ABSTRACT
Up to this point, this book has argued that the stakeholder model offers a view of corporate governance and corporate finance that is quite different from the one offered by the shareholder model, and that the stakeholder model makes it possible to analyze behavior, customs, institutions, and mechanisms that could not be captured by the existing conceptual frameworks. In this context, this chapter investigates the role of the mission statement, which garners attention in connection with actual corporate management. Here, the economic functions and importance of the mission statement are theoretically and empirically examined by looking at modern corporations from the perspective of the stakeholder model.
