Role of Customers in Stakeholders- Approach in Company Corporate Governance
The purpose of this paper is to explore the relationship
between the customers- issues in company corporate governance and
the financial performance. At the beginning theoretical background
consisting stakeholder theory and corporate governance is presented.
On this theoretical background, the empirical research is built,
collecting data of 60 Czech joint stock companies- boards
considering their relationships with customers. Correlation analysis
and multivariate regression analysis were employed to test the sample
on two hypotheses. The weak positive correlation between
stakeholder approach and the company size was identified. But both
hypotheses were not supported, because there was no significant
relation of independent variables to financial performance.
[1] S.A. Waddock, S. Graves,."The Corporate social performance-financial
performance link". In Strategic Management Journal. 18/1997, pp. 303-
317.
[2] S. Berman, A. Wicks, S. Kotha and T. Jones, "Does stakeholder
orientation matter: The relationship between stakeholder management
models and firm financial performance", Academy of Management
Journal, 42/5, 1999, s. 488-506.
[3] R. E. Freeman, Strategic Management: A Stakeholder Approach. Pitman
Books, MA
[4] T. Donaldson, L. E. Preston, "The Stakeholder Theory of the
Corporation: Concepts, Evidence, and Implications". Academy of
Management Review; Jan 1995; 20, 1
[5] C.W. L. Hill, T. M. Jones, "Stakeholder-agency theory". Journal of
Management Studies, 29:131-154.
[6] M. B. E. Clarkson, "A stakeholder framework for analyzing and
evaluating corporate social performance". Academy of Management.
The Academy of Management Review; Jan 1995; 20, 1.
[7] OECD, Principles of Corporate Governance, OECD- ORGANISATION
FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, 2004
[8] C. Bart, N. Bontis, "Distinguishing between the board and management
in company mission: Implications for corporate governance". Journal of
Intellectual Capital; 2003; 4, 3;
[9] S. Thomsen, "Corporate governance as a determinant of corporate
values". Corporate Governance; 2005; 5, 4; pg. 10
[10] R. E. Freeman, D. L. Reed, "Stockholders and Stakeholders: A New
Perspective on Corporate Governance", California Management Review
(pre-1986); Spring 1983; 25
[11] J. Allouche, P. Laroche, "A meta-analytical investigation of the
relationship between corporate social and financial performance", Revue
de Gestion des Ressources Humaines. 57/2005, pp. 18-41.
[12] D. J. Wood, R. E. Jones, "Stakeholder mismatching: a theoretical
problem in empirical research on corporate social performance",
International Journal of Organizational Analysis (1993 - 2002). Jul95,
Vol. 3 Issue 3, p 229. 39p
[13] G. Robinson, K. Dechant, "Building a business case for diversity. In
Academy of Management Executive. 11/3/1997, p. 21-31.
[14] H. Spitzeck, E. G. Hansen, "Stakeholder governance: how stakeholders
influence corporate decision making", Corporate Governance vol. 10
NO. 4 2010, pp. 378-391, Emerald Group Publishing Limited, ISSN
1472-0701
[15] KPMG, "Corporate governance v ─îeské republice- Pr┼»zkum spole─ìnosti
KPMG Česká republika 2004/2005". 2005 KPMG Česká republika s.r.o.
[16] M. Theodor, "A Stakeholder Approach to Measuring the Level of
Corporate Governance", Acta Oeconomica Pragensia. 5/2004. p. 30-37.
[17] L. Blažek, O. ─î├ístek, ÔÇ×Stakeholder Approach and the Corporate
Financial Performance" Review of Economic Perspectives, Volume 9,
Number 2 / 2009, 90-106A.
[18] K. Chatterji, D. I. Levine, M. W. Toffel, "How Well Do Social Ratings
Actually Measure Corporate Social Responsibility?" Journal of
Economics and Management Strategy, Spring 2009, v. 18, iss. 1, pp.
125-69
[19] D. Yermack, "Higher market valuation of companies with a small board
of directors", Journal of Financial Economics, Vol. 40, No.2, 1996, pp.
185-211.
[20] M. J. Conyon, S. I. Peck, "Board size and corporate performance:
evidence from European countries", European Journal of Finance, Vol.
4, No.3, 1998, pp. 291-304.
[21] J. L. Coles, N. D. Daniel and L. Naveen, "Boards: Does one size fit all?"
Journal of Financial Economics, Vol.87, No.2, 2008,pp. 329-356
[22] D. R. Dalton, C. M. Daily, J. L. Johnson, A. E. Ellstrand, "Number of
directors and financial performance: A meta-analysis", Academy of
Management Journal, Vol.42, No.6, 1999, pp. 674-686.
[23] B. R. Agle, R. K. Mitchell, J. A. Sonnenfeld, "Who Matters to CEOs?
An Investigation of Stakeholder Attributes and Salience, Corporate
Performance, and CEO Values". The Academy of Management Journal,
1999, Vol. 42, No. 5
[24] S. B. Green, "How Many Subjects Does It Take To Do A Regression
Analysis", Multivariate Behavioral Research, Volume 26, Issue 3, 1991,
499-510
[25] I. Kristoffersen, P. Gerrans, M. Clark-Murphy, "Corporate Social
Performance and Financial Performance", Accounting, Accountability &
Performance 14. 2 (2008): 45-90
[1] S.A. Waddock, S. Graves,."The Corporate social performance-financial
performance link". In Strategic Management Journal. 18/1997, pp. 303-
317.
