000160997 001__ 160997
000160997 005__ 20251022074427.0
000160997 0247_ $$2doi$$a10.1561/111.00000082
000160997 0248_ $$2sideral$$a143985
000160997 037__ $$aART-2025-143985
000160997 041__ $$aeng
000160997 100__ $$0(orcid)0000-0001-8405-1056$$aSalas-Fumás, Vicente$$uUniversidad de Zaragoza
000160997 245__ $$aDirectors as trustees: the Nash axiomatic approach to multi-stakeholder governance
000160997 260__ $$c2025
000160997 5060_ $$aAccess copy available to the general public$$fUnrestricted
000160997 5203_ $$aThe view of corporate managers as agents of the shareholders has been questioned from inside and from outside the business community, with demands that they be committed, instead, to value-maximization for all stakeholders. This paper maintains that existing theories of strategy make implicit or explicit assumptions on the irrelevance of transaction costs in the processes of value creation and appropriation that result in a minor role of managers and directors in stakeholders' value-maximization. Next, it explains why managers and directors acting as trustees of the business venture, with the mission of governing and managing the business under the prescriptions of the axiomatic Nash bargaining solution, can be a transaction costs efficient way of governing the multi-stakeholders firm.
000160997 536__ $$9info:eu-repo/grantAgreement/ES/DGA/S42-20R-CREVALOR$$9info:eu-repo/grantAgreement/ES/MINECO/ECO2017-86305-C4-3-R
000160997 540__ $$9info:eu-repo/semantics/openAccess$$aAll rights reserved$$uhttp://www.europeana.eu/rights/rr-f/
000160997 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/acceptedVersion
000160997 7102_ $$14012$$2650$$aUniversidad de Zaragoza$$bDpto. Direcc.Organiza.Empresas$$cÁrea Organización de Empresas
000160997 773__ $$g6, 3 (2025), 293-331$$tStrategic Management Review$$x2688-2612
000160997 8564_ $$s357898$$uhttps://zaguan.unizar.es/record/160997/files/texto_completo.pdf$$yPostprint$$zinfo:eu-repo/date/embargoEnd/2025-10-22
000160997 8564_ $$s867020$$uhttps://zaguan.unizar.es/record/160997/files/texto_completo.jpg?subformat=icon$$xicon$$yPostprint$$zinfo:eu-repo/date/embargoEnd/2025-10-22
000160997 909CO $$ooai:zaguan.unizar.es:160997$$particulos$$pdriver
000160997 951__ $$a2025-10-17-14:26:45
000160997 980__ $$aARTICLE