We appreciate the opportunity to revisit the conversation about corporate objectives by responding to Goranvoa and Ryan’s (2021) paper, which focuses on the trends that impact shareholders and their relationship with firms. We structure our response to the authors in the following way: First, we argue that the governance challenges raised by Goranova and Ryan, in so far as they impact firms, make a case for stakeholder management. Second, we point out two shareholder-centric trends the authors fail to describe, which also support stakeholder management. In the third section, we respond directly to the authors’ claim that competitive advantage is a more useful focus for the corporate objective by 1) noting that the authors utilize a strawman conceptualization of stakeholder theory in their argument, 2) detailing the existing strategy literature that connects competitive advantage and stakeholder relationships, and 3) arguing that competitive advantage is not sufficient, it needs to be augmented with a stakeholder focused cooperative advantage. Together, our response to the authors and the larger stakeholder perspective on corporate objectives offer a much-needed human-centric lens on how people coordinate their actions to create and trade value.

中文翻译：

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利益相关者管理与以人为本的企业目标的价值

我们很高兴有机会通过回应 Goranvoa 和 Ryan 的 (2021) 论文来重新审视有关公司目标的对话，该论文侧重于影响股东及其与公司关系的趋势。我们按以下方式对作者做出回应：首先，我们认为 Goranova 和 Ryan 提出的治理挑战，就它们对公司的影响而言，为利益相关者管理提供了理由。其次，我们指出了作者未能描述的两个以股东为中心的趋势，这也支持利益相关者管理。在第三部分中，我们直接回应作者的主张，即竞争优势是企业目标更有用的焦点：1）注意到作者在他们的论点中利用了利益相关者理论的稻草人概念化，2) 详细说明将竞争优势和利益相关者关系联系起来的现有战略文献，以及 3) 认为竞争优势是不够的，需要通过以利益相关者为中心的合作优势来增强它。总之，我们对作者的回应以及更大的利益相关者对企业目标的看法为人们如何协调他们的行动以创造和交易价值提供了一个急需的以人为本的视角。