Stakeholder Orientation vs. Shareholder Value—A Matter of Contractual Failures

This article analyzes the conflict of interests between shareholders and other stakeholders, including when such conflicts of interests may arise. It is argued that shareholder value cannot be justified simply by referring to any prerogative property rights of the shareholders. Instead, shareholder value coincides with the efficient hypothetical perfect contract. However, due to contractual failures in certain bargaining situations, management may be unable to internalize the firms externalities. This means that in these situations there is a tradeoff between a broad duty of loyalty for management in listed firms and other traditional remedies. The theoretical insights are applied on a case from the Danish Supreme Court (Louis Poulsen A/S) where the interests of the stakeholders were decisive. It is shown that the verdict may instead harm the relevant stakeholders illustrating how cautious the legal system should use a doctrine based on the company's interests. In addition, the notion of a firm's social responsibility is critically evaluated together with the associated pitfalls of accepting this concept.     

Judges and CEOs: French Aspects of Corporate Governance

The debate about corporate governance has brought to the front stage the notion of social interest or interest of the company itself as distinct of its stakeholders. French Law, judges, and CEOs use this notion with different meanings and intentions. The judges refer to it mainly to guarantee the continuity of the firm, especially when the latter faces economic difficulties; the CEOs refer to it to keep a free hand in managing the company. Shareholders see the notion as ambiguous and mostly used against their own interest. Shareholders and company interest do not merge. They differ on the industrial relations policy they induce and in the management freedom bestowed on CEOs. A reform of French Company Law currently under discussion seeks conciliation while trying to comply with the principles of corporate governance best practices.     

企业经营绩效的群体评价机制研究

利益相关者理论表明企业是多方要素提供者的利益关系平台,企业经营绩效评价是一个群体评价过程。本文深入分析了企业经营绩效群体评价的作用路径以及评价过程中的权力分配,认为除了正式治理结构之外,非正式治理结构也是利益相关者评价企业经营绩效的重要渠道;利益相关者所拥有资源的专用性、不可替代性与隐性等三大特征影响了他们在评价企业经营绩效、控制企业经营行为上的话语权。最后,本文提出了未来研究的两个重要方向。     

Natural resource rent and stakeholder politics in Africa: towards a new conceptualisation

This paper critically revisits the debate on natural resource rent, curse and conflict, interrogating some of the key assumptions that have become received knowledge in extant discourses. The paper demonstrates how orthodox theories’ preoccupation with issues of resource rent and resource curse tend to be marred by slants of ahistoricity and state-centricity. Adopting a stakeholder approach to the issues of resource rent and conflict in Africa, the author argues that natural resource rents produce and attract a multiplicity of competitive stakeholders, both domestic and external, in the resource-rich states. The competition and jostling of stakeholders for access to, and appropriation of, rentier resources is too often an antagonistic process in many emerging economies that has consequences and implications for violent conflict. The paper attempts a new conceptual explanation of how natural resource rents dialectically generate stakes, stakeholders and political conflict. The paper concludes by proposing the need for the more conflict-prone African rentier states to transition to a more functional state model, the transformative state.     

利益相关者视角下企业经营绩效评价的三维结构和基本原则

基于利益相关者理论,从过程与结果方面,识别出了企业经营绩效评价体系的三维结构,分别是内部利益相关者的资本投入指标、外部利益相关者的社会承诺指标以及财务分配指标。在此基础上,进一步提出了企业经营绩效评价的匹配原则与权变原则。     

Multi‐Stakeholder Initiatives for Sustainable Development Goals: The Importance of Interlocutors

This article argues that the complex multi‐stakeholder arrangements anticipated for implementing Sustainable Development Goals call for a distinct type of host: an interlocutor. This central idea arises from new comparative research on multi‐stakeholder initiatives (MSIs) undertaken in four countries: Costa Rica, Indonesia, Kenya and Kyrgyzstan. This work adds a detailed dimension to meta‐studies on conditions for success and practical guides for establishing and running MSIs. It begins to fill a significant gap in knowledge by analysing the attributes and competencies required for effectively orchestrating MSIs as well as illuminating their relative significance over time. The context is an anticipated expansion in demand for finely tuned and skilled hosting of Sustainable Development Goals‐inspired MSIs. This task will probably be more complicated than MSIs associated with climate change and Millennium Development Goals, both of which saw business on the side lines with uneven attention paid to the principle of local ownership. Recognising and investing in interlocution as a pivotal role can increase the performance of internationally inspired MSIs which, to date, have a mixed but generally poor record of effectiveness. © 2017 The Authors Public Administration and Development Published by John Wiley & Sons Ltd.     

