发表于:2022-08-17 17:39:10 范文

On the other hand, both Zhang (2011) and Smith (2003) observe that the stakeholder theory focuses on promoting the interest of different stakeholders even if the action taken thereof will result in a significant decline in profitability. Speaking from this perspective, there is a need to observe that the stakeholder theory reiterates that beside profits, businesses need to consider the interest of other parties involved either directly or indirectly in its operations such as employees, the local community, and customers among others. The logic behind the stakeholder theory in promoting the interests of different groups irrespective of whether the pursuance of such interests could have a negative impact on profitability is founded on the notion that each stakeholder, whether major or minor, plays a critical role in defining the success of the business. Therefore, a business that aims to succeed both in the short and long run needs to avoid raising conflicts even with minor stakeholders.


Whereas the past literature and study findings on stakeholders and shareholders reiterate that the two have different interests and as such, are treated differently, recent studies have focused on treating shareholders as part of stakeholders in businesses. In this regard, such literature promote the element that since shareholders just as stakeholders have interests in the business, the former should be treated as an entity of the latter (Fassin 2009; Tse 2011). In citing the Freeman’s stakeholder model, Fassin (2009) argues that by categorising shareholders as stakeholders, businesses gain a platform to address the interests of everyone without necessarily raising conflicts that could have a negative impact on its operations and success. According to Freeman’s stakeholder model, shareholders of a business should be categorised alongside customers, employees, suppliers, government, competitors, and the civil society (Appendix 2) (Fassin 2009). By doing this, businesses will be discouraged from seeking to please one or more stakeholders at the expense of others.

尽管过去关于利益相关者和股东的文献和研究结果重申,两者有不同的利益,因此受到不同的对待,但最近的研究侧重于将股东视为企业利益相关者的一部分。在这方面,此类文献促进了这样一个要素,即由于股东与利益相关者一样在企业中拥有利益,因此前者应被视为后者的一个实体(Fassin 2009;Tse 2011)。在引用弗里曼的利益相关者模型时,Fassin(2009)认为,通过将股东归类为利益相关者,企业可以获得一个平台来解决每个人的利益,而不必引发可能对其运营和成功产生负面影响的冲突。根据弗里曼的利益相关者模型,企业股东应与客户、员工、供应商、政府、竞争对手和公民社会一起分类(附录2)(Fassin 2009)。通过这样做,企业将不愿意以牺牲他人为代价来取悦一个或多个利益相关者。

Similarly, the negative effects of solely pursuing profits has motivated more researchers, scholars and business analysts to call for categorisation of shareholders as stakeholders and as such, limit their demand for profit maximisation, which may have a negative impact on other stakeholders such as employees, customers, suppliers and communities among others. For instance, Tse (2011) cites the 2007/08 financial crisis whereby despite their knowledge that banks in countries such as England were engaging in risky financial behaviour that would ultimately lead to their collapse, the shareholders failed to question such behaviour. For instance, Tse (2011) observes that 94.5 percent of shareholders at RBS sanctioned the acquisition of ABN Amro despite their knowledge that the two banks were facing financial challenges and as such, the deal would end up worsening the situation. From this, it emerges that shareholders are irrational when making decisions that concerns their business and in most cases, their actions are motivated by greed, herding behaviour and fear. This implies that when they are not categorised as stakeholders, they will continue to pursue profits, thus undermining the sustainability of the business in question in the long run and endangering the interests of stakeholders. In reference to Brodeur (2016), countries such as Japan have formulated laws and regulations to encourage investors to redefine their relationship with the management whereby rather than solely focusing on profits, shareholders are encouraged to act as stakeholders and as such, focus on the long term performance of the firm. This is perceived as necessary to safeguard the interests of each stakeholder in businesses.