Business Management Articles

How to Reconcile Your Shareholders With Other Stakeholders

1. Business Roundtable, “Statement on the Purpose of a Corporation,” Aug. 19, 2019,

2. H.J. Smith, “The Shareholders vs. Stakeholders Debate,” MIT Sloan Management Review 44, no. 4 (summer 2003): 85-90.

3. P. Strebel and S. Cantale, “Is Your Company Addicted to Value Extraction?” MIT Sloan Management Review 55, no. 4 (summer 2014): 96.

4. J-P. Jeannet and H. Schreuder, “From Coal to Biotech: The Transformation of DSM With Business School Support” (Berlin Heidelberg: Springer Verlag 2015); and B. Leleux and J. van der Kaaij, “Darwinians at the Gate: Sustainability, Innovation, and Growth at DSM,” IMD case study IMD-3-2355 (Lausanne, Switzerland: IMD, 2013).

5. P. Strebel, “Big Business Models Are Back-to-Front: Create Long-Term Value by Putting Shareholders at the Back-End of Cash Flow Distribution,” The European Business Review, January-February 2019, 69-70.

6. E. Yardeni, J. Abbott, and M. Quintana, “Corporate Finance Briefing: S&P 500 Buybacks and Dividends,” Yardeni Research, March 27, 2020,

7. G. Sandoval, “Former Rival’s Advice to Netflix: ‘Don’t Let Icahn Get to You,’” CNet, Nov. 6, 2012,

8. T. Poletti, “Netflix Finally Admits the Obvious: Competition From Apple and Disney Will Hurt,” MarketWatch, Oct. 19, 2019,

9. A. Gregg and C. Davenport, “Boeing Had a Best-Selling 737 and a Growing Global Market. Now After Two Crashes, Its Reputation Is at Risk,” The Washington Post, March 12, 2019.

10. W. Horobin and A. White, “How ‘Digital Tax’ Plans In Europe Hit U.S. Tech,” The Washington Post, Dec. 3, 2019.

11. House of Commons, Business, Energy and Industrial Strategy and the Work and Pensions Committees, “Carillion: Second Joint Report,” HC769 (London: House of Commons, May 16, 2018).

12. J. Armitage, “Phones 4U Owner BC Partners Walks Away with £18 Million Profit,” Evening Standard, Sept. 18, 2014,

13. R.L. Swarns, “Drug Makers Drop South Africa Suit Over AIDS Medicine,” The New York Times, April 20, 2001,

14. “DSM Celebrates 30 Years as a Listed Company,” DSM press release, Feb. 6, 2019,

15. Royal DSM N.V. Annual Report 2002, Feb. 11.

16. Bloomberg, “Activist Hedge Fund Third Point Buys $3.5 Billion Stake in Nestle, Eyeing Opportunities in Europe,” Japan Times, June 26, 2017,

17. D. Vidalon, “Pernod Ricard Vows to Lift Margins After Activist Elliott’s Arrival,” Reuters, Feb. 7, 2019,

18. Jeannet and Schreuder, “From Coal to Biotech.”

19. D. Proctor, “Hitachi Acquires ABB Power Grids Business in $11 Billion Deal,” Power, Dec. 17, 2018,

20. P. Strebel, “The Change Pact: Building Commitment to Ongoing Change” (London: Financial Times/Prentice Hall, 1998).

21. Jeannet and Schreuder, “From Coal to Biotech.”

22. S. Strom, “At Chobani, Now It’s Not Just the Yogurt That’s Rich,” The New York Times, April 26, 2016,

23. “2019 Sustainability Report,” Chobani, n.d.

24. Strebel and Cantale, “Is Your Company Addicted to Value Extraction?”

25. K. Ziegler, “Digitizing Coffee Agronomy Training & Monitoring,” TechnoServe, Dec. 15, 2017,

26. E. Fry, “This Former Chemical Company Went ‘Green’ and Its Stock Took Off,” Fortune, Sept. 12, 2017,

27. A. Beard and R. Hornik, “It’s Hard to Be Good,” Harvard Business Review 89, no. 11 (November 2011): 88-96.

28. “The Redmond Doctrine: Lessons from Microsoft’s Corporate Foreign Policy,” The Economist, Sept. 12, 2019.

29. Jeannet and Schreuder, “From Coal to Biotech.”

30.DSM Commences €1 Billion Share Buy-Back and Announces Regular Repurchase to Cover Share Plans and Stock Dividend,” DSM press release, March 14, 2019,

31. A. Lowenstein, “Ten Ways Leading Companies Turn Purpose Into Strategy,” EY Beacon Institute, Sept. 19, 2019,

By Juan Rodulfo

Defined by Nature: Planet Earth Habitant, Human, Son of Eladio Rodulfo & Briceida Moya, Brother of Gabriela, Gustavo & Katiuska, Father of Gabriel & Sofia; Defined by the Society: Venezuelan Citizen (Human Rights Limited by default), Friend of many, Enemy of few, Neighbor, Student/Teacher/Student, Worker/Supervisor/Manager/Leader/Worker, Husband of Katty/ Ex-Husband of K/Husband of Yohana; Defined by the US Immigration System: Legal Alien; Defined by the Gig Economy: Independent Contractor Form 1099; Studies in classroom: Master Degree in Human Resources Management, English, Chinese Mandarin; Studies at the real world: Human Behavior; Studies at home: Webmaster SEO, Graphic Web Apps Design, Internet & Social Media Marketing, Video Production, You Tube Branding, Trading, Import-Exports, Affiliate Marketing, Cooking, Laundry, Home Cleaning; Work experience: Public-Private-Entrepreneur Sectors; Other Definitions: Bitcoin Evangelist, Human Rights Peace and Love Advocate. Author of: Why Maslow: How to use his theory to stay in Power Forever (EN/SP); Asylum Seekers (EN/SP); Manual for Gorillas: 9 Rules to be the “Fer-pect” Dictator (EN/SP); Why you must Play the Lottery (EN/SP); Para Español Oprima #2: Speaking Spanish in Times of Xenophobia (EN/SP).
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