Corporate performance and stakeholder management: Balancing shareholder and customer interests in the UK privatized water industry

被引:153
作者
Ogden, S [1 ]
Watson, R
机构
[1] Univ Leeds, Leeds LS2 9JT, W Yorkshire, England
[2] Univ Strathclyde, Glasgow G1 1XQ, Lanark, Scotland
关键词
D O I
10.5465/256974
中图分类号
F [经济];
学科分类号
02 ;
摘要
This study examined a major contention of stakeholder theory: namely, that a firm can simultaneously enhance the interests of its shareholders and other relevant stakeholders. Financial data relating to the U.K. water supply industry and the customer service performance indicators introduced after privatization in 1989 to protect customer interests provided the basis of our empirical analysis. The results show that, although improving relative customer service performance is costly for firms in terms of cur rent profits, shareholder returns respond in a significantly positive manner to such improvements. We interpret this finding as being consistent with stakeholder theory.
引用
收藏
页码:526 / 538
页数:13
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