for Corporate Management." Polgári szemle 16, Special Issue (2020): 368–84. http://dx.doi.org/10.24307/psz.2020.1223.

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Stakeholder capitalism as an alternative to the neoliberal model of shareholder capitalism has become one of the most important issues in American, European and global business forums. It focused on the purpose of an organisation and on political programmes surrounding Prosperity, People, Planet, added to governance topics. The main driver behind business communities’ political activism is the adaptation to the UN/OECD standards for participation in global and regional investment flows related to sustainable business practices. Appropriate instruments are available for corporations committed to sustainability to adopt the best reporting systems. In contrast to these technical solutions, the national/European excellence awards offer a real and deep involvement, and true development for firms. The EFQM Model 2020 is an outstanding business management model designed for long-term purposes and easily adapted to all kinds of welfare capitalist systems, without political activism.

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Obote Ochieng, Cosmas Milton. "Comparative capitalism and sustainable development: Stakeholder capitalism and co-management in the Kenyan fisheries sub sector." Natural Resources Forum 32, no. 1 (February 2008): 64–76. http://dx.doi.org/10.1111/j.1477-8947.2008.00168.x.

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Bridoux, Flore, and Jan-Willem Stoelhorst. "Broadening our Sight to Rethink Capitalism: A Multi-level Stakeholder Approach." Academy of Management Proceedings 2020, no. 1 (August 2020): 16918. http://dx.doi.org/10.5465/ambpp.2020.16918abstract.

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Ward, Michael. "Corona, command and capitalism." Emerald Emerging Markets Case Studies 10, no. 3 (July 25, 2020): 1–8. http://dx.doi.org/10.1108/eemcs-05-2020-0155.

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Learning outcomes The case presents a lot of information, directly and via references and Web-based links, about the economic consequences of the virus. Several themes are evident: As an opening theory-base, the decades-long stakeholder versus shareholder debate is invoked – but does this extend beyond “stakeholders” to the “public good”? There are contexts (generally wars) in which governments are empowered to instruct private companies to engage in the public good – but how far should/must they voluntarily go? The underlying macro-economic issue is: where will we get the capital? Central banks have not recovered from the 2008 global financial crisis and have limited “ammunition” to address the anticipated economic problems introduced by the virus. The case presents data on selected financial metrics (interest rates, debt levels, risk pricing, etc.) and outlines the conventional stimulatory steps used: lowering short-term rates (monetary policy) and investment in assets (fiscal policy) and the less-conventional Quantitative Easing “QE”. Case overview/synopsis The coronavirus appears to herald a devastating blow to lives and to the world economy – its impact is yet unknown, but likely to be comparable to war and pestilence of biblical proportion. This case focuses on the possible economic trajectories as a consequence of the virus, with emphasis on bailing-out (restructuring) struggling companies and restoring jobs. Within the framework of a world desperately in need of capital, it raises questions about accountability and responsibility. Should retrenched workers in restaurants, banks and airlines feel the consequences of their poor career choices? Must shareholders (read pensioners) shoulder losses to support the public good? Ought governments bail-out whole industries – using tax-payer money? Or do we allow central banks to conjure-up billions and hope for the best? The case does not attempt to provide answers to these questions but presents several vignettes and offers a context in which participants can debate the merits of these problems. Complexity academic level MBA and Exec-ed. Supplementary materials Teaching Notes are available for educators only. Subject code CSS: 1 Accounting and Finance.

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Brennan, David M. "“Fiduciary Capitalism,” the “Political Model of Corporate Governance,” and the Prospect of Stakeholder Capitalism in the United States." Review of Radical Political Economics 37, no. 1 (March 2005): 39–62. http://dx.doi.org/10.1177/0486613404272327.

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Pramudia, Putu Shangrina. "KEHADIRAN STARBUCKS SEBAGAI LAMBANG KAPITALISME AMERIKA SERIKAT DI TIONGKOK." Indonesian Journal of International Relations 5, no. 2 (August 8, 2021): 218–40. http://dx.doi.org/10.32787/ijir.v5i2.218.

