The firm’s need to consider and satisfy in a balanced way the needs and interests of all stakeholders had already been amply highlighted by economists belonging to the behaviorist school (Simon, 1961; Cyert, March, 1955). In this sense, and especially with regard to medium- and large-sized enterprises, the creation of value, a typical goal of stockholders, should be considered in the process of optimizing an objective function that is larger and more complex, resulting from a "political compromise" regarding the aims of the different classes of stakeholders. In particular, this function must be compatible with the needs of the external environment, taking into account the influence of cultural roots in a context of Corporate Social Responsibility (CSR) (Mella, Gazzola, 2005). The presence of conflicting interests, both inside and outside of the company, creates the possibility for conflicts between groups; profit depends on the extent to which these groups are satisfied with the conflicting interests and with how internal and external conflict resolution takes place. This deep integration between the interests of shareholders and those of other stakeholders occurs when the company assumes an increasingly important role, particularly in local communities in support of the social and occupational context, while also indicating the increasingly strong influence of the corporate image, which inevitably reflects the choices of investors and consumers above all, as well as those of all other stakeholders. This study aims to describe ways of identifying the principles of responsible management that, although resulting from different cultures, if linked together allow a more meaningful understanding of the behavior of modern corporations. The analysis of the international literature will be accompanied by the results obtained from empirical research extended to Italian companies, which are representative of the typical Latin cultural context
SOCIAL THINKING. CREATION OF VALUE FOR STAKEHOLDERS
GAZZOLA, PATRIZIA;
2013-01-01
Abstract
The firm’s need to consider and satisfy in a balanced way the needs and interests of all stakeholders had already been amply highlighted by economists belonging to the behaviorist school (Simon, 1961; Cyert, March, 1955). In this sense, and especially with regard to medium- and large-sized enterprises, the creation of value, a typical goal of stockholders, should be considered in the process of optimizing an objective function that is larger and more complex, resulting from a "political compromise" regarding the aims of the different classes of stakeholders. In particular, this function must be compatible with the needs of the external environment, taking into account the influence of cultural roots in a context of Corporate Social Responsibility (CSR) (Mella, Gazzola, 2005). The presence of conflicting interests, both inside and outside of the company, creates the possibility for conflicts between groups; profit depends on the extent to which these groups are satisfied with the conflicting interests and with how internal and external conflict resolution takes place. This deep integration between the interests of shareholders and those of other stakeholders occurs when the company assumes an increasingly important role, particularly in local communities in support of the social and occupational context, while also indicating the increasingly strong influence of the corporate image, which inevitably reflects the choices of investors and consumers above all, as well as those of all other stakeholders. This study aims to describe ways of identifying the principles of responsible management that, although resulting from different cultures, if linked together allow a more meaningful understanding of the behavior of modern corporations. The analysis of the international literature will be accompanied by the results obtained from empirical research extended to Italian companies, which are representative of the typical Latin cultural context
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