Skip to main content
SpringerLink
Log in

Accounting information for managerial decision-making in shareholder management versus stakeholder management

  • Review Paper
  • Published:
Review of Managerial Science Aims and scope Submit manuscript

Abstract

With global challenges like climate change and, of course, the crisis of capital markets in the recent past stakeholder oriented management receives enhanced attention whereas shareholder value management is increasingly criticized for its undesirable external effects on stakeholders other than owners. Regardless of whether these criticisms are well founded or not, the question arises how accounting-related techniques for supporting managerial decision-making differ in shareholder and stakeholder value management. Accounting information can affect managerial decision-making in two ways: directly as input to decisions or indirectly by influencing the behavior of managers. This article reviews the contributions and limitations of information that prominent accounting-related techniques of shareholder management and stakeholder management provide for managerial decision-making. In a comparative perspective we find that the approaches in shareholder value management are much more advanced. In particular the two roles of information in shareholder value management are manifest in accounting-related techniques which are focused on increasing firm value. The value driver models or residual income-based performance measures may serve as examples. In comparison, accounting-related techniques to support managerial decision-making in stakeholder management are not as well advanced. So far we have approaches which concentrate on selective stakeholder groups and only partially address the multi-dimensionality of stakeholder value creation. From a conceptual perspective our findings indicate that stakeholder value creation requires a more integrated approach for answering the question whether stakeholder value is created or diminished. As a consequence, if stakeholder-orientation is taken seriously, the time has come to pay more attention to related accounting techniques.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Similar content being viewed by others

References

  • AccountAbility (eds) (2008) AccountAbility principle standards 1000. London

  • Adams CA (2004) The ethical, social and environmental reporting: performance–portrayal gap. Acc Audit Acc J 17:731–757

    Article  Google Scholar 

  • Agle BR, Mitchell RK (2008) Dialogue towards superior stakeholder theory: introduction: recent research and new questions. Bus Ethics Q 18:153–159

    Google Scholar 

  • Ahrens T, Chapman CS (2007) Management accounting as practice. Acc Org Soc 32:1–27

    Article  Google Scholar 

  • Anheier HK (2005) Nonprofit organizations. Routledge, Milton Parks

    Google Scholar 

  • Arya A, Glover J, Sunder S (1998) Earnings management and the revelation principle. Rev Acc Stud 3:7–34

    Article  Google Scholar 

  • Asel J, Posch A, Speckbacher G (2011) Squeezing or cuddling? The impact of economic crises on management control and stakeholder management. Rev Manag Sci 5 (this issue)

  • Atkinson AA, Waterhouse JH, Wells RB (1997) A stakeholder approach towards strategic performance measurement. Sloan Manag Rev 38:25–37

    Google Scholar 

  • Baiman S (1982) Agency research in managerial accounting: a survey. J Acc Lit 1:154–213

    Google Scholar 

  • Baiman S (1990) Agency research in managerial accounting: a second look. Acc Org Soc 15:341–371

    Article  Google Scholar 

  • Banard CI (1938) The function of the executive. Harvard University Press, Cambridge

    Google Scholar 

  • Barsky NP, Hussein ME, Jablonsky SF (1999) Shareholder and stakeholder value in corporate downsizing: the case of United Technology Corporation. Acc Audit Acc J 12:583–604

    Article  Google Scholar 

  • Bassen A, Kovacs AM (2009) Corporate social responsibility als Kennzahlensystem. In: Wall F, Schröder RW (eds) Controlling zwischen shareholder-value und stakeholder-value. Oldenbourg, München, pp 309–321

    Google Scholar 

  • Belal AR (2002) Stakeholder accountability or stakeholder management: a review of UK firms? Social and ethical accounting, auditing and reporting (SEAAR) practices. Corp Soc Responsib Environ Manag 9:8–25

    Article  Google Scholar 

  • Birnberg JG, Luft J, Shields MD (2007) Psychology theory in management accounting research. In: Chapman CS, Hopwood AG, Shields MD (eds) Handbook of management accounting research, vol I. Elsevier, Amsterdam, pp 113–135

