MATICA SRPSKA

DEPARTMENT OF SOCIAL SCIENCES

SOCIAL SCIENCES QUARTERLY
1950.
10. (1955) , ,
11. (1956) , 76. (1984)


(1950), (19511952),
(19531965), (19661969),
(19701973), (19741999),
(20002004), (2005)

144

(3/2013)

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Copyright , , 2013

 ISSN 0352-5732 UDK 3 (05) . LXIV . 144 (3/2013) . 407588

144

(3/2013)

2013

 / CONTENTS

Mirjana Raevi

Serbia 20 years after the
:
cairo conference: is there

any progress in the sphere of
?
reproductive health?
413428

Boko Mijatovi

Vojvodina and direct taxes
1925:
around 1925: had any robbery
?
taken place?
429449

Vladan Pavlovi et Sreko Milai

Contenu smantique

ingal du terme

solvabilit Origine et

consquences
451466

Vladimir Zaki

Creating values for

stakeholders as a goal of

a modern corporate

enterprise
467481

Rodoljub Etinski

Redefining the idea of human

rights
483496

Sanja uri

Jusnaturalism and

legal positivism in

contemporary american

jurisprudence
497507


ore Pavlovi

Constitution of the kingdom
1901.
of serbia of 1901.
509522

Risto Prentovi

Ethical aspects of hunting

tourism in serbia
523538

ura Solea Grijak

Parental investment from

the childs perspective
539550

Mia Mari
Relationship between
personality traits and
self-concept in high school
students
551562

,
eljko Bjeljac, Aleksandra Terzi and

Jovana Brankov
:
Trumpet festival in gua:

Socio-demographic profile

and the motives for visiting
563576
/ BOOK REVIEWS


(Gojko Rikalovi /ur./, Zapadni Balkan: regionalno umetniko trite, a ne fikcija?
Anonymous, Beograd 2012).

577579

/ AUTHORS IN THIS ISSUE

581585

UDC 658
UDC 005.3
DOI: 10.2298/ZMSDN1344467Z

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-: zakicv@ikomline.net

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Foudy, Joseph Jr. Shareholder Value and the German and Japanese Models: A Case study of
the Automobile Sector, Yale University, New Haven, 2003.
Frankfurter, George, Bob Wood and James Wansley. Dividend Policy: Theory and Practice,
Academic Press, San Diego, 2003.
Sigurt, Vitols. Verhandelter Shareholder Value: Die deutsche Variante einer angloamerikanischen
Praxis, Discussion Paper SP II 2003 25, Wissenschaftszentrum, Berlin 2003.

Original scientific paper

CREATING VALUES FOR STAKEHOLDERS AS A GOAL
OF A MODERN CORPORATE ENTERPRISE
by
Vladimir Zaki
University of Belgrade, Faculty of Agriculture
Department of Agroeconomics
Chair for Theory of Costs, Accounting and Finance
6 Nemanja Street, Belgrade Zemun, Serbia
E-adresa: zakicv@ikomline.net

SUMMARY: The goal of this paper is to present a comparative analysis of two

value creation concepts applied in most developed countries: Anglo-American concept
of shareholder value creation and the Continental model of stakeholder value creation. In
shareholder systems, also known as Anglo-American model, shareholders exert dominant
influence. In major stakeholder systems, marked as Continental model, influence is shared
between large shareholders, employees, customers and suppliers. The aim of this paper is to
analyze the impact of globalization and economic crisis on the goals of corporate enterprises,
which have largely led to convergence of two opposing value creation concepts.
KEYWORDS: value creation, stakeholders, corporations