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Mutual Trust : A Critical Linkage Between Value Appropriation and Value Maximization
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Park, Choelsoon | - |
dc.date.accessioned | 2009-02-25T04:50:32Z | - |
dc.date.available | 2009-02-25T04:50:32Z | - |
dc.date.issued | 1998-06 | - |
dc.identifier.citation | Seoul Journal of Business, Vol.4 No.1, pp. 5-38 | - |
dc.identifier.issn | 1226-9816 | - |
dc.identifier.uri | https://hdl.handle.net/10371/1635 | - |
dc.description.abstract | Although value appropriation and value maximization are
fundamental for any firm's economic activities, previous research has tended to treat them separately and to focus on each issue while taking the other for granted. This paper suggests that the two processes, i.e., value appropriation and value maximization, are not separate; rather, they are highly interrelated and reinforce each other through mutual trust among major stakeholders, a crucial linkage between the two processes. Specifically, this paper presents that fair value appropriation - i.e., appropriating value to the stakeholders in proportion to their stakes in the firm - contributes to the development of trust from the stakeholders, not only directly, but also indirectly through strengthening moral obligations of internal organizational members, particularly managers, to the stakeholders. The present paper also shows how mutual trust with the stakeholders leads to value maximization. After examining the reinforcing effects of value maximization on value appropriation, this paper concludes with some discussion about social legitimacy of a firm and the roles of managers. | - |
dc.language.iso | en | - |
dc.publisher | College of Business Administration (경영대학) | - |
dc.subject | two processes | - |
dc.subject | roles of managers | - |
dc.subject | shareholder value | - |
dc.title | Mutual Trust : A Critical Linkage Between Value Appropriation and Value Maximization | - |
dc.type | SNU Journal | - |
dc.contributor.AlternativeAuthor | 박철순 | - |
dc.citation.journaltitle | Seoul Journal of Business | - |
dc.citation.endpage | 38 | - |
dc.citation.number | 1 | - |
dc.citation.pages | 5-38 | - |
dc.citation.startpage | 5 | - |
dc.citation.volume | 4 | - |
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