Corporate governance and stakeholder conflict |
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Authors: | Michael Carney Eric Gedajlovic Sujit Sur |
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Institution: | 1.John Molson School of Business,Concordia University,Montréal,Canada;2.School of Business,Simon Fraser University,Vancouver,Canada;3.School of Business,Dalhousie University,Halifax,Canada |
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Abstract: | The stakeholder management literature is dominated by the ‘shareholder value’ and ‘inclusive stakeholder’ views of the corporation.
Each views the governance problem in terms of inter-functional conflicts between stakeholder groups, such as between investors and managers or managers and employees, and rests on the
assumption of an idealized corporate structure characterized by the separation of ownership from management. Our review of
corporate governance and stakeholder conflict shows that such functional-based characterization is too simplistic and fails
to account for important intra-functional conflict. Through a comparative review that considers managerial, stakeholder and
family systems of governance, we demonstrate that, while the modality of conflict varies by system, substantial intra-functional
conflict is endemic to each. We integrate the findings of the agency and comparative stakeholder theories of corporate governance
to offer an authority-based framework with three different governance structures that offers complementary insights into stakeholder
conflicts. Thus, our study highlights the important, but often neglected, intra-stakeholder type of conflict in various organizations
and provides a basis for understanding their various manifestations and consequences under the different systems of governance. |
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