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This paper discusses the impact of Starbucks presence as a style of Western capitalism in China through the analysis of Conscious Capitalism developed by John Mackey and Professor Raj Sisodia. The glory of Starbucks in China has started since the opening of its first outlet in 1999. The high level of consumerism in China is the reason behind the success and glory of Starbucks capitalism in China. In contrast to other patterns of consumerism and business capitalism, which tend to cause economic, ecological and humanistic crises, in this paper the author argue that the presence of Starbucks in China has a positive impact. This can be proven by the application of the principles of Conscious Capitalism by Starbucks in the midst of the flow of Chinese consumption, consumerism and capitalism. The principles of conscious capitalism applied by Starbucks are; (1) higher purpose; (2) stakeholder orientation; (3) culture orientation; and (4) conscious leadership.

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Petrick, Joseph A. "Sustainable Stakeholder Capitalism: A Moral Vision of Responsible Global Financial Risk Management." Journal of Business Ethics 99, S1 (February 2011): 93–109. http://dx.doi.org/10.1007/s10551-011-1157-6.

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Gurran, Nicole, and Pranita Shrestha. "Airbnb, Platform Capitalism and the Globalised Home." Critical Housing Analysis 8, no. 1 (June 2021): 107–18. http://dx.doi.org/10.13060/23362839.2021.8.1.527.

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Airbnb, the most ubiquitous of the many online short-term rental platforms offering residential homes to tourists, has infiltrated local neighbourhoods and housing markets throughout the world. It has also divided policy-makers and communities over whether tourism in residential homes is a benign example of the so-called ‘sharing’ economy or a malignant practice which destroys neighbourhoods. These differing positions reflect alternative and changing notions of ‘home’ within wider processes of financialisation and platform capitalism. This paper examines these themes with reference to stakeholder statements solicited in response to government inquiries on how to regulate short-term rental housing in Australia.

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Brondoni, Silvio, and Paolo Boccardelli. "Ouverture de ‘IR 4.0, Network Economies & Stakeholder Engagement’." Symphonya. Emerging Issues in Management, no. 2 (2019): 1. http://dx.doi.org/10.4468/2019.2.01ouverture.

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Global corporations operate today in conditions of highly competitive tension in a context subject to political, social and technological instability. In recent years, the Greek economic crisis of 2009 showed the new basic drivers of global capitalism (Health; Energy; Food; Communication). In global network organisation, the importance of ‘corporate network value’ emerges, and intangible corporate assets (identity, culture, information system) acquire huge importance. The advent of new technologies and the growth of AI offer significant opportunities for creating value not only at business scale but also at societal level. For the future growth of global corporations, the challenge is to conciliate the profitability imperative with a business model compatible with the objective of a sustainable development and in a logic of stakeholders’ engagement.

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Kumar, Kamalesh, Giacomo Boesso, Rishtee Batra, and Jun Yao. "Cross‐national differences in stakeholder management: Applying institutional theory and comparative capitalism framework." Business Strategy and the Environment 30, no. 5 (February 12, 2021): 2354–66. http://dx.doi.org/10.1002/bse.2750.

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Kumar, Kamalesh, Giacomo Boesso, and Jun Yao. "Cultural values, institutional arrangements and stakeholder management culture." Review of International Business and Strategy 27, no. 4 (November 6, 2017): 450–65. http://dx.doi.org/10.1108/ribs-03-2017-0029.

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Purpose This study draws upon the cultural values model, institutional theory and comparative capitalism to investigate differences in organizations’ approach to stakeholder management across country boundaries. Design/methodology/approach The authors developed a multi-dimensional scale, following the stakeholder culture framework (Jones et al., 2007) to identify differences in the prevalent stakeholder cultures in the USA, Italy and Japan. Data were collected in form of a questionnaire from managers of 530 companies in the USA, Italy and Japan. Findings Results show that there are important differences in the extent to which different stakeholder cultures exist in each of these three countries, and that the prevalence of stakeholder culture types in each country is influenced by the country’s cultural values and institutional arrangements. Originality/value Understanding stakeholder management beyond the conventional firm level to a wider institutional setting has important implications for the dissemination of corporate social responsibility (CSR) practices across cultures. Developing an understanding of how organizations’ stakeholder management approaches are embedded in the context of the institutional arrangements that exist in a particular country will lead to CSR practices that are better suited to the specific national context. It may also help in a more widespread acceptance of these concepts and practices.

