The Perspective of Value Orientation for the Shareholder and the Stakeholder: The Case of Corporate Governance in Media Companies

Abstract

The aim of this paper is to elaborate the conditions and constraints for the enabling and implementing of a value orientation in media companies through the figure of Corporate Governance literacy. What are the reasons impeding or promoting a value orientation in media companies? This study collects research from scholars dedicated to the field of Corporate Governance from a stakeholders and shareholders perspective. The method used is exploratory. The main factors that contribute to value orientation are maximization of the market value of the company and creation of corporate strategy; transparency of the information for the internal and external publics and the access to financial resources. The constraints are the kind of leadership of the CEO, the internal culture of the company and the pressure of some of the shareholders who want profits in the short term. Finally, confidence in the internal and external publics (shareholders. stakeholders, and market), is the key if the company uses the Corporate Governance figure in order to generate value orientation.