Ethical aspects of shareholder value objective

• Authors: Rzepka Anna

Title variants

PL

Wartość dla akcjonariuszy jako cel przedsiębiorstwa – aspekty etyczne

• Languages of publication: EN PL

Abstracts

EN

Over the past decades, the ideology of shareholder value, which implies that the sole legitimate purpose of the corporation is to maximize shareholder profits, has unquestionably been a dominant principle for corporate governance. Today, there is a significant question-mark over whether shareholder primacy theory provides the proper framework for running companies. The global financial crisis has renewed the fierce discussion about which concept the management of a modern public corporation should primarily follow. At the same time, ethical and sustainability-related issues have received a considerable amount of attention in the strategic management literature. The main objective addressed in this paper is to contribute to the shareholder and stakeholder theory discussion with a closer look taken at some ethical aspects of the adoption of shareholder-value oriented model. The article aims to emphasize that corporations should look beyond the pursuit of shareholder wealth and adopt more modern, socially and ethically conscious business model.

PL

Teoria wartości dla akcjonariuszy (shareholder value theory), wedle której jedynym słusznym celem przedsiębiorstwa jest maksymalizacja zysków akcjonariuszy, niewątpliwie stanowiła dominującą zasadę ładu korporacyjnego w ciągu ostatnich dekad. Obecnie pojawia się jednak poważny znak zapytania, czy teoria ta zapewnia odpowiednie ramy dla prowadzenia przedsiębiorstwa. Globalny kryzys finansowy przyczynił się do przywrócenia dyskusji o tym, jakie założenia powinny przyświecać współczesnym korporacjom. Jednocześnie znaczną uwagę w literaturze z obszaru zarządzania strategicznego zaczęto przywiązywać do kwestii etycznych związanych z koncepcją zrównoważonego rozwoju. Głównym celem artykułu jest włączenie się w dyskusję nad teoriami wartości dla akcjonariuszy oraz teorią wartości dla interesariuszy (stakeholder value theory), a także bliższe przyjrzenie się aspektom etycznym przyjęcia modelu zorientowanego na maksymalizację wartości dla właścicieli. Artykuł ma na celu podkreślenie, że cele działania współczesnych korporacji nie powinny ograniczać się do zwiększania wartości dla ich właścicieli. Określając model biznesowy, organizacje powinny uwzględniać aspekty społeczne i etyczne związane ze swoim funkcjonowaniem.

Keywords

EN

business ethics; shareholder value; shareholder value theory; shareholder value maximization

PL

etyka biznesu; wartość dla akcjonariuszy; teoria wartości dla akcjonariuszy; maksymalizacja wartości dla akcjonariuszy

• Publisher: Małopolska Wyższa Szkoła Ekonomiczna
• Journal: Zeszyty Naukowe Małopolskiej Wyższej Szkoły Ekonomicznej w Tarnowie
• Year: 2018
• Issue: 4 (40)
• Pages: 25-35

Dates

published

2018-12

Contributors

author

Rzepka Anna

• Uniwersytet Ekonomiczny w Krakowie, Wydział Zarządzania

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Identifiers

DOI

10.25944/znmwse.2018.04.2535