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Redefining the Corporation: Stakeholder Management and Organizational Wealth

Опубликовано на портале: 15-08-2005
Stanford: Stanford University Press, 2002, 376 с.
Тематический раздел:
The modern corporation is an institution of enormous economic power and social impact. Corporations have grown in size and numbers all over the world because of their ability to mobilize productive resources and create new wealth. The evolution of the corporation has given rise to new opportunities and challenges that require a redefinition of the corporation and its objectives.

The legitimacy of the corporation as an institution, its “license to operate” within society, depends not only on its success in wealth creation but also on its ability to meet the expectations of diverse constituents who contribute to its existence and success. These constituencies and interests are the corporation’s stakeholders—resource providers, customers, suppliers, alliance partners, and social and political actors. Consequently, the corporation must be seen as an institution engaged in mobilizing resources to create wealth and benefits for all its stakeholders.

This book presents a stakeholder view of the corporation in both theoretical and practical terms. Its central proposition is that organizational wealth is created (or destroyed) through a corporation’s interactions with its stakeholders. Effective stakeholder management develops and utilizes relationships between a corporation and its stakeholders for mutual benefit, thereby accomplishing the fundamental purpose of wealth creation.

Following the empirical maxim that “Corporations are what they do,” the authors examine the stakeholder management practices of three major corporations: Cummins Engine Company, Motorola, and the Royal Dutch/Shell Group. These companies are very different, and their current stakeholder management policies and practices have evolved in very different ways. However, they share a common commitment to humanistic values and to continuous learning. Their varied experiences illustrate some of the opportunities and challenges of stakeholder management, and confirm the appropriateness of the stakeholder view of the corporation as a basis for strategy and policy.

List of Exhibits, Figures, and Tables xi
Acknowledgments xiii
Introduction 1
Chapter 1. What Is the Corporation? 7
The Case for Redefinition 10
The Stakeholder Model 22
Conclusion 32
Chapter 2. Organizational Wealth and the Stakeholder View 35
Organizational Wealth 36
Stakeholder Relations and Organizational Wealth 46
The Stakeholder View 51
Conclusion 56
Chapter 3. Research Design and Critical Issues: Three Companies 57
Research Methods and Questions 58
Strategy, Structure, and Culture 60
The Companies under Study 64
Critical Relationships and Issues 72
The Challenge of Globalization 76
Conclusion 78
Chapter 4. The Strategic Role of Values 79
Values, Ethics, Policies, and Practices 80
Implementing the Humanistic Commitment 83
Shared Values at Motorola 94
Cummins in the Community 104
Conclusion 111
Chapter 5. Strategic Response to Competitive Challenges 113
Motorola: Managing by High Principles 114
Cummins Engine Company: Reinventing the Company 130
Conclusion 138
Chapter 6. Strategic Response to Societal Challenges 139
Shell: Historical Background 140
Transforming Events: Brent Spar and Nigeria 143
Impact of the Events 151
The Camisea Project 154
Conclusion 162
Chapter 7. Globalization: Multinationals in China 165
The Chinese Setting 166
Management Control and Motivation 169
Stakeholders and Guanxi 174
Operations of the Focal Companies 186
Conclusion 195
Chapter 8. Implementing Stakeholder Management: Learning and Responding 197
Modes of Learning and Changing 198
Adaptive Learning: Cummins Engine Company 201
Evolutionary Learning and Renewal: Motorola 207
Transformational Learning: Shell 213
Conclusion 226
Chapter 9. The Stakeholder View: Conclusions and Implications 229
Stakeholder Journeys: Three Firms 231
The Stakeholder View: Theoretical Implications 238
The Stakeholder View: Implications for Practice 244