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Corporate Social Responsibility and Corporate Governance pp 33–51Cite as

Palgrave Macmillan

Human-Asset Essentiality and Corporate Social Capital in a Stakeholders-Society Perspective

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Part of the book series: International Economic Association Series ((IEA))

Abstract

It is well known that an important conceptual issue was first raised in a seminal debate between Dodd and Bearle in the early 1930s regarding whether the corporation is the property of the stockholders, or if the board should owe fiduciary duties to the stakeholders in general. To date it does not seem that this issue has been resolved. One view became more powerful and prevalent at one time, but then its influence relatively declined in response to public opinion, emergent economic environments and business landscape, particular events (such as the Asian financial crisis and the Enron scandal) and so on. Recently the stakeholders-society view seems to be somewhat regaining its momentum. There seems to be two important factors for this. One is the rising importance of human knowledge assets for corporate competitiveness in spite of, or rather because of, the development of digital information technology. The other is the rising public awareness of the values of natural environments which corporate activities are embedded in, as well as exert significant impacts on.

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Authors
  1. Masahiko Aoki
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Editor information

Editors and Affiliations

  1. University of Trento, Italy

    Lorenzo Sacconi (Professor of Economics and Unicredit Chair in Economic Ethics and Corporate Social Responsibility, director of EconomEtica) (Professor of Economics and Unicredit Chair in Economic Ethics and Corporate Social Responsibility, director of EconomEtica)

  2. Inter-university Research Center, University of Milan-Bicocca, Italy

    Lorenzo Sacconi (Professor of Economics and Unicredit Chair in Economic Ethics and Corporate Social Responsibility, director of EconomEtica) (Professor of Economics and Unicredit Chair in Economic Ethics and Corporate Social Responsibility, director of EconomEtica)

  3. Vanderbilt University Law School, USA

    Margaret Blair (Milton R. Underwood Chair in Free Enterprise) (Milton R. Underwood Chair in Free Enterprise)

  4. Darden School of Business, University of Virginia, USA

    R. Edward Freeman (University Professor and Elis and Signe Olsson Professor of Business Administration, Academic director of Business Roundtable Institute for Corporate Ethics, and a senior fellow of Olsson Center for Applied Ethics) (University Professor and Elis and Signe Olsson Professor of Business Administration, Academic director of Business Roundtable Institute for Corporate Ethics, and a senior fellow of Olsson Center for Applied Ethics)

  5. Department of Economic Policy, Finance and Development, University of Siena, Italy

    Alessandro Vercelli (Professor of Economics) (Professor of Economics)

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© 2011 International Economic Association

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Aoki, M. (2011). Human-Asset Essentiality and Corporate Social Capital in a Stakeholders-Society Perspective. In: Sacconi, L., Blair, M., Freeman, R.E., Vercelli, A. (eds) Corporate Social Responsibility and Corporate Governance. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1057/9780230302112_2

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