The problem
with this view is that shareowners as diverse
in character as employees, pension funds,
responsible funds (10 per cent of the US
market) and hedge funds can have radically
different opinions on how shareholder value
ought to be created (Goodstein and Boeker,
1991; Sherman et al. , 1998). Mass ownership
and stakeholder activism imply a diversity of
expectations regarding the performance of the
corporation, and managers need to address
the different concerns of stakeholder groups to
gain and maintain the consent that could be taken for granted in the heyday of managerial
governance.