Towards a Stakeholder Theory of Strategic Management

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

This paper suggests that due to the changing nature of the firm, viewing shareholders as the sole residual claimants is an increasingly tenuous description of the actual relationships among a corporation’s various stakeholders. Thus, a shareholder wealth perspective is increasingly unsatisfactory for accurately answering the two fundamental questions concerning the theory of the firm: that of economic value creation, and the distribution of this economic value. Examining the corporation from a (team production) property rights perspective of incomplete contracting and implicit contracting provides a foundation for the revitalization of a stakeholder theory of the firm in the strategic management discipline.
Original languageEnglish (US)
Title of host publicationTowards a New Theory of the Firm
Subtitle of host publicationHumanizing the Firm and the Management Profession
EditorsJoan Enric Ricart Costa, Josep Maria Rosanas Marti
Place of PublicationBilbao, Spain
PublisherBBVA
Pages153-182
StatePublished - 2012

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Economic value
Strategic management
Stakeholder theory
Theory of the firm
Stakeholders
Incomplete contracting
Property rights
Shareholders
Shareholder wealth
Team production
Value creation
Contracting
Revitalization

Cite this

Mahoney, J. T. (2012). Towards a Stakeholder Theory of Strategic Management. In J. E. Ricart Costa, & J. M. Rosanas Marti (Eds.), Towards a New Theory of the Firm: Humanizing the Firm and the Management Profession (pp. 153-182). Bilbao, Spain: BBVA.

Towards a Stakeholder Theory of Strategic Management. / Mahoney, Joseph T.

Towards a New Theory of the Firm: Humanizing the Firm and the Management Profession. ed. / Joan Enric Ricart Costa; Josep Maria Rosanas Marti. Bilbao, Spain : BBVA, 2012. p. 153-182.

Research output: Chapter in Book/Report/Conference proceedingChapter

Mahoney, JT 2012, Towards a Stakeholder Theory of Strategic Management. in JE Ricart Costa & JM Rosanas Marti (eds), Towards a New Theory of the Firm: Humanizing the Firm and the Management Profession. BBVA, Bilbao, Spain, pp. 153-182.
Mahoney JT. Towards a Stakeholder Theory of Strategic Management. In Ricart Costa JE, Rosanas Marti JM, editors, Towards a New Theory of the Firm: Humanizing the Firm and the Management Profession. Bilbao, Spain: BBVA. 2012. p. 153-182
Mahoney, Joseph T. / Towards a Stakeholder Theory of Strategic Management. Towards a New Theory of the Firm: Humanizing the Firm and the Management Profession. editor / Joan Enric Ricart Costa ; Josep Maria Rosanas Marti. Bilbao, Spain : BBVA, 2012. pp. 153-182
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