ABSTRACT

The corporate community has rediscovered an old idea: stakeholder value. The concept’s history is rooted in the literature on varieties of capitalism. Within that scholarship it has served to delineate institutional and relational differences between capitalist systems and forms of corporate governance. Today, stakeholder value is being used to argue for the redirection of capitalism to deliver on key goals related to inclusion and sustainability. This paper argues that the concept – and thus the endeavour to change capitalism – will remain weak unless it goes to the centre of how we create value. Moralistic exhortations to business leaders are not enough to bring about a true stakeholder form of capitalism. For this we must have stronger theory and practice on how to restructure finance, production, and public-private partnerships in new ways that recognise the state’s market-shaping role and support equitable distribution of value across stakeholders.

摘要

企业界重新发现了一个旧观念：利益相关者价值。这个概念的历史植根于各种资本主义的文献中。在该学术研究中，它有助于描述资本主义制度与公司治理形式之间的制度和关系差异。今天，利益相关者的价值被用来主张资本主义的重新定向，以实现与包容性和可持续性相关的关键目标。本文认为，除非它成为我们创造价值的核心，否则这个概念——以及因此改变资本主义的努力——将保持薄弱。对商界领袖的道德劝告不足以带来真正的利益相关者形式的资本主义。为此，我们必须在如何重组金融、生产、