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On a stakeholder model of corporate governance - Karpoff - 2021 - Financial Management - Wiley Online Library
Source: onlinelibrary-wiley-com.ezproxy.library.uq.edu.au
Article summary:
1. The article examines the conceptual foundations of a stakeholder-based model of corporate governance.
2. It argues that the benefits of a stakeholder focus are limited because the social costs of many corporate activities already are internalized.
3. The article advocates for the traditional governance model based on shareholder interests, with allowance for managers to deviate from this model in limited circumstances when external impacts on other stakeholders are large.
Article analysis:
The article is written by an experienced researcher and published in a reputable journal, so it can be considered reliable and trustworthy. The author provides evidence to support their claims, such as citing research studies and providing examples to illustrate their points. However, there are some potential biases in the article that should be noted. For example, the author does not explore counterarguments or present both sides equally; they appear to favor a traditional governance model based on shareholder interests over a stakeholder-based model. Additionally, while the author acknowledges potential benefits of a stakeholder focus, they do not provide any evidence to support these claims or discuss possible risks associated with such a focus. Furthermore, some of the claims made in the article may be unsupported or missing points of consideration; for example, while it is true that social costs of many corporate activities are internalized, this does not necessarily mean that there are no benefits to be gained from focusing on stakeholders’ interests. In conclusion, while this article is generally reliable and trustworthy, readers should take into account potential biases and unsupported claims when evaluating its content.