Access the full text.
Sign up today, get DeepDyve free for 14 days.
D.C. North
Institutions, Institutional Change and Economic Performance
W. Hoffman, R.E. Frederick
Business Ethics
M. Jensen (1999)
Eclipse of the Public CorporationSPGMI: Compustat Fundamentals (Topic)
J. Schumpeter (1943)
Capitalism, Socialism and Democracy
K. Arrow (1974)
The limits of organization
A. Licht (2000)
The Mother of All Path Dependencies: Toward a Cross-Cultural Theory of Corporate Governance SystemsCorporate
G. Bateson (1979)
Mind And Nature - A Necessary Unity
X. Vives (2000)
Corporate Governance: Theoretical and Empirical Perspectives
Yun Antorini, M. Schultz (2003)
The Search for Corporate Values
T. Jones (1995)
INSTRUMENTAL STAKEHOLDER THEORY: A SYNTHESIS OF ETHICS AND ECONOMICSAcademy of Management Review, 20
E. Fama, M. Jensen (1983)
Separation of Ownership and ControlThe Journal of Law and Economics, 26
Bengt Holmstrom (1979)
Moral Hazard and ObservabilityThe Bell Journal of Economics, 10
R. Marris, D. Mueller (1980)
The Corporation, Competition, and the Invisible HandJournal of Economic Literature, 18
O. Williamson (1971)
The Vertical Integration of Production: Market Failure ConsiderationsThe American Economic Review, 61
P. Wright, Stephen Ferris, Atulya Sarin, V. Awasthi (1996)
IMPACT OF CORPORATE INSIDER, BLOCKHOLDER, AND INSTITUTIONAL EQUITY OWNERSHIP ON FIRM RISK TAKINGAcademy of Management Journal, 39
Margaret Blair, M. Roe (1999)
Employees and corporate governance
S. Sitkin, Amy Pablo (1992)
Reconceptualizing the Determinants of Risk BehaviorAcademy of Management Review, 17
L. Donaldson (1990)
A Rational Basis for Criticisms of Organizational Economics: A Reply to BarneyAcademy of Management Review, 15
B. Wernerfelt (1996)
Efficient Marketing Communication: Helping the Customer LearnJournal of Marketing Research, 33
M. Bolino (1999)
Citizenship and Impression Management: Good Soldiers or Good Actors?Academy of Management Review, 24
Andrei Shleifer, Robert Vishny (1996)
A Survey of Corporate GovernanceOrganizations & Markets eJournal
M. Velasquez (1982)
Business Ethics: Concepts and Cases
M. Clarkson (1995)
A Stakeholder Framework for Analyzing and Evaluating Corporate Social PerformanceAcademy of Management Review, 20
R. Porta, Florencio Silanes, Andrei Shleifer, Robert Vishny (1999)
Investor Protection and Corporate ValuationChicago Booth: Fama-Miller Working Paper Series
Albert Trostel, M. Nichols (1982)
Privately-Held and Publicly-Held Companies: A Comparison of Strategic Choices and Management ProcessesAcademy of Management Journal, 25
W.G. Mitchell, R.T. Simmons
Beyond Politics. Markets, Welfare and the Failure of Bureaucracy
Steen Thomsen, Torben Pedersen (2000)
Ownership structure and economic performance in the largest european companiesStrategic Management Journal, 21
W. Evan, R.E. Freeman
A stakeholder theory of the modern corporation: Kantian capitalism
W. Dugger (1987)
The Economic Institutions of CapitalismJournal of Economic Issues, 21
A. Shleifer, L. Summers (1987)
Breach of Trust in Hostile TakeoversCorporate Finance: Governance
D. Mueller (1972)
A Life Cycle Theory of the FirmJournal of Industrial Economics, 20
Timothy Fort (2001)
Ethics and Governance: Business as Mediating InstitutionOUP Catalogue
Coso. Committee of Sponsoring Organizations of the Treadyway Commission
Internal Control ‐ Integrated Framework
M. Rokeach (1974)
The Nature Of Human Values
H. Demsetz, Belén Villalonga (2001)
Ownership Structure and Corporate PerformanceCorporate
Henry Hansmann (1996)
The Ownership of Enterprise
Thomas Jones, Leonard Goldberg (1982)
Governing the Large Corporation: More Arguments for Public DirectorsAcademy of Management Review, 7
Tracie Woidtke (2002)
Agents watching agents?: evidence from pension fund ownership and firm valueJournal of Financial Economics, 63
Myeong-Hyeon Cho (1998)
Ownership structure, investment, and the corporate value: an empirical analysisJournal of Financial Economics, 47
W.G. Shepherd
Public enterprise: criteria and cases
W. Mitchell, R. Simmons (1994)
Beyond Politics
D. Prentice, P. Holland, Oxford Colloquium (1993)
Contemporary Issues in Corporate Governance