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Vogel, Steven K. "Japan’s Ambivalent Pursuit of Shareholder Capitalism." Politics & Society 47, no. 1 (February 6, 2019): 117–44. http://dx.doi.org/10.1177/0032329218825160.

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Could international financial capital impose shareholder sovereignty on Japan, the ultimate bastion of stakeholder capitalism? As the Japanese economy descended from boom to bust in the early 1990s, government and industry leaders called for a decisive move toward US-style shareholder capitalism, and increasing foreign share ownership exerted strong pressure to adapt corporate governance practices to Anglo-American norms. In practice, however, the government gave firms more options for restructuring but did not make them more beholden to shareholders. Firms on their part favored superficial adjustments to prop up share prices rather than fundamental changes, because they sought to preserve the strengths of their traditional business models. This article explains how marketplace developments, domestic political dynamics, and corporate strategies combined to produce the distinctive pattern of Japanese corporate governance reforms since the 1990s. It concludes with an assessment of the consequences of these reforms for managers, workers, shareholders, and the general public.

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Wagner, Franz W. "Für wen sind Unternehmen da?" Perspektiven der Wirtschaftspolitik 22, no. 1 (April 1, 2021): 27–44. http://dx.doi.org/10.1515/pwp-2021-0001.

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Zusammenfassung Der Deutsche Corporate Governance Kodex (DCGK) verpflichtet Vorstand und Aufsichtsrat börsennotierter Kapitalgesellschaften auf eine Geschäftspolitik im Interesse der „Stakeholder“ von Unternehmen. Dadurch entsteht der Eindruck, der DCGK habe den zuvor postulierten Interessen-Primat der Kapitaleigner aufgegeben und zwischen den „Varieties of capitalism“ einen Kurswechsel vorgenommen. Andererseits gehen die finanzwirtschaftliche sowie die politikwissenschaftliche und soziologische Literatur davon aus, dass die Globalisierung der Finanzmärkte und das Vordringen institutioneller Investoren eine irreversible Kapitalmarktorientierung der Finanzsysteme eingeleitet haben. In deren Folge nutzen Unternehmen auch ihre Stakeholder-Beziehungen als Wettbewerbsfaktoren zur Steigerung des Unternehmenswertes. Vom Stakeholder-Appell des deutschen DCGK ist daher eher ein politisches Signal an die Öffentlichkeit als ein Einfluss auf Unternehmensziele zu erwarten.

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Bahtiar, Andhi, and Adis Imam Munandar. "STAKEHOLDER ANALYSIS PADA KEBIJAKAN PEMANFAATAN TELEMEDICINE DALAM MENGHADAPI COVID-19 DI INDONESIA." PREPOTIF : Jurnal Kesehatan Masyarakat 5, no. 1 (January 19, 2021): 68–79. http://dx.doi.org/10.31004/prepotif.v5i1.1304.

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The use of telemedicine is one of the strategic policies of the Indonesian government to minimize physical contact between doctors and patients in the fight against the Covid-19 pandemic. Various suggestions, directions and decisions from government elements in implementing the policy are aimed at maintaining public health services, without increasing the potential for Covid-19 transmission in health facilities. However, in the midst of optimism for the success of the policy, various policy makers had doubts, especially regarding the readiness of facilities, the ethical dimensions of medical personnel professionalism, and the potential for the emergence of new capitalism in the health sector. Through the stakeholder analysis method of reviewing the existing literature, this study will map and identify the various stakeholders involved in telemedicine implementation, as well as their power, legitimacy and urgency. This identification aims to analyze the relationship between stakeholders and anticipate any counter-productive efforts to the government's strategy in suppressing the spread of the Covid-19 outbreak. The results of this study indicate that there are at least thirty-one stakeholders involved, including the Indonesian Ministry of Health, the Covid-19 Task Force and the Indonesian Medical Council (KKI) as definitive stakeholders, as well as investors, providers of telemedicine platforms and the pharmaceutical industry as dangerous stakeholders.

