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首页> 外文期刊>Journal of Management Inquiry >Corporate Governance Between Shareholder and Stakeholder Orientation: Lessons From Germany
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Corporate Governance Between Shareholder and Stakeholder Orientation: Lessons From Germany

机译：股东与利益相关者之间的公司治理：德国的经验教训

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摘要

It is highly debated whether corporations should primarily follow a shareholder or a stakeholder principle. This article addresses the debate with a closer look at Germany's current conceptualization of corporate governance. Despite the introduction of shareholder-oriented practices such as moderate amounts of stock-option pay and more transparent accounting standards, the German corporate governance system is considered to be a prototype of stakeholder orientation. Critics of this system claim that strong obligations to stakeholder interests are a drawback for German firms when competing internationally. However, if applied thoughtfully, an institutionally anchored stakeholder management can also have a number of advantages. We point to selected advantages of a stakeholder-oriented system, including the active integration of stakeholder knowledge, increased commitment for strategic decisions, and a longer term view on performance. Acknowledging potential problems arising from a stakeholder orientation as well as its unique benefits, we call for a modern stakeholder value system.
机译：公司究竟应主要遵循股东原则还是利益相关者原则，一直存在争议。本文通过仔细研究德国当前的公司治理概念来解决辩论。尽管引入了以股东为导向的做法，例如适度的股票期权薪酬和更透明的会计准则，但德国公司治理体系仍被视为以利益相关者为导向的原型。对这一制度的批评者认为，在国际竞争中，对利益相关者利益承担严格义务是德国公司的不利条件。但是，如果深思熟虑地运用，以制度为基础的利益相关者管理也可以具有许多优势。我们指出了面向利益相关者的系统的某些优势，包括积极整合利益相关者的知识，增加对战略决策的投入以及对绩效的长期看法。认识到利益相关者导向带来的潜在问题及其独特的好处，我们呼吁建立现代的利益相关者价值体系。

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