Spinning gold: The financial returns to stakeholder engagement

• Published in: Strategic management journal Vol. 35; no. 12; pp. 1727 - 1748
• Main Authors: Henisz, Witold J., Dorobantu, Sinziana, Nartey, Lite J.
• Format: Journal Article
• Language: English
• Published: Chichester, UK John Wiley & Sons, Ltd 01.12.2014; John Wiley & Sons; Wiley Periodicals Inc
• Subjects: Business entities; Business valuation; Capital market; Capital returns; Corporate social responsibility; Corporate strategies; Financial management; Gold mines; Gold mines & mining; Gold mining; instrumental stakeholder theory; international business; Investors; Management theory; Net present value; Panel data; political risk; Rates of return; shareholder value; Shareholders; Social responsibility; Stakeholder; Stakeholders; Studies; Valuation

We provide direct empirical evidence in support of instrumental stakeholder theory's argument that increasing stakeholder support enhances the financial valuation of a firm, holding constant the objective valuation of the physical assets under its control We undertake this analysis using panel...