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Sachdev, Sanjiv. "Conference "Stakeholder Capitalism - Blind Alley or Best Hope?", Sheffield University, 28-29 March 1996." Transfer: European Review of Labour and Research 2, no. 2 (June 1996): 428–29. http://dx.doi.org/10.1177/102425899600200230.

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Ahmadjian, Christina L., and Gregory E. Robbins. "A Clash of Capitalisms: Foreign Shareholders and Corporate Restructuring in 1990s Japan." American Sociological Review 70, no. 3 (June 2005): 451–71. http://dx.doi.org/10.1177/000312240507000305.

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This article examines the clash between stakeholder- and shareholder-based business systems resulting from an increase in foreign portfolio investment in the Japanese economy during the 1990s. An analysis of 1,108 firms between 1991 and 2000 shows that as foreign institutional investors, who were more interested in investment returns than in long-term relationships, replaced domestic shareholders, one fundamental pillar of Japan's stakeholder capitalism began to crack. Japanese firms began to adopt downsizing and asset divestiture, practices more characteristic of Anglo-American shareholder economies. The influence of foreigners, however, was weaker in firms more deeply embedded in the local system through close ties to domestic financial institutions and corporate groups. Thus, foreign investors were influential primarily in firms less embedded in the existing stakeholder system. This research contributes to debates on globalization and convergence of business systems, institutional change, and corporate governance systems.

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Watanabe, Chihiro, Waleed Akhtar, Yuji Tou, and Pekka Neittaanmäki. "Fashion-driven Textiles as A Crystal of A New Stream for Stakeholder Capitalism – Amazon’s Endeavor." International Journal of Managing Information Technology 12, no. 2 (May 31, 2020): 19–42. http://dx.doi.org/10.5121/ijmit.2020.12202.

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José Menéndez, Agustín. "Book Review: Other Areas: Capitalism, Corporations and the Social Contract: A Critique of Stakeholder Theory." Political Studies Review 13, no. 2 (April 9, 2015): 253. http://dx.doi.org/10.1111/1478-9302.12087_24.

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Trequattrini, Raffaele, Rosa Lombardi, and Fabio Nappo. "The corporate governance of financial-stock management: Utility function, motivation and management culture." Corporate Ownership and Control 8, no. 1 (2010): 569–79. http://dx.doi.org/10.22495/cocv8i1c5p7.

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With the rise of managerial capitalism, the utility function of managers has undergone some changes compared to that theorized by the economic doctrine and detectable in profit maximization. Later theories, such as those of Marris, Baumol, Williamson, linked to the development of managerial capitalism have emphasized that the management function is polymorphous and multi-oriented and the goals of top management are not always aligned with those of the owners. In recent years, the claim of the equity-management has allowed not only the return of shareholders in corporate governance, but also the affirmation of maximizing the market value of company shares as a new target of managers. In this view, the interests of managers are converging with those of the owner-investors; the capital and the maximization of profit are the centre of attention and value of company shares in a short period. This gives rise to a degenerative phenomenon of the entrepreneurial paradigm represented by irresponsible operations in finance exclusively linked to short-term and not to the values and expectations of corporate stakeholders. The action of the managers, according to the principal-agent theory generates a strong conflict in relationships with stakeholder groups that are rarely considered in spite of the maximization of the interests of shareholders. This contribution, in light of the above considerations, aims to analyze the utility function of managers in the modern capitalist system, in order to identify a theoretical reference model based on alternative motivations with respect to the source of the social phenomenon of irresponsibility or forms of insincere social responsibility that mask the real objective of maximizing profit. The analysis within large corporations, starting with the conceptualization of the principal-agent theory can be used to analyze not only the theoretical model of reference for the corporate governance, but also to understand which factors have led to inefficiency and which are the ones that represent the indispensable basis. We conclude by saying that the managerial utility function should not disregard from the strategy of sincere social responsibility, from the perspective of evaluating business strategies of medium- long term, from the achievement of a congruous profit and from the satisfaction of corporate stakeholders needs in different levels.

