A growing number of companies choose to pursue financial and social goals simultaneously. These dual-purpose companies face inherent tradeoffs as they are caught between the competing expectations of different stakeholders. We theorize that the intensity of the financial/social tradeoffs experienced by dual-purpose companies increases with the level of economic liberalism of the institutional setting in which they operate. We further theorize that the influence of the institutional setting on the intensity of the financial/social tradeoffs experienced by dual-purpose companies is filtered by their governance arrangements. We conclude by discussing changes in the surrounding ecosystem that could help reduce the intensity of the tradeoffs that companies experience, thereby paving the way for a new form of capitalism. Lien vers l'article
PACHE, A.C., BATTILANA, J., OBLOJ, T. and SENGUL, M. (2020). Beyond Shareholder Value Maximization: Accounting for Financial/Social Tradeoffs in Dual-Purpose Companies. Academy of Management Review, In press.