Shareholder, stakeholder-owner or broad stakeholder maximization

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Shareholder, stakeholder-owner or broad stakeholder maximization

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dc.contributor.author Mygind, Niels en_US
dc.date.accessioned 2009-02-04T10:24:05Z
dc.date.available 2009-02-04T10:24:05Z
dc.date.issued 2004-12-17T00:00:00Z en_US
dc.identifier.uri http://hdl.handle.net/10398/6613
dc.description.abstract With reference to the discussion about shareholder versus stakeholder maximization it is argued that the normal type of maximization is in fact stakeholder-owner maxi-mization. This means maximization of the sum of the value of the shares and stake-holder benefits belonging to the dominating stakeholder-owner. Maximization of shareholder value is a special case of owner-maximization, and only under quite re-strictive assumptions shareholder maximization is larger or equal to stakeholder-owner maximization. Broad stakeholder maximization is the sum of the returns to all stake-holders also including the shareholders of a company. Although it may be the ultimate goal for Corporate Social Responsibility to achieve this kind of maximization, broad stakeholder maximization is quite difficult to give a precise definition. There is no one-dimensional measure to add different stakeholder benefits not traded on the mar-ket, and therefore there is no possibility for practical application. Broad stakeholder maximization instead in practical applications becomes satisfying certain stakeholder demands, so that the practical application will be stakeholder-owner maximization un-der constraints defined by other stakeholders’ interests. These constraints vary for dif-ferent stakeholder owners and new standards for Corporate Social Responsibility and more active political consumers will strengthen these constraints. en_US
dc.format.extent 23 s. en_US
dc.language eng en_US
dc.relation.ispartofseries Working paper;2004-053 en_US
dc.subject.other kep en_US
dc.title Shareholder, stakeholder-owner or broad stakeholder maximization en_US
dc.type wp en_US
dc.accessionstatus modt04dec17 miel en_US
dc.contributor.corporation Copenhagen Business School. CBS en_US
dc.contributor.department Institut for International Økonomi og Virksomhedsledelse en_US
dc.contributor.department Center for Østeuropa en_US
dc.contributor.departmentshort INT en_US
dc.contributor.departmentshort CEES en_US
dc.contributor.departmentuk Department of International Economics and Management en_US
dc.contributor.departmentuk Center for East European Studies en_US
dc.contributor.departmentukshort INT en_US
dc.contributor.departmentukshort CEES en_US
dc.idnumber x656444818 en_US
dc.publisher.city København en_US
dc.publisher.year 2004 en_US


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