Corporate Personhood and Fiduciary Duties as Critical Constructs in Developing Stakeholder Management Theory and Corporate Purpose

Research output: Contribution to journalArticlepeer-review

Abstract

This article considers the complex process of economic value creation in joint production in which a corporation is viewed as more than a nexus of contracts for four reasons related to the interdependent functions of the corporate personhood concept of the corporation as a separate legal entity. Corporate personhood facilitates stewardship and stakeholder management, which can encourage firm-specific investments, reduce shirking, and attenuate rent seeking to provide economic value. The corporate personhood approach illuminates multidimensional constructs for the governance of a corporation at the board level to embody fiduciary duties and corporate purpose, which is much richer than the nexus of contract view.
Original languageEnglish (US)
Pages (from-to)212-220
Number of pages9
JournalStrategy Science
Volume8
Issue number2
DOIs
StatePublished - Jul 2023

Keywords

  • corporate personhood
  • governance
  • joint value creation
  • corporate purpose
  • stakeholder management
  • fiduciary duties
  • institutional logics

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