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Cited by 883

The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.

Corporate Governance

Tirole, Jean·2001·Econometrica
DOI 10.1111/1468-0262.00177
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Abstract

The paper first develops an economic analysis of the concept of shareholder value, describes its approach, and discusses some open questions. It emphasizes the relationship between pledgeable income, monitoring, and control rights using a unifying and simple framework. The paper then provides a first and preliminary analysis of the concept of the stakeholder society. It investigates whether the managerial incentives and the control structure described in the first part can be modified so as to promote the stakeholder society. It shows that the implementation of the stakeholder society strikes three rocks: dearth of pledgeable income, deadlocks in decision-making, and lack of clear mission for management. While it fares better than the stakeholder society on those three grounds, shareholder value generates biased decision-making; the paper analyzes the costs and benefits of various methods of protecting noncontrolling stakeholders: covenants, exit options, flat claims, enlarged fiduciary duty.

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Registry

Crossref · 10.1111/1468-0262.00177

Cites

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Citations

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Metadata

Authors
Tirole, J.
Venue
Econometrica
Publisher
The Econometric Society
Published
2001-01
Volume
69
Issue
1
Pages
1-35
ISSN
  • 0012-9682 (ISSN-L)
  • 1468-0262
DOI
10.1111/1468-0262.00177
OpenAlex
W4239500287
Cited by
883
References
4
FWCI
85.83
Type
journal article
Language
en
Open access
closed

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Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.