160997 20251022074427.0 doi 10.1561/111.00000082 sideral 143985 ART-2025-143985 eng (orcid)0000-0001-8405-1056 Salas-Fumás, Vicente Universidad de Zaragoza Directors as trustees: the Nash axiomatic approach to multi-stakeholder governance 2025 Access copy available to the general public Unrestricted The 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. info:eu-repo/grantAgreement/ES/DGA/S42-20R-CREVALOR info:eu-repo/grantAgreement/ES/MINECO/ECO2017-86305-C4-3-R info:eu-repo/semantics/openAccess All rights reserved http://www.europeana.eu/rights/rr-f/ info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion 4012 650 Universidad de Zaragoza Dpto. Direcc.Organiza.Empresas Área Organización de Empresas 6, 3 (2025), 293-331 Strategic Management Review 2688-2612 357898 http://zaguan.unizar.es/record/160997/files/texto_completo.pdf Postprint info:eu-repo/date/embargoEnd/2025-10-22 867020 http://zaguan.unizar.es/record/160997/files/texto_completo.jpg?subformat=icon icon Postprint info:eu-repo/date/embargoEnd/2025-10-22 oai:zaguan.unizar.es:160997 articulos driver 2025-10-17-14:26:45 ARTICLE