32 Pages Posted: 17 Apr 2001
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.
Keywords: shareholder value, stakeholder value, corporate governance, value creation, value sharing
JEL Classification: G390
Suggested Citation: Suggested Citation
Charreaux, Gerard J. and Desbrieres, Philippe, Corporate Governance: Stakeholder Value versus Shareholder Value. Finance Controle Strategie, Vol. 1, June 1998. Available at SSRN: https://ssrn.com/abstract=262902 or http://dx.doi.org/10.2139/ssrn.262902