股票市场对公司宗旨声明的反应:利益相关者理论的证明

IF 4.6 3区 管理学 Q1 BUSINESS
Mina Glambosky, Surendranath Rakesh Jory, Thanh Ngo
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引用次数: 2

摘要

2019年8月19日,商业圆桌会议(2019)发布了一份由181名美国知名企业首席执行官签署的声明,承诺“为所有利益相关者创造价值”。本研究考察了股票市场对公司目的这一新声明的反应。研究结果/见解基于163家签署了承诺的上市公司的样本,结果显示,投资者在声明发布的几天内对公司的承诺反应积极。股市投资者的共识是强劲的,其特点是公告发布后股价波动较小。尽管这些公司的决策是为了使所有利益相关者的财富最大化,而不仅仅是股东的财富最大化,但这是有机会成本的。具体而言,我们观察到质押公司的股票回购在公告发布后相对于控股公司有所下降,尽管信奉利益相关者理论的投资者似乎并未被分配减少所吓倒。本研究提供了实证支持,在不断变化的商业环境中,公司必须重视与客户、员工、非政府组织(ngo)和政府有关的问题。如果不能优先考虑这些问题,可能会引起公众的强烈反对,尤其是在社交媒体时代。然而,对利益相关者的关注与对股东绩效的关注是相容的。当顾客离开、员工感到不满、非政府组织呼吁抵制、政府征收罚款时,业绩就会受到影响。寻求增加股东财富的公司需要充分考虑利益相关者的担忧。从业者/政策启示本研究表明,采用利益相关者视角释放的价值,如果焦点仍然是股东至上,就无法实现。超额价值可能来自于更大的客户忠诚度、更好的员工激励、更好的供应商关系、支持性融资、最大化收入、最小化成本和/或产生更高的利润。股东期望从重视员工、社区、供应链、金融家和股东的公司获得更大的长期价值。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Stock market response to the statement on the purpose of a corporation: A vindication of stakeholder theory

Stock market response to the statement on the purpose of a corporation: A vindication of stakeholder theory

Research Question/Issue

On August 19, 2019, the Business Roundtable (2019) released a statement signed by 181 chief executive officers (CEOs) of well-known US corporations, in which they pledged “a fundamental commitment” to “deliver value to all” stakeholders. This study examines the stock market reaction to this new statement on the purpose of a corporation.

Research Findings/Insights

Based on a sample of 163 publicly listed companies that signed the pledge, the results show that investors react positively to a firm's pledge in the days surrounding the statement release. The consensus among stock market investors was robust, characterized by the low volatility in the share price post-announcement date. The decision by these companies, though intended to maximize the wealth of all stakeholders, rather than shareholders alone, carries an opportunity cost. Specifically, a post-announcement decline in share buybacks by pledge firms relative to control firms is observed, though investors embracing stakeholder theory appear undeterred by the reduction in distributions.

Theoretical/Academic Implications

This study provides empirical support that, in the evolving business environment, companies must emphasize issues that concern customers, employees, non-governmental organizations (NGOs), and the government. Failure to prioritize these issues may engender public backlash, especially in the age of social media. However, the attention to stakeholders is compatible with the focus on shareholder performance. Performance suffers when customers leave, workers feel dissatisfied, NGOs call for boycotts, and governments levy fines. Corporations seeking to increase shareholder wealth will need to fully embrace stakeholder concerns.

Practitioner/Policy Implications

This study shows that adopting a stakeholder perspective unlocked value that would not have been achieved had the focus remained on shareholder primacy. The excess values may derive from greater customer loyalty, improved employee motivation, better supplier relations, supportive financiers, maximizing revenue, minimizing costs, and/or yielding higher profits. Shareholders anticipate greater long-term value from companies emphasizing employees, communities, supply chain, financiers, and shareholders.

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来源期刊
CiteScore
7.00
自引率
11.30%
发文量
79
期刊介绍: The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.
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