Neither Shareholder nor Stakeholder Management:

Vilanova, Laurent

doi:10.1016/j.emj.2007.01.002

Cited by 46 publications

(11 citation statements)

References 29 publications

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“…employees, customers, suppliers, communities, and the environment), and stresses that firms need to go beyond profit maximization (Jiao, 2010;Lindorff and Peck, 2010;Lo, 2010). Instead, they should be able to manage the firm in a way that would satisfy all the firm's key stakeholders (Vilanova, 2007). This model thus considers that managers are not always self-serving and opportunistic.…”

Section: Background the Emergence Of Corporate Social Responsibility mentioning

confidence: 99%

“…This model thus considers that managers are not always self-serving and opportunistic. Instead, they should be able to manage the firm in a way that would satisfy all the firm's key stakeholders (Vilanova, 2007).…”

Section: Background the Emergence Of Corporate Social Responsibility mentioning

confidence: 99%

“…The supporters of the shareholder model argue that social welfare is maximized when all firms maximize their own market values (Masera and Mazzoni, 2007). This stems from the assumption that managers are opportunistic agents, and therefore managerial discretion should be strictly limited (Vilanova, 2007). This juxtaposition between shareholder value and stakeholder value has received a lot of interest in finance and strategic management theories (Masera and Mazzoni, 2007;Vilanova, 2007).…”

Section: Background the Emergence Of Corporate Social Responsibility mentioning

confidence: 99%

See 2 more Smart Citations

Does Sustainable Development Foster Value Creation? Empirical Evidence from the Global Energy Industry

Pätäri

Jantunen

Kyläheiko

et al. 2011

Corp Soc Responsibility Env

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The relationship between a firm's sustainability efforts and its financial performance has gained increasing interest among academia and in the press in recent years. In this study we focus on the energy industry in which sustainability issues are of special interest, but in which context the association between firm performance and sustainable development has not yet been studied. The data for this study consists of two groups of firms: firms that are included in the Dow Jones Sustainability Indexes (DJSI), and the biggest firms from the global energy sector. The financial performance of the companies is analyzed from different perspectives, and the data is gathered from years 2000, 2005, and 2009. The empirical analysis finds evidence of a positive association between sustainable development and firms' financial performance, especially when performance is measured as the market capitalization value.

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Section: Background the Emergence Of Corporate Social Responsibility mentioning

confidence: 99%

Section: Background the Emergence Of Corporate Social Responsibility mentioning

confidence: 99%

Section: Background the Emergence Of Corporate Social Responsibility mentioning

confidence: 99%

See 1 more Smart Citation

Does Sustainable Development Foster Value Creation? Empirical Evidence from the Global Energy Industry

Pätäri

Jantunen

Kyläheiko

et al. 2011

Corp Soc Responsibility Env

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“…However, empirical studies examining the relationships between managerial perceptions of stakeholder salience and a firm's financial or social performance have yielded inconclusive results (Agle et al, 2008). A number of studies have found that managers often make decisions without considering stakeholder power, legitimacy, and urgency, or their interests Business Ethics Quarterly (e.g., Banerjee, 2000;Frooman, 1999;Magness, 2008;Vilanova, 2007). Others have found that managerial assessments of stakeholder salience sometimes lead to better financial or social performance, but not both simultaneously (e.g., Agle, Mitchell & Sonnenfeld, 1999;Mattingly, 2004).…”

Section: Introductionmentioning

confidence: 99%

Who and What Really Matters to the Firm: Moving Stakeholder Salience beyond Managerial Perceptions

Tashman

Raelin

2013

Bus. Ethics Q.

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ABSTRACT:We develop the concept of stakeholder salience to account for stakeholders who should matter to the firm, even when managers do not perceive them as important. While managers are responsible for attributing salience to stakeholders, they can overlook or ignore stakeholder importance because of market frictions that affect managerial perceptions or induce opportunism. When this happens, corporate financial and social performance can suffer. Thus, we propose that the perceptions of organizational and societal stakeholders should also codetermine the salience of the focal stakeholder to the firm. We also propose that stakeholder dialogue can reduce the impacts that market frictions can have on managerial perceptions of stakeholder interests that should matter to the firm. Finally, we discuss how the refined conceptualization of stakeholder salience might have better predictive validity, be more normative, and make instrumental and normative stakeholder theory more convergent.

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“…Research indicates that the relevant stakeholders will join to obtain the necessary resources [12]. Vilanova's [13] short term salient stakeholder theory also believes that managers tend to collude with a strong stakeholder. Taking those studies, extant research has proposed the embryonic form of project governance, which concentrates on the preliminary framework for project governance elements but does not give a method of meeting the framework.…”

Section: Literature Reviewmentioning

confidence: 99%