L. Putterman (1993)
Ownership and the Nature of the FirmJournal of Comparative Economics, 17
Patrick Lencioni (2002)
Make your values mean something.Harvard business review, 80 7
G. Baker, M. Jensen, Kevin Murphy (1988)
Compensation and Incentives: Practice vs. TheoryJournal of Accounting Abstracts
A. Rappaport (1986)
Creating shareholder value : the new standard for business performance
D.C. Mueller
The corporate life cycle
Nancy Grund (1996)
Reputation: Realizing Value from the Corporate ImageAcademy of Management Perspectives, 10
George Akerlof, Janet Yellen (1986)
Efficiency Wage Models of the Labor MarketSouthern Economic Journal, 54
L. Treviño, G. Weaver (1999)
The Stakeholder Research Tradition: Converging Theorists—Not Convergent TheoryAcademy of Management Review, 24
George Akerlof, Janet Yellen (1986)
Efficiency Wage Models of the Labor Market: Introduction
F. Scherer, David Ross (1971)
Industrial Market Structure and Economic Performance.Journal of Finance, 26
E.F. Fama
Agency problems and the theory of the firm
J. Schumpeter, Ursula Backhaus (2017)
The Theory of Economic Development
M. Roe (1991)
A Political Theory of American Corporate FinanceERN: Econometric Studies of Corporate Governance (Topic)
D. Leighton, Garnet Garven (1996)
Keeping Good Company: A Study of Corporate Governance in Five CountriesJournal of International Business Studies, 27
B. Nooteboom (1992)
Marketing, Reciprocity and EthicsBusiness Ethics: A European Review, 1
M. Jensen (1993)
The Modern Industrial Revolution, Exit, and the Failure of Internal Control SystemsCGA: Governance & Internal Control Systems (Topic)
D. Kahneman, A. Tversky (1979)
PROSPECT THEORY: AN ANALYSIS OF DECISION UNDER RISKEconometrica, 47
J. Coffee (1999)
The Future as History: The Prospects for Global Convergence in Corporate Governance and its ImplicationsCorporate Finance: Governance
L. Treviño, G. Weaver (1999)
Response: The Stakeholder Research Tradition: Converging Theorists-Not Convergent TheoryAcademy of Management Review, 24
R. Cooper, R. Kaplan (1988)
Measure Costs Right: Make the Right Decisions
J. Edwards, K. Fischer (1994)
Banks, finance and investment in Germany: Contents
Torben Pedersen, Steen Thomsen (1997)
European Patterns of Corporate Ownership: A Twelve-Country StudyJournal of International Business Studies, 28
L. Donaldson
The ethereal hand: organisational economics and management theory
R.K. Mitchell, B.R. Agle, D.J. Wood
Toward a theory of stakeholder identification and salience
P. Dutta, R. Radner
Profit maximization and the market selection proposition
Theodor Baums, R. Buxbaum, K. Hopt (1994)
Institutional Investors and Corporate Governance
J. Edwards, K. Fisher
Banks, Finance and Investment in Germany
A. Rappaport
Selecting strategies that create shareholder value
D. North (1990)
Institutions, Institutional Change and Economic Performance: Economic performance
O. Williamson (1975)
Markets and Hierarchies
S. Prowse
Corporate governance in an international perspective: a survey of corporate control mechanisms among large firms in the US, UK, Japan and Germany
A. Sen (1993)
Does Business Ethics Make Economic Sense?Business Ethics Quarterly, 3
A.B. Carroll
Corporate social responsibility
(1990)
Are Large Shareholders Effective Monitors? An Investigation of Share Ownership and Corporate Performance
S. Prowse (1994)
Corporate governance in an international perspective : a survey of corporate control mechanisms among large firms in the United States, the United Kingdom, Japan and Germany
D. Logue, E. Fama (1977)
Foundations of Finance.Journal of Finance, 32
Jonathan Johnson, C. Daily, Alan Ellstrand (1996)
Boards of Directors: A Review and Research AgendaJournal of Management, 22
K. Arrow (1951)
Social Choice and Individual Values
Benjamin Hermalin, M. Weisbach (2000)
Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic LiteratureERN: Governance & Ownership (Topic)
Steen Thomsen, Torben Pedersen (1998)
Industry and ownership structureInternational Review of Law and Economics, 18
L. Zingales
Corporate governance, National Bureau of Economic Research
C.P. Himmelberg, R.G. Hubbard, D. Palia