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Mena, Sébastien. "Book Review: Samuel F. Mansell Capitalism, Corporations and the Social Contract: A Critique of Stakeholder Theory." Organization Studies 37, no. 5 (May 2016): 735–38. http://dx.doi.org/10.1177/0170840616631716.

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Pucheta‐Martínez, María Consuelo, Isabel Gallego‐Álvarez, and Inmaculada Bel‐Oms. "Varieties of capitalism, corporate governance mechanisms, and stakeholder engagement: An overview of coordinated and liberal market economies." Corporate Social Responsibility and Environmental Management 27, no. 2 (August 16, 2019): 731–48. http://dx.doi.org/10.1002/csr.1840.

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Matwijkiw, Bronik, and Anja Matwijkiw. "Biolaw Stakes, Activist Jurisprudence, and (Presumed) Limits for Protected Interests." International Criminal Law Review 17, no. 6 (November 23, 2017): 1070–101. http://dx.doi.org/10.1163/15718123-01761384.

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This essay shows that the emerging phenomenon called biolaw would benefit from philosophically critical exercises to secure a good fit with international criminal law (icl). Although legal experts agree to treat icl as the primary framework for conceptualisation and dynamic realisation (through norm-conferment, – implementation and -enforcement), the implied (bio)law-and-(bio)ethics integration can still be construed in different ways, thereby paving more than one path for biolaw. With the emphasis on transplant-related crimes, the authors try to capture a notion of important biolaw stakes, which provides direction-posts for the inescapable marketplace discussion. The argument draws on a broad stakeholder jurisprudence that does not overplay the distinction between capitalism and altruism – to avoid the abandonment of vulnerable cum poor stakeholders. Critically, theories may look like instances of activist jurisprudence, lines of argument and reasoning that would (better) explain, (re)direct and (ethically) enhance the realm, but which nevertheless fail substantively or procedurally, or both.

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Đuričin, Dragan, and Iva Vuksanović-Herceg. "The great reset of Serbia's economy during and after the COVID-19 crisis." Ekonomika preduzeca 69, no. 3-4 (2021): 117–36. http://dx.doi.org/10.5937/ekopre2103117d.

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Since 2020 the modern world has been witnessing a complex crisis, which is essentially a medical crisis (the COVID-19 pandemic) within a structural economic crisis. In addition to the current nexus of risk stressors, such as anthropogenic climate crisis, biodiversity loss, financialization and income inequality, all global and cross-cutting by their very nature, in the last period biorisk has been growing dramatically. The COVID-19 pandemic is a devastating and tragic moment which is rapidly becoming a matter of primary public concern. Social distancing, as the most effective anti-pandemic measure, has pushed the economy into sleep mode. Hibernation provokes a truly systemic economic downturn. The current crisis is particularly deepening structural imbalances of the neoliberal model of capitalism. Core policies responses, such as liquidity infusion and fiscal stimulus, are massive and permanent. Increasing moral hazard and irrational exuberance, such policies are destroying capital markets, as a brain of the market economy. But every crisis is also a chance to change. By tackling the neoliberal capitalism' fault lines in a more effective way, it may actually accelerate the pace to the future we had in mind. A quick restart (or recovery) of the economy and a later rebound require systemic and concerted action in order to mitigate the negative effects of both medical and economic crisis. In managing a complex crisis such as this one, guided by the vision of a sustainable, inclusive and prosperous economy, governments all around the world should take radical reform steps. It means, at least, two things at once. First, dealing with the pandemic as a macroeconomic variable. Second, implementing core economic policies (monetary and fiscal) in a structural way. To do so, the transition from shareholder capitalism to stakeholder capitalism is imminent. An emerging system will combine two institutional choices, the "visible hand" of state (impact investments based on structural or industrial policies) and the "invisible hand" of market forces. It's time to give the government a stronger voice in the economy. To create value instead of redistributing value, the major part of impact investments will be in circular and regenerative economy, health care, infrastructure (physical and conceptual), science, and education. The objective of this paper is twofold. First, to fill the present conceptual vacuum created by the neoliberal doctrine economics rules with the aim of identifying key components of Serbia's economy revival based on its macroeconomic specifics and catalytic impact of new economics rules during and after the COVID-19 pandemic. Second, to highlight the relevance of key components of stakeholder capitalism, including the regenerative and circular model of growth and heterodox economic policy platform for the Great Reset, or recovery and rebound respectively.

