The purpose of this paper is twofold: i) to point out the determinants of a firm orientation to stakeholders' interests; ii) to analyze the relationship between shareholder value and stakeholder value as firm's goals. Both issues are empirically verified on a sample of European listed companies. The sample includes 716 observations, from about 330 firms in the 2001-2003 period. The corporate social performance is measured by means of the SiRI group social ratings. Empirical evidence shows that time, nationality, industry, size, and rate of growth of a firm determine its stakeholder ratings. Although the empirical evidence of the link between the creation of both shareholder and stakeholder value does not show either unequivocal or statistically significant results, it can be inferred that a firm pursues stakeholders' satisfaction to achieve a better value performance. This analysis can be considered an empirical test of the instrumental hypothesis of the CSP-CFP relationship.
Venanzi, D., Fidanza, B. (2004). Shareholder value vs stakeholder value: quale l’obiettivo di fondo delle decisioni d’impresa?. In La riconfigurazione dei processi decisionali nel quadro evolutivo della competizione (pp. 709-734). TORINO : Giappichelli.
Shareholder value vs stakeholder value: quale l’obiettivo di fondo delle decisioni d’impresa?
VENANZI, Daniela;
2004-01-01
Abstract
The purpose of this paper is twofold: i) to point out the determinants of a firm orientation to stakeholders' interests; ii) to analyze the relationship between shareholder value and stakeholder value as firm's goals. Both issues are empirically verified on a sample of European listed companies. The sample includes 716 observations, from about 330 firms in the 2001-2003 period. The corporate social performance is measured by means of the SiRI group social ratings. Empirical evidence shows that time, nationality, industry, size, and rate of growth of a firm determine its stakeholder ratings. Although the empirical evidence of the link between the creation of both shareholder and stakeholder value does not show either unequivocal or statistically significant results, it can be inferred that a firm pursues stakeholders' satisfaction to achieve a better value performance. This analysis can be considered an empirical test of the instrumental hypothesis of the CSP-CFP relationship.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
