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Shareholder, Stakeholder-owner Or Broad Stakeholder Maximization

出版	2004
URL	http://books.google.com.hk/books?id=-ThtQwAACAAJ&hl=&source=gbs_api

註釋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.