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Mansell, Samuel. "Book Review: Rejoinder to Veldman’s review of Capitalism, Corporations and the Social Contract: A Critique of Stakeholder Theory." Organization 22, no. 2 (February 27, 2015): 271–75. http://dx.doi.org/10.1177/1350508414557535.

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Englander, Ernie, and Allen Kaufman. "The End of Managerial Ideology: From Corporate Social Responsibility to Corporate Social Indifference." Enterprise & Society 5, no. 3 (September 2004): 404–50. http://dx.doi.org/10.1017/s1467222700013768.

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During the 1990s, U.S. managerial capitalism underwent a profound transformation from a technocratic to a “proprietary” form. In the technocratic era, managers had functioned as teams to sustain the firm and to promote social welfare by satisfying the demands of competing stakeholders. In the new proprietary era, corporate bureaucratic teams broke up into tournaments in which managers competed for advancement toward the CEO prize. The reward system of the new era depended heavily on stock options that were accompanied by downside risk protection. The tournaments turned managers into a special class of shareholders who sought to maximize their individual utility functions even if deviating from the firm's best interest. Once this new regime became established, managers discarded their technocratic, stakeholder creed and adopted a property rights ideology, originally elaborated in academia by financial agency theorists. Managers hardly noticed (or cared) they were capturing a disproportionate share of the new wealth being generated in the U.S. economy. When critics brought this fact to light, managers replied like well-schooled economists: markets worked efficiently. Whether they worked fairly was a question they did not address.

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Burnay, Matthieu. "China and the Global Commons: Selective Contributions and Contestation." International Community Law Review 22, no. 5 (December 9, 2020): 639–67. http://dx.doi.org/10.1163/18719732-12341450.

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Abstract The objective of this paper is to analyse how and why the People’s Republic of China (PRC) influences the making of regulatory and non-regulatory frameworks governing global commons. In the first part, the paper presents three factors that underpin the governance of the global commons today: the participation of a multiplicity of stakeholders (i.e. states and private actors); the establishment of new institutions, norms, and procedures to govern global commons; as well as the function of the commons as an alternative discourse to the crisis of neoliberal capitalism. In the second part, the paper presents how recent changes in China’s foreign policy and its engagement with international law inform the emergence of China as a key stakeholder in the governance of global commons, particularly in relation to the governance of maritime, space, Arctic, and cyber domains. In the third part, the paper introduces some specific features of China’s engagement with the global commons. These features include an instrumental and selective approach to international law; attempts to localise the governance of the commons; as well as reluctance in engaging with transnational actors in the governance of the global commons.

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Rosamond, Emily. "Shared stakes, distributed investment: Socially engaged art and the financialization of social impact." Finance and Society 2, no. 2 (December 19, 2016): 111–26. http://dx.doi.org/10.2218/finsoc.v2i2.1725.