Understanding the determinants of managerial ownership and the link between ownership structure and performance
A.A. Alchian, H. Demsetz
Production, information costs, and economic organization
Oliver Hart (1995)
Firms, contracts, and financial structureJournal of Finance, 51
J. Kay (1995)
Why Firms Succeed
A. Thakor, Oliver Hart (1996)
Firms, Contracts and Financial Structures.Journal of Finance, 51
P. Dutta, R. Radner (1998)
Profit Maximization and the Market Selection HypothesisERPN: Other Exits (Sub-Topic)
R.J. Gilson
Globalising corporate governance: convergence of form or function
R. Porta, Florencio Silanes, Andrei Shleifer (1998)
Corporate Ownership Around the WorldCorporate Finance and Organizations eJournal
S. Thomsen
Ethical codes as corporate governance
E. Fama, M. Jensen (1983)
Agency Problems and Residual ClaimsThe Journal of Law and Economics, 26
Henry Hansmann, Reinier Kraakman (2000)
The Essential Role of Organizational LawNYU Law & Economics Research Paper Series
W. Deming (1985)
Transformation of Western Style of ManagementInterfaces, 15
M. Friedman, W. Hoffman, R.E. Frederick
The social responsibility of business is to increase its profits
S. Sitkin, L. Weingart (1995)
Determinants of Risky Decision-Making Behavior: A Test of the Mediating Role of Risk Perceptions and PropensityAcademy of Management Journal, 38
B. Glad, H. Simon (1984)
Reason in Human Affairs.Political Science Quarterly, 99
A. Carroll (1979)
A Three-Dimensional Conceptual Model of Corporate PerformanceAcademy of Management Review, 4
Ronald Mitchell, Bradley Agle, D. Wood (1997)
Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of who and What Really CountsAcademy of Management Review, 22
E. Fama, M. Jensen (1985)
Organizational Forms and Investment DecisionsCorporate Finance: Valuation
H. Simon
Administrative Behaviour
R.H. Coase
The problem of social cost
(2000)
Valuation : Measuring and Managing the Value of Companies
T. Donaldson, L. Preston (1995)
The Stakeholder Theory of the Corporation: Concepts, Evidence, and ImplicationsAcademy of Management Review, 20
Andrei Shleifer, Robert Vishny (1995)
The Limits of ArbitrageNBER Working Paper Series
J. Tirole (1988)
The Theory of Industrial Organization
I. Jawahar, G. Mclaughlin (2001)
Toward a Descriptive Stakeholder Theory: an Organizational Life Cycle ApproachAcademy of Management Review, 26
P. Senge
The puzzles and paradoxes of how living companies create wealth: why single valued objective functions are not quite enough
R. Rajan, Luigi Zingales (2000)
The Governance of the New EnterpriseCorporate Finance: Governance
S. Scott, Vicki Lane (2000)
A Stakeholder Approach to Organizational IdentityAcademy of Management Review, 25
O. Thyssen
Values – the necessary illusions
K.J. Arrow
Uncertainty and the welfare economics of medical care
K.J. Arrow
Social responsibility and economic efficiency
Robert Stern, J. Pfeffer, G. Salancik (1979)
The External Control of Organizations: A Resource Dependence Perspective.Contemporary Sociology, 8
H. Demsetz (1983)
The Structure of Ownership and the Theory of the FirmThe Journal of Law and Economics, 26
T. Pedersen, S. Thomsen
European patterns of corporate ownership
A.B. Carroll
A three‐dimensional conceptual model of corporate social responsibility
Michael Jensen (1986)
Agency Cost of Free Cash Flow, Corporate Finance, and TakeoversIndustrial Organization & Regulation eJournal
R. Marris (1963)
A Model of the “Managerial” EnterpriseQuarterly Journal of Economics, 77
M. Oliverio (2001)
Internal control—integrated framework: who is responsible?Critical Perspectives on Accounting, 12
Xianming Zhou (2001)
Understanding the determinants of managerial ownership and the link between ownership and performance: commentJournal of Financial Economics, 62
A. Tenbrunsel, Kimberly Wade-Benzoni, D. Messick, M. Bazerman (2000)
Understanding the Influence of Environmental Standards on Judgments and ChoicesAcademy of Management Journal, 43
M. Jensen (2001)
Value Maximization, Stakeholder Theory, and the Corporate Objective Function*Business Ethics Quarterly, 12
K. Gugler (2001)
Corporate Governance and Economic Performance
J. Davis, F. Schoorman, L. Donaldson (1997)
