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| Author: | Heath, J. Norman, W. |
| Title: | Stakeholder theory, corporate governance and public management: what can the history of state-run enterprises teach us in the post-Enron era? |
| Journal: | Journal of Business Ethics
2004 : SEP I, VOL 53:3, p. 247-265 |
| Index terms: | Agencies Agency theory Corporate governance Corporate responsibility Public sector management Stakeholders |
| Language: | eng |
| Abstract: | A challenge raised for those who assume that corporate social responsibility and good corporate governance naturally go hand-in-hand in this paper. The recent spate of corporate scandals in the USA and elsewhere has dramatized, once again, the severity of the agency problems that may arise between managers and shareholders. These scandals remind us that even if we adopt an extremely narrow concept of managerial responsibility - such that we recognize no social responsibility beyond the obligation to maximize shareholder value - there may still be very serious difficulties associated with the effective institutionalization of this obligation. It also suggests that if we broaden managerial responsibility, in order to include extensive responsibilities to various other stakeholder groups, we may seriously exacerbate these agency problems, making it even more difficult to impose effective discipline upon mangers. Hence, this study asks: is a strong commitment to corporate social responsibility institutionally feasible? |
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