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Real stakeholders, labelled stakeholders: genuine stakeholders with a legitimate stake, the loyal partners who strive for mutual benefits. Stake owners own and deserve a stake in the firm. Stakeholder reciprocity could be an innovative criterion in the corporate governance debate as to who should be accorded representation on the board.
This means assessment of short term, longer term and long term consequences of any action. [24] "One problem with the triple bottom line is that the three separate accounts cannot easily be added up. It is difficult to measure the planet and people accounts in the same terms as profits—that is, in terms of cash."
Numerous articles and books written on stakeholder theory generally identify Freeman as the "father of stakeholder theory". [14] Freeman's Strategic Management: A Stakeholder Approach (1984) is widely cited in the field as being the foundation of stakeholder theory, [15] although Freeman himself refers to several bodies of literature used in the development of his approach, including strategic ...
Stakeholder may refer to: Stakeholder (corporate) , a group, corporate, organization, member, or system that affects or can be affected by an organization's actions Project stakeholder , a person, group, or organization with an interest in a project
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
This is a very delicate process that needs to be addressed with discretion, due to the fact that this can identify the long-term success of an organization or the failure of the same, "an organisation that does not have the ability to satisfy its stakeholders defeats the purpose of its existence". [6]
As a result, executives can sacrifice long-term profits for short-term personal gain. Shareholders may have different perspectives in this regard, depending on their own time preferences, but it can also be viewed as a conflict with broader corporate interests (including preferences of other stakeholders and the long-term health of the ...
The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to improve federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information. [3]