STAKEHOLDERSKA ORIJENTACIJA PODUZEĆA I KORPORATIVNO UPRAVLJANJE
STAKEHOLDER ORIENTATION AND CORPORATE GOVERNANCE

Summary/Abstract: Stakeholder model of the corporation is a widely accepted conceptualization of the modern business organization. Value is generated through interactions with various stakeholder groups so value can not be distributed exclusively to shareholders. Proponents of the stakeholder approach suggest that the measure of company’s success can not be narrowed to shareholder’s wealth generating capacity, nor the purpose of the firm is to maximize objective function of any particular stakeholder group. A firm should be governed to satisfy interests of all groups that have legitimate stakes in the company, and the mechanisms of governance should protect and ensure fair returns to stakeholder’s investments. Measure of company’s success is extended to capture the social role of the business: value creation which doesn’t belong to shareholders alone and value distribution according to a social justice principle.

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