David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Business Ethics Quarterly 4 (4):459-474 (1994)
The paper suggests replacing the shareholder/stakeholder distinction with a “Dual-Investor” model of business: stockowners provide the specific capital for business ventures, while society provides the “opportunity capital.” Thus society is an investor in every business venture. Dual-Investor theory provides a response (based purely on the ethics of investment) to Milton Friedman’s arguments that executives should maximize profit by any legal means, avoids recent criticisms by Kenneth Goodpaster and Thomas McMahon, and suggests that the dichotomy between private and public ownership overlooks several important alternatives. Some consequences of the theory are detailed and a sketch of a theory of property, based on Dual-Investor theory, is appended
|Keywords||No keywords specified (fix it)|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
Richard P. Nielsen (2002). Business Citizenship and United States “Investor Capitalism”. The Ruffin Series of the Society for Business Ethics 2002:231-239.
Patrick Primeaux & John Stieber (1994). Profit Maximization: The Ethical Mandate of Business. [REVIEW] Journal of Business Ethics 13 (4):287 - 294.
Richard Lee Miller (1988). Ethical Challenges in Corporate-Shareholder and Investor Relations: Using the Value Exchange Model to Analyze and Respond. [REVIEW] Journal of Business Ethics 7 (1-2):117 - 132.
Marco Ridan, Laura Bottazzi & Thomas F. Hellmann, What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence.
Tibor R. Machan (2007). Altruism (Stakeholder Theory) Versus Business Ethics. Proceedings of the International Association for Business and Society 18:453-456.
Salme Näsi & Hannele Mäkelä (2010). Incorporating Stakeholder Thinking Into the Neo-Classical Capital Circulation Model of the Firm. Journal of Business Ethics 96 (S1):51-56.
Rodger Spiller (2000). Ethical Business and Investment: A Model for Business and Society. [REVIEW] Journal of Business Ethics 27 (1-2):149 - 160.
Frida Kerner Furman (1990). Teaching Business Ethics: Questioning the Assumptions, Seeking New Directions. [REVIEW] Journal of Business Ethics 9 (1):31 - 38.
Göran Svensson & Greg Wood (2008). A Model of Business Ethics. Journal of Business Ethics 77 (3):303 - 322.
Surendra Arjoon (2000). Virtue Theory as a Dynamic Theory of Business. Journal of Business Ethics 28 (2):159 - 178.
S. Ramakrishna Velamuri & S. Venkataraman (2005). Why Stakeholder and Stockholder Theories Are Not Necessarily Contradictory: A Knightian Insight. [REVIEW] Journal of Business Ethics 61 (3):249 - 262.
Thomas L. Carson (2003). Self-Interest and Business Ethics: Some Lessons of the Recent Corporate Scandals. [REVIEW] Journal of Business Ethics 43 (4):389 - 394.
Ben Wempe (2006). Freeman and the Normative Turn in Stakeholder Theorizing. Proceedings of the International Association for Business and Society 17:274-279.
Karen Paul & Abdul Beydoun (2011). A Stakeholder Approach to Investor Preference. Proceedings of the International Association for Business and Society 22:489-500.
Ben Wempe (2008). Four Design Criteria for Any Future Contractarian Theory of Business Ethics. Journal of Business Ethics 81 (3):697 - 714.
Added to index2011-01-09
Total downloads4 ( #293,619 of 1,679,437 )
Recent downloads (6 months)1 ( #182,836 of 1,679,437 )
How can I increase my downloads?