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This article examines the implications of the financialization of social impact and the emerging social impact bonds (SIBs) market for socially engaged art practices. How do SIBs, which allow for investment in social impact metrics, shift the broader contexts through which the value of social impact is understood in art discourses? In the British context, recent projects by Assemble, Open School East and others do important social work, yet echo the logic of the social investment market by outsourcing social impact. Rather than dismissing socially engaged art initiatives as having been recuperated by financialized capitalism, I suggest the need to develop new ways of achieving a double reading of these works as they relate to – and upset the distinctions between – stakeholder and bondholder valuation.

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Rowe, James, Ana Maria Peredo, Megan Sullivan, and John Restakis. "Co-operative Development, Policy, and Power in a Period of Contested Neoliberalism: The Case of Evergreen Co-operative Corporation in Cleveland, Ohio." Socialist Studies/Études Socialistes 12, no. 1 (May 29, 2017): 54. http://dx.doi.org/10.18740/s4m628.

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After the financial crisis in 2008 and amid growing concerns about climate change, interest in systemic alternatives to neoliberal capitalism is growing. This cultural shift helps explain the enthusiasm from political elites, media, and academics that greeted the launch of Evergreen Co-operative Corporation in 2009. Based in Cleveland Ohio, Evergreen is a network of worker-owned co-operatives with scalability and replicability woven into its design. But how warranted is the broad-based enthusiasm around Evergreen? Is this a model that can be replicated across North America as its founders suggest? Based on site visits and stakeholder interviews, we argue that there are important limits on desires to reproduce the “Cleveland Model.” However, its ambitions for scalability and replicability position it to contribute to the important project of movement building that can facilitate the policy change needed to scale up the co-operative alternative.

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Néron, Pierre-Yves. "Capitalism, Corporations and the Social Contract: A Critique of Stakeholder Theory, by Samuel Mansell. Cambridge: Cambridge University Press, 2013. 198 pp. ISBN: 9781107015524." Business Ethics Quarterly 25, no. 3 (July 2015): 393–96. http://dx.doi.org/10.1017/beq.2015.10.

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Shivarajan, Sridevi, Thomas DuBois, and Aravind Srinivasan. "Examining how marginalized stakeholders successfully redress their issues." Annals in Social Responsibility 1, no. 1 (June 8, 2015): 108–30. http://dx.doi.org/10.1108/asr-12-2014-0004.

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Purpose – Can marginalized stakeholders whose issues with the firm are unaddressed because of their resource and legitimacy constraints (low salience) increase their salience by capitalizing on certain inherent properties of their stakeholder environment? The purpose of this paper is to examine this question using a real life case of the Coca-Cola controversy in Kerala, India, where a group of local aboriginals succeeded against all odds in shutting down a Coca-Cola plant which was allegedly polluting their water resources. The analysis of the longitudinal data collected in this case supported the hypotheses that the ability of marginalized stakeholders to increase their salience by influencing other stakeholders depends both on the attributes of other stakeholders (favorable, unfavorable and indifferent), and the triadic relationships among them. The triadic relationships among stakeholders show a tendency toward balance, and become particularly relevant when the marginalized stakeholder’s issues are perceived to have low legitimacy due to their normative nature (which makes them difficult to be translated into economic terms). The findings offer important insights to both marginalized stakeholders and firms, on proactively managing their stakeholder environments. Design/methodology/approach – The authors use a single case: the controversy surrounding Coca-Cola in Kerala, India, and conduct a longitudinal study examining both qualitative and quantitative data. Findings – The findings indicate that marginalized stakeholders can capitalize on certain inherent properties of their stakeholder networks and increase their salience to influence the focal firm. Specifically, the authors find that stakeholder salience is a function of both the dyadic relationships between stakeholders, and the triadic relationships among them. These triadic relationships tend to a state of balance over time. The authors also find that when the stakeholder issue is normative in nature the triadic relationships are more important in increasing stakeholder salience. Originality/value – The authors conduct an original case study research, with primary qualitative data collected by the authors. The authors also develop a quantitative model to examine this data to arrive at the findings. Therefore the authors contribute both theoretically and empirically to stakeholder salience literature.