    Google Scholar 

  • Bischof J (2002) Die Balanced Scorecard als instrument einer modernen controlling-konzeption. Deutscher Universitäts-Verlag, Wiesbaden

    Google Scholar 

  • Boatright J (1994) What is so special about shareholders. Bus Ethics Q 4:393–408

    Article  Google Scholar 

  • Breur T (2006) The importance of focus for generating customer value. J Financ Serv Market 11:64–71

    Article  Google Scholar 

  • Bromwich M (2007) Economics in management accounting. In: Chapman CS, Hopwood AG, Shields MD (eds) Handbook of management accounting research, vol I. Elsevier, Amsterdam, pp 137–162

    Google Scholar 

  • Bromwich M, Walker M (1998) Residual income past and future. Manag Acc Res 9:391–419

    Article  Google Scholar 

  • Bukh PN, Malmi T (2005) Re-examining the cause-and-effect principle of the Balanced Scorecard. In: Mouritsen J, Jönsson S (eds) Northern lights in accounting. Liber, Stockholm, pp 87–113

    Google Scholar 

  • Chan YCL (2004) Performance measurement and adoption of Balanced Scorecards: a survey of municipal governments in the USA and Canada. Int J Public Sect Manag 17:204–221

    Article  Google Scholar 

  • Chong VK, Eggleton IRC (2003) The decision-facilitating role of management accounting systems on managerial performance: the influence of locus of control and task uncertainty. Adv Account 20:165–197

    Article  Google Scholar 

  • Choudhury N (1986) Responsibility accounting and controllability. Acc Bus Res 16:189–198

    Google Scholar 

  • Clarkson MBE (1995) A stakeholder framework for analyzing and evaluating corporate social performance. Acad Manag Rev 20:92–117

    Google Scholar 

  • Cooper DJ, Hopper T (2007) Critical theorising in management accounting research. In: Chapman CS, Hopwood AG, Shields MD (eds) Handbook of management accounting research, vol I. Elsevier, Amsterdam, pp 207–245

    Google Scholar 

  • Cooper SM, Owen DL (2007) Corporate social reporting and stakeholder accountability: the missing link. Acc Org Soc 32:649–667

    Article  Google Scholar 

  • Copeland T, Koller T, Murrin J (1996) Valuation: measuring and managing the value of companies. Wiley, New York

    Google Scholar 

  • Cregg W (2002) Business ethics and stakeholder theory. Bus Ethics Q 12:113–142

    Article  Google Scholar 

  • Cyert RM, March JG (1963) A behavioral theory of the firm. Prentice-Hall, Englewood Cliffs

    Google Scholar 

  • Datar S, Gupta M (1994) Aggregation, specification and measurement errors in product costing. Acc Rev 69:567–591

    Google Scholar 

  • Deegan C, Blomquist C (2006) Stakeholder influence on corporate reporting: an exploration of the interaction between WWD-Australia and the Australian minerals industry. Acc Org Soc 31:343–373

    Article  Google Scholar 

  • Demski JS (1998) Performance measure manipulation. Contemp Acc Res 15:261–285

    Article  Google Scholar 

  • Demski JS, Feltham GA (1976) Cost determination: a conceptual approach. Iowa State University Press, Ames

    Google Scholar 

  • Dikolli SS, Sedatole KL (2007) Improvements in the information content of nonfinancial forward-looking performance measures: a taxonomy and empirical application. J Manag Acc Res 19:71–104

    Google Scholar 

  • Dillard JF, Yuthas K (2001) A responsible ethics for audit expert systems. J Bus Ethics 30:337–345

    Article  Google Scholar 

  • Donaldson T, Preston LE (1995) The stakeholder theory of the cooperation: concepts, evidence and implications. Acad Manag Rev 20:65–91

