Rationales for a stakeholder model of corporate governance are based on enlightened self-interest, moral imperative, and/or externalities. Of these, the externalities rationale holds the most promise to justify a stakeholder focus. Recent evidence, however, indicates that the benefits of a stakeholder focus are limited because the social costs of many corporate activities already are internalized. Potential benefits also must be weighed against the costs, which include increased potential for conflict, waste, and managerial self-dealing. I conclude by advocating for the traditional governance model based on shareholder interests, with allowance for managers to deviate from this model in limited circumstances when the external impacts on other stakeholders are large. To constrain managerial opportunism, such deviations should be defended with a new type of double bottom line reporting, which augments traditional financial reporting with a statement of the social benefits of any deviations from shareholder value maximization.

中文翻译：

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公司治理的利益相关者模型

公司治理的利益相关者模型的基本原理是基于开明的自我利益、道德要求和/或外部性。其中，外部性原理最有希望证明利益相关者关注的合理性。然而，最近的证据表明，关注利益相关者的好处是有限的，因为许多公司活动的社会成本已经内化了。还必须权衡潜在收益与成本，包括增加冲突、浪费和管理自我交易的可能性。最后，我提倡以股东利益为基础的传统治理模式，允许管理者在对其他利益相关者的外部影响很大的有限情况下偏离这种模式。为了限制管理机会主义，