Corporate Governance and Democracy: The Stakeholder Debate Revisited |
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Authors: | Driver Ciaran Thompson Grahame |
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Affiliation: | (1) Imperial College Management School, University of London, UK;(2) Faculty of Social Sciences, The Open University, UK |
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Abstract: | 'Stakeholding' is a term laden with manymeanings. In this paper we attempt to put someorder on the discourse by confining attentionto the corporation. We assess the originsand the intellectual foundations of the 'shareholder versus stakeholder' debate. We askwhether and how 'stakeholding' might be a morelogical or rational system, a fairer or moredemocratic system, and one that provides betterperformative outcomes. Each of these claims isassessed in respect to the micro firmperspective and the macro economy-wideperspective.One of the most difficult and neglected areasin the stakeholding debate concerns thepracticalities of its implementation. The papertackles this issue directly, at both thedomestic and the international level. We asknot only how stakeholding might be sensiblyintroduces within a national context but alsowhat it means to discuss stakeholding inrespect to transnational enterprises. |
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Keywords: | company performance corporate governance corporate senate democratization ownership stakeholding stewardship transnational corporations |
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