    Google Scholar 

  • Dyer JS et al (1992) Multiple criteria decision making theory, multiple attribute utility theory: the next 10 years. Organ Sci 38:645–654

    Google Scholar 

  • Eisenhardt KM (1989) Agency theory: an assessment and review. Acad Manag Rev 14:57–74

    Google Scholar 

  • Emerson J (2003) The blended value proposition: integrating social and financial returns. Calif Manag Rev 45:35–51

    Google Scholar 

  • Eppler MJ, Mengis J (2004) The concept of information overload: a review of literature from organization science, accounting, marketing, MIS, and related disciplines. Inf Soc 20:325–344

    Article  Google Scholar 

  • Ewert R, Wagenhofer A (2008) Interne Unternehmensrechnung, 7th edn. Springer, Berlin

    Google Scholar 

  • Fassin Y (2009) The stakeholder model refined. J Bus Ethics 84:113–135

    Article  Google Scholar 

  • Flamholtz EG (2001) Human resource accounting, 3rd edn. Kluwer, Boston

    Google Scholar 

  • Flamholtz EG, Bullen ML, Well H (2002) Human resource accounting: a historical perspective and future implications. Manag Decis 40:947–954

    Article  Google Scholar 

  • Freeman RE (1984) Strategic management: a stakeholder approach. Pitman, Boston

    Google Scholar 

  • Freeman RE (1994) The politics of stakeholder theory. Some further directions. Bus Ethics Q 4:409–421

    Article  Google Scholar 

  • Freeman RE (2008) Dialogue towards superior stakeholder theory: ending the so-called “Friedman–freeman” debate. Bus Ethics Q 18:162–166

    Google Scholar 

  • Freeman RE, Wicks AC, Pramar P (2004) Stakeholder theory and “The corporate objective revisited”. Organ Sci 15:364–369

    Article  Google Scholar 

  • Friedman M (1962) Capitalism and freedom. University of Chicago Press, Chicago

    Google Scholar 

  • Galbraith JR (1974) Organization design: an information processing view. Interfaces 4:28–36

    Article  Google Scholar 

  • Gamerschlag R, Möller K, Verbeeten F (2011) Determinants of voluntary CSR disclosure: empirical evidence from Germany. Rev Manag Sci 5 (this issue)

  • Gebauer M (2009) Human resource accounting. In: Wall F, Schröder RW (eds) Controlling zwischen shareholder-value und stakeholder-value. Oldenbourg, München, pp 197–201

    Google Scholar 

  • Global Reporting Initative (GRI) (2002) Sustainability reporting guidelines. GRI, Amsterdam

    Google Scholar 

  • Goodpaster K (1991) Business ethics and stakeholder analysis. Bus Ethics Q 2:53–73

    Article  Google Scholar 

  • Gray R et al (1997) Struggling with the practice of social accounting. Acc Audit Acc J 10:325–364

    Article  Google Scholar 

  • Gregory R, Keeney RL (1994) Creating policy alternatives using stakeholder values. Manag Sci 40:1035–1048

    Article  Google Scholar 

  • Greiling D (2010) Balanced Scorecard implementation in German non-profit organisations. Int J Prod Perform Meas 59:534–554

    Google Scholar 

  • Hall M (2010) Accounting information and managerial work. Acc Org Soc 35:301–315

    Article  Google Scholar 

  • Harrison JS, Bosse DA, Phillips RA (2010) Managing for stakeholders, stakeholder utility function and competitive advantage. Strateg Manag J 31:58–74

    Article  Google Scholar 

  • Healy PM, Wahlen JM (1999) A review of the earnings management literature and its implications for standard setting. Acc Horiz 13:365–383

    Article  Google Scholar 

  • Hill CW, Jones TW (1992) Stakeholder-agency theory. J Manag Stud 29:127–154

    Article  Google Scholar 

  • Hirst M (1983) The controllability of financial outcomes. Abacus 19:29–38

    Article  Google Scholar 

  • Hosseni JC, Brenner SN (1992) The stakeholder theory of the firm: a methodology to generate value matrix weights. Bus Ethics Q 2:99–119

