Egalitarian collective decisions as ‘good’ corporate governance?

Federica Alberti*, Werner Guth, Hartmut Kliemt, Kei Tsutsui

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapter (peer-reviewed)peer-review


Value-neutral (Robbinsian) economic science cannot directly address substantive normative issues. Economics can, however, provide analytical and empirical methods that make implications and consequences of normative premises (more) transparent and thereby indirectly contribute to normative opinion formation. To this effect we translate substantive normative premises of stakeholder value approaches into operational axioms that characterize a class of collective decision mechanisms. If such implications seem less attractive to stakeholder theorists than the high-minded values from which they started in criticism of shareholder value approaches, they should come up with alternative collective decision mechanisms or a modified set of values.
Original languageEnglish
Title of host publicationCollective Decisions - Interdisciplinary Perspectives for the 21st Century
EditorsSascha Kurz, Nicola Maaser, Alexander Mayer
Number of pages16
ISBN (Electronic)9783031216961
ISBN (Print)9783031216954
Publication statusPublished - 5 May 2023

Publication series

NameStudies in Choice and Welfare
ISSN (Print)1614-0311
ISSN (Electronic)2197-8580


  • value-neutrality of science
  • stakeholder conceptions of management
  • interpersonal equal respect
  • corporate governance
  • intrinsic motivation
  • procedural fairness


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