Abstract
Whatever ethnic, religious, or other cultural boundaries may have evolved through history, a global corporate culture is increasingly subsuming these traditional divisions. Multinational corporations, internationally linked securities markets, and omnipresent communication networks characterize this global corporate culture. The dynamics of corporate culture centres on the intricate web of contractual relations between stakeholders. This study addresses the question of how these stakeholder contracts can be most efficiently enforced. Three alternative contractual enforcement mechanisms are identified: the legal system, a generally accepted moral code, and stakeholders' desire to build and maintain reputations. Each alternative is critically evaluated and conclusions are drawn as to the relative feasibility and desirability of each enforcement mechanism.
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