    Article  Google Scholar 

  • Ittner CD, Larcker DF (2001) Assessing empirical research in managerial accounting: a value-based management perspective. J Acc Econ 32:349–410

    Article  Google Scholar 

  • Janisch M (1993) Das strategische Anspruchsgruppenmanagement. Haupt, Bern

    Google Scholar 

  • Jensen MC (2001) Value creation, stakeholder theory and corporate objective function. Eur Financ Manag 7:297–317

    Article  Google Scholar 

  • Jones TW (1995) Instrumental stakeholder theory: a synthesis of ethics and economics. Acad Manag Rev 20:404–437

    Google Scholar 

  • Jones TW, Wicks AC (1999) Convergent stakeholder theory. Acad Manage Rev 24:206–221

    Google Scholar 

  • Joseph G (2007) Implications of a stakeholder view on corporate reporting. Acc Publ Interest 7:50–64

    Article  Google Scholar 

  • Kaplan RS (2001) Strategic performance measurement and management in nonprofit organizations. Nonprof Manag Leader 11:354–370

    Google Scholar 

  • Kaplan RS, Norton DP (1992) The Balanced Scorecard—measures that drive performance. Harvard Bus Rev 70:71–79

    Google Scholar 

  • Kaplan RS, Norton DP (1996) Using the Balanced Scorecard as a strategic management system. Harvard Bus Rev 74:75–85

    Google Scholar 

  • Kaplan RS, Norton DP (2001a) The strategy-focused organization. Harvard Business School Press, Harvard

    Google Scholar 

  • Kaplan RS, Norton DP (2001b) Transforming the Balanced Scorecard from performance measurement to strategic management: Part I. Acc Horiz 15:87–104

    Article  Google Scholar 

  • Keeney RL, Raiffa H (1976) Decisions with multiple objectives. Wiley, New York

    Google Scholar 

  • Kelly M, Alam M (2008) Management accounting and the stakeholder value model. J Appl Manag Acc Res 6:75–86

    Google Scholar 

  • Keyt JC (2001) Beyond strategic control: applying the Balanced Scorecard to a religious organization. J Nonprofit Public Sect Mark 8:91–103

    Article  Google Scholar 

  • Labro E, Vanhoucke M (2007) A simulation analysis of interactions among errors in costing systems. Acc Rev 82:939–962

    Article  Google Scholar 

  • Lambert RA (2001) Contracting theory and accounting. J Acc Econ 32:3–87

    Article  Google Scholar 

  • Lambert RA (2007) Agency theory and management accounting. In: Chapman CS, Hopwood AG, Shields MD (eds) Handbook of management accounting research I. Elsevier, Amsterdam, pp 247–268

    Google Scholar 

  • Lev B (1998) Towards a theory of equitable and efficient accounting policies. Acc Rev LXVIII:1–22

    Google Scholar 

  • Lev B, Zambon S (2003) Intangibles and intellectual capital: an introduction to a special issue. Eur Acc Rev 12:597–603

    Article  Google Scholar 

  • Levinthal D (1988) A survey of agency of organizations. J Econ Behav Organ 9:153–185

    Article  Google Scholar 

  • Lewis TG (1994) Steigerung des Unternehmenswertes—total value management. Moderne Industrie, Landsberg/Lech

    Google Scholar 

  • Littkeman J, Derfuß K (2009) Corporate Governance-Gestaltung mit Hilfe des Controlling? Eine konflikttheoretische Analyse. In: Wall F, Schröder RW (eds) Controlling zwischen shareholder-value und stakeholder-value. Oldenbourg, München, pp 61–80

    Google Scholar 

  • Lu LYY, Wu CH, Kuo TC (2007) Environmental principles applicable to green supplier evaluation by using multi-objective decision analysis. Int J Prod Res 45:4317–4331

