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Minggu, 01 April 2012

THE CONTRIBUTION OF STAKEHOLDER THEORY TO UNDERSTANDING GOOD CORPORATE GOVERNANCE

by : Trevor D. Wilmshurst

ABSTRACT
In this paper the contribution of stakeholder theory to good corporate governance is discussed.
This study sought to assess whether theories about firm-stakeholder interactions offered
insights into motivations influencing the decision to report to stakeholders. Stakeholder
theories have fallen into managerial or normative-ethical perspectives. This study identifies
the motivations underlying each of these theories and assesses whether they influence the
decision to report. Data analysis found that each offers only a part of the story supporting the
contention that an approach combining the various theories would better reflect decision
making. It is argued that such an approach would better enable an understanding of whether
or not stakeholder reporting undertaken could be described as good corporate governance
practice.
Key words: Stakeholder theory, corporate governance, reporting, disclosure, motivation,
environment, stakeholders

INTRODUCTION
TIns paper reports on a study that investigated the motivations of management to report
environmental information to stakeholders, and was undertaken in the context of stakeholder
theory. Theories about stakeholders suggest motives for the decision to report to
stakeholders, taking either a management or a normative-ethical approach to their
construction. Recent literature has called for an approach to stakeholder theory that bridges
the . . . .... (baca_selengkapnya )

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