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References in periodicals archive ?
The normative stakeholder theory considers the normative-ethical reasons why firms should consider stakeholder interests, thereby resonating with the aforementioned "requests" for buyer action to improve suppliers' SRCs.
Donaldson and Preston (1995) also address this separation by presenting a taxonomy that includes instrumental and normative stakeholder theory. Instrumental stakeholder theory is concerned with how managers act if they are to further goals of the organization, such as long run profit maximization or shareholder value.
Nevertheless, researchers testing intrinsic stakeholder theory generally model stakeholder management as a means to an end (e.g., financial performance), while those testing normative stakeholder theory model stakeholder relations as the end in itself.
However, the finding of evidence consistent with a positive relationship between stakeholder management and shareholder wealth is consistent with both instrumental stakeholder theory, where stakeholder management is viewed as a means toward better financial performance, and normative stakeholder theory, in which effective stakeholder management may play an indirect role in improving financial performance, but is not the ultimate goal.
A finding of a positive correlation between SM and compensation suggests that managers are directed to pursue the social welfare of their various stakeholders supporting the normative stakeholder theory. A finding of a positive association between firm value and compensation suggests that companies are pursuing shareholder value maximization.
Our results continue to be more consistent with enlightened value maximization than normative stakeholder theory. Although market-to-book is a significant predictor of compensation, none of the estimated coefficients on market-to-book are significant at conventional levels after controlling for potential endogeneity.
One can rely on the reasoning of maximizing conventional financial performance, as advocated by the instrumental stakeholder theory, or on the social imperative of maximizing all stakeholders' gains, as the ultimate objective of the firm, an assumption of the normative stakeholder theory (Donaldson & Preston, 1995).
On the order hand, according to the notion implied by the normative stakeholder theory, this coordination effort would only succeed if the underlying instrumental notion of opportunistic behavior could be shifted to a more substantive view of stakeholder relationship, based on shared values of fairness (Donaldson & Preston, 1995).
We contend that the ideology of shareholder value is a product of the normative shareholder theory, while the norm of reciprocity is a social fabric holding businesses and multiple stakeholders together and thus to some degree underlines the normative stakeholder theory. We empirically test the effect of the ideology of shareholder value and the norm of reciprocity on manager's decision making in stakeholder moral dilemmas, using experimental design as research methodology.
Normative stakeholder theory has attempted to fill that supposed conceptual void.
Employing normative stakeholder theory in developing countries: A critical theory perspective.
This form of stakeholder management, which corresponds more or less to Donaldson and Preston's normative stakeholder theory, does have implications for corporate governance.