FANTASY OR FICTION: MARCHING OF THE DRAGON IN THE SOUTH CHINA SEA

This article looks at the South China Sea dispute and its impact in international relations. It analyses why the Southeast Asian states are highly sovereignty sensitive, and how such sensitivity has made non-intervention the bedrock of managing their foreign policies. China has long viewed the near seas as regions of geostrategic interest, and thus the SCS is not an exception. On the one hand it brings hope and prosperity, and on the other uncertainty and threat. At the end, the article argues whether China’s assertive position regarding other countries’ sovereignty claims in the Arctic might undermine its own position in contested areas like the SCS, and suggests that China will at least have to learn how to share and bear (term coined by the author) as a member of the international community.     

Human security of the Sámi in the new Sámi Arctic Strategy

ABSTRACT

Recent plans and enterprises of the Arctic States of Sweden, Norway and Finland – such as the Finnish plan to build a controversial rail line from Rovaniemi to Kirkenes in Norway, relocation of Swedish Kiruna (already in progress), building Markbydgen windfarm in Sweden or construction of a copper mine in Kvalsund, Norway - have put into question the human security of the Sámi. In this paper, the author examines the contents of the new document The Sámi Arctic Strategy. Securing enduring influence for the Sámi people in the Arctic through partnerships, education and advocacy adopted in 2019. Special emphasis is put on the reflections and references to human security of the Sámi. Then the author briefly examines the above examples and how they may or already affect human security of the Sámi. The research questions are: which parts of the new Sámi Arctic Strategy refer to human security? What is the importance of self-determination to human security of the Sámi? Could this Strategy facilitate implementation of the right of the Sámi to self-determination, and as a result improve their human security? The paper attempts to answer these questions in Concluding Remarks.     

北冰洋通航与中国图们江出海战略探讨

1938年日苏张谷峰战役后封锁了图们江,图们江辉煌的航运消失了。吉林省境内水系发达,但却因丢失了港口,阻碍了吉林经济的发展。航空运输成本太高,东北的铁路运输因受山海关地理位置的限制,致使吉林省的物资运送能力受到限制。海河运输是最廉价、最方便的形式,倘若吉林省恢复到以前沿海省份,便利的交通即可带动吉林经济飞速发展。因此,建议在东北地区开凿运河,迎接北冰洋航运时代的到来。北冰洋变暖为全面通航带来了可能性。如果北极航道全部开通,连接大西洋和太平洋的航线将缩短,而东北亚地区恰好是关键的轴心位置。北冰洋如全部通航,我国图们江流域的珲春将取得与新加坡同等重要的地位。因此,将我国珲春打造成国际航运中心迫在眉睫。建议在东北地区,开凿运河,形成"东北借助运河间接出海战略"。届时可再现图们江航运的辉煌。     

身份叙事与中国参与北极事务身份建构

国家身份可以划分为总体身份和具体身份,具体身份是总体身份在不同场域的具体投射。作为话语实践的一种形式,叙事则是身份建构的主要机制,它将一系列关于总体身份和具体身份的隐喻以特定逻辑联系在一起。当代中国所追求的总体身份是负责任大国,而这一身份的主要表现则是倡导构建人类命运共同体。这一身份通过领域或功能以及地域两个维度被投射到北极场域,形成了"北极事务的重要利益攸关方"这一具体身份。本文在论述叙事和国家身份形成关系的基础上,重点分析了"北极事务的重要利益攸关方"这一身份隐喻通过叙事被投射到具体场域中的过程。通过叙事,"北极事务的重要利益攸关方"同中国的国际责任、各国的共同利益等话语联系在一起,成为负责任大国身份在北极场域的延伸,成为构建人类命运共同体这一宏观目标的组成部分。