David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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Business Ethics Quarterly 4 (4):445-458 (1994)
In the canonical view of the corporation, management is the agent of the owners of the corporation-the stockholders-and, as such, has a fiduciary duty to manage the corporation in their best interests. Most business ethicists condemn this arrangement as morally indefensible because it fails to respect the right of other corporate constituencies or “stakeholders” to self-deterrnination. By contrast, the modern agency theory of the firm provides a defense of this arrangement on the grounds that it is the result of stakeholders’ right to self-determination. This paper uses the exarnple of managers’ fiduciary duty to stockholders to argue that different normative judgrnents often mask empirical disagreements
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Citations of this work BETA
John Hasnas (2013). Whither Stakeholder Theory? A Guide for the Perplexed Revisited. Journal of Business Ethics 112 (1):47-57.
Ananya Mukherjee Reed & Darryl Reed (2009). Partnerships for Development: Four Models of Business Involvement. [REVIEW] Journal of Business Ethics 90 (1):3 - 37.
Joseph Heath (2011). Business Ethics and the 'End of History' in Corporate Law. Journal of Business Ethics 102 (S1):5-20.
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