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Stakeholder democracy as a katalyst to corporate value creation?

Stakeholder-Demokratie als Katalysator für die Schaffung von Unternehmenswert?
[journal article]

Ees, Hans van

Abstract

"Die Effektivität von Corporate Governance-Institutionen, insbesondere des Vorstands, wird aus drei theoretischen Perspektiven betrachtet. Corporate Governance-Designs reichen von autoritären Formen mit ungeteilter Autorität bzw. einem einzigen kontrollierenden Stakeholder bis hin zu demokratischen ... view more

"Die Effektivität von Corporate Governance-Institutionen, insbesondere des Vorstands, wird aus drei theoretischen Perspektiven betrachtet. Corporate Governance-Designs reichen von autoritären Formen mit ungeteilter Autorität bzw. einem einzigen kontrollierenden Stakeholder bis hin zu demokratischen Formen mit geteilter Autorität und mehreren leitenden Stakeholdern. Die Unterscheidung zwischen der Verteilung des geschaffenen Werts und der Schaffung von Wert wird als wichtige moderierende Variable in die Analyse einbezogen. Wird die Verteilung des Werts betont, sollten Stakeholder sowohl nach Ansicht der erweiterten Principal Agent- als auch der Mediating Hierarchy-Perspektive nicht im Vorstand vertreten sein. Gemäß der Mediating Hierarchy-Perspektive ist es in Situationen mit Stimmrechtsübertragung außerdem am effektivsten, wenn alle Stakeholder ihre Kontrollrechte an den Vorstand abgeben, um beziehungsspezifische Investitionen zu ermöglichen. Konzentriert sich die Analyse auf die Schaffung von Wert, werden aus einer Strategic Contingency-Perspektive die Bindung und Loyalität von Stakeholdern zu ihrer Firma sowie ihre firmen- und branchenspezifische Erfahrung und Expertise als Schlüsselvariablen der Soft Governance berücksichtigt. Sofern diese Fähigkeiten über mehrere Stakeholder verteilt sind, wird die Effektivität der Governance verbessert, wenn diese Stakeholder im Vorstand vertreten sind." (Autorenreferat)... view less


"The effectiveness of institutions of internal corporate governance, in particular the board of directors, is addressed from three theoretical perspectives. Corporate governance designs range from authoritarian, a single authority or controlling stakeholder, to democratic, shared authority and more ... view more

"The effectiveness of institutions of internal corporate governance, in particular the board of directors, is addressed from three theoretical perspectives. Corporate governance designs range from authoritarian, a single authority or controlling stakeholder, to democratic, shared authority and more controlling stakeholders. The distinction between the distribution of value created and value creation is introduced in the analysis as a relevant moderating variable. In case the emphasis is on the distribution of value created both the extended principal-agent perspective and the mediating hierarchy perspective on the corporation argue that stakeholders should not be represented in the board. Second, by building upon the mediating hierarchy perspective, in situations of multiple enfranchised stakeholders, it is most effective that all stakeholders transfer their control rights to the board, to enable relationship-specific investments. In case the analysis shifts to value creation, a strategic contingency perspective on corporate governance introduces the commitment and loyalty of stakeholders to the firm and their firm-specific and industry-specific experience and expertise as key soft-governance variables in the analysis of effective board behaviour. To the extent that these capabilities are distributed over multiple stakeholders, the effectiveness of governance is increased by having these stakeholders represented in the board." (author's abstract)... view less

Keywords
democracy; effectiveness; enterprise; corporate governance; board of directors; stakeholder approach

Classification
Sociology of Work, Industrial Sociology, Industrial Relations

Method
descriptive study

Document language
English

Publication Year
2005

Page/Pages
p. 323-338

Journal
Industrielle Beziehungen : Zeitschrift für Arbeit, Organisation und Management, 12 (2005) 3

ISSN
0943-2779

Status
Published Version; peer reviewed

Licence
Deposit Licence - No Redistribution, No Modifications


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© 2007 - 2025 Social Science Open Access Repository (SSOAR).
Based on DSpace, Copyright (c) 2002-2022, DuraSpace. All rights reserved.