    Article  Google Scholar 

  • Luft JL (2004) Discussion of "managers' commitment to the goals contained in a strategic performance measurement system". Contemp Acc Res 21:959–964

    Google Scholar 

  • Malmi T (2001) Balanced Scorecards in Finnish companies: a research note. Manag Acc Res 12:207–220

    Article  Google Scholar 

  • March JG (1986) Ambiguity and accounting: the elusive link between information and decision making. Acc Org Soc 12:153–168

    Article  Google Scholar 

  • March JG, Simon HA (1958) Organizations. McGraw Hill, New York

    Google Scholar 

  • Marschak J, Radner R (1972) Economic theory of teams. Yale University Press, New Haven

    Google Scholar 

  • Martin J, Petty W, Wallace J (2009) Shareholder value maximization—is there a role for corporate social responsibility? J Appl Corp Finance 21:110–118

    Article  Google Scholar 

  • McAdam R, Hazlett SA, Casey C (2005) Performance management in the UK public sector: addressing multiple stakeholder complexity. Int J Public Sect Manag 18:256–273

    Article  Google Scholar 

  • McWilliams A, Siegel D (2001) Corporate social responsibility: a theory of the firm perspective. Acad Manag Rev 26:117–127

    Google Scholar 

  • Milgrom P, Roberts J (1995) Complementarities and fit: strategy, structure, and organizational change in manufacturing. J Acc Econ 19:179–208

    Article  Google Scholar 

  • Mitchell RK (2008) Dialogue towards superior stakeholder theory: the joint-stake company and accountability for opportunities: what if? Bus Ethics Q 18:176–181 and 183–184 (Appendix)

    Google Scholar 

  • Mitchell RK, Bradly RA, Wood DJ (1997) Towards a theory of stakeholder identification and salience: defining the principles of who and what counts. Acad Manage Rev 22:853–886

    Google Scholar 

  • Möller K, Isbruch F (2009) Stakeholderintegration durch Netzwerkcontrolling. In: Wall F, Schröder RW (eds) Controlling zwischen shareholder-value und stakeholder-value. Oldenbourg, München, pp 105–126

    Google Scholar 

  • Neumann B, Roberts ML, Cauvin E (2011) Stakeholder value disclosures: anchoring on primacy and importance of financial and nonfinancial performance measures. Rev Manag Sci 5 (this issue)

  • Nicholls A (2009) We do good things, don’t we? ‘Blended value accounting’ in social entrepreneurship. Acc Org Soc 34:755–769

    Article  Google Scholar 

  • Nickols F (2000) The accountability scorecard: a stakeholder based approach to “keeping score”. http://www.nickols.us/accountability.pdf

  • Niemark M, Tinker T (1986) The social construction of management control systems. Acc Org Soc 11:369–395

    Article  Google Scholar 

  • Nørreklit H (2000) The balance on the Balanced Scorecard. A critical analysis of some of its assumptions. Manag Acc Res 11:65–88

    Article  Google Scholar 

  • Nørreklit H (2003) The Balanced Scorecard: what is the score? A rhetorical analysis of the Balanced Scorecard. Acc Org Soc 28:91–619

    Google Scholar 

  • O’Hanlon J, Peasnell K (1998) Wall Street’s contribution to management accounting: the Stern Stewart EVA© financial management system. Manag Acc Res 9:421–444

    Article  Google Scholar 

  • Owen DL, O’Dwyer B (2008) Corporate social responsibility: the reporting and assurance dimension. In: Crane A et al (eds) The Oxford handbook of corporate social responsibility. Oxford University Press, Oxford, pp 384–409

    Chapter  Google Scholar 

  • Palazzo G, Scherer AG (2006) Communicative legitimacy as deliberation: a communicative framework. J Bus Ethics 66:72–88

    Article  Google Scholar 

  • Phillips RA (1997) Stakeholder theory and a principle of fairness. Bus Ethics Q 7:51–66

    Google Scholar 

  • Phillips J, Pincus M, Rego SO (2003a) Earnings management: new evidence based on deferred tax expense. Acc Rev 78:491–521

