Corporate Governance: Stakeholder Value versus Shareholder Value
Gerard J. Charreaux
Universite de Bourgogne - LEG/FARGO
Université de Bourgogne
Finance Controle Strategie, Vol. 1, June 1998
Unsatisfied with the dominating shareholders point of view, that appears to be too limited to build a relevant theory of corporate governance, we propose an enlarged definition of the value which may be called, the stakeholder value. This definition and its associated measure are more suitable for the stakeholder approach to the firm and more relevant to understand the value creation and sharing mechanisms.
Number of Pages in PDF File: 32
Keywords: shareholder value, stakeholder value, corporate governance, value creation, value sharing
JEL Classification: G390Accepted Paper Series
Date posted: April 17, 2001
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