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Gregory, Vanessa, and Mihalis Chasomeris. "JSE listed companies in the food and drug retail sector: A content analysis of financial statements to determine their primary purpose." Journal of Economic and Financial Sciences 9, no. 3 (December 3, 2016): 927–50. http://dx.doi.org/10.4102/jef.v9i3.77.

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The overall purpose of the study is to analyse financial statements to determine the primary purpose of JSE listed companies in the food and drug retail sector. There were two parts to the analyses. First, the study examines the literature on the three models, namely: neoclassical, conscious capitalism and entity maximisation and sustainability in order to identify themes or major identifiers of each model. Second, it analyses the financial statements (over five years from 2010 to 2014) of JSE listed companies in the food and drug retail sector, in particular the non-financial information. The entire population was analysed as there were only four in the population, namely SPAR, Pick n Pay, Shoprite and Clicks. Annual integrated reports and sustainability reports (where separately published) were analysed using content analyses. Keywords and themes were used to link the attributes of the company to the attributes identified in the literature to determine the model the company used. The content analyses showed that the dominant model was the entity maximisation and sustainability model. However, each company appears to have chosen to focus on a different stakeholder: SPAR on employees, Pick n Pay on customers (with a differentiation strategy), Shoprite on customers (with a low cost strategy) and Clicks on shareholders.

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Lee, JungAh, and YoungWon Suh. "Development and validation of the Spiritual Management Index (SMI)." Korean Journal of Industrial and Organizational Psychology 29, no. 3 (August 31, 2016): 433–63. http://dx.doi.org/10.24230/kjiop.v29i3.433-463.

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Recently, organization is facing globalization, change, complexity, uncertainty. Also, new social-economic values such as conscious capitalism, sustainable management, stakeholder theory come into the spotlight. These changes in management include a shift from an economic focus to a balance of profits, quality of life, spirituality, and social responsibility concerns. And one of the greatest challenges facing organization is the need to develop new business models that accentuate ethical leadership, employee well-being, substantiality, and social responsibility without sacrificing profitability, revenue growth. This research suggest ‘spiritual management’ to deal with these changes. Spiritual management will enhances employee well-being, quality of life and provides employees a sense of purpose and meaning at work, a sense of interconnectedness and community. Nevertheless researches in this area are not enough and still inadequate level. In addition, there is no framework, well-defined concept and scientific diagnosis tool of spiritual management. Therefore we developed the Spiritual Management Iindex(SMI). To develop the scale we conducted researched on documentations and attended at spiritual management forum. Based on these research we developed 7 initial factors with 50items. Using these items we conducted survey, with the 261 people's survey results, we implemented the factor analysis. After validating we generated final 7 factor with 40 items. Also we conducted criterion-related validation. Spiritual management influence on happiness, organizational commitment, job engagement of employees.

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Seo, Youngji, Marilyn J. Primovic, and Yan Jin. "Overcoming stakeholder social media fatigue: a trialogue approach." Journal of Business Strategy 40, no. 6 (November 18, 2019): 40–48. http://dx.doi.org/10.1108/jbs-04-2019-0071.

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Purpose The continuation of rapid changes in Web 2.0 has transformed the practice of business communication and stakeholders’ expectations. This paper aims to paramount one issue facing corporate communicators is stakeholders’ social media fatigue that leads to online disengagement and social media strategy ineffectiveness. Design/methodology/approach A systematic review of research literature and a deep dive in the professional reports regarding corporate communication and social media strategies are conducted. Findings To tackle the challenge of stakeholder social media fatigue, a conceptual model is provided to guide the development of alternative social media strategies that capitalize on the impact of vicarious interaction and reenergize stakeholders via trialogue based on the corporate-influencer-stakeholder (parasocial) relationships. Originality/value A model for overcoming stakeholder social media fatigue via optimizing corporate-influencer-stakeholder (parasocial) relationship is proposed and elaborated, with actionable social media strategies recommended for corporate communicators to use.

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Journal articles on the topic 'Stakeholder Capitalism'

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