Chapter

Relationships and Commitments

John Kay

in The Business of Economics

Published in print October 1996 | ISBN: 9780198292227
Published online November 2003 | e-ISBN: 9780191596520 | DOI: http://dx.doi.org/10.1093/0198292228.003.0011
 Relationships and Commitments

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This chapter was written around the theme of trust and commitment in business and personal relationships. The argument of the first part centres around the unsuccessful attempt to formalize trust relationships through a formal marriage contract. The latter discusses the idea that firms should not focus their efforts entirely on achieving return for their shareholders but rather try to achieve a multitude of objectives involving more than one group of stakeholders.

Keywords: commitment; company objectives; marriage; profit maximization; relationships; shareholder return; stakeholders; trust

Chapter.  2948 words. 

Subjects: Microeconomics

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