    Article  Google Scholar 

  • Phillips R, Freeman RA, Wicks AC (2003b) What stakeholder theory is not. Bus Ethics Q13:479–502

    Google Scholar 

  • Prendergast C (1999) The provision of incentives in firms. J Econ Lit 37:7–63

    Article  Google Scholar 

  • Quinn D, Jones TM (1995) An agent morality view of business policy. Acad Manag Rev 20:22–24

    Google Scholar 

  • Rapp A, Schellong D, Schmidt M, Wolff M (2011) Considering the shareholder perspective: value-based management systems and stock market performance. Rev Manag Sci 5. doi:10.1007/s11846-010-0056-z

  • Rappaport A (1986) Creating shareholder value: the new standard for business performance. The Free Press, New York

    Google Scholar 

  • Rausch A (2011) Reconstruction of decision-making behavior in shareholder and stakeholder theory: Implications for management accounting systems. Rev Manag Sci 5. doi:10.1007/s11846-010-0053-2

  • Reichelstein S (1997) Investment decisions and managerial performance evaluation. Rev Acc Stud 2:157–180

    Article  Google Scholar 

  • Reynolds SJ, Schultz FC, Hekman DR (2006) Stakeholder theory and managerial decision making. J Bus Ethics 64:285–301

    Article  Google Scholar 

  • Roberts RW (1992) Determinants of corporate social responsibility disclosures: an application of stakeholder theory. Acc Org Soc 17:595–612

    Article  Google Scholar 

  • Roberts RW, Mahoney L (2004) Stakeholder conceptions of the corporation: their meaning and influence in accounting research. Bus Ethics Q 14:399–431

    Google Scholar 

  • Rogerson W (1997) Intertemporal cost allocation and managerial incentives: a theory explaining the use of economic value added as a performance measure. J Polit Econ 105:770–795

    Article  Google Scholar 

  • Ronen J, Yaari V (2008) Earnings management: emerging insights in theory, practice, and research. Springer, Berlin

    Google Scholar 

  • Rowe C, Birnberg JG, Shields MD (2008) Effects of organizational process change on responsibility accounting and managers’ revelations of private knowledge. Acc Org Soc 33:164–198

    Article  Google Scholar 

  • Rowley TJ (1997) Moving beyond dyadic ties; a network theory of stakeholder influences. Acad Manag Rev 22:887–910

    Google Scholar 

  • Saaty TL (1988) Decision making for leaders. RWS Publications, Pittsburg

    Google Scholar 

  • Scholz C, Stein V, Bechtel R (2004) Human capital management. Vahlen, München

    Google Scholar 

  • Schröder RW (2009) Zwischen Stakeholder- und Shareholder-Orientierung: Anforderungen an umfassende Steuerungsinstrumente für das Controlling. In: Wall F, Schröder RW (eds) Controlling zwischen shareholder-value und stakeholder-value. Oldenbourg, München, pp 365–379

    Google Scholar 

  • Schröder RW, Wall F (2009) Customer perceived value als Komponente von Performance Measurement-Systemen. In: Wall F, Schröder RW (eds) Controlling zwischen shareholder-value und stakeholder-value. Oldenbourg, München, pp 105–126

    Google Scholar 

  • Shaoul J (1998) Critical financial analysis and accounting for stakeholders. Crit Persp Acc 9:235–249

    Article  Google Scholar 

  • Siegel DS, Vitalino DF (2006) An empirical analysis of the strategic use of corporate social responsibility. Rensselaer Working Paper on Economics, No. 0602, Rensselaer

  • Siggelkow N (2002) Misperceiving interactions among complements and substitutes: organizational consequences. Manag Sci 48:900–916

    Article  Google Scholar 

  • Speckbacher G, Bischof J, Pfeiffer T (2003) A descriptive analysis on the implementation of Balanced Scorecards in German-speaking countries. Manag Acc Res 14:361–388

