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Corporate Governance: Stakeholder Value versus Shareholder Value

32 Pages Posted: 17 Apr 2001  

Gerard J. Charreaux

Universite de Bourgogne - LEG/FARGO

Philippe Desbrieres

Université de Bourgogne

Abstract

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

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

Gerard Charreaux (Contact Author)

Universite de Bourgogne - LEG/FARGO ( email )

2, Bd Gabriel, BP 26611
Pole d'economie et de gestion
Dijon Cedex, 21066
France
33380395435 (Phone)
33380395488 (Fax)

Philippe Desbrieres

Université de Bourgogne ( email )

Institut d'Administration des Entreprises
21066 Dijon Cedex
France

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