TOWARD A STEWARDSHIP THEORY OF MANAGEMENTAcademy of Management Review, 22
H. Simon
Models of Bounded Rationality: Behavioural Economics and Business Organization
A. Dixit, G. Grossman, E. Helpman (1997)
Common Agency and Coordination: General Theory and Application to Government Policy MakingJournal of Political Economy, 105
J. Tirole
Corporate governance
M. Sussman (1991)
THE SEARCH FOR VALUEManagerial Finance, 17
M.J. Roe
A political theory of corporate finance
R. Morck, Andrei Shleifer, Robert Vishny (1988)
Management Ownership and Market Valuation: An Empirical AnalysisJournal of Financial Economics, 20
D.B. Bernheim, M.D. Whinston
Common agency
Henry Hansmann (1998)
Ownership of the FirmJournal of Law Economics & Organization, 4
David Kreps (1990)
Corporate culture and economic theory
M. Roe (1995)
Strong Managers, Weak Owners: The Political Roots of American Corporate FinanceCorporate Governance & Finance eJournal
T. Buck (1998)
Agents, Stakeholders and Corporate Governance in Russian FirmsJournal of Management Studies, 35
Bengt Holmstrom (1999)
Future of Cooperatives: A Corporate Perspective
M.C. Jensen, W.H. Meckling
Theory of the firm: managerial behaviour, agency costs, and ownership structure
Oliver Hart (2002)
Vision and Firm Scope
Rafael Porta, Florencio López‐de‐Silanes, Andrei Shleifer, Robert Vishny (1996)
Law and FinanceJournal of Political Economy, 106
R. Freeman (2010)
Strategic Management: A Stakeholder Approach
Patrice Luoma, J. Goodstein (1999)
Research Notes. Stakeholders and Corporate Boards: Institutional Influences on Board Composition and StructureAcademy of Management Journal, 42
O. Hart (1983)
The Market Mechanism as an Incentive SchemeThe Bell Journal of Economics, 14
M. Shubik, R. Cyert, J. March (1964)
A Behavioral Theory of the Firm.Journal of the American Statistical Association, 60
R. Kaplan, D. Norton (1996)
The Balanced Scorecard: Translating Strategy into Action
C. Fombrun, M. Shanley (1990)
What's in a Name? Reputation Building and Corporate StrategyAcademy of Management Journal, 33
M. Porter (1992)
Capital disadvantage: America's failing capital investment system.Harvard business review, 70 5
P. Luoma, J. Goodstein
Stakeholders and corporate boards: institutional influences on board composition and structure
R. Freeland, O. Williamson (1997)
The Mechanisms of GovernanceAdministrative Science Quarterly, 44
H. Simon (1951)
A Formal Theory of the Employment RelationshipEconometrica, 19
F. Wiser (1892)
The Theory of ValueAnnals of The American Academy of Political and Social Science, 2
C. Tisdell (1993)
Environmental economics : policies for environmental management and sustainable development
T. Jones, A. Wicks (1999)
Convergent Stakeholder TheoryAcademy of Management Review, 24
R. Rumelt (1995)
Inertia and Transformation
S. Rosen (1994)
Implicit Contract Theory
H. Demsetz, K. Lehn (1985)
The Structure of Corporate Ownership: Causes and ConsequencesJournal of Political Economy, 93
Andrei Shleifer, Robert Vishny (1986)
Large Shareholders and Corporate ControlJournal of Political Economy, 94
Bengt Holmstrom (1982)
Moral Hazard in TeamsThe Bell Journal of Economics, 13
C. Hill, T. Jones (1992)
Stakeholder‐Agency TheoryJournal of Management Studies, 29
There is growing interest in corporate values but where do they come from? What factors determine corporate values? This paper argues that they are determined by corporate governance in a broad sense of the word. Three governance mechanisms are emphasized: ownership structure, board composition and stakeholder influence. In smaller companies founder-owners often play a pivotal role in shaping corporate value systems that influence companies for years to come. In larger companies that separate ownership and control, managers and boards come to play a powerful role. In both cases repeated interaction with customers, employees and other stakeholders shape corporate values by way of corporate reputation and corporate culture.
Corporate Governance – Emerald Publishing
Published: Dec 1, 2004
Keywords: Values; Governance; Stakeholders; Corporate ownership
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.