Article2015

Stakeholder Inclusion and Accounting for Stakeholders

Ronald K. Mitchell · Harry J. Van Buren · Michelle Greenwood · R. Edward Freeman

145 citations0/0 files storedJournal of Management Studies

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Corporate Social Responsibility Reporting Accounting Theory and Financial Reporting Accounting and Organizational Management

Abstract

ABSTRACT Stakeholder inclusion in organizational decision‐making, and the resulting issue of value creation, is one of the thorny problems that stakeholder theory has sought to address. Yet progress has been slow, we suggest, because present accounting theory and practice does not address the decision‐making needs of all stakeholders who are at risk due to the activities of organizations. In this paper we develop a transdisciplinary theory of value‐creation stakeholder accounting (VCSA) based on stakeholder risk‐sharing as a superior rationale for stakeholder inclusion. We introduce value‐creation stakeholder partnerships (VCSPs) as a promising mechanism for the implementation of VCSA. VCSA is derived from a fusion of accounting, value‐creation/entrepreneurship, and stakeholder theory, and the VCSP mechanism emerges from distinguishing proprietary‐convention (partnership) from entity‐convention (corporate) accounting. Using this framing we summarize and situate the articles in this Special Issue on Stakeholder Accounting.

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References

2010Strategic management a stakeholder approach 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1995The Knowledge-Creating Company 1987The Economic Institutions of Capitalism 1997The Knowledge-creating company: How Japanese companies create the dynamics of innovation 1992The balanced scorecard : measures that drive performance 1998Working knowledge: how organizations manage what they know 1986The Economic Institutions of Capitalism

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