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Abstract Debates over the reconfiguration of the leading and governance system of multinational companies intensified following the global economic crisis, which severely affected the stability of global economy and the trust in the ethical and responsible corporative behavior. The present paper set itself the objective the analysis and assessment form an ethical standpoint of the two models of corporate control - the stakeholder model and the shareholder model. As rationale for this we insist that the ethical orientation of corporate governance systems influences the ethical and responsible behavior of multinational companies within the communities where they activate. Will the reformation of corporative governance be rather sustained through the values promoted by the stakeholder model (transparency, correctness, integrity, the preoccupation with promoting all parties' interest) or by the shareholder system (as governance in the interest of shareholders)?
Key words:
business ethics, corporative governance, stakeholder, shareholder, social responsibility, values
JEL Codes:
M140, G30
1. INTRODUCTION AND THE CONTEXT OF THIS RESEARCH
Jill Solomon used to address a question that deserves to be included on every multinational businessman's agenda: "is it possible for multinationals to maximize shareholders' value, following the agent's theory, and simultaneously satisfying the diverse claims of stakeholders? (J. Solomon, 2004: 22-23).
New tendencies within the business environment face this concern by their accent on the inclusive approach of corporate governance (based on sustainability, conformity and interest showed to all interested parties in the company) rather than on the exclusive approach of corporative approach (defined by company's growth in terms of value and efficiency and by defining the interests in terms of the shareholders' standpoint.)
2. THE METHODOLOGY OF THE CURRENT RESEARCH
The present study is grounded on the theoretical approach by presenting the most important analysis frameworks concerning corporate governance exertion (stakeholder model vs. shareholder model) from an ethical standpoint. It also includes an action-oriented approach, through the identification of those features that reveal the new corporate governance tendencies in contemporary business environment.
3.STAKEHOLDER MODEL vs. SHAREHOLDER MODEL
Based on the manner of corporate governance exertion we distinguish the shareholder model and the stakeholder model.
The shareholder model operates on the premise that multinationals are fundamentally run by the shareholders' interests. From an ethical perspective, this...