The purpose of this paper is to explore the relationship between the customers- issues in company corporate governance and the financial performance. At the beginning theoretical background consisting stakeholder theory and corporate governance is presented. On this theoretical background, the empirical research is built, collecting data of 60 Czech joint stock companies- boards considering their relationships with customers. Correlation analysis and multivariate regression analysis were employed to test the sample on two hypotheses. The weak positive correlation between stakeholder approach and the company size was identified. But both hypotheses were not supported, because there was no significant relation of independent variables to financial performance., {"references":["S.A. Waddock, S. Graves,.\"The Corporate social performance-financial\nperformance link\". In Strategic Management Journal. 18/1997, pp. 303-\n317.","S. Berman, A. Wicks, S. Kotha and T. Jones, \"Does stakeholder\norientation matter: The relationship between stakeholder management\nmodels and firm financial performance\", Academy of Management\nJournal, 42/5, 1999, s. 488-506.","R. E. Freeman, Strategic Management: A Stakeholder Approach. Pitman\nBooks, MA","T. Donaldson, L. E. Preston, \"The Stakeholder Theory of the\nCorporation: Concepts, Evidence, and Implications\". Academy of\nManagement Review; Jan 1995; 20, 1","C.W. L. Hill, T. M. Jones, \"Stakeholder-agency theory\". Journal of\nManagement Studies, 29:131-154.","M. B. E. Clarkson, \"A stakeholder framework for analyzing and\nevaluating corporate social performance\". Academy of Management.\nThe Academy of Management Review; Jan 1995; 20, 1.","OECD, Principles of Corporate Governance, OECD- ORGANISATION\nFOR ECONOMIC CO-OPERATION AND DEVELOPMENT, 2004","C. Bart, N. Bontis, \"Distinguishing between the board and management\nin company mission: Implications for corporate governance\". Journal of\nIntellectual Capital; 2003; 4, 3;","S. Thomsen, \"Corporate governance as a determinant of corporate\nvalues\". Corporate Governance; 2005; 5, 4; pg. 10\n[10] R. E. Freeman, D. L. Reed, \"Stockholders and Stakeholders: A New\nPerspective on Corporate Governance\", California Management Review\n(pre-1986); Spring 1983; 25\n[11] J. Allouche, P. Laroche, \"A meta-analytical investigation of the\nrelationship between corporate social and financial performance\", Revue\nde Gestion des Ressources Humaines. 57/2005, pp. 18-41.\n[12] D. J. Wood, R. E. Jones, \"Stakeholder mismatching: a theoretical\nproblem in empirical research on corporate social performance\",\nInternational Journal of Organizational Analysis (1993 - 2002). Jul95,\nVol. 3 Issue 3, p 229. 39p\n[13] G. Robinson, K. Dechant, \"Building a business case for diversity. In\nAcademy of Management Executive. 11/3/1997, p. 21-31.\n[14] H. Spitzeck, E. G. Hansen, \"Stakeholder governance: how stakeholders\ninfluence corporate decision making\", Corporate Governance vol. 10\nNO. 4 2010, pp. 378-391, Emerald Group Publishing Limited, ISSN\n1472-0701\n[15] KPMG, \"Corporate governance v ─îeské republice- Pr┼»zkum spole─ìnosti\nKPMG Česká republika 2004/2005\". 2005 KPMG Česká republika s.r.o.\n[16] M. Theodor, \"A Stakeholder Approach to Measuring the Level of\nCorporate Governance\", Acta Oeconomica Pragensia. 5/2004. p. 30-37.\n[17] L. Blažek, O. ─î├ístek, ÔÇ×Stakeholder Approach and the Corporate\nFinancial Performance\" Review of Economic Perspectives, Volume 9,\nNumber 2 / 2009, 90-106A.\n[18] K. Chatterji, D. I. Levine, M. W. Toffel, \"How Well Do Social Ratings\nActually Measure Corporate Social Responsibility?\" Journal of\nEconomics and Management Strategy, Spring 2009, v. 18, iss. 1, pp.\n125-69\n[19] D. Yermack, \"Higher market valuation of companies with a small board\nof directors\", Journal of Financial Economics, Vol. 40, No.2, 1996, pp.\n185-211.\n[20] M. J. Conyon, S. I. Peck, \"Board size and corporate performance:\nevidence from European countries\", European Journal of Finance, Vol.\n4, No.3, 1998, pp. 291-304.\n[21] J. L. Coles, N. D. Daniel and L. Naveen, \"Boards: Does one size fit all?\"\nJournal of Financial Economics, Vol.87, No.2, 2008,pp. 329-356\n[22] D. R. Dalton, C. M. Daily, J. L. Johnson, A. E. Ellstrand, \"Number of\ndirectors and financial performance: A meta-analysis\", Academy of\nManagement Journal, Vol.42, No.6, 1999, pp. 674-686.\n[23] B. R. Agle, R. K. Mitchell, J. A. Sonnenfeld, \"Who Matters to CEOs?\nAn Investigation of Stakeholder Attributes and Salience, Corporate\nPerformance, and CEO Values\". The Academy of Management Journal,\n1999, Vol. 42, No. 5\n[24] S. B. Green, \"How Many Subjects Does It Take To Do A Regression\nAnalysis\", Multivariate Behavioral Research, Volume 26, Issue 3, 1991,\n499-510\n[25] I. Kristoffersen, P. Gerrans, M. Clark-Murphy, \"Corporate Social\nPerformance and Financial Performance\", Accounting, Accountability &\nPerformance 14. 2 (2008): 45-90"]}