Scandinavian Working Papers in Economics

Working Papers,
Hanken School of Economics

No 493: Shareholder/Stakeholder Value Management, Company Growth and Financial Performance: An Exploratory Study

Bo-Göran Ekholm () and Jan Wallin ()
Additional contact information
Bo-Göran Ekholm: Swedish School of Economics and Business Administration, Postal: Arkadiankatu 22, P.O.B. 479; FIN 00101 Helsinki, Finland
Jan Wallin: Swedish School of Economics and Business Administration, Postal: Handelsesplanaden 2, P.O.B. 287; FIN 65101 Vaasa, Finland

Abstract: There has been considerable discussion in the literature about the relative merits of shareholder value management and stakeholder value management, but relatively little empirical research has been reported concerning the relationship between these types of management and financial performance. The present study puts forward a hypothesis that true shareholder value management also encompasses stakeholder value management. This combination of shareholder/stakeholder value management is hypothesised to be associated with superior financial performance and sales growth. Using a sample of chief financial officers' ratings of the contemporary management accounting techniques economic value added and the balanced scorecard to represent the two management types, the study found evidence in support of the hypothesis.

Keywords: Shareholder; stakeholder; economic value added; balanced scorecard; growth; performance management

26 pages, December 9, 2003

Price: 10€

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493-951-555-796-8.pdf PDF-file

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