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Towards a Property Rights Foundation for a Stakeholder Theory of the Firm

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Abstract

This research paper suggests that due to the changing nature of the firm in today’s business world, viewing shareholders as the sole residual claimants is an increasingly tenuous description of the actual relationships among a firm’s various stakeholders. Thus, a shareholder wealth perspective is increasingly unsatisfactory for the purpose of accurately answering the two fundamental questions concerning the theory of the firm: that of economic value creation, and the distribution of that economic value. The thesis of the current paper is that examining the firm from a property rights perspective of incomplete contracting and implicit contracting provides a solid economic foundation for the revitalization of a stakeholder theory of the firm in strategic management and in expanding the resource-based theory of the firm. In order to make progress in strategic management, a clearer conceptual and empirical understanding of implicit contracting is required. The perspective outlined in this research paper provides for a more accurate direction towards both measuring economic value creation, and analyzing the distribution of that value. It is also submitted that such a perspective has important implications for corporate governance, particularly when managers must balance the legitimate and conflicting claims among stakeholders to achieve the goal of enhancing economic value.

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Authors and Affiliations

  1. Department of Economics, College of Commerce and Finance,, Villanova University, 1007 Bartley Hall, 800 Lancaster Avenue, Villanova, PA, 19085-1678, USA

    Cheryl Carleton Asher

  2. Federal Reserve Bank of New York, 33 Maiden Lane, New York, NY, 10045, USA

    James M. Mahoney

  3. Department of Business Administration, College of Business, , University of Illinois at Urbana-Champaign, 339 Wohlers Hall, 1206 South Sixth Street, Champaign, IL, 61820, USA

    Joseph T. Mahoney

Authors
  1. Cheryl Carleton Asher
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  2. James M. Mahoney
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  3. Joseph T. Mahoney
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Asher, C.C., Mahoney, J.M. & Mahoney, J.T. Towards a Property Rights Foundation for a Stakeholder Theory of the Firm. J Manage Governance 9, 5–32 (2005). https://doi.org/10.1007/s10997-005-1570-2

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  • DOI: https://doi.org/10.1007/s10997-005-1570-2

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