    Article  Google Scholar 

  • Stadler C, Matzler K, Hinterhuber H et al (2006) The CEO’s attitude towards the shareholder value and the stakeholder model: a comparison between the continental European and the Anglo-Saxon perspectives. Probl Persp Manag 4:41–48

    Google Scholar 

  • Stern JM, Stewart BG, Chew D, Stewart Co (1998) The EVA© financial management system. In: Stern JD, Chew D (eds) The revolution in corporate finance, 3rd edn. Blackwell, Madden, pp 474–488

    Google Scholar 

  • Stewart GB (1991) The quest for value—the EVA management guide. Harper Business, New York

    Google Scholar 

  • Suchman MC (1995) Managing legitimacy: strategies and institutional approaches. Acad Manag Rev 20:571–610

    Google Scholar 

  • Sundaram AK, Inkpen AC (2004) The corporate objective revisited. Organ Sci 15:350–363

    Article  Google Scholar 

  • Sundin H, Granlund M, Brown DA (2010) Balancing multiple competing objectives with a Balanced Scorecard. Eur Acc Rev 19:203–246

    Article  Google Scholar 

  • Sutton SG, Arnold V (1998) Deconstructing economic stakeholder theories or is might really right. Crit Persp Account 9:251–260

    Article  Google Scholar 

  • Ulrich P (1999) Was ist gute Unternehmensführung? Zur normativen Dimension der shareholder-stakeholder-debatte. In: Kumar BN, Osterloh M, Schreyögg G (eds) Unternehmensethik und die Transformation des Wettbewerbs. Poeschel, Stuttgart, pp 27–52

    Google Scholar 

  • Unermann J, Bennett M (2004) Increased stakeholder dialogue and the internet: towards greater corporate accountability of reinforcing capitalist hegemony. Acc Org Soc 29:685–707

    Article  Google Scholar 

  • Vilanova L (2007) Neither shareholder nor stakeholder management: what happens when firms run for their short term salient stakeholders. Eur Manag J 25:146–162

    Article  Google Scholar 

  • Wall F (2001) Ursache-Wirkungsketten als ein zentraler Bestandteil der Balanced Scorecard. Möglichkeiten und Grenzen ihrer Gewinnbarkeit. Controlling 13:65–74

    Google Scholar 

  • Wall F (2009) Stakeholder-orientiertes Controlling als Koordination bei mehrfacher Zielsetzung. In: Wall F, Schröder RW (eds) Controlling zwischen shareholder-value und stakeholder-value. Oldenbourg, München, pp 345–363

    Google Scholar 

  • Webb RA (2004) Managers’ commitment to the goals contained in a strategic performance measurement system. Contemp Acc Res 21:925–958

    Article  Google Scholar 

  • Weißenberger BE (2009) Shareholder-value und finanzielle Vorgaben im Unternehmen. In: Wall F, Schröder RW (eds) Controlling zwischen shareholder-value und stakeholder-value. Oldenbourg, München, pp 39–60

    Google Scholar 

  • Wisniewski M, Stewart D (2004) Performance measurement for stakeholders: the case of Scottish local authorities. Int J Public Sect Manag 17:222–233

    Article  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Department of Controlling and Strategic Management, School of Management and Economics, Alpen-Adria-Universitaet Klagenfurt, Universitaetsstraße 65-67, 9020, Klagenfurt, Austria

    Friederike Wall

  2. Institute for Management Accounting, Johannes Kepler University, Linz, Austria

    Dorothea Greiling

Authors
  1. Friederike Wall
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Dorothea Greiling
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Friederike Wall.

Rights and permissions

Reprints and permissions

About this article

Cite this article

Wall, F., Greiling, D. Accounting information for managerial decision-making in shareholder management versus stakeholder management. Rev Manag Sci 5, 91–135 (2011). https://doi.org/10.1007/s11846-011-0063-8

Download citation

  • Received:

  • Accepted:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s11846-011-0063-8

Keywords

JEL Classification

Search

Navigation