[2] S. Berman, A. Wicks, S. Kotha and T. Jones, "Does stakeholder
orientation matter: The relationship between stakeholder management
models and firm financial performance", Academy of Management
Journal, 42/5, 1999, s. 488-506.
[3] R. E. Freeman, Strategic Management: A Stakeholder Approach. Pitman
Books, MA
[4] T. Donaldson, L. E. Preston, "The Stakeholder Theory of the
Corporation: Concepts, Evidence, and Implications". Academy of
Management Review; Jan 1995; 20, 1
[5] C.W. L. Hill, T. M. Jones, "Stakeholder-agency theory". Journal of
Management Studies, 29:131-154.
[6] M. B. E. Clarkson, "A stakeholder framework for analyzing and
evaluating corporate social performance". Academy of Management.
The Academy of Management Review; Jan 1995; 20, 1.
[7] OECD, Principles of Corporate Governance, OECD- ORGANISATION
FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, 2004
[8] C. Bart, N. Bontis, "Distinguishing between the board and management
in company mission: Implications for corporate governance". Journal of
Intellectual Capital; 2003; 4, 3;
[9] S. Thomsen, "Corporate governance as a determinant of corporate
values". Corporate Governance; 2005; 5, 4; pg. 10
[10] R. E. Freeman, D. L. Reed, "Stockholders and Stakeholders: A New
Perspective on Corporate Governance", California Management Review
(pre-1986); Spring 1983; 25
[11] J. Allouche, P. Laroche, "A meta-analytical investigation of the
relationship between corporate social and financial performance", Revue
de Gestion des Ressources Humaines. 57/2005, pp. 18-41.
[12] D. J. Wood, R. E. Jones, "Stakeholder mismatching: a theoretical
problem in empirical research on corporate social performance",
International Journal of Organizational Analysis (1993 - 2002). Jul95,
Vol. 3 Issue 3, p 229. 39p
[13] G. Robinson, K. Dechant, "Building a business case for diversity. In
Academy of Management Executive. 11/3/1997, p. 21-31.
[14] H. Spitzeck, E. G. Hansen, "Stakeholder governance: how stakeholders
influence corporate decision making", Corporate Governance vol. 10
NO. 4 2010, pp. 378-391, Emerald Group Publishing Limited, ISSN
1472-0701
[15] KPMG, "Corporate governance v ─îeské republice- Pr┼»zkum spole─ìnosti
KPMG Česká republika 2004/2005". 2005 KPMG Česká republika s.r.o.
[16] M. Theodor, "A Stakeholder Approach to Measuring the Level of
Corporate Governance", Acta Oeconomica Pragensia. 5/2004. p. 30-37.
[17] L. Blažek, O. ─î├ístek, ÔÇ×Stakeholder Approach and the Corporate
Financial Performance" Review of Economic Perspectives, Volume 9,
Number 2 / 2009, 90-106A.
[18] K. Chatterji, D. I. Levine, M. W. Toffel, "How Well Do Social Ratings
Actually Measure Corporate Social Responsibility?" Journal of
Economics and Management Strategy, Spring 2009, v. 18, iss. 1, pp.
125-69
[19] D. Yermack, "Higher market valuation of companies with a small board
of directors", Journal of Financial Economics, Vol. 40, No.2, 1996, pp.
185-211.
[20] M. J. Conyon, S. I. Peck, "Board size and corporate performance:
evidence from European countries", European Journal of Finance, Vol.
4, No.3, 1998, pp. 291-304.
[21] J. L. Coles, N. D. Daniel and L. Naveen, "Boards: Does one size fit all?"
Journal of Financial Economics, Vol.87, No.2, 2008,pp. 329-356
[22] D. R. Dalton, C. M. Daily, J. L. Johnson, A. E. Ellstrand, "Number of
directors and financial performance: A meta-analysis", Academy of
Management Journal, Vol.42, No.6, 1999, pp. 674-686.
[23] B. R. Agle, R. K. Mitchell, J. A. Sonnenfeld, "Who Matters to CEOs?
An Investigation of Stakeholder Attributes and Salience, Corporate
Performance, and CEO Values". The Academy of Management Journal,
1999, Vol. 42, No. 5
[24] S. B. Green, "How Many Subjects Does It Take To Do A Regression
Analysis", Multivariate Behavioral Research, Volume 26, Issue 3, 1991,
499-510
[25] I. Kristoffersen, P. Gerrans, M. Clark-Murphy, "Corporate Social
Performance and Financial Performance", Accounting, Accountability &
Performance 14. 2 (2008): 45-90
@article{"International Journal of Business, Human and Social Sciences:60162", author = "Kolis Karel and Kubicek Ales", title = "Role of Customers in Stakeholders- Approach in Company Corporate Governance", abstract = "The purpose of this paper is to explore the relationship
between the customers- issues in company corporate governance and
the financial performance. At the beginning theoretical background
consisting stakeholder theory and corporate governance is presented.
On this theoretical background, the empirical research is built,
collecting data of 60 Czech joint stock companies- boards
considering their relationships with customers. Correlation analysis
and multivariate regression analysis were employed to test the sample
on two hypotheses. The weak positive correlation between
stakeholder approach and the company size was identified. But both
hypotheses were not supported, because there was no significant
relation of independent variables to financial performance.", keywords = "customers, stakeholder theory, corporate
governance, financial performance", volume = "6", number = "10", pages = "2623-5", }
