The place and protection of joint stock company creditors among stakeholders in respect of corporate governance

As the stakeholder theory has become widespread in the corporate governance approach, the idea that the company does not only consist of shareholders, but that many stakeholders should be taken into account in company activities has become widespread. The importance of company creditors among stakeholders is quite different. Because, creditors may sometimes have more say in the management of the company than shareholders. With the development of debt-based financing, the financial risk of the company has increased for creditors and the need for further protection. The protection of corporate creditors from a corporate governance perspective focuses on periods and structures where conflicts of interest are intense. In this context, solutions are proposed to secure the interests of joint stock company creditors through both preventive and restorative mechanisms.