Economists and legal scholars have discussed the proper role of a public corporation since at least the early part of the 20th century. The two major schools of thought that have emerged from this discourse are frequently characterized as shareholder primacy and stakeholder primacy, noting that shareholders are one of many stakeholders. Until recently, however, this debate rarely made it into the MBA classroom. If the corporate objective function was discussed at all, it was typically treated in a cursory manner in the early stages of a corporate finance course, with shareholder primacy receiving the lion's share of attention. As a result, the shareholder primacy model has become the de-facto theory underlying MBA curricula. Recent events such as the failure of corporate governance systems, dramatic shifts in technology and production trends, and increased attention on the environment, however, have renewed interest in this debate among practitioners and academics alike. Efforts to redirect the focus of curricula have emerged, though almost exclusively from disciplines other than finance, and corporate finance faculty are frequently identified as the source of inertia against change.
{"title":"Do Stakeholders Belong in Corporate Finance?","authors":"John R. Becker-Blease","doi":"10.2139/ssrn.1159897","DOIUrl":"https://doi.org/10.2139/ssrn.1159897","url":null,"abstract":"Economists and legal scholars have discussed the proper role of a public corporation since at least the early part of the 20th century. The two major schools of thought that have emerged from this discourse are frequently characterized as shareholder primacy and stakeholder primacy, noting that shareholders are one of many stakeholders. Until recently, however, this debate rarely made it into the MBA classroom. If the corporate objective function was discussed at all, it was typically treated in a cursory manner in the early stages of a corporate finance course, with shareholder primacy receiving the lion's share of attention. As a result, the shareholder primacy model has become the de-facto theory underlying MBA curricula. Recent events such as the failure of corporate governance systems, dramatic shifts in technology and production trends, and increased attention on the environment, however, have renewed interest in this debate among practitioners and academics alike. Efforts to redirect the focus of curricula have emerged, though almost exclusively from disciplines other than finance, and corporate finance faculty are frequently identified as the source of inertia against change.","PeriodicalId":177753,"journal":{"name":"SIB: Social Impacts Related to Finance (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130219033","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The aim of this study is the analysis of so called socially responsible investments(SRI). First, the performance of SRI equity investment funds and equity indices is investigated using Jensen´s alpha as performance measure. The analysis considers market timing strategies of the fund management and takes publicly available information into account (conditional performance). In the second part sensitivities regarding macroeconomic factors are estimated and the third part investigates the investment style of the SRI funds and indices. It is found that most of the SRI assets have a similar performance than their benchmarks. Only a few funds and indices exhibit a relatively poor performance. As SRI funds and indices seem to have some specific risk-return characteristics (investment styles) that might be characterised as special investment vehicles different from conventional assets.
{"title":"Socially Responsible Investments in Germany, Switzerland and the United States - an Analysis of Investment Funds and Indices","authors":"M. Schröder","doi":"10.2139/ssrn.421462","DOIUrl":"https://doi.org/10.2139/ssrn.421462","url":null,"abstract":"The aim of this study is the analysis of so called socially responsible investments(SRI). First, the performance of SRI equity investment funds and equity indices is investigated using Jensen´s alpha as performance measure. The analysis considers market timing strategies of the fund management and takes publicly available information into account (conditional performance). In the second part sensitivities regarding macroeconomic factors are estimated and the third part investigates the investment style of the SRI funds and indices. It is found that most of the SRI assets have a similar performance than their benchmarks. Only a few funds and indices exhibit a relatively poor performance. As SRI funds and indices seem to have some specific risk-return characteristics (investment styles) that might be characterised as special investment vehicles different from conventional assets.","PeriodicalId":177753,"journal":{"name":"SIB: Social Impacts Related to Finance (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127878324","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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